Direct Tax
CBDT notifies forms for accumulation of income by a trust
The
option to be exercised in accordance with the provisions of the
Explanation to subsection (1) of section 11 in respect of income of any
previous year relevant to the assessment year beginning on or after the
1st day of April, 2016 shall be in Form No. 9A and shall be furnished
before the expiry of the time allowed under sub-section (1) of section
139 for furnishing the return of income of the relevant assessment year.
(2) The statement to be furnished to the Assessing Officer or the
prescribed [….] Read more at:
Indirect Tax
Govt examining stakeholders feedback on GST
Government
is examining the feedback of stakeholders on business processes
regarding the proposed Goods and Services Tax (GST) regime, CBEC
Chairman Najib Shah said today. "The GST success is predicate on the IT
infrastructure. The business processes which are already in the public
domain — registration, return, refund and payments — we are getting the
responses, we are examining those responses," he said in a keynote
address on 'Taxation Issues and the way Forward for GST and [….] Read
more at:
Companies Act
Government rolls out road map to fully execute Companies Act
The
government has rolled out a road map for full implementation of the new
Companies Act that envisages setting up Investor Education and
Protection Fund Authority (IEPFA), National Companies Law Tribunal
(NCLT) and National Financial Reporting Authority (NFRA) by the end of
this year. The corporate affairs ministry on Friday
notified rules for IEPFA. Search for the chairperson and members will
commence soon. Rules for NFRA are expected to be notified in acouple of
months.
RBI
Now banks can offer all products and services through ATMs
Please
refer to circular DBOD. No. BL. BC. 137/22.01.001/2008-09 dated June
12, 2009, on the above subject, permitting Scheduled Commercial Banks to
install off-site ATMs at centres/places identified by them without
having the need to take permission from the Reserve Bank in each case
subject to certain conditions as mentioned in Annexure III thereof.
Further, the facilities which can be provided through ATMs were also
advised in Annex IV of the above mentioned circular. In partial [….]
Read more at:
Miscellaneous Laws/News
Consumers have right to be compensated for call drops: TRAI
Consumers
have the right to get compensated for call drops and this was different
from the quality of service guidelines that cellular service providers
have to follow under the licence conditions, TRAI told Delhi High Court
today. The telecom companies on the other hand submitted before a bench
of Chief Justice G Rohini and Justice Jayant Nath that even if consumers
were facing a problem, a regulation without statutory backing cannot be
created. The telcos claimed that everyone was prejudiced [….] Read
more at:
Petrol price cut by 32p/litre, diesel by 85p
State-owned Indian Oil Corporatio n (IOC) has cut petrol price by 32 paise per litre and diesel by 85 paise a litre, effective midnight.
This is the first reduction in rates this month. After the three price
cuts that happened last month, petrol in Delhi was costing Rs 64.47 per
litre. It will now cost Rs 64.15 per litre, from Saturday,
while a litre of diesel will cost Rs 45.27 per litre as against Rs
46.12 currently. State-owned fuel retailers — IOC, Bharat Petroleum Corp
(BPCL) and Hindustan [….] Read more at:
Solar power generation capacity crosses 5,000 MW mark
The
country's grid-connected solar power generation capacity has crossed
the 5,000 megawatt (MW) mark, with Rajasthan on top, followed by Gujarat
and Madhya Pradesh, government said today. "On the auspicious occasion
of Makar Sankranti/Pongal, the installed capacity of solar power in
India crossed the milestone of 5,000 MW on Thursday.
"The cumulative installed capacity has reached 5,130 MW with installed
capacity of 1,385 MW in current financial year," [….] Read more at:
M&M working on various options of mitigation after SC verdict
Auto
major Mahindra & Mahindra ( M&M ) is working on "various
options" to ensure sales of its flagship products do not suffer in the
long-term following Supreme Court's recent ban on registration of diesel
SUVs and cars above 2,000cc in the entire NCR till March 31.
"We are looking at various options that we can have and I am sure our
teams will come out with an option which is in line with the SC
direction that would be given and we will be able to sell our vehicles
back in NCR area," M&M [….] Read more at:
Economy & News
Road transport and highways ministry will soon set up empowered committee to clear stalled road projects
The
road transport and highways ministry has proposed setting up an
empowered committee to clear stuck road projects worth Rs 30,000 crore
while seeking a huge bump up in allocation in the upcoming budget. The
ministry will soon move a Cabinet note on the panel, a senior government
official told ET. The proposal figured in road transport and highways
minister Nitin Gadkari's pre-budget meeting with finance minister Arun
Jaitley on Friday. Gadkari has sought Rs 85,000 [….] Read more at:
India's forex reserves fall below $350-billion mark after 15 weeks
India's
foreign exchange reserves have fallen below the $350 billion mark after
15 weeks with overseas investors withdrawing dollar-denominated
investment from local market prompting Reserve Bank of India to
intervene in the market to soften the fall of the local currency. The
reserves fell $1.44 billion in the week to January 8, taking the total
fall in last fortnight to $3.22 billion. The reserves, which act as a
cushion against dollar outflows and provides the critical import cover,
now stood at $348. [….] Read more at:
Groups of Secretaries on Innovative Budgeting, Swachh Bharat make presentations to PM Modi
The
Groups of Secretaries on Innovative Budgeting and Effective
Implementation and Swachh Bharat and Ganga Rejuvenation today presented
to Prime Minister Narendra Modi their ideas with regard to
"transformative change" which the government wants to bring about in the
lives of people. These two groups are among the eight set up by Modi
recently for focussed attention to various sectors. "As a follow-up to
Prime Minister's exhortation to Secretaries to come up with ideas for
transformative [….] Read more at:
Marginal increase in optimism in manufacturing, says survey
An
RBI-sponsored 'Industrial Outlook Survey' of the manufacturing sector
today showed a "marginal increase in optimism" on overall business
situation for the January-March quarter of 2015-16 though there was a
slight decline in optimism on employment and profit margin fronts. The
72nd round of Industrial Outlook Survey conducted during
October-December 2015 provides qualitative assessment of business
situation of companies in the Indian manufacturing sector for third
quarter of [….] Read more at:
Services export falls 4% at $12 billion in November
Services
exports fell by 3.8 per cent year-on-year to $12.01 billion in November
2015, the RBI data showed today. Import of services too fell by 7.6 per
cent to $5.69 billion in the month last year compared to November 2014,
according to the RBI data on International Trade in Services. In
October 2015, services exports stood at $13.34 billion while imports
were at $7.01 billion. The services sector contributes about 55 per cent
to country's gross domestic product. RBI releases the provisional agg
[….] Read more at:
Government to come out with alternative disinvestment plan soon: FM Arun Jaitley
Government
will come out with an alternative strategy in 2-4 weeks to push PSU
disinvestment in volatile markets, Finance Minister Arun Jaitley said
today. "We have to find out an alternative method for this
(disinvestment). Wait for 2-4 weeks, the government will come out with
an alternative strategy as to what to do in such volatile markets," he
said. As against the target of Rs 69,500 crore, the government has so
far in current fiscal garnered Rs 12,700 crore. Due to volatile market
[….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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