"14 May 2015" Archive

Reversal of excess provision on sale of NPAs to SC/RC

RBI/2014-15/593 DCBR.BPD.(MSCB).Cir No.1/13.05.000/2014-15 (14/05/2015)

Please refer to para 5 (A) of our circular UBD.BPD.(PCB).Cir. No.53/13.05.000/2013-14 dated March 28, 2014 wherein it was stipulated that if the sale is for a value higher than the Net Book Value (NBV), the excess provision will not be reversed, but will be utilised to meet the shortfall/loss on account of sale of other financial assets....

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NSDL New Utility – More complex

NSDL has issued new file validation utility (FVU) version 4.6 for filling and correction of TDS quarterly return from FY 2010-11 and onwards. It has some additional controls put in which check various calculations and tried to get maximum information with less error. However due to more control authority has not kept in mind few concepts ...

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Posted Under: Fema / RBI |

MVAT- Amendments to various Acts administered by Sales Tax Department & notifications issued thereunder

Trade Circular No. 6 T of 2015 (14/05/2015)

Existing provision: Schedule I, appended to the PT Act provides for rates of tax for different classes of persons. Entry 1 in this Schedule contains slab-wise rates of tax, applicable to salary and wage earners. Entry 1 in Schedule I was amended last year w.e.f. 1St July 2014 to increase the exemption limit for salary/wage earners to rupe...

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New ITAT Rules for Filing Appeals and Seeking Adjournment

NA (14/05/2015)

All applications for adjournment shall be filed atleast three weeks in advance, except in exceptional cases for which reasons for filing them beyond that period shall be clearly stated in the application. The application will be filed in duplicate and the copy served in advance on the opposite party. In case the opposite party writes 'not...

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Debenture Trustees – Frequently Asked Questions (FAQs)

A debenture is an instrument of debt executed by the company acknowledging its obligation to repay the sum at a specified rate and also carrying an interest. It is one of the methods of raising the loan capital of the company. A debenture is thus like a certificate of loan or a loan bond evidencing the fact that the company is liable to p...

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Posted Under: Fema / RBI |

Rajya Sabha passes Companies (Amendment) Bill, 2014 with amendments

(1) The Companies (Amendment) Bill, 2014, as passed by Lok Sabha Further consideration of the Bill resumed. The following Members took part in the discussion:— 1-07 p.m. 1. Dr. Ashok S. Ganguly 1-10 p.m. 2. Shri S. Thangavelu 1-13 p.m. 3. Shri Pyarimohan Mohapatra 1-16 p.m. 4. Shri Anil Desai 1-21 p.m. 5. Shri Prem […]...

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Posted Under: Fema / RBI |

Amendment in Guideline for Infrastructure Debt Funds (IDFs)

RBI/2014-15/600 DNBR (PD) CC.No.035/03.10.001/2014-15 (14/05/2015)

On a review in consultation with the Government of India, it has been decided to amend the Directions so as to allow entry of IDF-NBFCs into sectors where there is no presence of a Project Authority. Accordingly, the Directions have been amended as given in the subsequent paragraphs:...

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Procedure for response to arrear demand by taxpayer and verification and correction of demand by AOs

Circular No. 8/2015-Income Tax (14/05/2015)

Circular No. 8/2015 The CBDT vide Instruction No. 4 of 2014 dated 7th April, 2014, inter-alia, prescribed Standard Operating Procedure for Verification and Correction of Demand available or uploaded by AOs in CPC Demand Portal. Further a facility has been made available to taxpayers on the E-filing website (www.incometaxindiaefiling.gov...

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Legal Metrology (Packaged Commodities) (Amendment) Rules, 2015

F.No. WM-9(86)/2014 (14/05/2015)

Dated: May 14, 2015- NOTIFICATION In exercise of the powers conferred by sub-section (1) read with clause (j) of sub-section (2) of section 52 of the Legal Metrology Act, 2009 (1 of 2010), the Central Government hereby makes the following rules further amend the Legal Metrology (Packaged Commodities) Rules, 2011, namely:-...

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RBI relaxes mandate of Additional Factor of Authentication for small value card

Press Release : 2014-2015/2407 (14/05/2015)

The Reserve Bank has today released the final circular on the relaxation in requirement of additional factor of authentication (AFA) for small value card present transactions for values up to ₹ 2,000/- per transaction across all merchant categories. This is in line with the ...

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