"March, 2016" Archive

Applicability of Ind-AS to disclosures in offer documents

Circular No. SEBI/HO/CFD/DIL/CIR/P/2016/47 (31/03/2016)

To align the disclosure requirements for financial information in the offer document as specified under SEBI (ICDR) Regulations, 2009 with the requirements of Ind AS specified under MCA Roadmap, the disclosure of financial information in accordance with Ind AS in the offer document shall be in the following manner:...

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No denial of opportunity to meet DGFT officers

Trade Notice No. 22/2015 (31/03/2016)

Endeavour of DGFT to move towards an IT enabled paperless and personal contact free environment to achieve the objectives of maintaining efficiency, absolute integrity and transparency in the functioning of all the offices of the Directorate in a more comprehensive and complete manner, was stressed....

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FDI in India – Review of FDI policy –Insurance sector

RBI/2015-16/350 A.P. (DIR Series) Circular No. 58 (31/03/2016)

The extant FDI policy for Insurance sector has since been reviewed by the Government of India and accordingly it has been decided to enhance the limit of foreign investment in insurance sector from 26 to 49 percent under the automatic route subject to certain terms and conditions which have been notified through Notification No. FEMA. 36...

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Clean Credit on Import of Rough, Cut and Polished Diamonds

RBI/2015-16/351 A.P. (DIR Series) Circular No. 57 (31/03/2016)

it has been decided, in consultation with the Government of India, to delegate the powers for permitting such clean credit for a period exceeding 180 days from the date of shipment to the AD banks, subject to the following conditions:...

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Bill of Entry to be replaced by Integrated Declaration wef 01.04.2016

F. No. 450/147/2015-Cus-IV (31/03/2016)

Following the issue of CBEC Circular 10/2016-Cus dated 15.03.2016 regarding implementation of the Single Window Integrated Declaration with effect from 1st of April, 2016, the Bill of Entry will be replaced by an 'Integrated Declaration', which covers all information required for import clearance by the other government agencies. ...

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Higher Secondary School Leaving Certificate certificate is admissible age proof: SC

Hina Vs Union Of India & Ors (Supreme Court of India)

The short question which arises in this appeal is whether the second respondent-Corporation was justified in rejecting the application of the appellant for allotment of retail outlet of petroleum/diesel dealership at location Kalamnuri in District Hingoli in the State of Maharashtra, on the ground that the age proof submitted by her was n...

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Income tax Calculator for FY 2016-17 / AY 2017-18

Income tax Calculator for AY 2017-18: Income tax Calculator for Financial Year 2016-17 Assessment Year 2017-18. Income Tax calculator cum Flexi Allocation kit....

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Posted Under: SEBI | ,

Deliberate suspicious trading ignorance by brokers to attract penalty

SEBI Vs Kishore R. Ajmera (Supreme Court of India)

Broker and sub-broker would be liable to face proceedings under FUTP regulations due to their deliberate ignorance of constant suspicious trading transactions executed on the behalf of clients. In the present case, the brokers executed transaction on behalf of their clients in illiquid scrip in short span of time that too for a long perio...

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Central Excise on Jewellery : Whether fears are real?

Excise Duty has been imposed on the article of jewellery in the Union Budget 2016-17. There has been protest by trade fearing the nuisances of excise. There fear is not without justifiable reasons considering the rigorous provisions of Gold Control Act, 1968 which they were subjected to. It is perceived that if the duty is reintroduced, t...

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Posted Under: SEBI |

Valuation of jewellery under excise: Practical scenarios

Valuation is one of the most crucial aspects for a manufacturer engaged in manufacturing of jewellery considering high value transactions and frequent fluctuation in prices leave little margin for error. This also necessitates that the value adopted for duty purpose is properly documented with supporting evidence so that the valuation is ...

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Posted Under: SEBI |

ICAI President's Message – April 2016

Quality of professionalism imparts that success emanates as a by-product of righteous work. Let us believe in the Shrimad Bhagavad Gita’s sermon: No one who does good work will ever come to a bad end, either here or in the world to come. Let us imbibe this perception. ...

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Posted Under: SEBI |

S. 80HHC Scrap sale proceeds not to form part of total turnover: SC

M/S Jagraon Exports Vs C.I.T. (Supreme Court of India)

In the recent decision of this Court in Commissioner of Income Tax Vs. Punjab Stainless Steel Industries & Ors. reported in [2014] 364 ITR 144 (SC) it has been held that sale proceeds generated from the sale of scrap would not be included in the total turnover for the purpose of deduction under Section 80HHC of the Income Tax Act, 1961....

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Startup India: Frequently Asked Questions

Can an existing entity register itself as a Startup on the Startup India Portal and Mobile App? Yes, an existing entity that meets the criteria as indicated in response to Question 1 can visit the Startup India Portal and Mobile App and get itself recognized for various benefits. The tax benefits proposed under the Finance Bill 2016 will ...

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Posted Under: SEBI |

S.12AA Deemed Registration if dept not respond within 6 Month

CIT. Vs Society For The Promn.Of Edn. (Supreme Court of India)

The short issue is with regard to the deemed registration of an application under Section 12AA of the Income Tax Act. The High Court has taken the view that once an application is made under the said provision and in case the same is not responded to within six months...

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ICAI Online Membership Fees Payment facility for CAs

Dear Member, Greetings from ICAI! We take the opportunity to request you to renew your membership for the year 2016-17 with the Institute by remitting the annual membership/certificate of practice fees, which become due for payment on 1st April, 2016 and need to be paid on or before 30th September, 2016. We appreciate the importance [&hel...

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Posted Under: SEBI |

105 FAQs on Excise Duty on Jewellery

For ease of understanding, the concepts of levy, valuation, payment, exemption, registration, invoicing, return etc. have been explained in the form of frequently asked questions (FAQs). This publication will act as a guide for all the stakeholders of jewellery industry...

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Posted Under: SEBI | , ,

Long Term Gold Monetization Scheme deposits redemption as gold

RBI/2015-16/353 DBR.IBD.BC.89/23.67.001/2015-16 (31/03/2016)

In the case of MLTGD, the redemption of principal at maturity shall, at the option of the depositor, be either in Indian Rupee equivalent of the value of deposited gold at the time of redemption, or in gold. Where the redemption of the deposit is in gold, an administrative charge at a rate of 0.2% of the notional redemption amount in term...

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All’s well that ends well: “Good Bye FY 2015-16”

As last date of the financial year, Everyone knows, can never get extended. So wrap-up all yearly finance & tax, Else would feel as stress getting augmented. Be in harmony, With the year- end financial statements, Following guidelines of applicable laws, Make various-necessary & requisite arrangements....

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Posted Under: SEBI |

Customs Duty on goods imported from Japan reduced

Notification No. 28/2016-Customs (31/03/2016)

The principal notification No. 69/2011-Customs, dated the 29th July, 2011, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 593(E), dated the 29th July, 2011 and was last amended vide ...

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Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) Regulations, 2016

Notification G.S.R.384 (31/03/2016)

Prohibition against opening a branch office or a liaison office or a project office or any other place of business in India-No person resident outside India shall without prior approval of the Reserve Bank open in India a branch office or a liaison office or a project office or any other place of business by whatever name called except as...

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Notification No. 44/2016-Customs (N.T.) Dated: 31st March, 2016

Notification No. 44/2016-Customs (N.T.) (31/03/2016)

S.O. 1269(E). In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Depart...

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Notification No. 43/2016-Customs (N.T.) Dated-31st March, 2016

Notification No. 43/2016-Customs (N.T.) (31/03/2016)

Passenger arriving from countries other than Nepal, Bhutan or Myanmar.-An Indian resident or a foreigner residing in India or a tourist of Indian origin, not being an infant arriving from any country other than Nepal, Bhutan or Myanmar, shall be allowed clearance free of duty articles in his bona fide baggage, that is to say, -...

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Mediation in cases pending before Registrar of Trade Mark, Delhi

Public Noticce No. CG/TMR Del/DSLSA/ (31/03/2016)

In view of the pendency of Opposition/Rectification matters at Trade Mark Registry, Delhi, the office of Controller General of Patents, Designs & Trade Marks (CGPDTM) in collaboration with Delhi State Legal Service Authority (DSLSA) has undertaken to initiate a project to liquidate such pendency through Mediation /Conciliation based on Me...

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Customs Duty on goods imported under Transfer of Residence

Notification No. 27/2016-Customs (31/03/2016)

(a) any person holding a valid passport issued under the Passports Act, 1967 (15 of 1967) and returning to India after having stayed abroad for at least 365 days during the two years immediately preceding the date of arrival in India, or (b) any person on a bona fide transfer of residence to India as part of his bona fide baggage,-...

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Effective Rate of Custom Duty on Baggage

Notification No. 26/2016-Custom Duty (31/03/2016)

Where the value of any one article exceeds the duty free allowance admissible to such passenger or member under the Baggage Rules, 2016, the amount of duty shall be calculated only on the value in excess of the duty free allowance so admissible to the extent not availed of by such passenger or member for clearing any other article of bagg...

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Govt permits 49% FDI in Insurance Sector under Automatic Route

Notification No. FEMA. 366/2016-RB (30/03/2016)

a) No Indian Insurance Company shall allow the aggregate holdings by way of total foreign investment in its equity shares by foreign investors, including portfolio investors, to exceed forty-nine percent of the paid up equity capital of such Indian Insurance company. b) The foreign investment up to forty-nine percent of the total paid-up...

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Authorization of Textiles Committee to issue Certificate of Origin

Public Notice No. 67/2015-2020-DGFT (30/03/2016)

Authorization of Textiles Committee to issue Certificate of Origin under various Free Trade Agreements/Preferential Trade Agreements – reg.- Appendix 2-B-List of Agencies Authorized to Issue Certificate of Origin (COO) (Preferential) has been revised to include Textile Committee for issuing COO under 11 Free/Preferential Trade Agreement...

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Exemption on cut/polished diamonds import for testing/certification

Notification No. 25/2016-Customs (30/03/2016)

Exemption from customs duty on cut/polished diamonds imported for testing/certification by HRD Diamond Institute Private Limited, Mumbai, Maharashtra....

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Point of Taxation (Second Amendment) Rules, 2016

Notification No. 21/2016-Service Tax (30/03/2016)

Where there is change in the liability or extent of liability of a person required to pay tax as recipient of service notified under sub-section (2) of section 68 of the Act, in case service has been provided and the invoice issued before the date of such change, but payment has not been made as on such date, the point of taxation shall b...

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CBDT Notifies ITR-1, 2, 2A, 3, 4S, 4, 5, 6, 7 for A.Y. 2016-17

Notification No. 24/2016-Income Tax (30/03/2016)

Central Board of Direct Taxes hereby notifies Forms Sahaj (ITR-1), ITR-2, ITR-2A, ITR-3, Sugam (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V for Assessment Year 2016-17....

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Omnibus approval of Related Party Transactions: CA, 2013 & SEBI Laws

Regulation of RPTs being crucial part for good governance, the Companies Act, 2013 contain elaborate requirements for regulating RPTs. Every company has to follow the prescribe set of procedures in respect of RPTs. Audit Committees play significant role in determining the RPTs and designing the internal procedure of the Company to be fol...

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Posted Under: SEBI |

Solution To Affixation of DSC, Validation and Uploading E-Form

After modification in MCA portal w.e.f. 27.03.2016 every one is facing issues while downloading, signing with DSC, validating or uploading the e-form. To ensure we don’t face any issues, MCA has provide us with the process to make system settings. SYSTEM SETTING IS AS PER STEPS GIVEN BELOW: Open mca.gov.in Click on MCA Services Tab. [&h...

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Posted Under: SEBI |

Concept of Registered Owner and Beneficial Owner

Registered Owner refers to a person whose name is entered in the register of members of the Company and thus known as the shareholder of the Company. Beneficial Owner refers to the person who enjoys the right of ownership of the shares irrespective of the title....

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Posted Under: SEBI |

Exempted services scope for Cenvat credit reversal: Alarming Bell

The Credit Rules has been streamlined with restructuring of Rule 6 of the Credit Rules to make it more cogent. Amendment in definition of ‘inputs’ [Rule 2(k)], to include all Capital goods having value up to Rs. 10,000 per piece, which in turn will enable an assessee to take 100% Cenvat credit immediately,...

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Posted Under: SEBI |

Delhi Budget 2016 Highlights: Focus on education, infrastructure

Shri. Manish Sisodia, the Hon’ble Finance Minister of Delhi Government, presented a Rs. 46,600-crore annual budget for 2016-17, pegging the plan outlay at Rs. 20,600 crore. He highlighted the importance of VAT by saying, VAT constitutes the major part of our receipts, with nearly 65% of total collections and most of developmental activi...

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Posted Under: SEBI |

RBI aligns FEMA regulations with Consolidated FDI policy

Arundhuthi Bose Preface With an attempt to streamline the regulations on transfer or issue of securities by a person resident outside India with the consolidated FDI Policy[1], the Reserve Bank of India (RBI), on the 15th of February, 2016, amended Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside Ind...

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Posted Under: SEBI |

RBI amends provisions relating to investments made by NRIs

This write-up discusses the changes made by way of the present notification in the definition of NRI and the Schedules to the principal regulation that govern the investments made by NRI on repatriation basis under portfolio investment scheme (Schedule 3) and Investment made on non-repatriation basis (Schedule 4)....

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Posted Under: SEBI |

MVAT: Amendments in Composition Schemes wef 01.04.2016

Notification No. VAT. 1516/CR 51/Taxation-1 (30/03/2016)

(i) 5 per cent. of the turnover of sales, referred to in column (3), in the case of a registered dealer, whose turnover of such sales, does not exceed rupees three crore in the previous year, to which the composition scheme is desired; (ii) 8 per cent. of the turnover of sales, referred to in column (3), in the case of a registered dealer...

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Download New Form 35 of Appeal with CIT in Excel Format

In a case where the assessee has the option to furnish the return of income in paper form as per notified Rule 12 of Income Tax Rules, Form 35 may be filed in Paper Form to Jurisdictional CIT(Appeals). For easy filing of details in new Form 35, New Form 35 in Excel Format is prepared for use by all stakeholders. To download the same, plea...

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Posted Under: SEBI | ,

Sec. 271(1) (c)-Penalty for false claim confirmed – Delhi HC

Roger Enterprises Pvt. Ltd. Vs CIT (Delhi High Court)

Finding of the ITAT that no material was placed on record by the Assessee to demonstrate the nature of service rendered by the three companies to whom the commission was paid has been concurrently upheld by this Court....

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Notice can't be issued to dissolved company under amalgamation

M/S Rustagi Engineering Udyog Pvt. Ltd. Vs Dy. Commissioner Of Income Tax (Delhi High Court)

Delhi High Court held that It is well settled that the in a case of amalgamation, the amalgamating company would stand dissolved from the date on which the amalgamation/transfer takes effect. In a recent decision dated 3rd August, 2015 in ITA No. 475/2011 SPICE Infotainment Ltd. v. Commissioner of Income Tax...

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Sec. 41(1)-Cessation of liability on capital account not taxable

Principal CIT Vs M/s Tinna Finex Ltd. (Delhi High Court)

The loan transactions were on the capital account and the writing off the loan was also on capital account and did not find place in the Profit and Loss Account. Apart from this it has been found as a matter of fact that the assessee had not got the benefit of any allowance or deduction in the assessment for any prior year in respect of ...

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Change in rate of MVAT 5% to 5.5% w.e.f. 1st April 2016

Notification No. VAT. 1516/C.R. 31/Taxation-1 (30/03/2016)

The Finance Department of Maharashtra vide notification no. VAT. 1516/C.R. 31/Taxation-1 dated the 30th March 2016 has changed the rate of MVAT from 5% to 5.5% with effect from 1st April 2016....

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MCA notifies IND-AS on Construction Contracts & Revenue

Notification No. G.S.R. 365(E) (30/03/2016)

n exercise Of the powers conferred by section 133 read with section 469 of the Companies Act. 2013 (18 of 2013) and sub-section (I) of section 210A of the Companies Act. 1956 (I of 1956), the Central Government, in consultation with the National Advisory Committee on Accounting Standards, hereby makes the following rules to amend the Com...

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Companies (Accounting Standards) Amendment Rules, 2016

Notification No. G.S.R. 364(E) (30/03/2016)

The interpretation of ‘probable’ in this Standard as ‘more likely than not’ does not necessarily apply in other Accounting Standards...

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Revised ECB framework for long term lending & infrastructure sector

RBI//2015-16/349 A.P. (DIR Series) Circular No.56 (30/03/2016)

The directions contained in this circular has been issued under section 10(4) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. ...

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S.144C-Draft assessment order can be issued only to eligible assessee

Honda Cars India Limited Vs DCIT (Delhi High Court)

Delhi High Court held In the case of Honda Cars India Limited vs. DCIT that Since the petitioner is not an eligible assessee in terms of Section 144C(15)(b), no draft order can be passed in the case of the petitioner U/s. 144C(1). Section 144C (15)(b) of the Act defines an “eligible assessee”...

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Revenue expenses allowed despite different treatment in books

Reliance Wellness Ltd. Vs DCIT (ITAT Mumbai)

ITAT Mumbai held in the case of Reliance Wellness Ltd. vs. DCIT that treatment given in the books of account is not relevant to examine the claim put forth by the assessee. In this case Assessee was in the process of expansion of its business operations by opening various new shops...

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Sec.158BA/158BC- Addition based on estimation not sustainable

CIT Vs Vatika Landbase Pvt. Ltd. (Delhi High Court)

Court explained that the assessment for the block period can only be done on the basis of evidence found as a result of search or requisition of books of account or documents and such other materials or information as are available with the Assessing Officer....

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CBEC appoints ‘Kakrawah’ as land customs station

Notification No. 42/2016-Customs (N.T.) (29/03/2016)

akrawah is appointed as land customs station for the purpose of clearance of baggage, passenger vehicles and tourist vehicles. (27) Kakrawah, Siddharthnagar District, Uttar Pradesh-Road connecting Kakrawah in Siddharthnagar District, Uttar Pradesh and Karidah in Nepal....

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Anti-dumping duty on Glazed/Unglazed Porcelain/Vitrified tiles

Notification No. 12/2016-Customs (ADD) (29/03/2016)

Seeks to levy provisional anti-dumping duty on Glazed/Unglazed Porcelain/Vitrified tiles in polished or unpolished finish with less than 3% water absorption, originating in, or exported from the China PR for a period not exceeding six months GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 12/2016-Customs (...

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Anti-dumping duty on imports of Tyre Curing Presses

Notification No. 11/2016-Customs (ADD) (29/03/2016)

Seeks to levy definitive anti-dumping duty on imports of Tyre Curing Presses also known as Tyre Vulcanisers or Rubber Processing Machineries for tyres, excluding Six Day Light Curing Press for curing bi-cycle tyres originating in, or exported from China PR for a period of five years...

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Anti-dumping duty on 2-Ethyl Hexanol

Notification No. 10/2016-Customs (ADD) (29/03/2016)

Seeks to levy definitive anti-dumping duty on 2-Ethyl Hexanol, originating in, or exported from the European Union, Indonesia, Korea RP, Malaysia, Chinese Taipei and USA for a period of five years...

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Regarding Validity and Renewal of Registration under FCRA, 2010

F. No. 11/21022/36{027)/2015-FCRA-II (29/03/2016)

With respect to validity and renewal of existing Registrations under Foreign Contribution (Regulation) Act, 2010, with the approval of competent authority, exercising the powers vested under Section 50 of FCRA 2010, following have been decided :- (i) To extend the validity of registration certificate of all the associations who...

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Post Office Recurring Deposit (Amendment) Rules, 2016

G.S.R. 355 (E) (29/04/2016)

In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Recurring Deposit Rules, 1981, namely:-...

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Company Fraud Reporting – Time To Act Now!

ICAI, has clarified that the applicability of this section on fraud reporting is applicable only to the statutory auditors of the company, the cost accountant in practice, conducting cost audit under section 148 of the Act; and to the company secretary in practice, conducting secretarial audit under Section 204 of the Act. It shall also ...

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Posted Under: SEBI |

Krishi Kalyan Cess: A New Cess on Services

The Union Budget has introduced two new cesses in the name and style of Infrastructure Cess and Krishi Kalyan Cess, former in the nature of excise duty and later as Service Tax. Clean Energy Cess has been renamed as Clean Environment Cess while enhancing the cess by 100 percent. These cesses, in nutshell are as follows:...

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Posted Under: SEBI | ,

No Service tax on sharing of resource, cost/ expense with Group Companies

Reliance ADA Group Pvt. Ltd. Vs Commissioner of Service Tax (CESTAT Mumbai)

CESTAT, Mumbai held that reimbursement of the cost of obtaining and employing resources/certain expenses incurred by the Appellant on the behalf of the Group Companies cannot be regarded as consideration flowing to the Appellant towards the taxable service provided by the Appellant rather the receipts are towards the reimbursements of the...

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NSC Maturity Period 5 Year wef 01.04.2016 & Interest Rate

Notification No. G.S.R. 354(E) (29/03/2016)

Where a certificate has been purchased on or after the 1st day of April, 2016 the maturity period of a certificate of any denomination, shall be five years, commencing from the date of issue of the certificate. The amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period sh...

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Interest Rate on Senior Citizen Savings Scheme wef 01.04.2016

G.S.R. 351(E) (29/03/2016)

In the Senior Citizen Savings Scheme Rules, 2004, in rule 7, in sub-rule (1), after the fourth proviso, following proviso shall be inserted, namely:-Provided also that in the case of a deposit made under these rules on or after the 1st day of April, 2016, it shall bear at the rate of 8.6 persent per annum from the date of deposit....

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Interest Rate on Post Office Time Deposit on or after 1st April, 2016

G.S.R. 356 (E) (29/03/2016)

In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Time Deposit Rules, 1981, namely:-...

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Marginal Cost of Funds based Lending Rate system with FAQs

The Reserve Bank of India today clarified some of the provisions of Reserve Bank of India (Interest Rate on Advances) Directions, 2016 (hereinafter called the Directions) relating to the Marginal Cost of Funds based Lending Rate (MCLR) system which comes into effect on April 01, 2016. The changes are: 1. Fixed Rate Loans As per […]...

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Posted Under: SEBI |

Changes in MCA Portal and e-forms With Effect From 27/03/2016

CHANGES IN E-FORMS WITH EFFECT FROM 27/03/2016 A. Versions of all e-forms – Revised B. Annual forms under CA 1956 to be filed as an attachment to GNL-2 (w.e.f. date to be notified) , this means now all Annual Filing for FY 2013-14 or before will now be under approval route:- 66; 23B; 20B; 21A; […]...

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Posted Under: SEBI | ,

Payment & Return Filing Due dates of PT, VAT & Luxury Tax in Maharashtra

Tax Calendar for filing of Return And payment of taxes under (MVAT ACT) in the State of Maharashtra 1. MONTHLY Sr. No. Month Due Dat Sr. No. Month Due Date. 1 April 21st May 7 October 21st November 2 May 21st June 8 November 21st December 3 June 21stJuly 9 December 21stJanuary 4 July 21stAugust […]...

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Posted Under: SEBI | ,

Interest Rate on Post Office Monthly Income A/cs wef 01.04.016

G. S. R. 349(E) (29/04/2016)

In the Post Office (Monthly Income Account) Rules, 1987, in rule 8, in sub-rule (1), after clause (l), the following clause shall be inserted, namely: (m) 7.8 per cent. per annum in respect of deposits made on or after the 1st day of April, 2016....

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CBDT signs 11 more unilateral Advance Pricing Agreements

NA (29/03/2016)

Central Board of Direct Taxes signed 11 unilateral APAs on 28th March, 2016. With this signing, India has entered into 59 bilateral and/or unilateral APAs. 50 of these agreements have been signed in the current financial year. The agreements cover a range of international transactions, including corporate guarantees, royalty, software dev...

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Floor limits of tax effect for individual paragraphs relating to transfer pricing

DY/ITRA/C&AG/235 (29/03/2016)

We have included a separate Chapter relating to Transfer Pricing in the Compliance Audit Report for the year 2014-15 (No. 3 of 2016). We expect that every year substantial number of Transfer Pricing cases would be processed. Since Audit points out short/excess adjustment done by Transfer Pricing Officers, it has, therefore, been decided t...

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RBI cancels Certificate of Registration of 22 more NBFCs

Recently Reserve Bank of India (RBI) has cancelled Certificate of Registration of 26 NBFCs and now it has cancelled Certificate of Registration of 22 (twenty two) more  non-banking financial companies (NBFCs) as shown in Annex, in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. [&hel...

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Posted Under: SEBI |

Govt notifies Interest Rate on PPF from 01.04.2016

G.S.R. 350(E) (29/03/2016)

Central Government hereby notifies that the subscriptions made to the fund on or after the 1st day of April, 2016 and the balances at the credit of the subscriber shall bear interest at the rate of 8.1 per cent. per annum....

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Interest Rate on Sukanya Samriddhi Account wef 01.04.2016

G. S. R. 352(E) (29/03/2016)

In the Sukanya Samriddhi Account Rules, 2014, in rule 7, in sub-rule (1), after first proviso, the following proviso shall be inserted, namely:-Provided that in the case of a deposit made under these rules on or after the 1st day of April, 2016, it shall bear at the rate of 8.6 per cent per annum from the date of deposit....

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KVP Maturity period & premature encashment value wef 01.04.2016

G.S.R. 353(E) (29/03/2016)

In the Kisan Vikas Patra Rules, 2014 (hereinafter referred to as the said rules), in rule 16, in sub-rule (1), for the words eight years and four months, the words nine years and two months shall be substituted. In the said rules, in rule 17, in sub-rule (3), the premature encashment value of Certificates purchased on or after 1.4.2016 b...

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Role & functions of Quality Review Board under CA Act,1949

Government of India has, in exercise of the powers conferred under Section 28A of the Chartered Accountants Act, 1949, constituted a Quality Review Board (the 'Board') to perform the following functions u/s 28B of the Chartered Accountants Act, 1949:-...

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Posted Under: SEBI |

Adhere to time limit in filing of SLPs before Hon’ble SC

F.No.276/320/2015-CX.8A (29/03/2016)

In many cases the proposals for filing SLP are being sent to the Board much after the time limit of 15 days available with the Commissionerate is over. In fact in some cases such proposals have been received in the Board after the time limit of 90 days is over. Such delays result in the dismissal of SLPs on the grounds of delay....

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Enhancement in limit for investment by FPIs in Government Securities

Circular No. IMD/FPIC/CIR/P/2016/45 (29/03/2016)

It has been decided to enhance the limit for investment by FPIs in Government Securities, for the next half year, as follows: a. Limit for FPIs in Central Government securities shall be enhanced to INR 140,000 cr on April 04, 2016 and INR 144,000 cr on July 05, 2016 respectively from the existing limit of INR 135,400 cr....

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Client code modification at commodity derivatives exchanges

Circular No. SEBI/HO/CDMRD/DMP/CI R/P/2016/43 (29/03/2016)

This circular is issued with an objective to streamline the provisions of the facility of client code modification at commodity derivatives exchanges in line with the securities market. It is also beingre-emphasized here that this facility is expected to be used more as an exception rather thana routine...

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RBI amends limits for investment by FPIs in Central Govt Securities

RBI/2015-16/348 A.P. (DIR Series) Circular No. 55 (29/03/2016)

All other existing conditions, including the security-wise limits, investment of coupons being permitted outside the limits and investments being restricted to securities with a minimum residual maturity of three years, will continue to apply....

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Guidelines for Foreign Direct Investment (FDI) on E-commerce

Press Note No 3 (2016 Series) (29/03/2016)

As per the FDI policy, contained in the `Consolidated FDI Policy Circular 2015' (FDI Policy) as amended from time to time, FDI up to 100% under automatic route is permitted in Business to Business (B2B) e-commerce. No FDI is permitted in Business to Consumer (B2C) e-commerce. However, FDI in B2C e-commerce is permitted in following ci...

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Cyber Security and Cyber Resilience framework of NCDEX

Circular No. SEBI/HO/CDMRD/DE ICE/CIR/P/2016/0000000044 (29/03/2016)

This circular applies to National Commodity Derivatives Exchanges (Exchanges) as defined in the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2015....

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Invested in PACL Ltd.? Things to Know and do?

I am a customer of PACL. What should I do? Ans. Vide public notice dated 05.03.2016 customers of PACL have been cautioned to keep original documents with themselves. The same may be given to constituted Committee or designated authority upon specific intimation by Committee inviting claims from the customers of PACL. Submission of origin...

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Posted Under: SEBI |

Delhi Budget 2016-VAT, Excise / Stamp Duty & Luxury Tax changes

Deputy Chief Minister of Delhi Manish Sisodiya presented the Annual Budget for 2016-17 in Assembly on 28.03.2016 and rationalisesd VAT and Other Duties which may result in reduction in prices of readymade garments, shoes, watches and electric and hybrid vehicles. In this Article we have covered Highlights of Changes related to Taxes/ Dut...

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Posted Under: SEBI | ,

Extension of e-payment deadline & banking hours

Circular No. 191/01/2016-Service Tax (29/03/2016)

RBI has issued instructions vide notification RBI/2015-16/342 dated March 17, 2016 wherein it has been decided that all agency banks shall keep the counters of their designated branches conducting government business open for full day on March 30, 2016, and till 8.00 p.m. on March 31, 2016. All electronic transactions would, however, cont...

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S.10(46) Govt notifies Maharashtra State Technical Education Board

Notification No. 23/2016-Income Tax (29/03/2016)

(a) fees, fines and penalties; (b) receipts from Printed Educational Material; (c) receipts from Scrap or Waste paper; (d) receipts from other Government Bodies; (e) interest income from surplus funds kept in bank accounts and fixed deposits; (f) rent received from let out of properties; (g) royalty or License fees for providing technical...

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Scrutiny of Section 196(1), 203 & 188 of Companies Act, 2013

Section 203 (1) read with Rule 8 of Companies (Appointment & Remuneration of managerial personnel) Rules, 2014 makes it mandatory for listed companies and public companies having a paid up capital of 10 crore or more to have following whole time key managerial personal –...

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Posted Under: SEBI |

BEPS effect on Finance Bill 2016

The finance bill 2016 has introduced three changes that has originated from the BEPS Action plan. What are these BEPS Action plan recommendations and what has it got to do with our Tax systems and economy?...

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Posted Under: SEBI |

Changes in Company e-Forms wef 27.03.2016

Form 23AC, 23AC-XBRL, 23ACA, 23ACA-XBRL, Form 20B, Form 66, Form 21A and Form 23B eForms should be filed as attachments with GNL-2 from the date of notification (to be notified later....

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Posted Under: SEBI | ,

Companies Auditor’s Report Order (CARO), 2016

Order No. S.O. 1228(E) (29/03/2016)

This Order may be called the Companies (Auditor's Report) Order, 2016. - Every report made by the auditor under section 143 of the Companies Act, 2013 on the accounts of every company audited by him, to which this Order applies, for the financial years commencing on or after 1st April, 2015, shall in addition, contain the matters specifie...

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Reg. matters to be included in Audit Report till NFRA formation

S.O.1226(E) (29/03/2016)

until the National Financial Reporting Authority is constituted under section 132, the Central Government may hold consultation required under sub-section 11 of section 143 with the Committee chaired by an officer of the rank of Joint Secretary or equivalent in the Ministry of Corporate Affairs and the Committee shall have the representa...

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Till NFRA formation govt may notify AS recommended by ICAI

S.O. 1227(E) (29/03/2016)

Provided that until the National Financial Reporting Authority is constituted under section 132 of the Companies Act, 2013 (18 of 2013), the Central Government may prescribe the standards of accounting or any addendum thereto, as recommended by the Institute of Chartered Accountants of India, constituted under section 3 of the Chartered A...

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Buy-back may remain open for a period less than 15 days

G.S.R 358(E) (29/03/2016)

Companies (Share Capital and Debentures) Second Amendment Rules, 2016 Provided that where all members of a company agree, the offer for buy-back may remain open for a period less than fifteen days....

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Notification No. 22/2016-Income Tax, Dated: 23/03/2016

Notificatiuon No. 22/2016-Income Tax (29/03/2016)

In exercise of the powers conferred by clause (46) of section I0 of the income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Andhra Pradesh Electricity Regulatory Commission, a Commission constituted under the Andhra Pradesh Electricity Reform Act, 1998 (Government of Andhra Pr...

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Notification No. 24/2016-Customs Dated: 28th March, 2016

Notification No. 24/2016-Custom Duty (28/03/2016)

Seeks to further amend notification No. 12/2012-Customs, dated the 17th March, 2012 so as to (i) continue BCD @ 25% on import of wheat beyond 31.03.2016 upto 30.06. 2016 (ii) retain BCD @ 40% on import of Ghee Butter and Butteroil, beyond 31.03.2016 for a period upto 30.09.2016...

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Mail issues issues pertaining to ROC Website: ICSI

The ICSI jointly with MCA has taken initiative for resolving various queries/ issues. The MCA has kindly consented to resolve all the issues being faced by our members and other stakeholders in implementation of Companies Act 2013 in respect of MCA-21 e-Governance project....

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Posted Under: SEBI |

Delhi VAT: VAT deduction at source in respect of works contracts

No. F.3(654)/Policy/VAT/2016/1800-1802 (28/03/2016)

It is to bring to kind notice of all that section 36 A of the Delhi Value Added Tax Act, 2004 requires every person, at the time of making payment or credit to a contractor, to deduct TDS @ 4%, if the contractor is a registered dealer or @ 6% in case the contractor is unregistered. ...

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Banks to conduct Special Clearing on March 30 & 31, 2016

RBI/2015-16/347- DPSS.CO.CHD.No./2313/03.01.03/2015-16 (28/03/2016)

With a view to facilitate accounting of all the Government transactions for the current financial year (2015-16) by March 31, 2016, it has been decided to conduct special clearing at all clearing houses across the country on March 30 and 31, 2016 as detailed below:...

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CBEC notifies Accounting Codes for Infrastructure Cess

Office Memorandum No. Coord/13-6/H/A/c/VoI.VIII/333 (28/03/2016)

No. Coord/13-6/H/A/c/VoI.VIII/333 0/0 Pr. Chief Controller of Accounts Central Board of Excise & Customs A.G.C.R. Building, 1st Floor, I.P. Estate, New Delhi. Dated:28 -03-2016 Office Memorandum Subject:- Opening of New Minor Head “506-Infrastructure Cess” below Sub-Major Head “03-Non-Sharable Duties” under Maj...

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Prevention of use of non-genuine transferable duty credit scrips

Circular No. 12/2016-Customs (28/03/2016)

Instances of unscrupulous persons being able to put to use non-genuine transferable duty credit scrips or duty free import authorizations (purported to relate to chapters 3/5 or 4, respectively, of the respective Foreign Trade Policy) have been noticed in the field formations....

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When does an exemption notification becomes effective?

Mayank Agarwal Sec 5A (5) of the Central Excise Act, 1944 deal with provisions regarding effective date of a notification. It states as under: (5) Every notification issued under sub-section (1) or sub-section (2A) shall,— (a) unless otherwise provided, come into force on the date of its issue by the Central Government for publication...

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Posted Under: SEBI |

Understanding Goods and Services Tax

Given the passage of the Constitution (122nd) Amendment Bill, 2014 for Goods and Services Tax (GST) in the Lok Sabha on 6th May, 2015, the Government of India seems committed to replace all the indirect taxes levied on goods and services by the Centre and States and implement GST by 2016. ...

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7 things before you start your start up

When a client comes to us for advice or with his business plan, two minutes into the conversation, we understand that he hasn't thought his business idea through. There are still a lot of gaps that persist. Leaks that need to be plugged....

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Posted Under: SEBI | ,

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