Issue #113



Time is Precious

‘I Go Green’ with ICAI Leaf

More than 275000 copies of The Chartered Accountants journal are printed monthly providing useful knowledge to readers.However printing such huge quantity requires a tons of paper and subsequently becomes a real drain on our trees. In order to save environment, the Editorial board of ICAI has decided to sincerely endorse the institue’s Go-Green agenda, by persuading it’s member –readers to discontinue receiving the hard copy of journal.

Andhra Pradesh seeks Rs 7,269 crore central sales tax dues

Andhra Pradesh government has requested the Centre to release Rs 7,269.46 crore central sales tax compensation to the state pending since 2012-13. State Finance Minister Yanamala Ramakrishnudu made this plea to Union Finance Minister Arun Jaitley at the Empowered Committee meeting of Finance Ministers in New Delhi, a press release from the state's Information and Public Relations Department said.

Govt. collected Rs 3,902 cr Swachh Bharat cess in FY'16

Government has collected Rs 3,901.78 crore last fiscal from the 0.5 per cent Swachh Bharat cess which is imposed on all taxable services. The amount of Swachh Bharat Abhiyan cess collected in financial year 2015-16 is Rs 3901.78 crore

  • Last date for filing Income Tax-Returns extended to 5th August.
  • IRCTC to introduce travel Insurance @ Rs.1
  • Punjab National Bank Q1 net profit down 575 TO Rs. 306 crore
  • No annual hike for non performing govt employees
  • RBI imposes Rs. 27 crore penalty on 13 banks
  • Only 18% of Indian Companies ready for mandatory audit firm rotation.
  • Income Tax dept to write over 2.59 laks taxpayers.
  • Now PAN,TAN can be achieved in a day for corporates.
  • Coca-Cola India gets it’s first Chartered Accountant Woman CFO- Sarvita Sethi.
  • FAT TAX introduced in Kerala-14.5 % tax leived on Fast Food.


International Section

British economy grows 0.6% in second quarter:

Britain's economic growth unexpectedly accelerated in the second quarter from the previous three months, official data showed Wednesday. Gross domestic product grew 0.6 percent, the Office for National Statistics (ONS) said in a first estimate for April-June, which included the nation's shock EU exit referendum towards the end of the period. That followed a 0.4-percent expansion in the first quarter.

Citigroup's quarterly profit falls 14%

Citigroup Inc reported a 14 percent fall in quarterly profit, much smaller than the 25 percent drop Chief Executive Michael Corbat had warned of early in June. The bank, which gets more than half its revenue from outside the United States, said on Friday its adjusted net income declined to $4.0 billion in the second quarter ended June 30 from $4.65 billion a year earlier.


Black Money Act

In the latest move, the GOI has come up with a scheme called Income Declaration Scheme 2016. The scheme is a move by the GOI to collect the revenue and at the same time provide an opportunity to the people who have failed to disclose their income or assets to declare their income and get the relief.

We have tried to explain the scheme in the simple language as under:

The scheme is known as Income Declaration Scheme, 2016 (herein after referred to as the “scheme” is contained in the Finance Act 2016 , which received the assent of the President as on 14 May 2016.

1. Who can avail it?

The scheme is for all those persons who have not paid taxes in past to come forward and declare their income. They need to pay just 45% of the undisclosed income as tax (which will take of all taxes, interest, penalty and safeguard from the prosecution).
The scheme is applicable for

a. any income or

b. any income in form of any investment in the asset located in India (Value of asset to be taken as fair market value as on 01.06.2016;
also would be liable to capital gain tax in future on sale of the assets)
c. and acquired out of income chargeable to tax in India under the Income Tax Act
d. for any assessment year
e. prior to assessment year 2017-18

2. Period of the Scheme:
The scheme is open from 1st June 2016 and up to 30th September 2016.

3. Process of Declaration:
a. The Declaration shall be made in form 1at any time on or before 30.09.2016.
b. Post which the jurisdictional Principal CIT/CIT will issue an acknowledgement in Form 2 within 15 days from the end of the month in which declaration under form -1 is made
c. Which will result in declarant not being liable for any adverse consequences under the scheme in respect of any income which has been declared under the scheme but found to be ineligible for the declaration.
d. The declarant shall furnish the proof of payment to the jurisdictional Principal CIT/CIT in form -3
e. After which the CIT will issue form -4, a certificate of the accepted declaration within 15 days of the submission of the Proof of payment.

- See more at:


Securities and Exchange Board of India Vs. Gaurav Varshney & Anr.(SC)(15 July, 2016)

Held: : An "existing" collective investment scheme within the meaning of Section 12(1B), as also, within the meaning of the Collective Investment Regulations, comprised only of such collective investment scheme(s), which had come into existence prior to 25.1.1995. And therefore, it was impermissible for a person who had not commenced a collective investment scheme prior to 25.1.1995, to do so thereafter, till the Collective Investment Regulations were framed. Thereafter, such new entrepreneur, had to obtain a certificate of registration from 'the Board' under Regulation 4 of the Collective Investment Regulations, before he could legally commence activities concerning collective investment operations. The bar to sponsor or cause to be sponsored, or carry on or cause to be carried on any collective investment activity by a new entrepreneur (- who had not commenced the concerned activities, before 25.1.1995) under Section 12(1B) of the SEBI Act, was not dependent on the framing of the regulations. Appeal dismissed.


Content right to :eJurix


Amin Merchant Vs. Chairman, Central Board of Excise & Revenue & Ors. (SC)(19 July, 2016)

Held: The whole thrust of the appellant is that the proposals of the Finance Minister were duly approved by the Parliament. No doubt, the appellant has placed before Court the proposals of the Finance Minister which discloses the intention of the Government but there is no material placed before court to demonstrate that the budget proposals are duly accepted by the Parliament.After it is legislated upon by the Parliament and a rate of duty that is prescribed in relation to a particular Tariff Head that constitutes the authoritative expression of the legislative will of Parliament. In the present facts of the case, as per the finance bill, the legislative will of the Parliament is that for the commodities falling under Tariff Head 2208.10, the tariff is Rs.300/- per litre or 400% whichever is higher. Even assuming that the amount of tax is excessive, in the matters of taxation laws, the Court permits greater latitude to the discretion of the legislature and it is not amenable to judicial review. if the appellant is aggrieved by the particular tariff prescribed under the Finance Act and the same is contrary to the approved budget proposals, he ought to have questioned the same if permissible. Appeals dismissed.


M/S Bihar State Warehousing Corporation Ltd. Vs. Commissioner of Income Tax(HC-PAT)(19 July, 2016)

Held: The income is taxable in India only if that foreign entity carries on business in India through a permanent establishment situated in India. No such finding with regard to existence of any permanent establishment in India has been brought on record by any of the lower authorities or even by the learned D. R. at the time of hearing before court. In view of this, the position emerges that the payment to a person who happens to be a resident of country with whom India has entered into DTAA and where the business profits are taxed only in the country and does not have a permanent establishment in India, the assessee is not required to deduct tax at source. The services rendered by the non-residents are not in the nature of technical services, no income deemed to have accrued to the non-resident entities, there is no liability on the assessee to deduct tax at source on such payment. Therefore, the provisions of section 40(a)(i) of the Act are not exigible in the present case. Appeal partly allowed.



Digital Marketing, Need of the TIME

As per facts and sources, India is the fastest growing Nation when it comes to adding Internet user base year on year. It means that every year more and more people are getting online, be it from Rural Areas or Urban Areas. And when Billions of people are on the Internet which belong to different age groups, demographics, different income groups, have special interests, then there are very high chances that your target audience is hidden amongst them.

If you do not have an online presence and if you are not using the right tools for Online Marketing, then you are losing on big opportunities for growth and business and your competition is moving ahead.

Following Points will explain why having an Online Presence is necessary:

1. It’s about your credibility

These days if you are not searchable online, people doubt your credibility. Customers usually search Primarily or Secondarily about the Company, its products/services, its associates, etc. online before making their buying decision

2. Widen your reach

Internet and the various platforms available on it give you the access to large number of audience without actually having to set-up a physical store

3. Specific Targeting

The Digital Media unlike Traditional Media gives you flexibility to choose your target audience who will be exposed to your campaign. Not only that, but it allows you to be more specific in terms of the age group, demographics, income, interests, etc.

4. It’s for all

Be it a start-up, a SME or an established Organisation, anyone can reap the benefits of the Online Medium. Companies just have to customize their strategies to suit their needs & budgets. Plus it is a very cost effective medium and that is the main reason it is preferred by many startups.

5. Convenience

Internet has become a synonym to convenience. Shopping, searching or researching for any information on internet is very convenient. Setting up an Online Store and proving services at your consumer’s door step without giving them the trouble to visit a physical store is the need of the hour.

Digital Marketing has now been an important part in the Marketing Strategies of most of the Corporates. It is also the hot tread as it is a medium where the content and information is rapidly generated and becomes accessible to billions of people in a matter of seconds. So, if you have not thought about it yet, this is the time.


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