Manifold increase in Insurance sector FDI inflow post policy amendment: Nirmala Sitharaman
Minister of Commerce & Industry, Smt. Nirmala Sitharaman in Lok Sabha, states that FDI received in Insurance sector between March-May 2015, post policy amendment, has increased by more than 200% from corresponding preceding period (March - May 2014); FDI received during March 2014- May 2014 was 47.14 US$ million, while during March 2015 to May 2015 is 184.97 US$ million; With regard to FDI inflow in railway infrastructure, states that data on FDI inflows on this sector is not separately maintained; Further, with respect to FDI policy on Real Estate sector, Minister mentions that FDI policy on real estate sector has not been revised recently: PIB
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80,000 pending patent applications in Delhi, Govt. creates additional posts to clear backlog
Minister of Commerce & Industry, Smt. Nirmala Sitharaman in Lok Sabha, gives information on status of pending patent applications; Number of highest pending patent applications is recorded in Delhi for more than 80,000; Minister states that to clear the pending applications, Govt has approved additional 252 posts of Examiners and 76 posts of Controllers; Besides, as a short-term measure, 263 posts of Contract Examiners of Patents have also been sanctioned; Also points out that In order to facilitate the examination work and optimise the speed and quality of examination, number of measures viz., computerised workflow, automation and IT enablement in the functioning of Patent Office have been initiated : PIB
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Design Clinic Scheme improves MSMEs manufacturing competency, supports Make In India programme : Minister
Smt. Nirmala Sitharaman, Minister of Commerce & Industry, in Lok Sabha informs that National Design Policy approved by Govt on February 8, 2007, inter alia, includes promotion of Indian design through a well defined and institutional framework; Mentions that in order to draw a detailed Action Plan in pursuance of National Design policy, a Committee was constituted; Minister states that final recommendations of the Committee include - 1) Constitution of the Design Council of India, 2) form a Chartered Society of Designers, 3) form a Working Group for new Institutes of Design and strengthening of Design Education in Existing Institutions and 4) To conduct Design Awareness Programmes; Further points out that The Design Clinic Scheme project being implemented by NID across the country is intended to improve the manufacturing competency of the MSMEs through design intervention to their products and services, and hence supports the MAKE IN INDIA programme : PIB
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Govt checks on corporate frauds /chit fund scams, protecting investor interest : Jaitley
To a question on corporate frauds/chit fund scams in Lok Sabha, Shri Arun Jaitley replies that Ministry of Corporate Affairs has during the last three years and current year, ordered investigation into 145 companies which were allegedly involved in illegal deposit taking activities; States that Companies Act, SEBI Act, Chit Funds Act, RBI Act regulate such activities; Further mentions that besides such enactments, Govt has taken certain measures to protect investors' interests and to enable effective investigation into the affairs of companies allegedly involved in frauds; Such measures include defining of 'Fraud' as a substantive offence under Companies Act, 2013 and mandating the auditor of a company to report any fraud to the Board of Directors / Audit Committee / Central Government, u/s 143(12) of Companies Act, 2013 : PIB
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Union Minister on impact of NPA guidelines on small & medium enterprises
To a question regarding impact of NPA Guidelines on small and medium enterprises (MSMEs) in Rajya Sabha, Shri Kalrja Mishra, Union Minister for MSME, writes that RBI had issued guidelines to all scheduled commercial banks wherein banks have to provide a time frame for disposal of loan applications, loan limit for dispensing the collateral requirement and sub-targets for micro enterprises within MSME group; Minister further mentions that in terms of recommendations of the Prime Minister's Task Force on MSMEs (2010), RBI had advised banks to achieve a 20% Y-o-Y growth in credit to micro and small enterprises (MSEs), to allocate 60% of the MSE advances to the micro enterprises and to maintain 10% annual growth in number of micro enterprise accounts: PIB
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ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
F Advance written off by creditor of assessee, treated as income of assessee : Genre Exports P. Ltd. v. ITO (Mumbai) p. 16
F Portion of stock awards attributable to services rendered in India alone taxable in India : Anil Bhansali v. ITO (Hyd) p. 20
F Assessing Officer not permitted to levy fee while processing statement of tax at source prior to 1-6-2015 but authority to pass order separately levying fee u/s. 234E : Smt. G. Indhirani v. Deputy CIT (Chennai) p. 439 (10-7-2015)
F Charitable trust can have both religious and charitable objects : Gilgal Mission India v. ITO (Chennai) p. 445 (10-7-2015)
F Double Taxation Avoidance Agreement between assessee and non-resident : Services in India : Whether pre-requisite condition of article 15 of agreement fulfilled, matter remanded : Outotec India P. Ltd. v. Asst. CIT (Delhi) p. 449 (8-7-2015)
F Show-cause notice issued u/s. 274 without specifying grounds on which penalty sought to be imposed, invalid : H. Lakshminarayana v. ITO (Bang) p. 465 (3-7-2015)
F Computation of income : Where cost of assets allowed earlier as application of income, assessee not entitled to depreciation : ITO v. Kongunadu Arts and Science College Council (Chennai) p. 473 (26-6-2015)
F Advance tax : Interest u/s. 234B and 234C consequential and mandatory : Syndicate Rythara Sahakara Bank Ltd. v. ITO (Bang) p. 476 (3-7-2015)
F Interest income earned from bank on fixed deposits being part of business income, entitled to deduction u/s. 80P(2)(a)(i) : Syndicate Rythara Sahakara Bank Ltd. v. ITO (Bang) p. 476
F Industrial undertaking : Initial assessment year must commence either on commencement of operation or at completion of substantial expansion of existing unit : Hycron Electronics v. ITO (Chandigarh) p. 486 (27-5-2015)
F Where interest on margin money not derived from industrial undertaking and no direct nexus with manufacturing activity, not eligible for deduction : Hycron Electronics v. ITO (Chandigarh) p. 486
F Income from foreign exchange fluctuation, whether directly related to business activity : Hycron Electronics v. ITO (Chandigarh) p. 486
F Investment in shares and mutual funds, rule 8D applicable from assessment year 2008-09 : Hycron Electronics v. ITO (Chandigarh) p. 486
F Where assessee submitting payment made before due date for filing return and date of deposits not available, matter remanded for verification : Hycron Electronics v. ITO (Chandigarh) p. 486
F Debit balance in capital account of partners and no provision for charging interest in partnership deed, overall balance in capital account would be credit balance : Hycron Electronics v. ITO (Chandigarh) p. 486
F Offer made by assessee to reduce eligible profits for deduction, assessee not entitled to challenge : Hycron Electronics v. ITO (Chandigarh) p. 486
F Where case of trade advance and not necessary to charge interest, notional interest cannot be charged : Hycron Electronics v. ITO (Chandigarh) p. 486
F Non-resident : Where all advertisement programmes carried out to develop existing brand name of group, income taxable as royalty : Marriot International Inc. v. Deputy DIT (International Taxation) (Mumbai) p. 542
F Interest cannot be levied u/s. 234B on income subject to deduction of tax at source : Marriot International Inc. v. Deputy DIT (International Taxation) (Mumbai) p. 542
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ALL NOTICE U/S 148 WITHIN FOUR YEARS HAS BE GET APPROVED/SATISFIED FROM JT.CIT/ADD.CIT WHETHER 143(1) OR 143(3).
ALL NOTICE U/S 148 BEYOND FOUR YEARS HAS BE GET APPROVED/SATISFIED FROM CIT/Pr.CIT WHETHER 143(1) OR 143(3)
GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Director General of Foreign Trade's notification amending existing policy condition allowing free import of marble blocks or tiles provided cost, insurance and freight value was US $ 50 and above per square metre to US $ 60 and above per square metre, valid : HRB Boarding and Lodging P. Ltd. v. UOI (Mad) p. 448
F Plea of misplacement of order accepted, delay in filing appeal to Tribunal condoned : Rank International v. Commissioner, Customs House (Mad) p. 458
F Goods covered under one invoice split up into several smaller consignments and transported in accordance with convenience of supplier with photocopy of original invoice, denial of benefit of credit proper : CPRM Steels Ltd. v. CESTAT (Mad) p. 466
F Where original invoice available, loss of duplicate by transporter not grounds to deny Modvat credit : CPRM Steels Ltd. v. CESTAT (Mad) p. 466
F Assessee having no intention to evade payment of duty or to avail of duty wrongfully, penalty set aside : CPRM Steels Ltd. v. CESTAT (Mad) p. 466
F Sale of asset by secured creditor to successful bidder not voluntary transfer by assessee, Department cannot initiate proceedings for recovery of excise duty against purchaser after sale : Gopal Agarwal v. Commissioner of Customs and Central Excise (T & AP) p. 479
F Demand for interest under section 11AB to be made within reasonable period : Paper Products Ltd. v. CCE (Trib.-Mum) p. 419
F Mere default attracts penalty under section 27 : Paper Products Ltd. v. CCE (Trib.-Mum) p. 419
F Where notice for demand of duty given no separate notice required for recovery of interest : Paper Products Ltd. v. CCE (Trib.-Mum) p. 419
F C. B. E. C. Circulars :
Circular No. 18/2015-Customs, dated 9th June, 2015-Appointment of common adjudicating authority-Regarding p. 124
Circular No. 19/2015-Customs, dated 9th June, 2015-Revision of Handbook of Procedures (HBP)-Changes/amendments in the EOU/EHTP/STP/BTP schemes-Regarding p. 126
Circular No. 184/3/2015-ST, dated 3rd June, 2015-Clarification on rate of service tax on restaurant service-Regarding p. 127
F Notifications :
Customs Act, 1962 : Notification under section 14 : Exchange rate of foreign currency for import/export of goods with effect from May 22, 2015 p. 119
Notification No. 47/2015-Customs (N.T.) : Rescission p. 120
Notification under section 14(2) : Rates of basic duty on specified goods : Amendments p. 121, 128
Notification under section 25(1) : Effective rates of basic duties for specified goods : Amendments p. 118
Exemption to goods required for National AIDS Control Programme funded by GFATM p. 116
Exemption to goods cleared against merchandise export from India scheme : Amendments p. 117
Exemption to specified goods from customs duty for sale in Kalaichar and Balat border haats at Indo-Bangladesh border : Amendments p. 115
Notification under section 152(a) : Appointment of common adjudicating authority p. 120
Foreign Trade (Development and Regulation) Act, 1992 : Notification under section 5 : Chapter 3 of Foreign Trade Policy 2015-20 : Amendment p. 114
F Regulations :
Courier Imports and Exports (Clearance) Amendment Regulations, 2015 p. 122
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