"19 August 2016" Archive

Govt notifies 12 Provisions of Insolvency and Bankruptcy Code, 2016

S.O. 2746(E) (19/08/2016)

S.O. 2746(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 19th August, 2016 as the date on which the provisions of following sections of the said Code shall come into force:—...

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Anti-dumping duty on 1-Phenyl-3-Methyl-5-Pyrazolone till 23.08.2017

Notification No. 47/2016-Customs (ADD) (19/08/2016)

Seeks to extend the levy of anti-dumping duty on imports of 1-Phenyl-3-Methyl-5-Pyrazolone originating in, or exported from, People s Republic of China, (imposed vide notification No. 80/2011-Customs, dated the 24th August, 2011) for a period of one year i.e. upto and inclusive of the 23rd August, 2017 Government of India Ministry of Fina...

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Anti-dumping duty on imports of Caustic Soda till 22.08.2017

Notification No. 46/2016-Customs (ADD) (19/08/2016)

Seeks to extend the levy of anti-dumping duty on imports of Caustic Soda, originating in, or exported from Chinese Taipei (imposed vide notification No.79/2011-Customs, dated the 23rd August, 2011) for a period of one year i.e. upto and inclusive of the 22nd August, 2017...

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IDS 2016 and its impact on Penny Stock or Unquoted Shares

If declaration is made in respect of any investment in shares and subsequently such shares were sold then capital gain is to be calculated and tax to be paid on the difference between the sale considerations and fair market value such assets ( i:e the date of determination of fair market value for the purpose of the scheme)....

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Right Issue under Companies Act,2013

Right Issue-{Section 62 (1) (a) of Companies Act, 2013}- 1) A Company can issue equity shares to its existing shareholders in proportion to the paid-up capital of the Company by sending offer letter to them....

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Posted Under: Corporate Law |

E-filed exemption forms 10A and 10G time barring on 31.08.2016

F. No. System/ITBA/Exemption Module/e-filing/2016-17/7535 (19/08/2016)

The e-filed forms 10A and 10G filed during the period 01.02.2016 to 29.02.2016, the orders in respect of which will get barred by limitation on 31.08.2016, have been e­ mailed to the concerned Principal Commissioner of Income Tax (Exemption)/ CIT (Exemption) on their official designation based e-mail addresses in PDF files...

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Modification of Client Codes post Execution of Trades on Commodity Derivatives Exchanges

Circular No. SEBI/HO/CDMRD/DMP/CI R/P/2016/73 (19/08/2016)

(i) Classification of genuine errors: The following shall be classified as genuine errors for the purpose of client code modification:- a. Error due to communication and / or punching or typing such that the original client code / name and the modified client code / name are similar to each other. b. Modification within relatives (‘Rela...

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Deduction U/s 35AC available only up to previous year ending 31-03-2017

Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this section shall be allowed in respect of any assessment year commencing on or after 1st April, 2018. Accordingly, the benefit of deduction under section 35AC of the I.T. Act is available only up to previous year ending 31-03-2017 (...

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Posted Under: Corporate Law |

Release of Version 2.0 of Income Tax Return Statistics for A.Y. 2012-13

A new version of the income distribution data for AY 2012-13 has now been placed in public domain and is available at www.incometaxindia.gov.in. Version 2.0 of the tax return data includes additional tables containing distribution of gross total income in respect of different types of taxpayers e.g. individuals, HUF, firms, companies, ass...

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Posted Under: Corporate Law |

How to get most out of idle money in your savings account?

Almost everyone has a tendency to save some excess money in his or her bank accounts, to use the same for any unplanned expenses in future, or during any unexpected situations, or even sometimes just as a factor of comfort. ...

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Ind AS Transition Facilitation Group Clarification Bulletin 4

Paragraph 8 of Ind AS 18, inter alia, provides that revenue includes only the gross inflows of economic benefits received and receivable by the entity on its own account. Amounts collected on behalf of third parties such as sales taxes, goods and services taxes and value added taxes are not economic benefits which flow to the entity and d...

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Posted Under: Corporate Law |

SEBI Circular on Position Limits for Hedgers

Circular No. SEBI/HO/CDMRD/DMP/CIR/P/2016/71 (19/08/2016)

As per Section 131(4) of Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the erstwhile FMC or the Central Government applicable to recognized associations under the FCRA would continue to remain in force for a period of one year from the date on which FCRA was repealed (Septem...

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CBDT notifies classes of buyers to whom TCS provisions not apply

Notification No. 75/2016-Income Tax (19/08/2016)

Class or classes of buyers to whom provisions of sub-section (1D) of section 206C shall not apply. 37CB. (1) The provisions of sub- section (1D) of section 206C in relation to sale of any goods (other than bullion or jewellery) or providing any service shall not apply to the following class or classes of buyers , namely:-...

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CAG criticises Service Tax VCES, 2013

The Performance Audit of CAG revealed deficiencies in the design and enabling provisions of the Service Tax Voluntary Compliance Encouragement Scheme, 2013 (VCES), non-compliance to provisions prescribed in various stages and inadequacies in tax administration ...

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Posted Under: Corporate Law |

Changes In Rules of Acceptance of Deposits under CA, 2013

The existing sub-clause (ix), of rule 2(1)(c) Compulsory convertible bonds or debentures convertible within a period of five years are included in ‘exempt Deposits’, under the extant rules, Now, it covers these compulsorily convertible bonds or debentures convertible within a period of up to ten years (instead of five years) in ‘exe...

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Posted Under: Corporate Law |

Dealing with Model GST Law: A Move towards Consumerism!

The GST will replace at least 17 state and federal levies, making the movement of goods cheaper and seamless across a market holding 1.3 billion consumers, about four times the U.S. population. It would be far simpler than the current system, where a good is taxed multiple times at different rates. ...

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Posted Under: Corporate Law |

Article on Labour Law Compliance Audit

How to start with Labor Laws audit ? 1) First prepare list of basic labor laws which will be applicable. 2) Prepare few basic details on applicability of various section like requirement of canteen, creche, rest room, etc. 3) Prepare few basic details on appointment of welfare officer, safety officer, etc....

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Posted Under: Corporate Law |

SEBI: Programmes sponsored by Exchanges through media channels

Circular No. SEBI/HO/CDMRD/DMP/CIR/P/2016/72 (19/08/2016)

Exchanges shall also ensure that the staff members of the Exchanges are not associated with such activities as mentioned above. The Exchanges shall lay down a suitable code of conduct for their executives and other staff members in this regard....

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