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Archive: 31 March 2015

Posts in 31 March 2015

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

March 31, 2015 576 Views 0 comment Print

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

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

March 31, 2015 957 Views 0 comment Print

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 allowed to take long as well as short positions in EUR-INR, GBP-INR and JPY-INR pairs, all put together, upto USD 5 million equivalent per exchange. These limits shall be monitored by the exchanges and breaches, if any, may be reported.

Aggregator’s Services under Service Tax Net

March 31, 2015 35077 Views 8 comments Print

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.

Companies (Acceptance of Deposits) Amendment Rules, 2015

March 31, 2015 18513 Views 0 comment Print

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,

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

March 31, 2015 96092 Views 8 comments Print


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

March 31, 2015 1030 Views 0 comment Print

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 and dwell time associated with the Customs clearance of imported and export goods.

Section 263 could be invoked if both the ingredients are satisfied

March 31, 2015 1084 Views 0 comment Print

While discussing the Revisional powers of CIT(A) u/s 263 it was held that the Commissioner has to be satisfied of twin conditions, namely, i) the order is erroneous; and ii) it is prejudicial to the interests of the revenue.

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

March 31, 2015 5043 Views 0 comment Print

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.

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

March 31, 2015 638 Views 0 comment Print

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

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

March 31, 2015 1324 Views 0 comment Print

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 identify locations for setting up Aayakar Sewa Kendra in this year also.

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