"26 August 2014" Archive

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

RBI Press Release : 2014-2015/410 (26/08/2014)

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 documentar...

Read More

Consequences of Non Filing of ITR on or before 30.09.2014

CBDT has vide its order dated 20.08.2014 extended the due date for e-filing of Tax Audit Report to 30.11.2014 for A.Y. 2014-15. The order has nowhere mentioned about the due date for e-filing of Income tax Return (ITR). It seems due date for filing of ITR are been kept same. If the Assessee who are covered under tax audit provisions but n...

Read More
Posted Under: Fema / RBI |

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

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 presc...

Read More
Posted Under: Fema / RBI |

Income Tax Changes for A.Y. 2015-16

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 ...

Read More
Posted Under: Fema / RBI |

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

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 al...

Read More
Posted Under: Fema / RBI |

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

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 […]...

Read More
Posted Under: Fema / RBI |

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

Press Note No. 7 (2014 Series) (26/08/2014)

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....

Read More