corporate tax update 26th october 2015

CORPORATE TAX UPDATE FOR 26th OCTOBER 2015

Black money: I-T dept begins action against mining companies

Oct 19, 2015
In a bid to attack domestic black money, the government has set sights on India’s vast mining sector. The Central Board of Direct Taxes (CBDT) under the finance ministry has instructed income tax (I-T) officials to scrutinise production details and tax returns filed by the companies engaged in mining activities and take appropriate action in case of any discrepancy.

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Let’s make taxation more transparent, investor-friendly: RBI Governor Rajan
Oct 19, 2015
Reserve Bank of India (RBI) Governor Raghuram Rajan on Monday underlined the need to make taxation more transparent so that the Indian economy is able to attract stable inflow of foreign capital for strong growth. He also called for more coordination between leading central banks, saying there is a need for more optimal use of the monetary policy tools globally as the world is increasingly staring at deflation.

Source: https://indianexpress.com/article/business/economy/lets-make-taxation-more-transparent-investor-friendly-rbi-governor-rajan/

RBI Guv Raghuram Rajan urges IMF to act against ‘extreme’ policies
Oct 19, 2015
RBI governor Raghuram Rajan urged the International Monetary Fund on Monday to stop “sitting on the sidelines” and instead play an active role in questioning the easy money policies adopted by developed economies. Raghuram Rajan, a former chief economist of the IMF, said countries were putting these policies in place without consideration for the negative impact they have on the global economy.

Source : https://www.financialexpress.com/article/economy/rbi-guv-raghuram-rajan-says-world-needs-stronger-multilateral-agencies/153416/

FinMin seeks India Inc views on certain GST provisions
Oct 19, 2015
Finance Ministry has sought views of India Inc on firming up provisions with regard to Place of Supply (PoS) rules in five sectors, including e-commerce and banking, for smooth roll out of the Goods and Services Tax.The ministry has asked industry associations to submit their views on the transitional provisions and core exemptions to ensure hassle free implementation of the new indirect tax regime, a government official told PTI.

Source: https://www.financialexpress.com/article/economy/finmin-seeks-india-inc-views-on-certain-gst-provisions/152996/

IT second-most favoured sector by fund managers
Oct 19, 2015
Software stocks have regained their second-most favoured status with fund managers.This is the first time since March that fund managers have more assets deployed in information technology (IT) than in automobile stocks.In September, Rs 43,053 crore, or 10.65 per cent of total equity assets, found their way into shares of infotech majors like Infosys, Tata Consultancy Services (TCS), HCL Technologies and Tech Mahindra. On the other hand, Rs 41,239 crore, or 10.2 per cent of equity assets, were held as stocks of automobile companies.

Source : https://www.business-standard.com/article/markets/it-second-most-favoured-sector-by-fund-managers-115101900024_1.html

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