Under the Liberalised Remittance Scheme, Authorised Dealers may freely allow remittances by resident individuals up to USD 2,50,000 per Financial Year (April-March) for any permitted current or capital account transaction or a combination of both. The Scheme is not available to corporates, partnership firms, HUF, Trusts, etc.
FED Master Direction No.2/2015-16 Cross-border inward remittances may also be received under Rupee Drawing Arrangements (RDAs) through the Rupee Vostro Account of Exchange Houses situated in Gulf countries, Hong Kong, Singapore, Malaysia (for Malaysia only under Speed Remittance Procedure) and all other countries which are FATF compliant (for all other countries which are FATF compliant only under Speed Remittance Procedure).
CIR/CFD/DIL/1/2016 SEBI vide Circular no. CIR/CFD/POLICYCELL/11/2015 dated November 10, 2015 has streamlined the process of public issue of equity shares and convertibles. Among several measures, all the investors applying in a public issue are required to use only Application Supported by Blocked Amount (ASBA) facility for making payment.
Tax is a Latin word and derived from the word Taxo means rate. Tax is a financial charge levied by the government (central / state / local body) for meeting the public expenditure like road, dams, army for safe guarding the borders etc. the dictionary meaning of tax A compulsory contribution to state revenue, levied by the government on workers’ income and business profits, or added to the cost of some goods, services, and transactions: higher taxes will dampen consumer spending.
for the words three thousand and five hundred rupees at both the places where they occur, the words seven thousand rupees or the minimum wage for the scheduled employment, as fixed by the appropriate Government, whichever is higher shall respectively be substituted;
Taking another step in this direction, Central Board of Direct Taxes (CBDT) has issued instructions to the assessing officers to be specific in enquires made in the case of tax payers whose returns are under scrutiny. The directions are comprehensive and cover cases selected through Computer Aided Scrutiny Selection (CASS) for limited scrutiny for verification of information contained in Annual Information Return (AIR)/ Form no 26AS or received through Central Information Branch, or complete scrutiny.
No.SEBI/LAD-NRO/GN/2015-16/28 – In exercise of the powers conferred by sub-section (4)of section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board has established its Local Office at Jammu under the administrative control of its Northern Regional Office at New Delhi.
In the present case admittedly the sale has not taken place from the factory gate but goods were sold from the depot and at the time of sale from the depot the price charged was the price minus quantity discount, therefore, the price excluding the quantity discount is an amount payable at the time of sale or at any other time.
Trade Circular No 1T of 2016 e–Services offered by the Department have been welcomed by the dealers and their representatives. The Sales Tax Department has made available facility to make payment through GRAS (Government Receipt Accounting System) for Luxury Tax payers from 18/09/2014.
Procedures for ensuring compliance with Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 (SECC Regulations) by Listed Stock Exchanges.
