"24 May 2016" Archive

IRDA issues Caution List of Service Providers (Outsourcing Entities)

IRDAI/LIFE/PNTC/MISC/103/05/2016 24/05/2016

In pursuance to the Final Order No. IRDA/LIFE/ORD/MISC/267/12/2014 dated 1st December, 2014 in the matter of Future Generali India Life Insurance Co. Ltd., while conducting an audit by an independent Chartered Accountant firm (Verma Mehta & Associates, Mumbai) into the outsourcing arrangements and the structure/shareholding pattern/compos...

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Point of Taxation of Krishi Kalyan Cess on Services

The immediate question which generally arises in case of a new levy is its impact to cases where any of the following events such as services completion, invoicing or receipt of payment occur after the effective date of levy. In order to address this question, it is important that the nature of levy and the statutory provisions under sec...

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An Overview of Corporate Debt Restructuring (CDR)

As the name suggests Corporate Debt Restructuring refers to the restructuring i.e. alteration of the Corporate Debts which generally may involve the alteration of re-payment period, amount repayable, amount of installment or the interest rate etc....

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Posted Under: Corporate Law |

Service Tax- Dilemma of Interest on late payment

Government has reduced the interest rate on late payment of service tax drastically from 18%/24%/30% w.e.f. 14.05.2016. In case the value of taxable services of assessee is less than Rs. 60 Lacs in previous year/years, then the rate of interest is further reduced by 3% and effective rate of interest will be 21% and 12% respectively....

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Posted Under: Corporate Law |

Declaration & Payment of Dividend under Companies Act, 2013

Article explains statutory provisions related to Declaration and payment of dividend. in this article I have covered section 123 to section 127 of Companies Act 2013. In this article I have made an attempt to analyse the provisions in in simple language and also produced the text from bare act. ...

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Posted Under: Corporate Law |

DS-1 mandatory for movement of goods from Delhi to outside Delhi

Govt. has prescribed an online form (DS-1) for outward movement of goods from Delhi to all places outside Delhi before the actual movement of goods occur. Earlier the Delhi Govt. prescribed form T-1 for outward movement of goods but that form was applicable for few commodities like petroleum products, tobacco and gutka. Delhi is a trading...

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Posted Under: Corporate Law |

Intermediary Services – Legal Overview under Service Tax

Intermediary means a broker, an agent or any other person, by whatever name called, who arranges or facilitates a provision of a service (hereinafter called the main service) or a supply of goods between 2 or more persons but does not include a person who provides the main service...

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Posted Under: Corporate Law |

Tax Evaders! Bath in ‘Kumbh’ of Income Declaration Scheme 2016

Income Tax Department has come up with the Income Declaration Scheme 2016 to purify the Tax evaders. The government has issued its forms, rules and other details on 20th May 2016. But what is this scheme? How can a taxpayer clear his sins of black money? Everyone should take this conversation as a means of gathering knowledge and not othe...

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Posted Under: Corporate Law |

Uniform entrance examination at all dental educational institutions

No. 5 OF 2016 24/05/2016

There shall be conducted a uniform entrance examination to all dental educational institutions at the undergraduate level and post-graduate level through such designated authority in Hindi, English and such other languages and in such manner as may be prescribed and the designated authority shall ensure the conduct of uniform entrance exa...

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MVAT: Release of SAP based new registration functionality

Trade Circular Number. 18 T of 2016 24/05/2016

A Trade Circular as cited in the reference was issued giving information about the proposed changes in the processes of registration, filing of returns, applications for refund, requisitions for CST declarations, audit/assessments and appeals etc. It was also mentioned in the circular that the new SAP based system will be going live in a ...

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