"14 July 2015" Archive

Amendments in Merchandise Exports from India Scheme (MEIS)

Public Notice No. 27/2015-2020 (14/07/2015)

Additions/amendments in Table 1 (containing List of Country Groups) and Table 2 [containing ITC (HS) code wise list of products with reward rates] of Appendix 3B under the Merchandise Exports from India Scheme (MEIS) are notified....

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Electronic Verification Code: A step ahead by CBDT to e-governance

Electronic Verification Code (‘EVC’) is a step ahead by the CBDT in e-governance which has been introduced by CBDT by notifying Notification no. 2/2015 dated July 13, 2015. The EVC process will benefit lakhs of taxpayers in filing of paper less return. Currently, it is mandatory for the companies to file the Income Tax Return (ITR) us...

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Posted Under: DGFT |

Secretarial Audit Report Format for Listed Companies

SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015 [Pursuant to Section 2049(1) of the Companies Act, 2013 and Rule No. 09 of the Companies (Appointment and Remuneration Personnel) Rules, 2014] To, The Member, ——————- ——————- We have conducted the Se...

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Posted Under: DGFT |

Director – What is Your Legal Position?

The position of Directors does pose some ambiguity. It is very well possible that in the first instance even a director may not be able to give a clear reply about his legal position. To understand this intricate subject one has to fall back upon the basics of the corporate existence, where and how the directors fit in, and a plethora of ...

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Posted Under: DGFT |

Returns to be filed BY NBFC’s and Requirement for obtaining prior approval of RBI in cases of acquisition/ transfer of control of NBFC’s

On 9th July 2015 RBI has issued two circular firstly DNBS (IT).CC.No.01/24.01.191/2015-16, Dated 9-7-2015 for returns to be submitted by NBFC’s (Assets size below Rs 500 Crore) and secondly DNBR (PD) CC.No. 065/03.10.001/2015-16, Requirement for obtaining prior approval of RBI in cases of acquisition/ transfer of control of Non-Banking...

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Posted Under: DGFT |

Addition cannot be made for mere non presence of purchaser of land before AO

Income Tax Officer Vs Sh. Mahender Singh (ITAT Delhi)

In the case of ITO Vs. Sh. Mahender Singh, ITAT Delhi has held that addition cannot be made for Cash deposits in the bank account received against sale of land as undisclosed investment for mere failure of Assessee to Produce ...

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e-Verification of Income Tax Returns – User Manual

The Manual Covers e-Verification of Income Tax Returns in following Circumstances and provides 3 to 4 Option in each such Circumstances. 1. e-Verification while uploading a return (Non - NetBanking) 2. e-Verification of an already uploaded return (Non - NetBanking) 3. e-Verification while uploading a return through NetBanking Login ...

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Posted Under: DGFT |

ICAI request due date extension of ITR Filing for A.Y. 2015-16

ICAI vide representation made to CBDT has requested to to grant extension for filing of Income Tax Return for A.Y. 2015-16 up to 30th September in case of Individual and HUF and up to 31st December in case of Companies. It also requested to consequential extension in due date of filing Tax Audit Report to 31.12.2015....

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Posted Under: DGFT | ,

Issue of Service Tax and Excise Bills with Digital Signature & Maintenance of Records in Electronic Format

CA Sujeet Kumar With the advent of Digital India, as and when our PM talks about to make a digital India, the pace of technology has been grown up and everywhere Govt. has emphasized on each and every thing in India should be done with technology or should be kept with the help of technology. […]...

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Posted Under: DGFT |

5 Tips For Better Relationships With Banks

Banking has become an essential part of our life. Money matters everywhere. It's the lifeline for banks. Even the richest person needs to keep money with a bank only. The dealings with banks and conduct of accounts go a long way in determining the benefits a person derives from them. ...

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Posted Under: DGFT |