"March, 2015" Archive

FEMA- A.P.(DIR Series) Circular No. 91 Dated- March 31, 2015

RBI/2014-15/527 A.P.(DIR Series) Circular No. 91 (31/03/2015)

Presently, FPIs can take position – both long (bought) as well as short(sold) – in foreign currency up to USD 10 million or equivalent per exchange . As a measure of further liberalisation, it has now been decided to increase the limit (long as well as short) for FPIs in USD-INR pair upto USD 15 million per exchange...

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A.P.(DIR Series) Circular No. 90 Dated- March 31, 2015

RBI/2014-15/526 A.P.(DIR Series) Circular No. 90 (31/03/2015)

Presently, domestic participants are allowed to take a long (bought) as well as short (sold) position upto USD 10 million per exchange. As a measure of further liberalisation, it has now been decided to increase the limit (long as well as short) in USD-INR pair upto USD 15 million per exchange. In addition, domestic participants shall be...

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Aggregator's Services under Service Tax Net

The aggregators who were till now not specifically covered under the Service Tax net on strict interpretation of law and could not catch the attention of revenue authorities came under the radar of one and all in Indian regulatory world once the app based cab services received the attention after Uber fiasco. ...

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Posted Under: Fema / RBI |

Companies (Acceptance of Deposits) Amendment Rules, 2015

Notification No. G.S.R. 241(E) (31/03/2015)

In exercise of the powers conferred by sections 73 and 76 read with sub-section (1) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Acceptance of Deposits) Rules, 2014, ...

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Withdrawal from Provident Fund before Completion of 5 years taxable?

Withdrawal of Provident Fund may attract Income Tax. The Income Tax Department recently told EPFO (Employees Provident Fund Organisation) to deduct Tax (TDS) from the withdrawal amount, if the withdrawal happened before completing five years of subscription. Tax officials have cited a rule in the 1961 Income-Tax Act that taxes PF withdraw...

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Posted Under: Fema / RBI |

Related Party Transaction Under Companies Act, 2013 (Section- 184,188)

INDEX OF ARTICLE: FAQ’S RELATED PARTY TRANSACTIONS: THRESHOLD LIMITS UNDER COMPANIES ACT, 2013. NOTES FOR SECTION- 188. DEFINITION OF RELATED PARTY BY DIAGRAMS. ...

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Posted Under: Fema / RBI |

Circular No. 10/2015-Customs Dated 31st March, 2015

Circular No. 10/2015-Customs Duty (31/03/2015)

Circular No. 10/2015-Customs The Government has prioritized trade facilitation and creating an environment for ease of doing business. In this direction several initiatives have been taken in the recent past to simplify Customs procedures and enhance the use of automation in business processes with resultant reduction in transaction costs...

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Upfront payment of interest on debentures is deductible fully in year of payment

M/s Taparia Tools Limited Vs JCIT (Supreme Court of India)

n was judicially held in the case of Bharat Earth Movers Vs. CIT (2000) 6 SCC 645 that if a business liability has arisen in the accounting year, the deduction should be allowed even if such a liability may have to be quantified and discharged at a future date....

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Application for Roll Back of APA can be made upto to 30.06.2015

NA (31/03/2015)

The rules relating to Roll Back of an Advance Pricing Agreement (APA) have been notified through notification no. S.O. 758 (E) dated 14th March, 2015. As per sub-rule (5) of the newly prescribed rule 10MA, where an application for entering into an advance pricing agreement has been filed prior to 1.01.2015...

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CBDT asks CCITs to suggest locations for setting up Aayakar Sewa Kendra

48/3/2015/ASK/P-VI/DOMS /I844 (31/03/2015)

The locations for setting up all the ASKs in the last year were identified and recommended by the concerned CCIT (CCA) / CCIT, as a result of which the process of setting up of the ASKs could be carried out smoothly. On the same lines as last year, you are requested to kindly use your good offices to participate in the exercise to identif...

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