"16 November 2015" Archive

SEBI guideline on Annual System Audit, Business Continuity Plan and Disaster Recovery

Circular No. CIR/CDMRD/DEICE/01/2015 (16/11/2015)

CIRCULAR No. CIR/CDMRD/DEICE/01/2015, Pursuant to Section 131 of the Finance Act, 2015 and Central Government notification F.No. 1/9/SM/2015 dated August 28, 2015, all recognized associations under the Forward Contracts (Regulation) Act, 1952 are deemed to be recognized stock exchanges under the Securities Contracts (Regulation) Act, 1956...

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Companies (Management and Administration) Third Amendment Rules, 2015

Notification No. G.S.R. 862(E) (16/11/2015)

G.S.R. (E).-In exercise of the powers conferred under sub-sections (2) and (3) of section 92 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Management and Administration) Rules, 2014, namely:-...

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11 Tips to build your wealth which no advisor will tell you

India is amongst the country where people know the value of savings. We save a lot in comparison of other countries. Still when it comes to possess wealth we stand far behind. Earning, saving and wealth creation these are three different aspects of meeting our financial goals. Now question is what should be our financial goal. How we shou...

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Posted Under: SEBI | ,

Carry forward of loss only when return is filed in time u/s 139(3)

Section 139(3) If a person has sustained a loss under the head Profits and gains of business or profession or under the head Capital Gains and claims that such loss should be carried forward under section 72 or section 73 or section 74 or section 74A, then he may furnish a return of loss within the time prescribed under section 139(1) and...

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Posted Under: SEBI |

FEM (Transfer or Issue of Security by a Person Resident outside India) (Eleventh Amendment) Regulations, 2015

Notification No. FEMA. 355/2015-RB (16/11/2015)

‘Investment Vehicle’ shall mean an entity registered and regulated under relevant regulations framed by SEBI or any other authority designated for the purpose and shall include Real Estate Investment Trusts (REITs) governed by the SEBI (REITs) Regulations, 2014, Infrastructure Investment Trusts (InvIts) governed by the SEBI (InvIts) R...

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Delhi VAT- Filing of online return for second quarter of 2015-16 – extension of period thereof

CIRCULAR NO.29 of 2015-16 (16/11/2015)

CIRCULAR NO.29 of 2015-16 In partial modification to this department's Circular No. 27 of 2015-16 on the -subject cited above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005, I, S.S.Yadav, Commissioner, Value Added Tax, do hereby extend the last date of filing of online/hard copy of second ...

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Bad debt cannot be disallowed merely because its of Group Company

DCIT Vs Kinetic Communications Limited (ITAT Pune)

In this case During scrutiny assessment proceedings, the Assessing Officer inter alia disallowed writing off of bad debts of M/s. Kinetic Motor Co. Ltd. amounting to Rs.1,27,58,427/- as the same was Group Concern and AO further claimed that The debts have been written off as bad debts only to suppress the income....

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Posted Under: SEBI | | ,

Deduction u/s. 80IB(10) cannot be denied even if area of housing project is less than 1 acre or for non ownership of land

Bhujbal Brothers Construction Company Vs DCIT (ITAT Pune)

Bhujbal Brothers Construction Company V/s. DCIT (ITAT Pune) Deduction u/s. 80I1B(10) on housing project at Damodar Residency has been denied primarily on two counts­(i) the area of the housing project is less than 1 acre, and (ii) the land on which the housing project has been developed does not belong to the assessee....

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Posted Under: SEBI | | ,

Penalties Section 76 & 78 of the Finance Act under Service Tax

he main provision of penalty is covered under Section 76 & 78 of the Finance Act, 1994. These sections have been amended by Finance Bill, 2015 to rationalize the penalty. The amended provisions are compiled by me in following paragraph....

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Posted Under: SEBI | ,

भारत का समग्र (औद्योगिक) विकास

नरेन्द्र दामोदर दास मोदी ने देश के प्रधानमंत्री पद का भार संभालने के साथ ही देश की समग्र विकास के लिए विदेशी निवेश के लिए सफल प्रय...

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Posted Under: SEBI |

कर चोरी की मानसिकता क्यों? कभी सोचा !!

सरकार ने विभिन्न स्तरों पर टैक्स लगा रखे हैं, सरकार द्वारा प्रत्येक टैक्स विभाग में टैक्स की चोरी रोकने के लिए अन्वेषण अनुभाग बना ...

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Posted Under: SEBI |

Investor Grievance Redressal System and Arbitration Mechanism

Circular No. CIR/CDMRD/DIECE/02/2015 (16/11/2015)

pursuant to Section 131 of the Finance Act, 2015 and Central Government notification F.No. 1/9/SM/2015 dated August 28, 2015, all recognized associations under the Forward Contracts (Regulation) Act, 1952 are deemed to be recognized stock exchanges under the Securities Contracts (Regulation) Act, 1956 with effect from September 28, 2015. ...

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Amendment in Duty Drawback Rates and Procedure for export under claim for brand rate

Circular No. 29/2015-Customs (16/11/2015)

Circular No. 29/2015-Customs The revised All Industry Rates (AIR) of Duty Drawback has been notified vide Notification No. 110/2015-Customs (N.T.), dated 16.11.2015 which comes into force on 23.11.2015. These AIRs broadly take into account certain broad average parameters including, inter alia, prevailing prices of inputs, input output no...

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जीएसटी पर मन की बात : अब तक का सबसे बड़ा टैक्स सुधार बिल

जीएसटी अर्थात वस्तु एवं सेवाकर को देश का सबसे बड़ा क्रांतिकारी एवं सुधार का टैक्स बिल भी कहा जा सकता है। संभावना इसकी भी है कि जीए...

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Posted Under: SEBI |

Revised Notes & conditions for determination of Duty Drawback Rate

Notification No. 110/2015-Customs (N.T.) (16/11/2015)

Notification No. 110/2015 - CUSTOMS (N.T.) (1) The tariff items and descriptions of goods in the said Schedule are aligned with the tariff items and descriptions of goods in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) at the four-digit level only. The descriptions of goods given at the six digit or eight digit or modif...

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ICDS – Income Computation and Disclosure Standards

Introduction Section 145(2) empowers central government to notify in accounting standards to be followed by any class of assessees or in respect of any class of income. In exercise of the mentioned powers central government had earlier notified only 2 accounting standards i.e. i.e. ‘Disclosure of Accounting Policies’ & ‘Disclos...

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Posted Under: SEBI |

Provisional drawback Payment for export under claim & brand rate mechanism for Wheat exporters

Notification No. 109/2015-Customs (N.T.) (16/11/2015)

The Customs, Central Excise and Service Tax Drawback Rules, 1995 have also been amended vide Notification No. 109/2015-Customs (N.T.) dated. 16.11.2015 effective from 23.11.2015. The first of these amendments enables exporters of “wheat” to function under the brand rate mechanism. The second change relates to payment of provisional draw...

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Accounting code for Swachh Bharat Cess payment

Circular No. 188/7/2015-ST (16/11/2015)

Circular No. 188/7/2015-ST Accounting codes have also been allotted by the Office of the Controller General of Accounts for the new Minor Head 506-Swachh Bharat Cess and new Sub-heads as under:...

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