"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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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 (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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Posted Under: Fema / RBI |

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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Rate of Interest WEF 01.04.2015 on NSC, PPF, KVP, Sukanya Samriddhi A/c

Office Memorandum (OM) No.6/01/2011-NS.II dated March 31, 2015 Government Announces Interest Rates for Various Small Savings Schemes; Rates to Come Into Force with Effect from Tomorrow          It was decided by the Government of India that interest rates on Small savings Schemes will be linked to yields on government securities ...

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Posted Under: Fema / RBI |

Custom Duty Exemption to Pulses extended to till 1st October 2015

Notification No. 15/2015-Customs (31/03/2015)

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in ...

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Antiquities intended for public exhibition in a museum or art gallery exempted from Customs duties

Notification No. 14/2015-Customs (31/03/2015)

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in ...

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CBDT notifies Income Computation and Disclosure Standards

Notification No. 32/2015 - Income Tax (31/03/2015)

Notification No. 32/2015 - Income Tax Central Government hereby notifies the income computation and disclosure standards as specified in the Annexure to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head Profit and gains of busines...

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Online message exchange between Customs and other regulatory agencies – reg.

Circular No. 09/2015-Customs (31/03/2015)

Circular No. 09/2015-Cus Dated the 31st March, 2015 Hon’ble Finance Minister in the Budget, 2014 made an announcement to implement ‘Indian Customs Single Window Project’ to facilitate trade. This project envisages that the importers and exporters would electronically lodge their Customs clearance documents at a single point only wi...

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Income Tax Dept. issues list of 18 tax defaulters

Income Tax Dept. issues list of 18 tax defaulters 1.     BLUE INFORMATION TECHNOLOGY LTD. 2.     LAXMINARAYAN T. THAKKAR (HUF) 3.     JUPITOR BUSINESS LIMITED 4.     HIRAK BIOTECH LTD. 5.     ICON BIO PHARMA & HEALTH CARE LIMITED [Formerly known as moon drugs limited] 6.     APPLITECH SOLUTIONS LIMITED 7.   ...

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Posted Under: Fema / RBI |

Delhi VAT- Due date for Form 9 for year 2013-14 extended to 30th June, 2015

30 of 2014-15 (31/03/2015)

In exercise of the powers conferred upon me by first proviso to sub-rule (3) of Rule 4 of Central Sales Tax (Delhi) Rules, 2005 I, Sanjeev Khirwar, Commissioner, Value Added Tax, do hereby allow to file Form 9 for the year 2013-14, prescribed under the said Rules upto 30th June, 2015....

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Delhi VAT- Form DP-1 filing date extended to 30/06/2015

No.F.3(352)Policy/VAT/2013/936-947 (31/03/2015)

I, Sanjeev Khirwar, Commissioner, Value Added Tax, Government of National Capital Territory of Delhi, in exercise of the powers conferred on me by sub-section(1) read with sub-section (2) and (3) of section 70 and sub-section (2) of section 59 of Delhi Value Added Tax Act, 2004, notify that the Form DP-1 shall be submitted online by all t...

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Notification No. 34/2015-Customs (N.T.) Dated- 31st March, 2015

Notification No. 34/2000-Customs (N.T.) (31/03/2015)

sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated t...

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14% Service Tax rate not with effect from 1st April 2015

It has come to the notice of this office that though the new Service Tax rate of 14% has not yet been given effect, some of the service tax providers have started billing & recovering the amount of Service Tax at the rate of 14% from their customers. This practice is not only completely illegal but amounts to collecting consideration from...

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Posted Under: Fema / RBI |

CL- Regional Directors can direct inspection of documents of company

Notification No. S.O. 891(E) (31/03/2015)

In exercise of the powers conferred by section 458 of the Companies Act, 2013 (18 of 2013), the Central Government hereby delegates to the Regional Directors at Mumbai, Kolkata, Chennai, Noida, Ahmedabad, Hyderabad and Shillong, the ...

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Download MCA Fee Calculator for Change in Authorised Share Capital

Here is the Fee Calculator(EXCEL) required for MCA E-Form SH-7 in case of Declaration of Changes in Authorised Share Capital of the Company to ROC u/s 64(1), Rule 15 of Companies(Share Capital and Debentures Rules,2014. Calculator will be Useful for Practising Chartered Accountants and Company Secretaries and other Corporate Law Professio...

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Posted Under: Fema / RBI |

Act before it’s too late: Section 74 scares all!

One of the provisions of Companies Act, 2013 (Act 2013/Act) which has almost got sleepless nights to all as we are approaching 31st March is the provisions of section 74. With the introduction of section 74 which was notified on April 01, 2014, any deposit accepted by a Company had to be repaid in terms of section 74 (1). But are all the ...

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Posted Under: Fema / RBI |

Loan Received by private companies from members, directors or their relatives before 01.04.2014 is not deposit

General Circular No. 05/2015 (30/03/2015)

Stakeholders have sought clarifications as to whether amounts received by private companies from their members, directors or their relatives prior to 1st April, 2014 shall be considered as deposits under the Companies Act, 2013 as such amounts were not treated as 'deposits' under section 58A of the Companies Act, 1956 and rules made there...

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Income tax Calculator for Financial year 2015-16

Please find attached the Excel file containing Income Tax calculator as modified by Finance Bill 2015 presented on 28th February 2015. The above Income Tax calculator contains the rate of tax for last 19 financial year (i.e Financial year 1997-98 to 2015-16) and income tax calculator for last 9 years (i.e Financial year 2006-07 to 2015-16...

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Income Tax officer from Mumbai held in graft case

CBI ARRESTS AN INCOME TAX OFFICER FOR ACCEPTING BRIBE OF RS. 75,000/- The Central Bureau of Investigation has arrested an Income Tax Officer Preeta Babukuttan posted at Range 31(1)(2), Mumbai for demanding & accepting a bribe of Rs. 75,000/- from the Complainant....

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Posted Under: Fema / RBI |

Declaration Format for Claiming Deduction from Salary for F.Y. 2014-15

DECLARATION- I, declare that the above statement is true to the best of my knowledge and belief. In the event of any change that may occur during the year pertaining to the information given in the form, I undertake to inform the same to the company. Income Tax liability arising due to failure, if any, for not making / not intimating paym...

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Posted Under: Fema / RBI | ,

Notification No. 13/2015-Customs dated the 30th March, 2015

Notification No. 13/2015-Customs (N.T.) (30/03/2015)

Notification No. 13/2015 - Customs Seeks to amend Notification No. 69/2011-Customs dated 29th July 2011 so as to notify the next tranche of tariff concessions under the India-Japan Comprehensive Economic Partnership Agreement (CEPA), w.e.f. 01st April 2015...

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An Attempt to Simplify E-I E-II Sales under Central Sales Tax Law

What is E-I E-II Sales: Before starting this article is it is important to explain the meaning of E-I and E-II sales. As per CST law tax is levied at single point i.e. when the goods are sold from Haryana to Delhi then tax should be levied in Haryana only even if the goods are sold further during their movement from Haryana to Delhi subje...

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Posted Under: Fema / RBI |

Service Tax Compliances in Banking Sector-Download free e-book

As you may be aware Service tax on Banking and other financial services was imposed w.e.f.16-07-2001. The taxation of services has also undergone a paradigm shift from positive list to negative list in the year 2012. Post implementation of taxation of services based on negative list, service tax compliance has now become an integral part ...

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Posted Under: Fema / RBI | ,

CENVAT Documents and Related Issues

MODVAT scheme came into existence in 1986 and over a period of 28 years lot of amendments took place, even got renamed as CENVAT, which became effective from 01.04.2000 late the cross availment of credit with service tax and central excise was introduced with effective from 10.09.2004....

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Posted Under: Fema / RBI |

Websites – Tool to Corporate Governance Excellence in Corporate India

On 30th August,2013, the Companies Act, 2013 replaced the Companies Act,1956 in part after about 57 years. Part of the Act was made operative during the year 2013-14 and some during 2014-15. Other provisions are awaiting notification. ...

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Posted Under: Fema / RBI |

Foreign Remittance: TDS u/s 195: Case Law Analysis 2015: Series 2

1. News story subject to royalty:(Agence France Presse vs. ADIT [2015] 167 TTJ 149 (Delhi - Trib.)) The assessee an International News Agency was having its headquarters in France. AFP had been distributing its text news and photos connected with news in India through various Indian News agencies, viz., Press Trust of India and IANS. The...

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Posted Under: Fema / RBI |

Let’s “Plan” New Financial Year by following “Jai Hanuman”

Arjuna, Hanumanji has been bestowed with a variety of names such as Ram Bhakt, Pawan Putra, Anjani Putra, Maruti, etc. On the 1st of April the new financial year will begin. On this auspicious occasion of Hanuman Jayanti if one learns the principles of Hanumanji and changes are made in life and in following the tax laws then progress is ...

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Posted Under: Fema / RBI |

All about Incorporation of A Company

The procedure for Incorporation of is as follows:- 1. Obtain Digital Signature- The Subscriber applying for availability of name and the proposed Directors need to have DSC. AS per Ministry of Corporate Affairs Class-II DSC is required for e-Filings under MCA21. 2. Obtain DIN- As envisaged under section 153 an individual intending to beco...

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Posted Under: Fema / RBI |

Service Tax Amendments Applicable w.e.f. 01st April 2015

The Finance Bill, 2015 has proposed Lot of changes in Service tax provisions. These changes will be coming into effect on various dates. Based on date of applicability of provisions, the various changes can be categorized as follows: (i) Changes coming into effect immediately w.e.f. the 1st day of March, 2015; (ii) Changes coming into [&h...

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Posted Under: Fema / RBI | ,

Ambiguity in Application of Section 234A of Income Tax Act, 1961

Interest under section 234A of the Income-tax Act, 1961 (hereinafter the Act) is charged in case of default in furnishing return of income by an assessee. The interest is charged at the specified rate on the amount of tax payable on the total income, as reduced by the amount of advance tax, TDS/TCS, any relief of tax allowed under section...

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Posted Under: Fema / RBI |

E-Voting and Poll Procedure – As Per Revised Rules

Gurminder Dhami Introduction With the dawn of Companies Act, 2013 which strives towards shareholders activism, the shareholders now have an option to cast their vote electronically. The intention is to provide the shareholders opportunity to have their say at the general meeting of a company without even being present at the same. The rul...

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Posted Under: Fema / RBI |

Changes to become effective in SERVICE TAX w.e.f 1st April 2015

Following Services which are currently taxable, to become exempted- 1. Transport of pulses and rice by rail, vessels or road in a goods carriage. 2. Transportation of patient in an ambulance. 3. Life Insurance services provided under the scheme of Varishtha Pension Bima Yojna. Services of Common Effluent Treatment Plant Operator for ...

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Posted Under: Fema / RBI | ,

Service Tax Return for Oct 2014 to March 2015 to be available from 01.04.15

Service Tax Return (ST-3) for October 2014 to March 2015 period will be made available from 01.04.2015 for e-filing by the assesses in both offline and online version. The last date for filing the returns for the said period is 25th April 2015. The assesses can file return online or use the offline utility by […]...

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Posted Under: Fema / RBI |

Provision related to Deposits Under Companies Act,2013

CS Divesh Goyal Deposits are crucial Topic under Companies Act, 2013. As the month of March is on its end, most of the companies which have taken loan earlier under the companies act 1956 and have filed DPT-4 in this Financial year declaring that the companies has such and such amount of deposits as on […]...

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Posted Under: Fema / RBI |

Practical step by step guide to prepare Service tax return

It’s my great pleasure to present this project on ST-3 Return. Gone are the days when Service Tax used to be a 'Chota-Mota' Tax, as of now it has become a full fledged tax with all beauties cum confusions with respect to complexities and interpretations. In fact, after Income Tax and Central Excise, Service tax is major source of Centra...

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Posted Under: Fema / RBI |

Revised Guidelines for Training of Articled Assistants outside India

i. A Chartered Accountant is eligible to train an articled assistant provided his main occupation is the practice of the profession of Accountancy at the time of engaging articled assistants as well as in each of the qualifying years on the basis of which he claims eligibility to train articled assistants. ii. Any member engaged […...

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Posted Under: Fema / RBI |

Tamil Nadu Budget 2015-16 Changes in VAT

In order to boost the manufacturing sector bogged down by negative sentiments, the State Government has come forward with some relief in electricity tax, and reversal on Input Tax credit when stocks are moved out of State in pursuance of stock transfer, interstate sales etc., in the budget presented on 25.03.2015 in the TN State Assembly...

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Posted Under: Fema / RBI |

TDS- New RPU & FUV Version 1.5 for Form 24G Statements from FY 2005-06 onwards

Form 24G Return Preparation Utility (RPU) and File Validation Utility (FVU) Version 1.5 for the Form 24G Statements from FY 2005-06 onwards released...

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Posted Under: Fema / RBI |

Procedure for use of digital signature on records and invoices- CBEC invite comments

F. No. 224/44/2014-Central Excise .6 (27/03/2015)

Kind attention is drawn to Hon'ble Finance Minister's Budget Speech on the facility of maintenance of records in electronic form and authentication of records by Digital Signature for Central Excise assesses. Sub rule (4), (5) in Rule 10 and sub-rule (8), (9) in Rule 11 of Central Excise Rules, 2002 have been inserted vide Notification No...

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Extension of e-payment deadline and of banking hours

182/01/2015 –Service Tax (27/03/2015)

The Reserve Bank of India has issued instructions vide RBI/2014-15/515 dated March 25, 2015 wherein 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, ...

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SEBI (International Financial Services Centres) Guidelines, 2015

NA (27/03/2015)

Any entity desirous of organising or assisting in organising any stock exchange or clearing corporation or depository, or desirous of undertaking any other financial services relating to securities market, shall be a recognised entity and such an entity shall seek permission of the Board in accordance with the norms specified herein or as...

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IRDAI (Regulation of Insurance Business in Special Economic Zone) Rules, 2015

. GSR 230(E) (27/03/2015)

In exercise of the powers conferred by clause (c) of sub-section (2) of section 24 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Central Government hereby, makes the following rules, namely:—...

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Loan to Directors – Section 185

New Company law puts a complete prohibition on grant of loans to Directors and persons in which such directors are interested except a few exceptions. Further the section is applicable on all types of companies, be private or public. Section 185 prohibits the granting of loan or giving of guarantee or providing any security in connection ...

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Posted Under: Fema / RBI |

A Ready Reckoner on Bank Branch Audit 2014-15

Break Even Date for NPA is 01.01.2015 for the year 2014-2015. Once an account has been classified as NPA, all the facilities granted to the borrower will be treated as NPA except in respect of Primary Agricultural Credit Societies (PACS)/Farmers Service Societies (FSS). ...

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Posted Under: Fema / RBI |

New Rate of Service Tax and Cess on Services

Clause 106 of the Finance Bill, 2015 seeks to amend section 66B so as to increase the Service Tax from 12 to 14 percent. Further, Clauses 179 and 187 respectively of the Finance Bill, 2015 provide that – Section 95 of the Finance Act, 2004 levying education cess, and Section 140 of the Finance Act, 2007 levying SHE cess...

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Posted Under: Fema / RBI | ,

Acche Din! NAMO to CBDT- Dispose of public grievances on top priority

The status of pending public grievances with the Income Tax Department was reviewed by Hon'ble PM yesterday through video-conferencing with Revenue Secretary and the undersigned. During the meeting, the Hon. PM expressed dissatisfaction about delays in responding to public grievances by our Officers as well as about the harassment meted o...

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Posted Under: Fema / RBI |

Need to Discourage use of Unaccounted Money: FM

FM Stresses the need for use of more Accounted Money and Discourage of use of Unaccounted Money Focuses on use of Plastic Money such as Credit Card, Rupay Card and Cheques in lieu of Hard Currency The Union Finance Minister Shri Arun Jaitley said that there is need to take steps to encourage people to […]...

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Posted Under: Fema / RBI |

Audit 2015-Deposits–The Peripheral Aspects

When we go to audit the banking industry, we came to know which of the Banks must be treated with respect and which are in low water ,it simply add our responsibility to take cognizance of peripheral area of DEPOSITS. Deposits are peripheral areas of attention and due diligence while conducting and concluding the branch audits....

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Posted Under: Fema / RBI |

Customs/Central Excise/Service Tax Offices to Remain open on 28.03.2015

Field Offices Under Chief Commissioners of Customs/Central Excise/Service Tax to Remain open tomorrow, 28th March, 2015 to Facilitate filing of Returns/Payment of Taxes In view of closing of the current financial year, the Central Board of Excise and Customs [CBEC] has decided to keep open all the field offices under the Chief Commissione...

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Posted Under: Fema / RBI |

Sec. 74- Procedure for Extension of time for Repayment of Deposit

REPAYMENT OF DEPOSIT: As per Section 74(1)(b) Every company which have deposit as on 1st April, 2014 or filed DPT-4 for deposits have to repay within one year from such commencement (31st March, 2015) or from the date on which such payments are due, whichever is earlier....

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Posted Under: Fema / RBI |

Defunct Company or inactive companies-Fast Track Exit Scheme or Dormant status

The procedure to close down is dealt with by section 560 of the Companies Act’1956. The sections which deal with the closure of companies under the Companies Act’2013 have not yet been notified therefore the procedure to be followed is that given in section 560 of Companies Act’1956....

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Posted Under: Fema / RBI |

Import of Second Hand Tyres for direct use– Regarding

Public Notice No. 28/2015-Customs Duty (27/03/2015)

The matter herein pertains to import of second hand tyres for direct use purpose. The import of ‘waste pneumatic tyres, excluding those which do not lead to resource recovery, recycling, reclamation or direct reuse’ falls under Schedule III B (B3140) of Hazardous Waste (Management, Handling and Trans-boundary Movement) Rules, 2008 and...

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Revised selection criteria for appointment of Chairman, Vice-Chairman and members of SetCom

Notification - F. No. Q. 22013/1/2014-Ad.1C (AAR) (27/03/2015)

4, Retirement from parent service on appointment as Chairman or Vice-Chairman or Member.— (1) Where, a Member, on the date of his appointment to the Commission, was in service under the Central Government, he shall seek retirement from such service before joining the Commission, and shalt be deemed to have so retired on the date of h...

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Reg. Income accruing / arising through transfer of capital asset situate in India

Circular No. 4/2015-Income Tax (26/03/2015)

CIRCULAR No. 4/2015,A number of representations have been received by the Board stating that the purpose of introduction of Explanation 5 was to clarify the legislative intent regarding the taxation of income accruing or arising through transfer of a capital asset situate in India. Apprehensions have been expressed about the applicability...

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Compliance Checklist for Small Company under Companies Act 2013

Only a private company can be classified as a small company. Holding company, subsidiary company, charitable company and company governed by any Special Act cannot be classified as a small company.For a small company, both conditions to be fulfilled the paid up capital should not exceed Rs. 50 Lac or the turnover as per last statement of ...

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Posted Under: Fema / RBI |

Sodexo meal vouchers are utility goods- Octroi & LBT can be levied

Sodexo SVC India Private Limited. Vs The State of Maharashtra and Others (Bombay High Court)

The Petitioner Company is conducting a business of providing pre­printed Sodexo Meal Vouchers (For short “the said Vouchers”). The case made out in the Petitions is that the Petitioner Company enters into a contract with its customers for issuing the said vouchers....

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Special Clearing operations on March 30 and 31, 2015

RBI/2014-15/517 DPSS.CO.CHD.No./1776/03.01.02/2014-2015 (26/03/2015)

With a view to facilitate accounting of all the Government transactions for the current financial year (2014-2015) by March 31, 2015, it has been decided to conduct special clearing at all clearing houses across the country on March 30 and 31, 2015 as detailed below:...

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RBI’s Liberalised Remittance Scheme – FAQ

What is the Liberalised Remittance Scheme of USD 125,000? Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 125,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both....

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Posted Under: Fema / RBI |

Budget 2015- Taxability of Newly Made ‘Taxable Services’

Finance Bill, 2015 vide Clause 107 has proposed certain amendments in the Negative List of services given under Section 66D of the Finance Act thereby removing certain services from the Negative List. Now, in this case, the issue may crop up that the services rendered prior to the date of notification are exigible to Service […]...

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Posted Under: Fema / RBI |

Hike In Rate Of Service Tax – Open Issues

The Union Budget, 2015 has proposed an increase in the rate of Service tax from 12.36% to flat 14% with abolishment of Education cess and Secondary & Higher Secondary Education cess. Further pursuing with Mr. Narendra Modi’s Dream of Swachh Bharat, a new Chapter VI has been inserted in the Finance Bill, 2015 that contains a [&helli...

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Posted Under: Fema / RBI | ,

Impact of Service tax changes on Manpower Supply & Security Services

Impact of Change of Service tax liability structure from partial reverse charge to full reverse charge on manpower SUPPLY AND SECURITY services in transition period As discussed Supra, Notification No. 30/2012-ST dated 20-06-2012 has been amended vide Notification No. 7/2015-ST dated 01-03-2015, there by shifting the Supply of Manpower an...

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Posted Under: Fema / RBI | ,

Service tax Changes effective from date to be Notified after enactment of Finance Bill, 2015

This Article Covers the following Topics- 1. Increase in rate of Service tax 2. Swachh Bharat Cess – Enabling Provision 3. Changes in relation to the Negative List – Section 66D of the Finance Act, 1994 4. Various other Sections under the Finance Act, 1994 5. Service Tax Rules, 1994 amended vide Notification No. 5/2015-ST […]...

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Posted Under: Fema / RBI | ,

Service Tax Changes Effective from April 1, 2015

Article Covers the following Topics → Exemption widened on Service provided by transport of export goods by road from the place of removal to a land customs station (LCS) vide Notification No. 4/2015-ST dated 1-03-2015 (Effective From 1-04-2015) →  Service Tax Rules, 1994 amended vide Notification No. 5/2015-ST dated 01-03-2015 → C...

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Service Tax Changes Effective from March 1, 2015

In the Union Budget, 2015 presented by the Hon’ble Finance Minister Shri. Arun Jaitley on February 28, 2015, Saturday, numerous changes in Direct and Indirect taxes, have been introduced to address the need of hour, the continued growth to contest the challenges paved in the way of progress. Changes in the Chapter V of the […]...

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Foreign Portfolio Investors-Regulatory and income tax aspects

Since introduction, the FPI regime has been constantly evolving in response to the industry activities and practical intricacies faced by those who venture into this route. To foster effective functioning of this regime, there have also been amendments to the tax laws, foreign exchange laws. ...

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Posted Under: Fema / RBI |

Decoding Rule 6 of Cenvat Credit Rules, 2004

THUMB RULE to avail CENVAT Credit is that it can be availed on those eligible Inputs, Capital goods or Input Services which have been utilized for providing taxable services or manufacturing dutiable goods except the cases where it is restricted under any notification. ...

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Posted Under: Fema / RBI |

An Overview to Maharashtra Budget 2015-16

Finance Minister Shri.Sudhir Mungantiwar of BJP government Maharashtra has presented his very first budget on Wednesday, 18’Th March 2015.State government of Maharashtra has presented budget on the lines of the Central government’s Budget. Following are some key highlights of the Budget 2015-16:...

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Posted Under: Fema / RBI |

Rail Ticket can be booked in 120 days advance from 1st April 2015

Advance Reservation Period for Booking Reserved Train Tickets increased from 60 days to 120 days from 1st April 2015 The Ministry of Railways has decided to increase the Advance Reservation Period (ARP) for booking accommodation in trains from 60 days to 120 days (excluding the date of journey). Accordingly, w.e.f. 1st April 2015 the book...

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Posted Under: Fema / RBI |

Major areas which requires attention of Professionals- Companies Act, 2013

1) RESOLUTION: As per section 117 every Company shall file resolution and agreement with ROC in MGT-14 within 30 days from the date passing of such resolution. We can divide in four category of such resolution which to be file with ROC:- i) Resolution which is prescribed under section 117(3) ii) Resolution which is prescribed under s...

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Posted Under: Fema / RBI |

NDSL releases new e-TDS/TCS Return Preparation Utility Ver. 1.0

e-TDS/TCS Return Preparation Utility Ver. 1.0 based on JAVA platform for Regular Statements from FY 2007-08 onwards released (24/03/2015) Key features of RPU 1.0 NSDL e-TDS/TCS Return Preparation Utility in JAVA platform. Preparation of Regular TDS/TCS Statement(s) for Form 24Q, 26Q, 27Q & 27EQ pertaining to Financial Year 2007-08 onw...

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Posted Under: Fema / RBI |

Reservation Facilities Provided to Senior Citizen and Female Passengers Including Pregnant Women

With a view to facilitating provisions of lower berths to senior citizens and female passengers, following facilities are available:- (i) There is a provision in the computerised Passenger Reservation System (PRS) to allot lower berth automatically to male passengers above the age of 60 years and female passengers above the age of 45 year...

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Posted Under: Fema / RBI |

Shri M.Venkaiah Naidu favours a share of GST revenue for urban local bodies

PPP model may have not done well but it shall succeed for effective urban interventions, says Shri Naidu Huge urban fiscal gap with annual per capita income of ULBs-Rs.1,430, expenditure-Rs.6,030 Minister of Urban Development Shri M.Venkaiah Naidu has favoured a share of GST(Goods and Services Tax) revenue for the municipalities across th...

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Posted Under: Fema / RBI |

Guidelines for Articleship Training Abroad for CA Students

March 18, 2015 Subject: Articleship issues in UAE The matter regarding revision in the Guidelines of Articleship Training abroad was considered at the 340th meeting of Council held from February 10-12, 2015 wherein the Council agreed with the recommendation of Executive Committee regarding the revision of the existing Guidelines for Artic...

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Posted Under: Fema / RBI |

Bank accepting tax payments to remain open on 30th & 31st March 2015

RBI/2014-15/515 DGBA.GAD.No. 4318/42.01.029/2014-15 (25/03/2015)

Banks shall keep the counters of their 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....

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Rate of exchange of conversion of each of foreign currency WEF 26.03.2015

Notification No. 33/2015-Customs (N.T.) (25/03/2015)

Notification No. 33/2015 - Customs (N.T.) Dated the 25th March, 2015 S.O.... (E). – In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby ...

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Prohibition of Insider Trading Regulation- You can be Guilty!!

SEBI re-writes it’s more than two decades old Insider Trading Regulation and announced the new Prohibition of Insider Trading Regulation 2015 on 15th January, 2015 which is to come in force on 120th day of its publication i.e., from 15th May, 2015 with many major changes in it....

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Posted Under: Fema / RBI |

Income Tax – Central Action Plan for April, 2015 to June, 2015

F. No. 380/1/2015-IT(B) (24/03/2015)

I am directed to forward herewith the Central Action Plan for the First Quarter i.e. (April 2015 to June, 2015) of the FY 2015-16. You are requested to circulate the same amongst all the officers in your region for necessary action....

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Appointment of RoCs as adjudicating officers with jurisdiction and their appellate authorities u/s 454 of CA 2013

Notification No. S.O. 831(E) (24/03/2015)

In exercise of the powers conferred by section 454 of the Companies Act, 2013 (18 of 2013) read with the Companies (Adjudication of Penalties) Rules, 2014, the Central Government hereby appoints following Registrars of Companies as adjudicating officers for the purposes of this Act in respect of jurisdictions indicated against each Regist...

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Provisions related to Auditor under Companies Act,2013

A. Duties and Liabilities of an Auditor: An auditor is ‘watch dog’ not a ‘blood hound’. Like a dog should bark and chase when something found wrong. Same like that duty of auditor is to verification and detection, but he must go deep if suspicion arises....

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Posted Under: Fema / RBI |

Analysis of SEBI Board meeting held on 22.03.2015

SEBI has approved SEBI (International Financial Services Centres) Guidelines, 2015. ♥ As per this guidelines, Indian as well as foreign stock exchanges, clearing corporations and depositories are permitted to set up subsidiaries to undertake the same business in IFSC subject to certain relaxed norms on shareholding and net worth, etc...

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Posted Under: Fema / RBI |

List of Implementation Agencies for Corporate Social Responsibility (CSR)

The Companies Act 2013 makes it mandatory for corporate houses to spend 2% profit on CSR activities. The government has prepared a list of sanitized Non-Governmental Organisations (NGOs), free of any terrorist links or unwanted funding, that can undertake Corporate Social Responsibility (CSR) activities....

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Posted Under: Fema / RBI |

E-voting rules change – A new mess a new day !

CS Nidhi Bothra, CS Vinita Nair Metamorphosis of Company law rules that went bad, changed a caterpillar into an ugly frog. Under the erstwhile (read outdated) system of holding general meetings where the resolutions were put to vote by way of show of hands or a poll could be demanded. Since only such members who […]...

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Posted Under: Fema / RBI |

SEBI : Establishment of connectivity with both Depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement

CIR/MRD/DP/03/2015 (24/03/2015)

SEBI has been issuing circulars regularly giving the list of companies which have established connectivity with both the Depositories and have become eligible for shifting from TFTS to Normal Rolling Settlement....

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MVAT- Relief to Developers and Assessment of refund claim in return

Internal Circular No. 4 A of 2015 (24/03/2015)

In the event of a developer submitting application for administrative relief along with proof of payment of compounding fee and taxes with returns for the un-registered period, the order of granting the administrative relief to be passed by the concerned Joint Commissioner within two days without calling the developers for hearing....

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Pay TDS /TCS for March in March Itself- CBDT to Banks & State Govts

F.No.380/02/2014-IT(B) (14/03/2015)

I am directed to say that 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. ...

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Notification No. 31/2015 – Income Tax Dated 24/3/2015

Notification No. 31/2015 - Income Tax (24/03/2015)

Notification No. 31/2015 - Income Tax Dated- 24th March, 2015 Central Government hereby notifies for the purposes of the said clause, West Bengal Transport Workers' Social Security Scheme of West Bengal State Social Security Board established by Government of West Bengal, in respect of the following specified income arising to that Board...

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Notification No. 30/2015 – Income Tax Dated 24/3/2015

Notification No. 30/2015 - Income Tax (24/03/2015)

Notification No. 30/2015 - Income Tax Dated- 24th March, 2015 Central Government hereby notifies for the purposes of the said clause, Chhattisgarh Building and Other Construction Workers' Welfare Board, a Board constituted by the Government of Chhattisgarh in respect of the following specified income arising to that Board, namely:-...

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Notification No. 29/2015 – Income Tax Dated 24/3/2015

Notification No. 29/2015 - Income Tax (24/03/2015)

Notification No. 29/2015 - Income Tax Dated- 24th March, 2015 In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Maharashtra State AIDS Control Society a body constituted by the Government of Maharashtr...

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Notification No. 28/2015 – Income Tax Dated 24/3/2015

Notification No. 28/2015 - Income Tax (24/03/2015)

Notification No. 28/2015 - Income Tax Dated- 24th March, 2015 S.O. (E).- In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, Bihar Electricity Regulatory Commission, - a Commission constituted by the Governm...

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Import of sub standard Steel and Steel Products not permitted

Circular No. 08/2015-Customs (24/03/2015)

In this regard, Board has received representations that imports of steel products are being allowed without compliance of mandatory Indian Standards stipulated i.e. IS:2062, IS:2002, IS: 2041, IS: 277 and IS: 1786 in the Steel and Steel Products (Quality Control) Second Order, 2012. ...

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Notification No. 27/2015 – Income Tax Dated 24/3/2015

Notification No. 27/2015 - Income Tax (24/03/2015)

Notification No. 27/2015 - Income Tax Dated- 24th March, 2015 S.O. (E).- In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Joint Electricity Regulatory Commission for the State of Goa and Union territo...

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Notification No. 26/2015 – Income Tax Dated 24/3/2015

Notification No. 26/2015 - Income Tax (24/03/2015)

Notification No. 26/2015 - Income Tax Dated- 24th March, 2015 S.O. (E).- In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, Kerala Toddy Workers' Welfare Fund Board, a Board established under the Kerala Todd...

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SEBI (Buy-back of Securities) (Amendment) Regulations, 2015

Notification No. LAD-NRO/GN/2014-15/29/543 (24/03/2015)

Securities and Exchange Board of India (Buy-back of Securities) (Amendment) Regulations, 2015....

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