March TDS to be paid by Banks in March itself
26 03 2015
Thursday
ALL public sector banks have been requested by the Department of Financial Services, Ministry of Finance to ensure that tax deducted during the month of March, 2015 is remitted to the Government account in The month of March 2015 itself. Similar letter has also been written to the Chairman, Indian Banks' Association for compliance by the non-PSU banks.
The revenue Secretary has also written a D.O. Letter to all the Chief Secretaries of the States requesting them to suitably direct the officials concerned to ensure proper tax collection at source (TCS) on lease/ licence/ contract for mining and quarrying and for parking kits and toll plazas.
The CBDT wants the Chief Commissioners and Principal Chief Commissioners to follow up with the State Governments and Banks to ensure that the money comes to the Government kitty.
It is strange that officers at the highest level like the Revenue secretary want to cook up the Government's balance sheet to show next year's income as this year's. After all the money is with the Government; what will happen if it is not shown in this year's account? Is this the way to hit the targets?
CBDT Letter F.No.380/02/2014-IT(B)., Dated: March 24, 2015
April 15 is date of closure of Residual transactions
FOR the Financial Year 2014-15, the date of closure of Residual Transactions for the month of March 2015 is fixed as April 15, 2015 and the Banks are instructed to
1. introduce special messenger arrangements at local receiving branches.
2. ensure that collections made on behalf of Government towards the end of March are accounted for in the same financial year.
3. ensure that arrears, if any, are cleared before 15 April 2015.
Further
- the Nodal/Focal Point branches will be required to prepare separate sets of scrolls, one pertaining to March Residual Transactions and another for April transactions during the first 15 days of April 2015.
- The Nodal/Focal Point branches should also ensure that the accounts for all transactions (revenues/tax collections/payments) are effected at the receiving branches up to 31st March 2015 in the accounts for the current financial year itself and are not mixed up with the transactions of April 2015.
RBI/2014-15/516., Dated: March 25, 2015
Annual Closing of Government Accounts - Transactions of Central/State Governments - Special Measures for Current Financial Year (2014-15)
RBI has informed the banks that:
The Government of India has desired that all government transactions with banks must be accounted for within the same financial year and has requested that certain special arrangements be made for the purpose, as in previous years. Accordingly, it has been decided that all agency banks shall keep the counters of their designated branches conducting government business open for full day on March 30, 2015, and till 8.00 p.m. on March 31, 2015. All electronic transactions would, however, continue till midnight of March 31, 2015. Banks may give adequate publicity to the special arrangements made.
RBI/2014-15/515., Dated: March 25, 2015
CAG slams Income Tax Settlement Commission
CAG wanted to audit the Income Tax Settlement Commission:
Despite the assurance given by the Commission, the Benches did not provide the individual application files and other related records. Consequently, audit could not ascertain/verify (i) the procedure followed for filing the applications, (ii) dates at various stages from filling of applications and their disposal, payment of tax etc. by applicants; and (iii) existence of internal control mechanism for monitoring of settlement cases.
The Ministry told the CAG that the proceedings before the Commission are quasi-judicial and are not open to audit which starts from the filing of application and ending with the passing of order of the settlement.
The Audit of course went ahead and found:-
"The Act has prescribed time frame for various stages from filing of applications till their settlement by the Commission and implementation of the orders thereof by the ITD. We have noticed considerable delay at various stages on the part of the Commission and the ITD. Even a number of applications filed prior to 1 June 2007 are still pending with the Commission for disposal. Besides, ITD took considerable time in submission of required reports to the Commission and giving effect to the orders of the Commission."
From CAG's Report No.3 of 2015.
Customs - No need to amend Vessel Name in Shipping Bill
THE Cochin Customs informs:
Customs Brokers, Steamer Agents, Exporters are approaching the Officers for amendment of Vessel Name/Rotation No. on the Shipping Bills. This is not required since the Vessel Name/Rotation No. gets automatically picked up from the Export General Manifests and amendments take place.
It is hereby brought to the attention of all stakeholders including Customs Brokers, Steamer Agents and Exporters that amendment of Vessel Name/Rotation No. on the Shipping Bills, is not required henceforth.
Commissioner of Customs Cochin Trade Facility No. 13/2015., Dated: March 23, 2015
CBEC Notifies New Exchange rates for Norwegian Kroner
CBEC has notified new exchange rates for the Norwegian Kroner, effective today.
Notification. No. 33/2015-Customs (N.T.), Dated: March 25, 2015
Anubhav - new portal for showcasing retiring babus' commendable work
BHAGAVAN Sri Krishna told Arjuna, anubhav adharajeevitham: Life is a series of experiences. Now the Modi Government wants retiring babus to share their experiences - commendable work done during service. This is to provide satisfaction to the retiring employees and motivation for serving employees. The Government also wants to use this opportunity to garner the resources of retiring employees for voluntary contribution to nation building post retirement.
CBEC and CBDT have communicated this information to their Chief Commissioners to give wide publicity to this among the staff.
CBEC F. No.C-50/50/2015-Ad.II., Dated: March 20, 2015 and CBDT F. No.Dir(Hqrs)/Ch(DT)/25(04)/2015/297., Dated: March 19, 2015
GST - KM Mani - New Chairman of Empowered Committee of State Finance Ministers
Mr. KM Mani, Minister of Finance, Law and Housing, Kerala, has been selected as the new Chairman of the Empowered Committee of State Finance Ministers.
The Empowered Committee of State Finance Ministers was headed by Abdul Rahim Rather, who was the Finance Minister of Jammu and Kashmir, who lost his post after the recent elections. Kindly read 'GST suffers a set back…well almost!' - DDT 2503
Mani is the senior most Finance Minister and legislator in India. He has been an MLA for the last 50 years without a break and he has presented more than 10 budgets. In fact he is so identified with budgets that the Cochin University has a centre named after him - KM Mani Centre for Budget Studies.
The Union Finance Minister said yesterday that the GST Bill was likely to be passed in Parliament in the second half of the budget session.
Will GST come during Mani's tenure? The 82 year old Finance Minister is not in the best of political health in his home state.
SEBI Gets Service Tax Summons?
IT is reported that the Service tax Department has sent notices and summons to the Securities and Exchange Board of India (SEBI) for recovery of Service Tax dues amounting to roughly 500 crores. It seems SEBI is yet to give the particulars asked for by the revenue Department. SEBI believes that they are not liable to pay any tax. Some officers in SEBI take shelter under Section 25 of the SEBI Act which reads as:
Exemption from tax on wealth and income.
25. Notwithstanding anything contained in the Wealth-tax Act, 1957 (27 of 1957), the Income tax Act, 1961 (43 of 1961) or any other enactment for the time being in force relating to tax on wealth, income, profits or gains-
(a) the Board;
(b) the existing Securities and Exchange Board from the date of its constitution to the date of establishment of the Board, shall not be liable to pay wealth-tax, income-tax or any other tax in respect of their wealth,income, profits or gains derived.
But this does not speak of Service Tax, point out the Revenue officers. Most likely the Supreme Court has to decide the issue.
Drug peddler cop drags in senior Police and Customs officers
RECENTLY a police constable was arrested in Satara (Maharashtra), when police found 110 kgs of mephedrone drug in his house. The market value of this would run into crores. Later the police found 12 kgs of the drug in his cupboard at the police station. Maybe he was running a retail shop at the police station. They also found Rs. 30,000 cash in his cupboard.
The constable told the court, "The gravity of the offence has enhanced because certain customs officials as well as senior police officers are involved in the facilitation or commission of the crime out of greed for easy money of huge quantum."
Until Tomorrow with more DDT
Have a nice day.
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