Wednesday, June 15, 2016

QUICK UPDATES JUNE 2016


  • Firms with a turnover of over Rs. 10 lakh who go in for arbitration proceedings will be liable to pay service tax at the rate of 14 per cent.
  • Cenvat credit in respect of Krishi Kalyan Cess on taxable services shall be utilised only towards payment of Krishi Kalyan Cess on taxable services.
  • Corrupt individuals will not be eligible to declare their black money under compliance window.
  • The Income Tax department notified four new forms for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window.
  • CBDT clarified that Publishing houses would be eligible to claim additional depreciation on plant and machinery deployed by them.
  • RBI allows up to 100% FDI in credit information firms
  • SEBI made it mandatory for the top 500 listed companies to have a policy for declaring dividends to investors.
  • Capital market regulator SEBI is planning to tweak the rules to make it easier for corporates to settle cases related to breach of securities laws.
  • SEBI has proposed to ban key management personnel and relatives of warehouse service providers from trading on the exchange that has availed its services.
  • The government has broadened the ambit of its Merchandise Exports from India Scheme (MEIS) and scrapped a requirement for exporters to submit landing certificates of goods to avail of benefits under the MEIS. 

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