Tuesday, October 13, 2015

[aaykarbhavan] Judgments and Infomration [1 Attachment]







Key takeaways from The Round Table on Tax Reforms
 
Collection of taxes alone is not enough, it is also important that it is collected in a reasonable manner, without any taxpayer's grievance. Thus, in order to achieve this objective, 'The Round Table on Tax Reform' was held, on October 10, 2015 at Ahmedabad. This event is the first of its kind for interactive discussion between the taxpayers, professionals and the CBDT. It was organized by the All Gujarat Federation of Tax Consultants and Gujarat Chamber of Commerce and Industry. The Revenue Secretary and CBDT Chairperson participated in the discussion. The Revenue Secretary appreciated the interactive discussion and summaries the key takeaways there from as under:
 (1) The demand of revising the limits of exemption and deduction in the Income-tax Act and automatic revision thereof in accordance with CII may be considered in the next budget.
(2) The CBDT shall consider issuing the specific guidance and circular to the tax officials regarding the judgments which have been accepted by the department and against which no further appeal shall be filed.
(3) CBDT may give clear guidelines to the officers where the audit objections of the CAG have not been accepted by department. This would help in the two ways – firstly, the repetitive litigations will be stopped and secondly, there will be no fear of CVC and CAG which the officers have sometimes because they rely on the guidelines issued by the department.
(4) CBDT's chairperson informed that 16 circulars have been issued in the recent past on certain vital issues and the department will continue this practice which can be compiled in a booklet to make it available to every tax officer.
(5) There is a need to use more mechanism of Authority of Advance Ruling ('AAR'), Settlement Commission and Advance Pricing Agreements. It has been decided to have two more benches of AAR. The Revenue is eager to clear the back-logs of AAR and Settlement commission. Therefore, it is open to an idea of extending more benches.
(6) Time lag between the assessment and finalization of appeals is a result of too many pending cases. The CPC should process the return through due diligence to decide which return shall not be scrutinized and release the refund as early as possible. We may consider one time settlement camps or constitution of High Level Committee to decide all controversial issues. The finding of the Committee shall be accepted by the department and appeals on similar issues can be withdrawn. Removing the backlogs of past cases shall enable officers to concentrate on current assessment so that refunds can be issued in same year itself.
(7) There is need to completely reduce the interface taxpayers have with the department. Mr. Arun Jaitley, Finance Minister also suggested that why cannot we obtain all the information from the taxpayers through e-mail or through courier. A record can be maintained of what was demanded during the assessment and what was produced. Accountability can be created if information is exchanged through mails. Even filing of appeal over email to CIT(A) can be considered, wherein submissions can be made through emails. The last hearing can be done personally if assessee asks for it.
(8) Need for creating more accountability of the income-tax officers is a sensitive subject but we need to tackle this point.We may think about the changing of the performance appraisal system of the Assessing Officers. The weightage of revenue target may be reduced in the performance appraisal. The criteria for performance appraisal may include quality of assessment, timely disposal of cases. We may have a tracking system where any order by the AO can be tracked right up to the stage of filing of appeal with Supreme Court and we may be able to get the analysis of how many cases of AO stood the test of appeal.
(9) Complaints about the infructuous and unrealistic demands come to department very often. The accountability system may take care of the issue. A cell may be created in the office of every Principal CCIT in every state to get complaint (through uploading on the portal or through manual submission). In this system any taxpayer can make a request if the demand in his case is excessive or against the judicial pronouncements. The cell may have a Committee of Commissioners which can go through each and every complaint to decide whether benefit of doubt can be given to the AO. If AO overlooks the past judgment to raise the demands, the Committee can send the case to the Vigilance Division so that it becomes a case of punishing him for not looking at the existing judiciary position, CBDT Circulars or Directions.

SEBI : Prescribes uniform Listing Agreement format, execution to be done within 6 months

Pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, SEBI prescribes format of uniform Listing Agreement; States that a listed entity which has previously entered into agreement(s) with recognised Stock Exchange(s) to list its securities shall execute fresh listing agreement with such Stock Exchange within 6 months; Clarifies that any action taken by Stock Exchanges / SEBI or any enquiry / investigation commenced / showcause notice issued in respect of the existing Listing Agreement shall be deemed to have been done or taken under corresponding provisions of Listing Regulations in force: SEBI

LSI Note:

Pursuant to Press Release dated September 3, 2015, SEBI had stated that shortened version of the Listing Agreement will be prescribed which will be required to be signed by a company getting its securities listed on Stock Exchanges. Regulation 109 of the said Regulation states that every issuer / issuing company desirous of listing its securities on a recognised stock exchange shall execute Listing Agreement with such stock exchange.





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Posted by: Dipak Shah <djshah1944@yahoo.com>


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