"18 April 2016" Archive

RBI amends provisioning norms in respect of fraud cases

RBI/2015-16/376 DBR.No.BP.BC.92/21.04.048/2015-16 (18/04/2016)

Banks should normally provide for the entire amount due to the bank or for which the bank is liable (including in case of deposit accounts), immediately upon a fraud being detected. While computing the provisioning requirement, banks may adjust financial collateral eligible under Basel III Capital Regulations - Capital Charge for Credit R...

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Factors that impact your CIBIL score

Banks and financial institutions have a stringent process of screening the loan applications. They use the CIBIL score of an individual to check his credit worthiness. CIBIL (Credit Information Bureau of India) acts like a central database of loan and credit card information. Based on the payment records of customers it calculates a CIBIL...

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Posted Under: Fema / RBI | ,

FISDOM – an app to assist you with all your investments

Everyone wants to invest their savings and rotate money in a right way. High Net worth Individuals has advisors to assist them in their investments while we too have a friend to assist us. Our friend’s name is 'Fisdom' who is just a click away in google play. Just download it and invest money to build your dream home or purchase a dream...

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Posted Under: Fema / RBI |

Deemed Public Company -Subsidiary Of Public Limited Companies

Index of Article: A. History B. Current Situation C. Deemed Public Company! How to Check? D. Restriction of Deemed Public Company: (Provisions of the act which do not apply to a public Company) E. Effects of the Become Deemed F. Compliances required to be done by a Private Company immediately after become deemed Public Company […]...

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Posted Under: Fema / RBI |

MCA enables cancellation of SRN

My account is debited on making online payment; however, corresponding challan/receipt is not generated and system does not allow filing of the form again. What should I do next? OR The payment was made but the SRN status is ‘Pending for Payment’ or ‘Not Paid’. What should I do next? You need to cancel your […]...

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Posted Under: Fema / RBI |

8 Most Commonly asked Queries related to ROC Website

Common resolutions For MCA21 related queries including Annual filings, Linked filings, Cancel SRN service, Resubmission, and Additional Fee waiver 1. Which eforms can I file as attachments with GNL-2? Annual filing eforms under the Companies Act, 1956 viz. 23AC/ACA, 23AC/ACA-XBRL, 20-B, 21-A, Form 66, I-XBRL, A-XBRL, 23B, 23C and 23D woul...

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Posted Under: Fema / RBI |

Distribution of Cash Benefits through Depositories

All cash benefit distributions are being processed outside the depository system. Thus, no information is available in the demat account with respect to entitlement of cash benefits and payment of the same to the investors. In case any investor requires any information or has a complaint with respect to above benefits, they are required t...

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Posted Under: Fema / RBI |

CBDT Draft Rules For Grant Of Foreign Tax Credit U/s. 90/ 90A/ 91

F.No. 142/24/2015-TPL (18/04/2016)

The Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes may prescribe rules specifying the procedure for grant of relief or deduction of income-tax paid in any country or specified territory outside India, under section 90/ 90A/ 91 of the Act against the income-tax payable under the Act....

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Service of notice via speed post without delivery proof is invalid

M/s. Hindustan Institute of Aeronautics Vs C.C.E. & S.T

The appellant has contended that the primary adjudication order claimed have to be sent by speed post was not received by it and when it received copy thereof, it filed the appeal within the prescribed period....

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Income Tax Provision for Doctors

Among the busiest of professionals, doctors have little time to learn about the latest tax law. Tax planning is often neglected in the crush of other obligations. Being India’s Top 10s income earners, they have need to give more attention to their financial planning and taxation. Here we are providing some necessary documentation and le...

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