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"30 March 2016" Archive

Govt permits 49% FDI in Insurance Sector under Automatic Route

Notification No. FEMA. 366/2016-RB (30/03/2016)

a) No Indian Insurance Company shall allow the aggregate holdings by way of total foreign investment in its equity shares by foreign investors, including portfolio investors, to exceed forty-nine percent of the paid up equity capital of such Indian Insurance company. b) The foreign investment up to forty-nine percent of the total paid-up...

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Authorization of Textiles Committee to issue Certificate of Origin

Public Notice No. 67/2015-2020 (30/03/2016)

Authorization of Textiles Committee to issue Certificate of Origin under various Free Trade Agreements/Preferential Trade Agreements – reg.- Appendix 2-B-List of Agencies Authorized to Issue Certificate of Origin (COO) (Preferential) has been revised to include Textile Committee for issuing COO under 11 Free/Preferential Trade Agreement...

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Exemption on cut/polished diamonds import for testing/certification

Notification No. 25/2016-Customs (30/03/2016)

Exemption from customs duty on cut/polished diamonds imported for testing/certification by HRD Diamond Institute Private Limited, Mumbai, Maharashtra....

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Point of Taxation (Second Amendment) Rules, 2016

Notification No. 21/2016-Service Tax (30/03/2016)

Where there is change in the liability or extent of liability of a person required to pay tax as recipient of service notified under sub-section (2) of section 68 of the Act, in case service has been provided and the invoice issued before the date of such change, but payment has not been made as on such date, the point of taxation shall b...

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National Pension Scheme in India

CMA Amit Bansal 1. What is National Pension Scheme? The National Pension System (NPS) is a defined-contribution pension system operated by the Government of India. Contribution can be made by Employee himself or his Employer. Also any person not in Employment i.e. Self Employed can also contribute to NPS. 2. Who control NPS in India...

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Posted Under: Fema / RBI |

CBDT Notifies ITR-1, 2, 2A, 3, 4S, 4, 5, 6, 7 for A.Y. 2016-17

Notification No. 24/2016-Income Tax (30/03/2016)

Central Board of Direct Taxes hereby notifies Forms Sahaj (ITR-1), ITR-2, ITR-2A, ITR-3, Sugam (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V for Assessment Year 2016-17....

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Omnibus approval of Related Party Transactions: CA, 2013 & SEBI Laws

Regulation of RPTs being crucial part for good governance, the Companies Act, 2013 contain elaborate requirements for regulating RPTs. Every company has to follow the prescribe set of procedures in respect of RPTs. Audit Committees play significant role in determining the RPTs and designing the internal procedure of the Company to be fol...

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Posted Under: Fema / RBI |

Solution To Affixation of DSC, Validation and Uploading E-Form

After modification in MCA portal w.e.f. 27.03.2016 every one is facing issues while downloading, signing with DSC, validating or uploading the e-form. To ensure we don’t face any issues, MCA has provide us with the process to make system settings. SYSTEM SETTING IS AS PER STEPS GIVEN BELOW: Open mca.gov.in Click on MCA Services Tab. [&h...

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Posted Under: Fema / RBI |

Concept of Registered Owner and Beneficial Owner

Registered Owner refers to a person whose name is entered in the register of members of the Company and thus known as the shareholder of the Company. Beneficial Owner refers to the person who enjoys the right of ownership of the shares irrespective of the title....

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Posted Under: Fema / RBI |

Exempted services scope for Cenvat credit reversal: Alarming Bell

The Credit Rules has been streamlined with restructuring of Rule 6 of the Credit Rules to make it more cogent. Amendment in definition of ‘inputs’ [Rule 2(k)], to include all Capital goods having value up to Rs. 10,000 per piece, which in turn will enable an assessee to take 100% Cenvat credit immediately,...

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Posted Under: Fema / RBI |
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