Modi government speeding up reforms

EDITORIAL

* Mr. Vinod Jain, FCA, FCS, FICWA, LL.B., DISA (ICA), Chairman, INMACS and Vinod Kumar & Associates. [email protected], [email protected], +91 9811040004

Modi Government speeding up reformsCAs expectations in waiting

1MAY 2016

CA Vinod Jain*

Convener National EconomicForum, Former Chairman BoSand Member Central Council

Institute of CharteredAccountants of India

Volume XXVI | No. 05 | May 2016

� Coal supply turning in surplus from decades of shortage

� All power projects under construction - now beingimplemented in full swing

� Railways implementing massive investment formodernisation efficiently and effectively

� Real Estate Regulations Act passed for bringingtransparency and fair treatment to consumer

� Transparent electronic market launched for Agricultureproduce

� Roads projects construction revived and now in full swingin almost 95% cases with large number of new projects

� Special simplification of Income Tax laws and new schemes

� Electronic Assessment - no personal visits

� Voluntary disclosure of Income scheme

� Regular income declaration freedom

� Professionals' special tax scheme

� Kar Vivad Samadhan Scheme - clear road map

� 10% tax on Research and development in india

� Lowering corporate tax rate to 25%

� Large number of procedural simplifications

� Positive approach and respect for tax payer

� Survey, Searches and Raids to be an exception

� Mandatory ISI mark and minimum National standards forlarge number of consumer goods, barring import of substandard Chinese goods and many more.....

NARENDRA Ji Modi Governmentneeds to be congratulated on speedingup the reform process by:

� UDAY Scheme providing Rs. 99000crores to State Electricity Boards

� Launching open transparentelectricity purchase portal - ratesbecoming transparent at Rs. 2.50 toRs. 3.00 per unit

� Bringing down cost of Solar powerto Rs. 5.50 per unit

The expectations are mounting in different areas. The CharteredAccountants community commits their support to transparency,integrity and ethical approach and completely non corruptGovernance. We await :

� Rationalisation of the Companies Act, 2013

� Independent appointment of Statutory and Internal Auditorsfor Banks, Insurance, Pension funds, Mutual funds and allpublic interest institutions.

� Fair role of CAs in ensuring financial discipline

� To eradicate tendering of CAs' professional services.Government need to appoint best persons at pre-determinedfee for a top quality efficient and effective reporting. Lawyers,CAs, Doctors cannot be selected on L1 (Lowest quote) basis.

Shri Suresh Prabhu Shri Piyush Goyal

Shri Arun Jaitley

Shri Nitin Gadkari

Shri Amit Shah

Shri Narendra Modi

CONGRATULATIONS !!

REAL TEAM EFFORT

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THE CHARTERED ACCOUNTANT WORLD

MAY 2016

LATEST IN FINANCE

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LATEST IN FINANCE

1.0 Investment Advisory Services cannot beoffered by Banks

The Reserve Bank of India has advised that bankscannot undertake IAS departmentally.Accordingly, banks desirous of offering theseservices may do so either through a separatesubsidiary set up for the purpose or one of theexisting subsidiaries after ensuring that there isan arm's length relationship between the bank andthe subsidiary. RBI/2015-16/379

2.0 Real Estate Bill is an act now, may protecthome buyers

The Real Estate (Regulation and Development)Bill, 2016, became an act on May 1, kick-startingthe process of making rules as well as putting inplace institutional infrastructure to protect theinterests of home buyers in India.

3.0 RBI to prescribe norms for electronic dealingplatforms

The Reserve Bank of India is planning to prescribea framework for authorisation of electronicdealing platforms for financial instrumentsregulated by it such as corporate bonds,commercial papers, certificate of deposits andderivative products.

NDS-OM is an anonymous electronic platformfor trading in government securities.

CROMS is a straight-through processing-enabledelectronic anonymous order-matching platformto facilitate dealing in market repos in G-Secs.

4.0 Reverse e-auction now mandatory for short-term power procurement

The government has amended the guidelines forshort-term procurement of power by discoms,making it mandatory for such transactions to beprocessed online under the reverse auction routeto bring more transparency into the system. Apower procurement period ranging from a dayto a year is considered as short-term.

Under the guidelines, the bidders, during theauction, will have the option of reducing the tariffquoted by them in decrements of one paise ormultiples thereof, and to increase the quantumquoted by them by 1 MW or its multiple. Duringthe reverse auction, the prevailing lowest tariffwould be visible to all the bidders.

5.0 Commercial papers allowed for infra debtfunds

The Reserve Bank of India allowed infrastructuredebt funds, registered as NBFCs to raise fundsthrough shorter tenure bonds and commercialpapers from the domestic market to the extent

of upto 10 per cent of their total borrowings.

6.0 Minimum maturity period for Masala Bondsreduced to 3 yrs

RBI reduced the minimum maturity period ofoffshore rupee-denominated bonds or masalabonds to three years from five years earlier.

The RBI said the maximum amount which canbe borrowed by an entity in a financial year underthe automatic route by issuance of these bondswill be Rs 5,000 crore and not $750 million,subject to guidlines already in place.

7.0 Respite for banks as RBI allows somestressed loans to be reclassified

The Reserve Bank of India did banks a good turnby allowing them to reclassify some loanaccounts, especially those facing delays in thedate of commencement of commercialoperations, as performing or standard assets.

8.0 RBI tweaks rules on bank fraud provisioningto ease burden

Under normal circumstances, banks should makeprovision immediately when a fraud is detected.But, banks can spread them over a maximum offour quarters, commencing from the quarter inwhich the fraud has been detected.

9.0 RBI spells out margin requirement for non-centrally cleared derivatives

As part of its move to implement marginrequirements for non-centrally clearedderivatives, the Reserve Bank of India broughtout a discussion paper wherein it has beenproposed that both initial margin and variationmargin will generally apply to all such derivatives.

In such derivatives, at least one of the parties tothe transaction should be a scheduled bank, orother agency falling under the regulatory purviewof the central bank.

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ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY

MAY 2016

EDITORIAL / LATEST IN FINANCEALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY

EDITORIALEducation Sector: Regulation and Development

Need for a strategyThe Indian Education has developed leaps and boundsover last 2 decades without any major plan and Govt.policy guiding Regulation and Development. Educationis a state subject even then the Central Governmentneed to play an important role in providing affordablehigh quality education to all sections of society. Thefollowing issues and challenges are required to beaddressed by State Government, Central Governmentand very importantly by the education sector itself.

� Development and implementation of high standardeducation focused on capability development -CBSE and NCERT kind Institutions are needednot only for School education but also forUniversity educations, Professional qualificationsand Vocational.There is a need of the country for

� Standard and Uniform level of course curriculum,delivery quality

� National level common examination at all levels,to ensure National and Internationalrecognition, acceptability and mobility

� To consider permitting profit motiveeducational institutions without any concession inland prices and full taxation on their income andservices. This will off course be subjected toregulation on quality, delivery, examination andreasonable profit margins.

� The charitable not for profit education societiesenjoying concessional land and tax advantages needto be financially disciplined with a mandate ofreasonable fee levels, engagement of high qualityfaculty by ensuring regulated minimum level ofsalary and perks through proper banking channelsand permitting some profit margin to fund growth.No misuse or diversion can go on.

� The admission process, criteria of localpreferences, donations and capitation fee,reservation of corporate seats based on largefinancial considerations, charging and levying non

transparent fees, charges and contributions are someareas of major challenges.

� Minority educational institutions may also opt formain stream modern education and financial aid andsupport of Government with committed financialdiscipline, along with a freedom to preserve theirspecialties, values, culture and religious education.

� The Government and Government aidededucational institutions need a big focus on improvingtheir infrastructure, delivery mechanism, quality ofeducation and overall standards to attract all sectionsand classes of the society on one platform - pavingway for major opportunities even for weaker andmiddle income group. Massive expansion and majorfinancial allocation for such facilities is needed.

� To examine based on detailed research, the impactand challenges faced by weaker section students beingeducated in high cost private schools based onmandatory reservation.

� The IIT, IIM and other similar high level institutions- reasonable subsidized high quality education needto come with a commitment towards the country.India is training a majority of them at the cost ofsociety and they join costly jobs internationally.

� The engineering, Medical, MBA and similar privateinstitutions and Universities need a deep high qualityregulations and developmental support

� Indian education at school level and also at higherlevel need to also concentrate on Indian ValueSystem, culture, ethics, integrity, history andleadership traits. Team spirit and developmentof respect and tolerance for others' views andpriorities is a major challenge.

Transparency in Financial Management and Educationquality, Content and Delivery mechanism need Long termvision, Strategy, firm Commitment, Discipline and deeprooted hard work at all levels duly supported by Regulatoryindependent review and Developmental support.

INDIA WILL WIN

10.0 Online sales to foreign buyers get exports tagAll sales by Indian sellers to foreign buyersthrough digital platforms would be classified asexport. All domestic sellers who supply goodsand services to foreign buyers would be classifiedas exporters. It will allow them to claim benefits

under the Merchandise Exports from India Scheme(MEIS), which provides financial incentives.

11.0 India's first small finance bank launched

Capital Small Finance Bank, India's first smallfinance bank, is launched. It opened 10 newbranches on its inaugural day.

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MAY 2016

LATEST IN FINANCE / CAPITAL MARKET / INDIRECT TAXATION12.0 RBI issues trading norms for PSLCs

Banks can buy Priority Sector LendingCertificates (PSLCs) - on the lines of carboncredit trading - with a minimum lot size of Rs 25lakh to meet the shortfall in priority sector lendingtargets.There will be four kinds of PSLCs -Agriculture, Small Farmers (SF)/MarginalFarmers (MF), Micro Enterprises and General.

13.0 RBI asks banks not to treat default by somefirms as NPA in Q4

In view of mounting bad loans eating into banks'profits, RBI has allowed them to exclude fromprovisioning stressed loans of certain companiesin the fourth quarter numbers. This will help easeburden on banks to some extent and support theirbottom line. About two dozen companies whichhave been trying to repay loans by selling theirassets or some of their subsidiaries have beenexcluded from defaulters list.

14.0 Online trading platform for farm goodslaunched

Prime Minister Narendra Modi sowed the seedsfor a farming revolution, with the launch of e-NAM, an online portal for trading in agricultureproduce, which promises to liberate farmers fromthe clutches of middle-men and realise fair marketvalue for their yields.

The e-NAM marketplace will initially enablefarmers in eight States - Uttar Pradesh, MadhyaPradesh, Jharkhand, Himachal Pradesh, Gujarat,Telangana, Rajasthan and Haryana - to sell 25commodities in 21 wholesale mandis.

The commodities that will initially be sold onlineinclude chana (black gram), castor seed, paddy,wheat, maize, turmeric, onion, mustard, mahua

flower, tamarind and shelling pea.

CAPITAL MARKET

1.0 Prohibition of Insider Trading RegulationsThe Guidance Note on Insider Trading interaliastated that buy back offers, open offers, rightsissues, FPOs, bonus, etc. of a listed companyare available to designated persons also, andrestriction of 'contra-trade' shall not apply inrespect of such matters.

SEBI has clarified that exit offer is also exempted

from the restriction on contra trade under thePIT Regulations.

2.0 Small firms' delisting relaxed

Promoters of small companies who get writtenconsent from at least 90 per cent of the publicshareholders to delist shares will be consideredto have complied with the delisting norms as perSEBI.

3.0 Sebi nod to make e-book mandatory forprivate placement issues

Capital markets regulator SEBI approved newnorms to make electronic book mandatory forall private placement issues on debt basis, havinga threshold of more than Rs 500 crore inclusiveof green shoe option, if any.

INDIRECT TAXATION

1.0 All Government services to be taxed -Exemptions notified

The CBEC has clarified that all 10 servicesprovided by the government will be exempt fromservice tax. These include services provided bya government or a local authority to anothergovernment or local authority, services forissuance of passport, visa, driving licence, birthcertificate or death certificate, services wherethe gross amount charges is less than Rs. 5,000and legally mandated services for registration,calibration or testing.

Further, services by a local body or governmentfor assignment of right to use natural resourcesto an individual farmer for the purposes ofagriculture, services to a gram panchayat anddeputing officers after office hours or on holidaysfor inspection or container stuffing or such otherduties in relation to import export cargo onpayment of Merchant Overtime charges andservices provided to business entities withturnover of less than Rs. 10 lakhs and negativelist government services will also be exempt fromservice tax.

2.0 Relaxation of KYC norms

The Central Board of Excise and Customs(CBEC) has decided that in cases where the proofof present address is not available with theindividual, the proof of identity collected at thetime of delivery along with the address recorded

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MAY 2016

INDIRECT & DIRECT TAXATIONfor the delivery purpose by the courier companieswould suffice for KYC verification.

Circular No. 13/2016-Customs

3.0 CENVAT Credit - Right to Use

CENVAT Credit of Service Tax paid in a financialyear, on the onetime charges payable in fullupfront or in instalments, for the service ofassignment of the right to use any natural resourceby the Government, local authority or any otherperson, shall be spread evenly over a period ofthree years.

Where the manufacturer of goods or provider ofoutput service, as the case may be, further assignssuch right assigned to him by the Governmentor any other person, in any financial year, toanother person against consideration, suchamount of balance CENVAT credit as does notexceed the service tax payable on theconsideration charged by him for such furtherassignment, shall be allowed in the same financialyear.

Notification No. 24/2016- Central Excise

4.0 DVAT - Composition Scheme

A new composition scheme has been recentlynotified by the Government vide notification dated18/03/2016 in exercise of powers conferred insection 16(12), wherein the registered dealerswhose annual turnover is upto Rs. 50 Lakhs andwho makes sales of cooked food, snacks, sweets,savouries, juices, aerated drinks, tea and coffeeetc. have an option to pay composition tax @5%.

In the above context, it is clarified that thecondition requiring payment of tax on openingstock is not applicable to those dealers.

DIRECT TAXATION

1.0 Income from sale of unlisted equities to betreated as capital gains

CBDT has said income from sale of unlistedequities would be treated as capital gains in amove that gives significant relief to private equity,offshore and alternative investment funds.

The holding period of unlisted equity shares forlong term taxation has been reduced to 24 monthsfrom 36 months by Finance Act, 2016

The directive puts to rest the debate overtreatment of income from sale of unlisted sharesas capital gains or business income. This alsogives certainty to foreign investors takingadvantage of favourable tax treaties such as India-Mauritius.

2.0 Furnishing of evidence of claims by employeefor deduction of tax under section 192CBDT has introduced new Rule 26C and Form12BB that require employees to furnish to theemployer, evidence/particulars in relation to theexpenditure incurred.

Nature of claims Evidence or particulars

House Rent Name, address andAllowance PAN of the landlord/landlords

where the aggregate rent paidduring the previous yearexceeds rupees one lakh.

Leave travel Evidence of expenditure.concession orassistance.

Deduction of Name, address andinterest under the permanent accounthead "Income number of the lender.from houseproperty"

Deduction under Evidence of investment orChapter VI-A expenditure.

CBDT Notification dated 29th April, 2016

3.0 I-T dept to pay interest on TDS refund

The Income Tax (I-T) department will now addinterest amount to a delayed refund made onexcess tax deducted at source (TDS) cutsand will also not litigate with the deductor onthis issue in the future, a latest directive hassaid.

4.0 Deductions allowed for tax paid in foreignnations

The rules will allow for foreign tax credit with allcountries with which India has a double taxavoidance agreement as well as tax paid by Indianresidents in other specified countries.

The draft rules have also proposed that the creditwill be available to the resident assessee in theyear in which the income has been taxed orassessed in India.

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MAY 2016

DIRECT TAXATION / AUDIT / CORPORATE LAWS

Further, the credit will be calculated separatelyfor each source of income and from each country.The amount of credit available will be lower ofthe tax payable under the Income Tax Act onsuch income and the foreign tax already paid andwill be calculated based on the conversion rateon the day the foreign tax was paid.

Taxpayers will also have to furnish documentaryevidence for availing the credit including acertificate for the tax department of the foreigncompany, acknowledgement of online taxpayment or bank counter foil and a declarationthat the amount is not under any dispute.

Cess and surcharges in addition to tax will alsobe creditable and it will be available against MATliability too.

5.0 Tips collected by hotel from customers andpaid to employees couldn't be taxable as salary

The Supreme Court of India held that the amountof tip paid by the employer to the employees hadno reference to the contract of employment atall. Tips were received by the employer in afiduciary capacity as trustee for payments thatwere received from customers which it disburseto its employees for service rendered to thecustomer. Hence, tips so disbursed to employeescouldn't be chargeable to tax as salary and theemployer has no TDS liability.

ITC Ltd. Gurgaon v. CIT (TDS) Delhi. [2016] 68taxmann.com 323

6.0 All ITRs activated for e-filing

E-filing of income tax return for all categories offilers for the AY 2016-17 has been operationalised.All ITRs including ITR 6 and ITR 7 for AY 2016-17 are available for e-Filing.

7.0 Transaction in shares couldn't be treated asspeculative if it doesn't constitute 'business'

The High Court of Madras held that whereassessee-company was not regularly dealing withshares, but indulged in purchase and sale ofshares because of certain financial problems ofsister concern, there being no systematic or

organised course of activity and no regularity intransaction and purchase being one time activityit could not be construed as a speculativetransaction.

Rajapalayam Mills Ltd. v. DCIT , Special Range-I,Madurai. [2016] 68 taxmann.com 3

AUDIT / ACCOUNTANCY

1.0 Companies (Accounting Standards)Amendment extended by 1 year

Stakeholders have sought clarifications withregard to the accounting period for which theaccounts would need to be prepared using theAccounting Standards, as amended through theCompanies (Accounting Standards) AmendmentRules, 2016. The Ministry has clarified that theamended AS should be used for preparation ofaccounts for accounting periods commencing onor after the date of notification i.e. financial yearcommencing 1st April 2016.

General Circular No.04/2016 dt. 27/04/2016

CORPORATE LAWS

1.0 Companies will have unique ID no. to carryout business

Companies will soon have one uniqueidentification number to carry out all businesstransactions. The Central Board of Direct Taxes(CBDT) and the Ministry of Corporate Affairsare integrating their back-end operations toprovide one simple identity to companies, doingaway with the multiplicity of numbers currentlybeing used by them.

2.0 PF Members can take out entire corpus beforeretirement

Rescinding its earlier decision after employeeprotests, the Employees Provident FundOrganisation (EPFO) has decided to allowmembers to withdraw their entire corpus beforeretirement for purposes such as housing,professional education, medical treatment and themarriage of their children.

India signed the protocol amending the DTAA with Mauritius giving India the right to taxcapital gains arising from sale or transfer of shares of an Indian company acquired by aMauritian tax resident.

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MAY 2016

CORPORATE LAWS / FEMA

FINANCIAL INDICATORS

Current Rate* Previous Month 3 Month ago 6 Month ago

3 Month LIBOR (%) 0.63 0.63 0.62 0.3671

SENSEX 25720.56 24900.63 23766.8 25482.52

NIFTY 7881.90 7614.35 7221.4 7731.8

CRR (%) 4 4 4 4

REPO (%) 6.50 6.50 6.75 6.75

REVERSE REPO (%) 6.00 6.00 5.75 5.75

Gold (per 10 gm) 29972 29131 28199 25184

Silver (per kg) 41273 36671 36700 33754

Crude (USD/bbl) 44.22 39.72 31.64 44.55

` vs USD 66.72 66.47 67.87 66.11

` vs Euro 75.96 75.90 76.64 70.39

` vs 100 Yen 61.35 61.04 59.21 53.63

` vs RMB 10.25 10.32 10.43 10.38

` vs Pound 96.11 94.04 98.29 100.51

MCX Aluminium (per kg) 105.55 101.10 101.7 96.1

MCX Copper (per kg) 315.05 308.20 306.5 306.05

*As on May 10, 2016 (Sources: MoneyControl, NSE, BSE, RBI, MCX)

3.0 Government hikes minimum wage forcontract workers to Rs 10,000

Government has increased minimum wage to Rs10,000 at the national level, taking into considera-tion the Consumer Price Index and DearnessAllowance. This was based on the verdict of theSupreme Court. This increase of minimum wagehas been linked to pension and bonus.

FEMA

1.0 Govt eases norms for foreign firms to set upbranch offices in India

The government relaxed the approval process forforeign firms to set up their branch, liaison andproject offices in the country.

As a measure towards improving the ease ofdoing business, it has now been decided thatexcept for a few sectors such as defence,telecom, private security, information andbroadcasting and non-government organisationand except a few countries, the power to grantapprovals for establishment of branch, liaison,project offices by foreign entities, would bedelegated to the Authorised Dealers Category-IBanks. sector.

2.0 SEBI regulations governing foreigninvestment in units issued by REITs, InvITsand AIFs

It has been decided, in consultation with theGovernment of India, to allow foreign investmentin the units of Investment Vehicles registered andregulated by SEBI or any other competentauthority. At present, Investment Vehicle willinclude the following:

� Real Estate Investment Trusts (REITs)

� Infrastructure Investment Trusts (InvITs)

� Alternative Investment Funds (AIFs)

Further, unit shall mean beneficial interest of aninvestor in the Investment Vehicle and shall includeshares or partnership interests.

� Downstream investment by an InvestmentVehicle shall be regarded as foreign investmentif either the Sponsor or the Manager or theInvestment Manager is not Indian 'owned andcontrolled' as defined in Regulation 14 of thePrincipal Regulations.

� In case the sponsors or managers orinvestment managers are organized in a formother than companies or LLPs, SEBI shalldetermine whether the sponsor or manager orinvestment manager is foreign owned andcontrolled.

� The extent of foreign investment in the corpusof the Investment Vehicle will not be a factorto determine as to whether downstreaminvestment of the Investment Vehicleconcerned is foreign investment or not.

� Downstream investment by an InvestmentVehicle that is reckoned as foreign investmentshall have to conform to the sectoral caps.

RBI/2015-16/377

3.0 Acceptance of deposits by Indian companiesfrom a person resident outside India

It is clarified that keeping deposits with an Indiancompany by persons resident outside India, inaccordance with section 160 of the CompaniesAct, 2013, is a current account (payment)transaction and, as such, does not require anyapproval from Reserve Bank. All refunds of suchdeposits, arising in the event of selection of theperson as director or getting more than twentyfive percent votes, shall be treated similarly.

RBI/2015-16/371

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� Contact details : Dharampal (9013363257) All India Chartered Accountants’ Society - CFO World 909, Chiranjiv Tower, 43, Nehru Place, New Delhi-110019.Ph: 26223712, 26228410, 26226933 E-mail:[email protected] / [email protected] � EDITOR: Pankaj Gupta, LLB, FCS E-mail: [email protected]� PUBLISHED & PRINTED: At New Delhi by Satish Chandra, Administrative Officer, on behalf of All India Chartered Accountants’ Society, 4696, Brij Bhawan, 21A,Ansari Road, Darya Ganj, New Delhi-110 002 Phone 23265320, 23288101 E-mail : [email protected] Printed at: EIH Ltd., Unit : Printing Press, No. 7, ShamNath Marg, Delhi-110054. Views expressed by contributors are their own and the Society does not accept any responsibility.

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Date of Printing : 14th May, 2016R.N.I. No. 50796/90Posting Date: 16th May, 2016

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• Chhattisgarh Govt. mandates 90% of VAT paymentswithin 15 days of expiry of quarter vide NotificationNo.F1017/2016/CT/V (28), dated 31/3/2016

• The central government will make compulsory thehallmarking of gold jewellery by Diwali.

• The Ministry of New and Renewable Energy (MNRE)has set up three committees to improve quality controlof solar modules and products.

• The government has granted infrastructure status tothe shipyard industry, a move that will help thesectoral players get long-term financing at cheaperrates.

• The Reserve Bank of India came out with masterdirection for merger of private sector banks and alsobetween NBFCs and banks.

• The Supreme Court on Tuesday asked thegovernment to come up with a proposal forappointment of a committee to look into the issuesraised regarding bad loans and huge write-offs bypublic sector banks.

• To deal more effectively with bad issue, the financeministry has sent a draft note for the cabinet to amendthe relevant laws including SARFAESI law to helpbanks recover dues faster in wilful defaults.

• The Securities and Exchange Board of India (Sebi)might allow new participants such as Banks, MutualFunds and Foreign Portfolio Investors in thecommodity market.

• The High Court in Kolkata has ruled in favour ofmarket regulator Securities and Exchange Board ofIndia (SEBI) in the matter of de-recognition and exitof the Calcutta Stock Exchange (CSE).

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