New Delhi, April 24, 2017

The EPFO has amended the scheme by inserting a new paragraph to the EPF Scheme, 1952

Over four crore subscribers of the retirement fund body EPFO can now make down payment and pay EMIs from their EPF accounts to buy homes.

New York, April 24, 2017

Banks may have to take “haircuts” – swallow losses – as one of the measures to resolve the sector’s problem of non-performing assets (NPA) and this is a top priority for the government, Indian Finance Minister Arun Jaitley said here Monday.

New York, April 24, 2017

Finance Minister Arun Jaitley today asserted that the problem of bad loans in the banking system is not “insurmountable” for a large economy like India as it is limited to only 20-30 big accounts.

New Delhi, April 24, 2017

CBIC will fortify and expand intelligence wing to fight tax evasion and black money

In the run-up to the goods and services tax (GST) roll-out, the Central Board of Excise and Customs is set for a major revamp with resect to tax intelligence, information technology, risk assessment, post-clearance audit, taxpayer services, among others.

Mumbai, April 23, 2017

Capital markets regulator Sebi will soon put in place stricter norms to check any flow of black money into stock market though controversy-ridden P-Notes and also initiate steps for allowing mutual fund investments through e-wallets.

New Delhi, April 23, 2017

I-T department is also seeking up to 300% of the principal as penalty for non-payment

The Income Tax Department is likely to challenge in high court a tax tribunal order giving relief to British oil firm Cairn Energy plc from payment of interest on a Rs 10,247 crore tax demand it had raised retrospectively.

Mumbai, April 22, 2017

The government is leaving no stone unturned to prevent GST leakage and to ensure complete cross-check of records. Detailed records are required to be kept not only by suppliers of goods or services (manufacturers or service providers), but also by intermediaries such as warehouse owners, transporters and agents. In addition to the goods sold, they have to also track stocks given as free samples or gifts.

New Delhi, April 22, 2017

India had blacklisted or in other terms specified Cyprus as a notified jurisdictional area in 2013 for not sharing tax information.

April 21, 2017

The International Accounting Standards Board has proposed a set of minor amendments to the financial instruments standard to make it easier to implement.

New Delhi, April 21, 2017

More worries for firms that had not opted for the dispute resolution scheme

The ghost of retrospective amendments hangs over foreign investors who had made gains from indirect transfers, with added risk of penalty as high as 300 per cent going by the recent Cairn Energy case.

April 21, 2017

The government has set up a panel to review the existing mechanism to deal with misconduct among chartered accountants, cost accountants and company secretaries.

April 20 2017

The World Gold Council, a gold industry trade group, is looking to set up a common accounting framework for monetary gold, in keeping with current financial reporting frameworks for other forms of currency.

Mumbai,  April 21, 2017

The Income-tax Appellate Tribunal (ITAT) which adjudicates Income-tax (I-T) disputes, has held that an amount deducted by an employer for not serving out a notice period cannot be brought to tax.

New Delhi, April 21, 2017

Only for cases where tax and deposit payments were made on time

The Finance Ministry has extended the deadline for filing declarations under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) to May 10 from the earlier deadline of March 31.

April 21, 2017

Business Standard looks at FCRA and compiles information about people who can take foreign funding

On Wednesday, the Union home ministry cancelled the Foreign Contribution Regulation Act (FCRA) licence of the Public Health Foundation of India (PHFI), the country’s largest public health advocacy group, on the premise that the organisation was diverting funds and was involved in lobbying with politicians and the media.

New Delhi, April 21, 2017

Providing more time for stakeholders, fair trade regulator CCI has extended the deadline for submitting comments on the proposed changes to the leniency norms under the competition law. The Competition Commission of India (CCI) has mooted amendments to the existing provisions in order to ensure “more clarity” for the stakeholders. Comments on the draft regulations can be submitted to the watchdog till next week.

New Delhi, April 21, 2017

India is planning a significant shift toward a litigation-free environment under the GST regime, creating a liberal mechanism that would allow all taxpayers to ascertain liabilities beforehand.

New Delhi, April 21, 2017

The 27 drugs form part of pharma companies’ patient assistance schemes

The Finance Ministry has exempted 27 medicines, which are supplied free of cost by pharmaceutical companies under their patient assistance programmes, from customs duty.

New Delhi, April 20, 2017

Markets regulator Sebi has decided to make daily cause list public about enforcement action taken against entities for violation of securities laws.

April 20 2017

The American Institute of CPAs has proposed a new standard for auditing the financial statements of employee benefit plans, after the Department of Labor released a report criticizing the quality of ERISA plan audits.

The AICPA’s Auditing Standards Board issued an exposure draft for the proposed standard Thursday. Proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, would specifically address audits of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974, or ERISA for short.

New Delhi, April 20, 2017

Former RBI governor Raghuram Rajan today warned of “policy uncertainty” for the world economy due to there being a “bunch of new leaders” who need to prove they are strong, even as he exuded confidence about all large economies doing well.

New Delhi, April 20, 2017

But compliance burden may increase

Businesses will now be permitted to keep accounts and records on their computers under the Goods and Services Tax (GST) as well as file online applications for advance rulings and appeals and revisions against tax orders.

New Delhi, April 20, 2017

These assets comprised principally Cairn's residual shareholding in Cairn India

The Income Tax Department has slapped a fresh notice on British firm Cairn Energy, seeking up to Rs 30,700 crore in penalties for its alleged failure to pay Rs 10,247 crore capital gains tax on time.

New Delhi, April 20, 2017

Some may lose competitiveness due to higher compliance costs

When the nationwide goods and service tax rolls out on July 1, it is likely that micro and small enterprises will under-report their yearly income. Firms might do so to stay in the Rs 20-50 lakh bracket so that a low tax rate of 1-2 per cent applies to them.