"June, 2016" Archive

Special drive to resolve certain pending issues in drawback cases

F.No.609/14/2014-DBK (30/06/2016)

A delegation of the office bearers of Delhi Exporters Association (All India Body of Exporters) met Chairman (CBEC) on 22.6.2016 and requested that there be no letup in the timely disposal of AIR Drawback claims. Certain instances of field formations asking for no overdue payments certificates from banks w.r.t. realization of export proce...

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CBDT instructs to maintain confidentiality of IDS, 2016 declarants

F.No. 187/10/2016-ITA-1 (30/06/2016)

Certain strategies were suggested for implementing the Income Declaration Scheme (IDS), 2016 and it was also advised that the jurisdictional Pr. CIT/CIT would be the one and only point of contact with a declarant so as to maintain the confidentiality of declarants....

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MVAT: FAQ’s on Settlement of Arrears in Disputes Act, 2016

Trade Circular No. 19T of 2016 (30/06/2016)

8th floor, Vikrikar Bhavan, Mazgaon, Mumbai-400010. TRADE CIRCULAR To, No. VAT/MMB-2015/47/2016-17/ADM-8   dated 30th June 2016. Trade Cir. No. 19T of 2016 Subject:  FAQ’s on Settlement of Arrears in Disputes Act, 2016. Ref.  (1) The Maharashtra Settlement of Arrears in Disputes Act, 2016. (Act No. XVI of 2016) (2) Trade Circula...

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Ind AS 101: FAQ on deemed cost of Property, Plant & Equipment

Ind AS 101 provides that the net carrying amounts of all of its Property, Plant and Equipment as per previous GAAP can be used as deemed cost on the date of transition to Ind AS. In that case, whether the accumulated depreciation and provision for impairment under previous GAAP would be treated as nil on the date of transition. ...

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Posted Under: Custom Duty |

CBDT notifies rules for FMV of assets & Income attribution

Notification No. 55/2016-Income Tax (30/06/2016)

CBDT has vide Notification No. 55/2016 dated 28.06.2016 notified rules for Determination of value of assets and apportionment of income in certain cases. It also notified FORM NO. 3CT Under rule 11UC for Income attributable to assets located in India Under section 9 of the Income-tax Act, 1961 and FORM NO. 49D under Rule 114DB for Inform...

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Exchange of Pre-2005 Banknotes at Select Offices of RBI from July 01, 2016

RBI/2015-16/443 DCM (Plg) No.G-12/4297/10.27.00/2015-16 (30/06/2016)

The Reserve Bank of India has observed that a major portion of the pre-2005 banknotes have been withdrawn from circulation and only a small percentage of these notes remains in circulation. On a review, therefore, the Reserve Bank has decided that from July 01, 2016 the facility of exchanging the pre-2005 banknotes will be available only ...

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Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016

G.S.R. 646(E) (30/06/2016)

Central Government hereby makes the following rules further to amend the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, namely: 1. (1) These rules may be called the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016....

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Relaxation in Rules for Appointment of Statutory auditor

S.O. 2264(E) (30/06/2016)

Every company, existing on or before the commencement of this Act which is required to comply with the provisions of this sub-section, shall comply with requirements of this sub-section within a period which shall not be later than the date of the first annual general meeting of the company held, within the period specified under sub-sect...

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External Commercial Borrowings (ECB) – Approval Route cases

RBI/2015-16/440 A.P. (DIR Series) Circular No. 80 (30/06/2016)

With a view to rationalizing and expediting the process of giving approval, it has been decided that ECB proposals received in the Reserve Bank above a certain threshold limit (refixed from time to time) be placed before the Empowered Committee. The Reserve Bank will take a final decision in the cases taking into account the recommendatio...

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Temporarily suspension of operations in ‘ACU Euro’ wef 01.07.2016

RBI/2015-16/441 A.P. (DIR Series) Circular No. 81 (30/06/2016)

As the payment channel for processing ‘ACU Euro’ transactions is under review, it has become necessary to temporarily suspend operations in ‘ACU Euro’ with effect from July 01, 2016. Accordingly, all eligible current account transactions including trade transactions in ‘Euro’ are permitted to be settled outside the ACU mechani...

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