MONEY LAUNDERING/FEMA/ILT/INDIAN ACTS & RULES : Prevention Of Money-Laundering (Maintenance Of Records) Fourth Amendment Rules, 2015 – Amendment In Rule 9A
Thursday, 19 November 2015
Gold Futures Gains By 0.3% On Firm Global Cues
Gold prices moved up by 0.33% to Rs 25,177 per 10 grams in futures trade today as speculators enlarged positions, tracking a firm global trend.
At the Multi Commodity Exchange, gold for delivery in December rose by Rs 83, or 0.33%, to Rs 25,177 per 10 grams in a business turnover of 158 lots.
Likewise, the yellow metal for delivery in far-month February next year gained Rs 76, or 0.30%, to Rs 25,331 per 10 grams in 20 lots.
Analysts said speculators enlarged their positions on the back of firm global trend where precious metal rose from a five-year low, mainly influenced gold prices at futures trade.
Globally, gold rose 0.7% to $1,077.65 an ounce in Singapore.
Source : business-standard.com
Director's failure to explain source of cash and dubious entries in survey leads to conversion of su
IT: Where during survey conducted under section 133A, department found huge cash and incriminating documents and director of assessee-company failed to provide explanation with regard to cash and dubious entries in seized documents, survey could be converted into search under section 132 after due approval of competent authority
Insurers to ensure preparedness of 'Corporate Agents' to work under new norms for registration of co
INSURANCE : Instructions For Obtaining Certificate Of Registration Under IRDAI (Registration Of Corporate Agents) Regulations, 2015
Wednesday, 18 November 2015
SetCom can impose penalty on company and its directors for intentional evasion of duty
Excise & Customs: Settlement Commission is entitled to exercise its discretion in imposing penalty on company as well as against its directors on recording elements of mens rea in concealing duty liability
Now NRs or NRIs may acquire units of 'Real Estate Investment Trusts'
FEMA/ILT /INDIAN ACTS & RULES : FEM (Transfer Or Issue Of Security By A Person Resident Outside India) (Eleventh Amendment) Regulations, 2015 – Amendment In Regulations 2, 5, 9 & 12 And Insertion Of Schedule 11
India To Reign As The Top Buffalo Meat Exporter In 2016: Usda Report
India's current global supremacy in the buffalo meat export is expected to continue in 2016 as the demand improves in southeast Asia, Middle East and North Africa, says the latest report of United States Department of Agriculture (USDA).
The report predicts gains for major countries including India, Brazil and the US. The global production of beef is forecast to rebound 1 per cent higher to 59.2 million tonnes in 2016 as exports by the main traders are expected to rise 3 per cent to 9.9 million tonnes on stronger demand.Unlike other countries, India exports only buffalo meat as slaughter of cows and bullocks are banned in most states.
India's exports in the first six months to September, 2015 has shown a dip. The buffalo meat exports have fallen 10 per cent in value despite 3 per cent increase in quantity than a year earlier at 710,791 tonnes valued at Rs 12,171 crore as per the data of 'Agricultural and Processed Food Products Export Development Authority (Apeda). However, Indian companies are expecting the situation to get better in the coming months.
"We expect increased orders from the buyers. Apart from traditional buyers like Vietnam and Malaysia, other countries like Philippines have also started buying Indian buffalo meat," said Priya Sud, partner of Al-Noor Exports.
The devaluation of Brazilian currency real seems to have hit buffalo meat exports from India. Brazil is currently the principal competitor of India. India has been attracting buyers because of competitive rates for its buffalo meat. In 2014-15, India exported 1,475,526 tonnes va . 29,282 crore.lued at ` The USDA report indicates the India will widen lead over Brazil as top exporter. It points out that con tinuing herd expansion will drive production higher for the main ex porting countries.
Source :economictimes.indiatimes.com
Income from share dealings taxable as capital gain if 75% of profit came from shares held for more t
IT : Where assessee earned profits on sale of shares, in view of fact that number of share transactions entered into during relevant year was not high and moreover 75 per cent of profits came up from shares held for more than nine months, amount in question was to be taxed as short-term capital gain
RBI allows FDI in REITs
FEMA/ILT /INDIAN ACTS & RULES : FEM (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015 – Amendment In Regulation 4
Charges paid for installation and commissioning of machine at buyer's site isn't includible in excis
Excise & Customs : Transaction value is determined at time of clearance of goods at factory; hence, installation and commissioning charges for Erection, Commissioning, Installation, etc. of machines at buyer's site cannot be included in value
Assessee can't escape concealment penalty just because wrong claim is based on auditor's report
IT: Auditor's report cannot override provisions of Act and, thus, merely because assessee's false claim for deduction is supported by a Chartered Accountant's opinion, this fact per se cannot absolve assessee from penalty under section 271(1)(c)
Delhi Govt. devised mechanism to prohibit misuse of auto downloading facility for DVAT forms
VAT : Status Of Statutory Forms Downloaded By Dealers
Now Delhi dealers required to submit details of goods sold via each e-commerce website
VAT/INDIAN ACTS & RULES : Delhi Value Added Tax (Amendment) Rules, 2015 – Amendment In Forms Dvat-16, Dvat-30, Dvat-31 And Insertion Of Annexure IE
Cabinet approves protocol amending India-Kuwait DTAA; includes internationally accepted standard for
IT/ILT : Section 90 Of The Income-Tax Act, 1961 – Double Taxation Agreement – Agreement For Avoidance Of Double Taxation And Prevention Of Fiscal Evasion With Foreign Countries – Kuwait – Protocol Amending Said Agreement
Criminal proceedings rightly initiated against assessee as he wilfully evaded payment of tax: HC
IT: High Court upheld criminal proceedings initiated against an assessee under Section 276(c) for non-payment of tax. The Court sets aside the contention of assessee that prosecution proceedings could not be initiated when no notice of demand under section 156 was furnished. The High Court held that separate notice of demand was not required if intimation under section 143(1) regarding tax payable by assessee was furnished.
Rupee Trims Initial Losses, Down 9 Paise Against Dollar
:The rupee opened at 66.12 a dollar and touched a high and a low of 66.09 and 66.20, respectively
The Indian rupee on Wednesday weakened against the US dollar after local equity markets fell over 300 points.
At 2.12pm, the home currency was trading at 66.19, down 0.24% from its previous close of 66.03. The local unit opened at 66.12 a dollar and touched a high and a low of 66.09 and 66.20, respectively.
At 2.20pm, the benchmark Sensex index fell 1.37%, or 355.05 points, to 25,509.42. The Sensex fell in 15 out of 20 sessions. Since 19 October till date, Sensex has fallen 6.4% or 1,750 points.
Investors are awaiting information from global policy makers. The US Federal Reserve releases minutes from its last meeting Wednesday, while the Bank of Japan began a two-day meeting, Bloomberg reported.
The yield on India’s 10-year benchmark bond was trading at 7.687% compared with its Tuesday’s close of 7.67%. Bond yields and prices move in opposite directions.
The employees of the Reserve Bank of India are set to go on a strike on Thursday for the first time in more than six years to protest against the government taking powers from the central bank, threatening to disrupt bond and foreign currency markets, which could affect settlements under the payment platform operated by the central bank, Bloomberg reported, quoting Rajeev Radhakrishnan, Mumbai-based head of fixed income at SBI Funds Management.
Foreign institutional investors (FIIs) sold equities in eight out of 10 sessions. Since 30 October to 16 November, FIIs sold $651.22 million in equities. Since 27 October to 16 November, FIIs sold $494.09 million in debt.
In fiscal year 2016 so far, FIIs have sold $2.05 billion in equity, the steepest selling since fiscal year 2009. In FY16, FIIs were the net sellers in equity in five out of eight months.
Data on Tuesday offered a mixed view of the health of the US economy—consumer prices increased 0.2% in October after two straight months of declines, while industrial production fell. The modest rise in inflation could bolster chances of the US central bank, the Federal Reserve, raising interest rates next month, but weak industrial output raised concerns about the robustness of fourth-quarter economic growth, Reuters reported.
Since the beginning of this year, the rupee has lost 4.8%, while FIIs have bought $3.95 billion from local equity and $8.51 billion from bond markets.
Most Asian currencies were trading lower. Indonesian rupiah was down 0.53%, South Korean won 0.16%, Taiwan dollar 0.1%, China renminbi, while China offshore and Thai baht were down 0.1% each. However, Japanese yen was up 0.11%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.498, down 0.13% from its previous close of 99.631.
Source : livemint.com
Split sales couldn’t be treated as slump sales just because unit was transferred as going concern
IT : Where assessee had sold tea estate and assigned values to every movable property transferred to buyer, it could not be said that transfer was slump sales only for the reason that the tea estate was transferred to buyer as a going concern.
Steel Prices To Fall By In Rs 1-1.5K/Tn
Steel pricing will depend upon exchange rate and international demand, says TV Narendran, MD & CEO of Tata Steel. Safeguard duty by the government has helped stabilising demand. He expects steel prices fall by Rs 1,000-1,500 per tonne this quarter. Talking to CNBC-TV18’s Archana Shukla, Narendran says that he is positive on steel demand, but not on prices. He is positive that steel industry will pick-up once India clocks in 7-8 percent gross domestic product (GDP) and government starts investment in infrastructure. Tata Steel has managed to record 20 percent earnings before interest, tax, depreciation and amortization (EBITDA) margin in last two quarters despite imported iron ores. The company is prepared to ride the cycle down by managing cost, Narendran says adding that the company is better places than its competitors. The company has received approvals for iron ore mines in Orissa till 2030 and is currently ironing issues in Jharkhand. The company’s demand is being taken care of currently, he says. On the company’s Kalinagar plant, he says that strong marketing franchise will help production. The plan is to start exports soon after domestic demand becomes visible, he says. Positive Europe EBITDA margins were driven by Netherlands business, he says adding that the Europe market is important for structural growth. The company does not have any plans to sell stake for debt reduction, he says. “We have headroom in debt as we largely used internal accruals for Kalinagar plant,” he adds. The company has managed nearly Rs 6000 crore this year. Tata Steel is looking to sell its long production business as the main focus in UK is on strips, he says. After a failed due diligence with a buyer, the company is looking at options. The company is also focusing on ramping up its B2C business 0- services & solutions segment - in value-added steel portfolio to 30 percent from the current 1-2 percent in five years.
Source : metaljunction.com
Sez Proposals Strike Fear In Villagers
Despite the positive spin by officials, locals facing economic zones in Mae Sot believe their lives will change for the worse
NO HEAVY industry will be promoted in the proposed special economic zones (SEZs) in the border provinces, government officials have emphasised.
However, locals near the proposed economic zone in Tak's Mae Sot district said they feared their livelihoods would soon be changed forever as people in two villages would have to move away from their land.
They were also worried about the future environmental impact of the industrial estates.
Representatives of the Office of the National Economics and Social Development Board (NESDB) and the Industrial Estate Authority of Thailand (IEAT), who are responsible for the creation of 10 border SEZs, addressed villagers' concerns about the possible environmental impact and the problem of land reclamation to the Thai Journalist Association yesterday.
Pojanee Artarotpinyo, NESDB's deputy secretary-general, said 13 industry types were promoted by the government to invest in the new SEZs. All are light industry, and only one of them needs to be processed under the Environmental Impact Assessment (EIA) consideration.
The 13 industries are agricultural product processing, ceramics, textile, furniture, jewellery, medical equipment, automobile parts, electronics, plastics, medicine, logistics, other industrial zones and assistance to the tourism industry.
Together with these industries, it was reported recently that the Board of Investment of Thailand had added another 10 to the list of promoted industries that would receive tax benefits if they invested in the new SEZs.
"I was assured that these 13 promoted industries were light industry, mostly based on labour and environmentally friendly," Pojanee said.
Attapon Jirawatjanya, IEAT specialist, clarified that due to the location of all SEZs in the rural area, close to the border, only specific types of industry were suitable to invest there, such as logistics and commodities industries. The area was not appropriate for heavy and polluted industry such as petrochemicals.
"We have come up with guidelines for the appropriate types of industry in specific SEZs and they will fit with the local environment and resources," Attapon said.
He also revealed that the industries in the area were planned to help local people benefit first from the SEZs. The zone would generate a suitable atmosphere for economic growth and create jobs and opportunities for locals.
However, Chomphunuth Kreau-kamwang, a resident of Mae Sot district, claimed she was among those affected by the SEZs project and was concerned that life would change forever.
"My family and several neighbours will have to move out from our lands as they are to be reclaimed by the state to set up the SEZs. We are farmers who make a living from this land and we have no place to go," Chomphunuth said.
She revealed that people who lived in two villages near the proposed SEZs' area were very ill-informed on the project.
"The prime minister said locals would be the ones to benefit from the project - but I cannot see how industry in the area could be good for the community. Furthermore, I am worried the industries will pollute our environment," she said.
Source : nationmultimedia.com
Deputation of employees of foreign AE in India isn't manpower supply if their salary is reimbursed b
Service Tax : Where Tribunal had found that employees deputed by foreign group company were actually appointed by assessee in India and only a portion of their salary was paid to employees by foreign group company and reimbursed on actual basis, same would not, prima facie, amount to manpower supply services
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