"08 July 2016" Archive

Shifting of Registered office within local limits of any City, Town or Village

REGISTERED OFFICE- Shifting From one place to another within the local limits of any City, Town or Village-Registered office of a company is a principle place of business activity of a company. It is mandatory for all companies to have its registered office and to inform the Registrar of Companies (ROC) about the location and any change t...

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Posted Under: Company Law |

POT for Krishi Kalyan Cess (KKC)

1. POT for determination of KKC liability for Service Provider (SP): Rule 5 is applicable for determination of KKC liability for Service Provider (SP) due to the amendment in Budget 2016-17 and Notification No. 35/2016 also clarifies the applicability of KKC. ...

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Posted Under: Company Law |

Growth in Direct/Indirect tax collection of 1st quarter of 2016-17

The direct tax collections upto June, 2016 indicate net revenue collection of Rs.1.24 lakh crore which is a growth of 24.79% over the corresponding period last year. The main reason for this increase is the change in the requirements for advance tax payment even in respect of individuals which has been made in the last year’s Budget. ...

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Posted Under: Company Law |

Assessment without allowing assessing to cross examine deponent not valid

H. R. Mehta vs. ACIT (Bombay High Court)

In the instant case although the appellant assessee has called upon us to draw an inference that the burden shifted to the revenue in the present case once it was established that the payments were made and repaid by cheque we need not hasten and adopt that view after having given our thought to various […]...

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Mesne profits is a capital receipt and not chargeable to tax

CIT vs. Goodwill Theatres Pvt. Ltd (Bombay High Court)

Whether on the facts and in the circumstance of the case and in law, the Tribunal was correct in holding that mesne profits are capital receipts in the hands of the assessee and not revenue receipts chargeable to tax?...

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Payment to Master & Visa without tax deduction is not disallowable

DIT vs. Citibank N. A. (Bombay High Court)

Whether on the facts and in the circumstances of the case and in law, the Tribunal is correct in holding that payment to Master Card International and Visa Card International without deduction of tax at source is not disallowable u/s. 40(a)(i) in view of the Article 26(3) of the Indo US DTAA, when the provisions […]...

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OECD & FAO see likely end to period of high agricultural prices

The recent period of high agricultural commodity prices is most likely over, say the OECD and FAO in their latest 10-year Outlook. But the two organisations warn of the need to be vigilant as the probability of a major price swing remains high....

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Posted Under: Company Law |

Job market recovering but wage growth remains weak: OECD

Labour markets are continuing to recover from the crisis and employment is set to return to pre-crisis levels in 2017, but wage growth remains weak, according to a new OECD report....

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Posted Under: Company Law |

SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2016

Notification No. SEBI/ LAD-NRO/GN/2016-17/009 (08/07/2016)

A foreign portfolio investor shall ensure that any transfer of offshore derivative instruments issued by or on behalf of it, is made subject to the following conditions: (a) such offshore derivative instruments are transferred to persons subject to fulfilment of sub-regulation (1); and (b) prior consent of the foreign portfolio investor i...

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SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2016

Notification No. SEBI/ LAD-NRO/GN/2016-17/008 (08/07/2016)

43A. (1) The top five hundred listed entities based on market capitalization (calculated as on March 31 of every financial year) shall formulate a dividend distribution policy which shall be disclosed in their annual reports and on their websites. (2) The dividend distribution policy shall include the following parameters:...

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