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09/11/2020

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06/02/2017

Economic Times

Ø Vodafone deal may require Birlas to pump Rs 25,150 crore into Idea
Ø Fitch, S&P several notches behind India's reality: S Das
Ø FPIs get back to buying mode, pump in Rs 2,300 cr
Ø Micromax sets up $75 mn fund to invest in companies
Ø 'Biz environment becoming challenge for steel sector'
Ø Tax dept scans 1-cr accounts under 'Op Clean Money'
Ø Coal shortage woes cost NTPC Rs 11,000 cr

Business Standard

Ø Blackstone to buy $250-mn stake in Raheja rental arm
Ø Tata slips from top 100 global brands list
Ø Penalty of equal amount for receiving cash over Rs 3 lakh: Hasmukh Adhia
Ø JSW looking to invest in LNG terminal
Ø Piramal in JV talks with CDPQ arm for PE fund
Ø Visa holders rush to board flights to US amid reprieve
Ø Top 7 cos bunch up Rs 51,613 cr in m-cap, ITC runs up most

Business Line

Ø Budget bonanza may not save the day for rural job scheme
Ø Bogus long-term capital gains by shell cos at Rs 80K cr: CBDT
Ø Divi's Lab posts Q3 net at Rs 268.32 cr
Ø Sun Pharma recalls 2.7 lakh bottles of antidepressant in US
Ø Tyre industry unhappywith Budget proposals

Mint

Ø Cochin Shipyard talks to buy ABG, Shapoorji backs out
Ø PSU disinvestments to touch Rs45,000 crore in FY17: Jaitley
Ø Central Bank of India Q3 loss narrows to Rs605.70 crore
Ø PNB to help India Post Payments Bank set up pilot branches
Ø Amazon likely to ramp up investments in India, despite drag on profits

Financial Express

Ø FIPB phase out mechanism to be ready in couple of months: Shaktikanta Das
Ø Fibre imports from 4 nations including China and Malaysia in anti-dumping duty crosshairs

Financial Chronicle

Ø Noida ponzi scam: ED registers PMLA case, conducts raids in UP
Ø RBI likely to maintain status quo on Feb 8
Ø MFs file papers with Sebi for 12 new offerings so far in 2017
Ø Hemmed in by NPAs, poor demand, Exim Bank stares at muted year
Ø Compact UVs drive PV sales as demand drops for cars: Ind-Ra

27/01/2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its post-facto approval for launching of Varishtha Pension Bima Yojana 2017 (VPBY 2017). It is a part of Government’s commitment for financial inclusion and social security.
The scheme will be implemented through Life Insurance Corporation of India (LIC) during the current financial year to provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. The scheme will provide an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for pension on a monthly / quarterly / half yearly and annual basis. The differential return, i.e., the difference between the return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on an annual basis.

VPBY-2017 is proposed to be open for subscription for a period of one year from the date of launch.

20/01/2017

Respected Members

*QUOTES OF THE DAY:*
तन जितना घुमता रहे
उतना ही खुश रहता है
मन जितना इसथिर रहे
उतना ही शांत रहता है।

*INDUSTRY UPDATE:*
The country's largest automaker Tata Motors which launched sports utility vehicle Hexa today said it has waiting of up to two months on the vehicle.
Vivek Srivastava, senior general manager (marketing), passenger vehicle business unit, Tata Motors said 60% of the bookings are for the automatic transmission versions.

*CASE LAWS*
VAT: Entry tax - malted barley / barley malt, hops pellets and maize flakes are not agricultural / horticultural produce falling under entry 2 of Schedule II of the Act and they are not exempted from the levy of tax under the Act – HC

*OTHER UPDATE:*
No TDS or advance tax credit for disclosure under PMGKY: Govt
Jan 19, 2017
The Central Board of Direct Taxes (CBDT) on Wednesday clarified that no credit will be allowed against advance tax paid or the tax deducted at source (TDS) or tax collected at source (TCS) in respect of the income declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY).

*MARKET UPDATE:*
Sensex 27,308
Nifty 8,435
Gold 28,519
USD 68.13

*JOCK OF THE DAY*
पुरुष आलू की तरह होते हैं... किसी भी सब्जी के साथ एडजस्ट हो जाते हैं...
और...
महिलायें "भिंडी" की तरह होती है... अकेला ही भुनना पसंद करती है...
शायद इसीलिए भिंडी को अंग्रेजी में "लेडिज फिंगर" कहते है....!!!!

19/01/2017

Respected Members

*QUOTES OF THE DAY:*
जीवन" में "तकलीफ़" उसी को आती है, जो हमेशा "जवाबदारी" उठाने को तैयार रहते है,
और जवाबदारी लेने वाले कभी हारते नही, या तो "जीतते" है, या फिर "सिखते" है.
अभिमन्यु की एक बात बड़ी शिक्षा देतीं हैं ...
" हिम्मत से हारना,
पर
हिम्मत मत हारना "...

*INDUSTRY UPDATE:*
Tata Motors, India's largest automobile company by revenues has launched its premium SUV Hexa at Rs 11.99 lakh to Rs 17.5 lakh ex-showroom New Delhi.

*CASE LAWS*
Income Tax: Eligibility to claim of deduction u/s 5F - even though the property was registered in the name of assessee’s wife and daughter in law the deduction as claimed by the assessee u/s 54F is to be allowed. – Tri

*OTHER UPDATE:*
National Mission For Clean Ganga
Last Date : Jan 27, 2017
Empanelment Of Internal Auditor For The Year 2016-17.
http://pdicai.org/docs/tend_National_Mission_For_Clean_Ganga_22.12.2016_2212201614180550.jpg

*MARKET UPDATE:*
Sensex 27,257
Nifty 8,417
Gold 28,731
USD 68.07

*JOCK OF THE DAY*
पप्पू एक बारात में गया, वहां उसे बार-बार पानी परोस दिया जाता था।
बेचारा परेशान होकर चिल्लाया:
गले में पानी फंस गया है भाई, थोड़ा रसगुल्ला दे दो।
😜😜😄😄😄😂😂😂😂

11/01/2017

08/01/2017

08/01/2017

KNOW YOUR CLIENT (KYC) NORMS

The financial services industry globally is required to obtain information of their clients and comply with KYC norms. Keeping in mind the highest standards of Chartered Accountancy profession in India, the Council of ICAI thought it necessary to issue such norms to be observed by the members of the profession who are in practice. In light of this background, the Council of ICAI approved the following KYC Norms which are mandatory in nature and shall apply in all assignments pertaining to attest functions.

1. WHERE CLIENT IS AN INDIVIDUAL/ PROPRIETOR

A. GENERAL INFORMATION

==Name of the Individual

==PAN No. or Aadhar Card No. of the Individual

==Business Description

==Copy of last Audited Financial Statement

B. ENGAGEMENT INFORMATION

==Type of Engagement

2. WHERE CLIENT IS A CORPORATE ENTITY

A. GENERAL INFORMATION

==Name and Address of the Entity

==Business Description

==Name of the Parent Company in case of Subsidiary

==Copy of last Audited Financial Statement

B. ENGAGEMENT INFORMATION

==Type of Engagement

C. REGULATORY INFORMATION

==Company PAN No.

==Company Identification No.

==Directors’ Names & Addresses

==Directors’ Identification No.

3. WHERE CLIENT IS A NON-CORPORATE ENTITY

A. GENERAL INFORMATION

==Name and Address of the Entity

==Copy of PAN No.

==Business Description

==Partner’s Names & Addresses (with their PAN/Aadhar Card/DIN No.)

==Copy of last Audited Financial Statement

B. ENGAGEMENT INFORMATION

==Type of Engagement

Effective date

==These norms shall come into force w.e.f 1 st January, 2017.

07/01/2017

Supreme Court rules on deemed dividend taxation

This Tax Alert summarizes a recent ruling of Supreme Court of India (SC) in the case of Gopal and Sons (HUF) (Taxpayer) on the issue whether advance received by the Taxpayer from Indian Company wherein the Taxpayer’s Karta is a registered shareholder can be regarded as deemed dividend under the provisions of the Indian Tax Laws (ITL).

The ITL provides for deemed dividend taxation in respect of payment by a closely held company by way of advance or loan given to (a) a beneficial shareholder holding not less than 10% of the voting rights in such company; or (b) any concern in which such shareholder (viz. holding 10% or more voting power) is a member or a partner and such shareholder has a substantial interest (20% or more) in the said concern.

The Taxpayer contended that it was neither the beneficial shareholder nor the registered shareholder of ICo as the shares were issued in the name of Karta and, hence, the deemed dividend provisions of the ITL is not applicable.

SC, however, held, deemed dividend provision is attracted in present case as the Taxpayer is a concern in which shareholder (Karta) has a substantial interest. Thus, the payment received by the Taxpayer from an Indian company (ICo), is deemed dividend under the provisions of the ITL.

SC held that a loan given to a concern can also constitute dividend if a shareholder has substantial interest. SC noted that the Karta in whose name shares were registered has substantial interest in the income of the Hindu Undivided Family (HUF) and that this proposition was not in dispute. SC, therefore, concluded that the loan was given to a concern and, hence, the loan can be considered as deemed dividend.