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In this article, author attempts to brief ITAT (Pune) judgement of Serum Institute of India Limited describing the rate of tax deduction on payments made to non-resident recipient who do not have Permanent Account Number (PAN).
The extant FDI policy for Insurance sector has since been reviewed and further liberalized. Accordingly, with immediate effect, FDI in Insurance sector shall be permitted up to 49% subject to the revised conditions specified in the Press Note 3 (2015 Series) dated March 2, 2015.
SEBI, vide Circular No. CIR/CFD/POLICY CELL/2/2014 dated April 17, 2014, amended the provisions of Clause 49 of Listing Agreement relating to Corporate Governance, mandating, inter-alia, that the Board of Directors of listed entities shall have an optimum combination of executive and non-executive directors with at least one woman director.
NSDL is yet to release FVU for quarterly statement in form 24Q to be filed for the quarter ended on 31st MARCH 2015. Earlier version 4.5 of FVU does not support changes brought out in law through Finance Act 2014 (Part-II) for example; It does not allow higher deduction of 1.50 lac u/s 80CCE
Dr. Sanjiv Agarwal We are at the beginning of financial year 2015-16 now and it is time to realize and accept that exemption regime of Service Tax has changed with effect from 1st April, 2015 backed by Notification No. 6/2015-ST dated 1.3.2015, amending the mega exemption Notification No. 25/2012-ST dated 20.06.2012. Most of these amendments […]
ANNOUNCEMENT ON CARO, 2003 AND ADDITIONAL REPORTING UNDER THE COMPANIES ACT, 2013 We are receiving queries from the members regarding applicability of CARO, 2003 along with Auditors’ Report on financial statements of companies for the financial year 2014-15. The Ministry of Corporate Affairs (MCA) is working on it and has constituted a Committee for this […]
High Court Kolkatta held in CIT,TDS Vs Khadim Shoes Pvt Ltd that the order passed by the CIT(A) should contain reasons for its conclusions of decisions. An order without reasons is of no relevance. So the appeal had been dismissed.
In terms of para 3(ii)(a) of the aforesaid Notification, loan disbursed by an NBFC-MFI to a borrower with a rural household annual income not exceeding Rs. 60,000 or urban and semi-urban household income not exceeding Rs. 1,20,000 would be eligible to be defined as qualifying asset. In order to widen the scope, it has been decided that loan disbursed by an NBFC-MFI to a borrower with a rural household annual income not exceeding Rs. 1,00,000 or urban and semi-urban household income not exceeding Rs. 1,60,000 would be eligible to be defined as a qualifying asset.
RBI vide A.P. (DIR Series) Circular no. 90 dated March 31, 2015 and A.P. (DIR Series) Circular no. 91 dated March 31, 2015 has revised the limits beyond which market participants would be required to establish underlying exposure in the currency derivatives segment. Copy of the RBI circulars are enclosed for reference.
Notification No. 25/2015 – Customs Dated- 8th April, 2015 Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts goods when imported into India against a Service Exports from India Scheme duty credit scrip issued by the Regional Authority under paragraph 3.10 read with paragraph 3.08 of the Foreign Trade Policy
