"14 December 2015" Archive

MCA notifies date for reporting of Fraud by Auditors and Approval of Related Party Transaction by Audit Committee

Notification No. S.O. 3388(E) (14/12/2015)

S.O. 3388(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2015 (21 of 2015), the Central Government hereby appoints the 14th day of December, 2015 as the date on which the provisions of section 13 and 14 of the said Act shall come into force....

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Govt makes All FCRA services online and Simplified Filing of Documents

The Union Home Minister Shri Rajnath Singh today launched the new revamped website in order to substantially improve upon the existing services for Foreign Contribution (Regulation) Rules (FCRA) under the Ministry of Home Affairs. Shri Rajnath Singh hoped that the new initiative will offer the genuine applicants seamless services of FCRA ...

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Posted Under: Company Law |

New Rules for Cancellation & Refund of Railway Tickets, Reservation Chart 4 Hour Before Departure

Under normal circumstances no refund is granted on confirmed, RAC and Waitlisted tickets after the departure of the train. With effect from 12.11.2015, certain provisions of Railway Passengers (Cancellation of tickets and refund of fare) Rules have been amended and comprehensive Railway Passengers (Cancellation of tickets and refund of f...

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Posted Under: Company Law |

GST : Significant Step in Reform of Indirect Taxation In India

Arun Jaitly (Finance Minister) introduced the Constitution (One Hundred and Twenty second Amendment) Bill, 2014, in Lok Sabha on 19 December, 2014 that was passed by House in 6 May, 2015. After passing the Bill by Lok Sabha, Government attempted to move the Bill for consideration in the Rajya Sabha on 11 May, 2015, but member of oppositio...

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Posted Under: Company Law |

MCA notifies rule for Omnibus approval for related party transactions on annual basis

Notification No. G.S.R. 971(E) (14/12/2015)

6A. Omnibus approval for related party transactions on annual basis.- All related party transactions shall require approval of the Audit Committee and the Audit Committee may make omnibus approval for related party transactions proposed to be entered into by the company subject to the following conditions, namely:-...

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Issues on Registration Processes under GST for Large and Medium enterprises

One of the key objectives of GST should be to ease the tax compliance in doing business in India. At present, for large and medium enterprises having business across India, one has to get registered in each of the State and Union Territory, have tax persons posted in major big sates for ensuring regulatory compliance under these separate ...

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Posted Under: Company Law |

MCQ Strategy : Ethical Code to cheat

Very useful for students appearing in CA, CS, CMA, UPSC and other competitive exams. 1. Accelerate your mind before the start. … 2. Read the questions cautiously and then answer. … 3. Do not try to solve everything in one go. … 4. Take half to one minute breaks if possible. … 5. Learn as […]...

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Posted Under: Company Law |

Clarification on availability of benefit under Focus Product Scheme of FTP 2009-14

Trade Notice No. 11/2015 (14/12/2015)

DGFT has received representations from exporters requesting for providing benefits under focus Product Scheme of Foreign Trade Policy 2009-14 on the export of industrial valves under item at Sl No. 269 of Appendix 37-D, Table-I of Foreign Trade Policy 2009-14 notified vide public notice no.52 dated 25.02.2014 or under any other any other ...

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MCA notifies rules for Reporting of frauds by auditor

Notification No. G.S.R. 972(E) (14/12/2015)

13. Reporting of frauds by auditor and other matters: (1) lf an auditor of a company, in the course of the performance of his duties as statutory auditor, has reason to believe that an offence of fraud, which involves or is expected to involve individually an amount of rupees one crore or above, is being or has been committed against the ...

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Anti-dumping duty on Abendazole, originating in, or exported from China

Notification No. 62/2015-Customs (ADD) (14/12/2015)

Notification No. 62/2015-Customs (ADD) Seeks to levy definitive anti-dumping duty on Abendazole, originating in, or exported from the Peoples Republic of China, for a period of five years...

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Concessional customs duty on Motor Car Engine, gear box and parts thereof on import from Japan

Notification No. 57/2015-Customs (14/12/2015)

Notification No. 57/2015 - Customs Seeks to further amend Notification No. 69/2011-Customs, dated 29th July, 2011 so as to provide a concessional rate of basic customs duty in respect of tariff item 84082020 [engines of a kind used for the propulsion of motor vehicles – of cylinder capacity exceeding 250 cc] and 87084000 [gear box and p...

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