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Archive: 10 April 2015

Posts in 10 April 2015

Notification No. 34/2015 – Income Tax Dated 10.4.2015

April 10, 2015 355 Views 0 comment Print

Notification No. 34/2015 – Income Tax 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, ‘Rajasthan State Pollution Control Board’, a Board constituted under the provisions

India-UK DTAC- Suspension of Collection of Taxes during Mutual Agreement Procedure

April 10, 2015 1636 Views 0 comment Print

Instruction No 3/2015, dated 10th April, 2015 India-UK Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion (DTAC or the Convention) – Suspension of Collection of Taxes during Mutual Agreement Procedure (MAP) – Regarding

NBFCs- Lending against Shares – Clarification

April 10, 2015 1696 Views 0 comment Print

LTV ratio of 50% is required to be maintained at all times. Any shortfall in the maintenance of the 50% LTV occurring on account of movement in the share prices shall be made good within 7 working days.

RBI releases draft Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs

April 10, 2015 1361 Views 0 comment Print

NBFCs should constitute Grievance Redressal Machinery as contained in RBI’s circular on Grievance Redressal Mechanism vide DNBS. CC. PD. No. 320/03. 10. 01/2012-13 dated February 18, 2013 and give wide publicity about it through electronic and print media. The name and contact number of designated grievance redressal officer of the NBFC should be made known and widely publicised. The designated officer should ensure that genuine grievances of customers are redressed promptly without involving delay. It should be clearly indicated that NBFCs’ Grievance Redressal Machinery will also deal with the issue relating to services provided by the outsourced agency.

Keeping in abeyance the provisions of para 2.55 and 2.56 of Handbook of Procedures, 2015-20

April 10, 2015 2314 Views 0 comment Print

In order to facilitate transitional arrangements, the provisions of para 2.55 and 2.56 of Handbook of Procedures, 2015-20 are kept in abeyance till further orders and the procedure for issue of PSIC will be regulated as per procedure laid down in para 2.32.2A and 2.32.2B of Handbook of Procedure Vol.I, 2009-14, till further orders.

For invoking reassessment proceedings, reasons has to be recorded & not conclusions

April 10, 2015 2131 Views 0 comment Print

Hon’ble Delhi ITAT has in the case of ACIT V/s M/s Responsible Builders Pvt. Ltd in ITA No. 2726/Del /2011 has held that it is trite law that in order to determine whether there are reasons to believe that the income got escaped the assessment, one has to look at the reasons recorded by the Assessing Officer before the issuance of notice under Section 148 of the Act.

Companies (Auditor’s Report) Order, 2015 i.e. CARO 2015

April 10, 2015 187352 Views 13 comments Print

(1) This order may be called the Companies (Auditor’s Report) Order, 2015. (2) It shall apply to every company including a foreign company as defined in clause (42) of section 2 of the Companies Act, 2013 (18 of 2013) [hereinafter referred to as the Companies Act], except –

Remuneration to managerial person appointed under Companies Act, 1956 after 01.04.2014

April 10, 2015 2242 Views 0 comment Print

General Circular No. 07/2015 Dated: 10th April, 2015 It is clarified that a managerial person referred to in para 1 above may continue to receive remuneration for his remaining term in accordance with terms and conditions approved by company as per relevant provisions of Schedule XIII of earlier Act even if the part of his/her tenure falls after 1st April, 2014.

Best of Judgement and Principles of Natural Justice under TNVAT Act, 2006

April 10, 2015 11880 Views 0 comment Print

In the recent times, many writ petitions have been filed before the Hon’ble Madras High Court seeking intervention of the High Court and to direct the Assessing Authorities to set aside the best of judgement Orders passed under Section 22 (4) and Section 27 of the TNVAT Act, 2006 on the ground that reasonable opportunity of hearing was not granted to the petitioners, as provided in Section 22 (4) and Section 27.

Limit of Gift for Govt. Employees increased to Rs. 25000/-

April 10, 2015 18893 Views 0 comment Print

a member of the service may accept gifts from his near relatives or from his personal friends having no official dealings with them, on occasions such as wedding, anniversaries, funerals and religious functions when the making of gifts is in

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