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Archive: 01 December 2015

Posts in 01 December 2015

Simplification of procedure for Form No.15G & 15H – regarding

December 1, 2015 12554 Views 1 comment Print

Notification No. 4/2015 – Income Tax Section 197A of the Income tax Act provides for no deduction in certain case by submitting a declaration using Form 15G/15H as laid down in Rule 29C of the Income tax Rules. The manner of filing such declaration and the particulars have been laid down in Rule 29C of the Income tax Rules. The person responsible for paying any income of the nature referred to in sub section (1) or sub section (1A) or sub section (1C) of section 197A (hereinafter called “payer”) shall enable the payee to furnish the declaration in electronic form after due verification through an electronic process.

Standard Operating Procedures on Litigation in Appellate Forums

December 1, 2015 6204 Views 0 comment Print

The Standard Operating Procedures for handling litigation in the Supreme Court, High Court and CESTAT has been a long felt need. This Manual of SOP is one of the flagship documents published from the Directorate of Legal Affairs, to streamline handling of litigation in the Department.

Discussion Paper on ‘Review of framework for public issuance of Convertible Securities’

December 1, 2015 412 Views 0 comment Print

Convertible securities offer a unique combination of debt and equity to investors. Holder of such a security can convert the security into equity and benefit if the issuer of the securities performs well. However, if the issuer is not performing as per expectations, the security holder has the option of redeeming the security at a pre-determined maturity date.

Discussion Paper on “Exit Offer to Dissenting Shareholders”

December 1, 2015 592 Views 0 comment Print

1. Section 13 and Section 27 of Companies Act, 2013 have prescribed that dissenting shareholders shall be given an exit opportunity by promoters and shareholders having control over the company in accordance with the regulations to be specified by SEBI. Both these sections have come into force w.e.f. April 01, 2014.

Introduction of system-driven disclosures in securities market

December 1, 2015 1417 Views 0 comment Print

CIRCULAR No. CIR/CFD/DCR/17/2015, The first step would be to build an accurate database of the existing holdings at ISIN level of all the promoters / promoter group. The listed company through its RTA will be required to provide to the depositories the information about promoters and promoter groups of the companies.

CBDT formulated mechanism on TDS related issues of branches via Corporate Head Quarter

December 1, 2015 1274 Views 0 comment Print

Notification No. 3/2015 – Income Tax Stringent Authentication mechanism through Corporate Head Quarter Server for filing of Correction statements & download of TDS certificates, Consolidated files etc. by Banks/Corporates- regarding.

Agreement between India and Thailand for Exchange of Information with respect to taxes

December 1, 2015 2798 Views 0 comment Print

Notification No. 88/2015 – Income Tax Whereas, an Agreement between the Government of the Republic of India and the Government of the Kingdom of Thailand for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income was signed in Thailand on the 29th day of June, 2015 (hereinafter referred to as the said Agreement);

Obligations of Listed Entity which has Listed its Non-Convertible Debt Securities & Non-Convertible Redeemable Preference Shares

December 1, 2015 6739 Views 0 comment Print

Analysis of Chapter V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) explains Obligations Of Listed Entity Which Has Listed Its Non-Convertible Debt Securities Or Non-Convertible Redeemable Preference Shares Or Both vide Regulation 49 to 62.

Writ Petition (Civil) for issuance of writ of certiorari is maintainable challenging order passed by Board of Revenue

December 1, 2015 2763 Views 0 comment Print

This petition under Article 226 of the Constitution of India has been listed for hearing on office objection regarding maintainability of the writ petition. An objection has been raised by the Registry that the writ petition filed against the order passed by the Board of Revenue

Determination of caste status can be done only by Caste Scrutiny Committee

December 1, 2015 6006 Views 0 comment Print

The Supreme Court in the matter of Madhuri Patil v. Commissioner, Tribal Development5 formulated scheme for verification of tribal status and held that any application for verification of her tribal status as a scheduled tribe should be carried out by such committee and issued direction for issuance of social caste certificate, their scrutiny.

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