"16 September 2015" Archive

Revised Disclosure Formats under SEBI (Prohibition of Insider Trading) Regulations, 2015

Circular No. CIR/ISD/02/2015 (16/09/2015)

This has reference to Paragraph 1(i) of the SEBI Circular numbered CIR/ISD/01/2015 dated May 11, 2015 whereby the formats for disclosure under Regulation 7 of the SEBI (Prohibition of Insider Trading) Regulations, 2015 (“the Regulations”) were provided for....

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No Asset seizure in India if value of asset acquired outside India in breach of FEMA is below 1 crore

Notification G.S.R. 701(E) (16/09/2015)

G.S.R. 701(E).—In exercise of the powers conferred by the proviso to sub-section (1) of Section 37A of the Foreign Exchange Management Act, 1999 (42 of 1999), the Central Government hereby prescribes the mandatory threshold of the aggregate value of Foreign Exchange, Foreign Security or any immovable property, situated outside India as ...

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Reference to Transfer Pricing Officer in Specified Domestic transaction cases reg.

Instruction No 11/2015 (16/09/2015)

Instruction No 11/2015 Clarifications have been sought from the Board as to which authority will function as Transfer Pricing Officer ('TPO') for the purposes of determining Arms Length Price ('ALP') in respect of Specified Domestic Transactions ('SDTs') as per the provisions of section 92CA of the Income-tax Act, 1961('Act')....

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ICAI requests FM to extend Due date of ITR & Tax Audit Report

ICAI President CA Manoj Fadnis suggested that The 'specified date' for the purpose of audit of accounts and furnishing report of such audit under section 44AB is the due date of filing return of income under section 139(1). Therefore, in the interest of the stakeholders and the Revenue, the said date for A.Y. 2015-16 for assessees mention...

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Posted Under: SEBI |

Penalties For Non Compliance With Cost Records & Cost Audit Provisions For 2014-15 Onwards

Normally, the companies have casual approach towards compliance with regard to the Costing Provisions. Few of the companies have already paid a price for it and had to pay high additional fees for appointment of Cost Auditors each for 2011-12, 2012-13 or 2013-14....

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Posted Under: SEBI |

Online grant of Registration under MVAT, CST and PT Act with Scanned Document

The new system of Registration envisages grant of registration based upon online verification of application and documents uploaded by the applicant. This exercise is aimed at reducing the hardship of the applicants in visiting the Sales Tax Office for registration and make the process simpler and transparent....

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Posted Under: SEBI |

Depressing story about working of DVAT Department-A recent order by Delhi GC

In recent time Delhi VAT Department has started to issue system based default assessment notices and its consequential demand notices for tax, interest and penalties. The above notices are served through the login id of dealers and service of the same is assumed in law once we read the notice a system generated SMS is also sent on the reg...

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Posted Under: SEBI |

Extension for a period of one month for High Level Committee on CSR

General Circular No. 13/2015 (16/09/2015)

General Circular No. 13/2015 A High level Committee was constituted to suggest measures for improved monitoring of the implementation of Corporate Social Responsibility policies by the companies under Section 135 of the Companies Act, 2013, vide OM of even no. dated 03.02.2015. The Committee has been granted extension of another one month...

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Monitoring Of Dossier Cases -Re-Fixation of Monetary Limit for Various Income Tax Authorities

Instruction No. 10/2015 (16/09/2015)

CBDT stated that in view of the very large number of Dossier cases (about 1,55,000) requiring periodic reporting and review by various Income Tax Authorities and the fact that the monetary threshold for classification of a case of outstanding demand as a Dossier case has not been revised in last about 30 years...

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Service tax on Sponsorship Service

As per section 65(105)(zzzn) of Finance Act, 1994, as amended from time to time, ‘Taxable Service’ means any service provided or to be provided to any person, by any other person receiving sponsorship, in relation to such sponsorship, in any manner....

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Posted Under: SEBI |
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