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Archive: 26 August 2014

Posts in 26 August 2014

KYC Document for opening a Bank Account & RBI Measures for simplification

August 26, 2014 3036 Views 3 comments Print

1. Single document for proof of identity and proof of address- There is now no requirement of submitting two separate documents for proof of identity and proof of address. If the officially valid document submitted for opening a bank account has both, identity and address of the person, there is no need for submitting any other documentary proof.

Section 42- Issue of Shares / securities by a private company – Private placement

August 26, 2014 21650 Views 5 comments Print

As per section 23(2) of Companies Act, 2013 (‘the Act’), a private company can issue securities in either of the following manners- – by way o f a private placement (section 42); or – by way of a rights/ bonus issue. In order to allot securities by way of a private placement offer, a company has to comply with the regulations as prescribed under section 42 of the Act. These regulations have been summarized below-

Income Tax Changes for A.Y. 2015-16

August 26, 2014 4835 Views 0 comment Print

Budget 2014 (Finance Bill, 2014) has been enacted on 6th August, 2014 with the President of India giving his assent and the Act been gazetted. Most of the tax provisions (Income Tax) shall come into force from first day of April, 2014, i.e., for the current financial year 2014-15 which is the relevant year for the assessment year 2015-16 (when you file your returns next year).

International Taxation – What Happens To India-Canada DTAA, If a Person Is Non Resident in Both the States

August 26, 2014 14775 Views 1 comment Print

Assessee is an employee of a Canadian Company. He went to Canada on 1st March, 2013 and he came back to India on 2nd October, 2013. Then on 17th November, 2013 he again went to Canada and came back on 22nd November, 2013. Assessee was paid salary outside India and that was also in a Bank Account which is also operated outside India. It also to be noted that during the period of stay in India, neither salary was paid in India nor any other payment was received by the employee from the company in India.

CBI Arrests Registrar of Companies in Bribery Case of Rs. 10 Lakhs

August 26, 2014 4135 Views 7 comments Print

The Central Bureau of Investigation has arrested a Registrar of Companies, Ministry of Corporate Affairs, Chennai in a bribery case of Rs.10 lakhs. A case was registered against Registrar of Companies, Chennai and Chairman of Group of Companies based at Tamil Nadu U/s120-B of IPC and 7, 12 & 13(2) r/w 13(1)(d) of PC Act […]

Review of policy on FDI in Defence sector, amendment to Consolidated FDI Policy Circular 2014

August 26, 2014 1085 Views 0 comment Print

In the I& B and Defence sectors where the sectoral cap is less than 49%, the company would need to be ‘owned and controlled’ by resident Indian citizens and Indian companies, which are owned and controlled by resident Indian citizens.

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