CIRCULAR NO. 24/2015 Several High Courts have held that the provisions of section 153C of the Act are substantially similar/pari-materia to the provisions of section 158BD of the Act and therefore, the above guidelines of the Hon’ble SC, apply to proceedings u/s 153C of the IT Act, for the purposes of assessment of income of other than the searched person. This view has been accepted by CBDT.
The department had adopted functional organization structure as required for VAT administration. The functional organization led to creation of various flinctional divisions to look after a particular functional aspect in respect of a dealer. In view of the same various compliance related issues of dealers Were handled by different functional officers from functional divisions like Return.
You are aware that SLBC Convenor banks were advised vide circular RPCD.CO.LBS.BC. No. 86/02.01.001/2011-12 dated June 19, 2012 to prepare a roadmap to provide banking services in all unbanked villages with population less than 2000 through a combination of business correspondents (BCs) and branches. Banks were also advised to ensure that there is a brick and mortar branch to provide support to a cluster of BC units at a reasonable distance of 3-4 kilometers.
The new numbering system for patent applications shall have 12 characters fixed length numeric standard Patent Application Format , applicable to all the Patent Offices in India and shall include identifiers of Year of filing, Jurisdiction, type of application and application number as per Annexure-1
(i) Banks may extend funded and/or non-funded credit facilities to the step-down subsidiaries of Indian companies including to those beyond the first level, to finance the projects undertaken abroad. (ii) The immediate overseas subsidiary of the Indian company must be directly controlled by the Indian parent company through any of the modes of control recognised under the Indian Accounting Standards.1 In addition, the Indian parent company must directly hold a minimum 51% of its shareholding.
With a view to enhancing efficiency in cheque clearing, Reserve Bank has introduced Cheque Truncation System (CTS) for clearance of cheques, facilitating the presentation and payment of cheques without their physical movement. Taking this initiative forward, it has now been decided in consultation with the Office of the Controller General of Accounts (CGA), Ministry of Finance, Government of India, to dispense with the current requirement of forwarding the paid Central Government cheques in physical form (commonly known as P2F) to the Government departments.
As per RBI notification dated October 22, 2015, the Gold Monetisation Scheme, 2015 (GMS) will replace the Gold Deposit Scheme, 1999 (GDS). However, the deposits outstanding under the GDS will be allowed to run till maturity unless these are withdrawn by the depositors prematurely.
Prior to April 01, 2014, offers of securities – shares and debentures – by companies to more than 49 persons were deemed to be public offers. SEBI has initiated penal action on receipt of specific complaints against the companies offering such securities without complying with the relevant provisions of the Companies Act, 1956 and applicable SEBI Guidelines / Regulations governing a public issue.
