"23 October 2015" Archive

A Brief on Section 8 Company Under Companies Act, 2013

This section corresponds to Section 25 of the Companies Act, 1956 and empowers the central Government to register an association as limited company having charitable objects to promote commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment etc., without adding to its name the word...

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Posted Under: Company Law |

Wake up call. Even LLPs under an obligation to file FLA returns henceforth!

FLA is the Annual return on Foreign Assets and Liabilities. As per the latest circular issued by the RBI Circular No. A. P. (DIR Series) Circular No. 22 Dated- 21.10.2015 even LLPs  have to file FLA returns with the RBI. The concept and the filing procedure remains the same, here is a bird’s eye view […]...

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Posted Under: Company Law |

KVAT- Burden of Proof To avail ITC should be both on seller and buyer

The Dealer has faced two very important and painful things under the present system of vat is namely 1.Hurdles in claiming of Input tax credit under the guise of partial rebate/time limit etc., 2.Burden of proof...

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Posted Under: Company Law |

ICAI declares Final List of Candidates for December 2015 election

In accordance with the provisions of sub-rule (2) of rule 15 of the Chartered Accountants (Election to the Council) Rules, 2006 read with sub-regulation (10) of regulation 134 of the Chartered Accountants Regulations, 1988, a copy each of the Final Lists of Candidates for election to the Twenty Third Council and Twenty Second Regional Cou...

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Posted Under: Company Law |

Arrest Limit for Service Tax or Excise offences increased to one Crore

Circular No. 1010/17/2015-Central Excise 23/10/2015

Circular No. 1010/17/2015-CX it has been decided to revise the limits for arrests in Central Excise and Service tax. Henceforth, arrest of a person in relation to offences specified under clause (a) to (d) of sub-section (1) of Section 9 of the Central Excise Act, 1944 or under clause (i) or (ii) of sub-section (1) of section 89 of the F...

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Revised Guidelines for Arrest & Bail for offences- Customs Act, 1962

Circular No. 28/2015-Customs 23/10/2015

Circular No. 28/2015-Customs In a case related to importation of trade goods (i.e. appraising cases) involving wilful mis-declaration in description of goods/concealment of goods/goods covered under section 123 of Customs Act, 1962 with a view to import restricted or prohibited items and where the CIF value of the offending goods is Rs. ...

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Guidelines for launching of prosecution under Customs Act,1962

Circular No. 27/2015-Custom 23/10/2015

Circular No. 27/2015 Cases involving unauthorized importation in baggage / cases under Transfer of Residence Rules, where the CIF value of the goods involved is Rs. 20,00,000/-(Rupees twenty lakh) or more; In cases related to fraudulent availment of drawback or attempt to avail of drawback or any exemption from duty provided under the Cu...

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Prosecution Guidelines in case of Excise duty / Service Tax Evasion

Circular No. 1009/16/2015-Central Excise 23/10/2015

Circular No. 1009/16/2015-CX Whoever commits any of the offences specified under sub-section (1) of Section 9 of the Central Excise Act, 1944 or sub-section (1) of section 89 of the Finance Act, 1994, can be prosecuted. ...

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CBEC to Chief Commissioner- Asign cases for adjudication on monthly basis

Instruction No. 1/2015 23/10/2015

Chief Commissioners should assign the cases of adjudication on a monthly basis in his jurisdiction to the officers in personam and ensure that the officer to whom the case has been assigned disposes of the said case. In the event of his transfer out of that jurisdiction he should not be relieved till he has disposed of the said cases....

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Concept of Blacklisting of Dealers under Proposed GST Regime

joint committee set up by Empowered committee of state finance minister has suggested a concept called Blacklisting of Dealers under GST regime which will put a cap on bogus and fictitious dealers....

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Posted Under: Company Law |

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