"07 December 2016" Archive

Govt to simplify Labour Laws by grouping on functional basis

Ministry has initiated steps for drafting four Labour Laws on Wages; Industrial Relations; Social Security & Welfare; and Safety and Working Conditions...

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Posted Under: Corporate Law |

Increase Wages limit to Rs. 25000 for EPF Converge- CBT

Sub-committee of Central Board of Trustees, EPF recommended to Govt to consider increase in wage ceiling under EPFO to Rs. 25000 PM from existing 15000 PM....

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Posted Under: Corporate Law | ,

Due date & Fee for Annual ROC Filing in J&K relaxed

General Circular No. 14/2016 (07/12/2016)

Jammu and Kashmir -Relaxation of additional fees & extension of last date of in filing form MGT-7 (Annual Return) & AOC-4 (Financial Statement) ...

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S. 10(46) CBDT Notifies Petroleum & Natural Gas Regulatory Board

Notification No. 112/2016-Income Tax (07/12/2016)

Central Government hereby notifies for section 10(46) of Income-tax Act, 1961 , Petroleum and Natural Gas Regulatory Boars in respect of following specified incomes...

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Clarification on due date of transfer of shares to IEPF Authority

General Circular No. 15/2016 (07/12/2016)

Various representations have been received from Companies for simplification of transfer process of shares under Investor Education & Protection Fund (Accounting. Audit. Transfer. and Refund) Rules, 2016. notified on 05.09.2016. ...

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9 Government Social Security Scheme for Domestic Workers

9 Schemes, formulated by Govt to give social security cover to unorganized workers, listed in Schedule I of Unorganised Workers’ Social Security Act, 2008 ...

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Posted Under: Corporate Law |

Monitoring, Compliance and Penalty under FATCA

As provided in Rule 1 14G(9), the statement needs to be furnished to the Directorate of Intelligance and Criminal Investigation and the said Directorate has been given the responsibility of ensuring the compliance. The penalty provisions provided in the Income-tax Act, 1961...

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Posted Under: Corporate Law |

Procedure for Furnishing Report under FATCA and CRS

8.1 As per Rule 1 14G(9), the statement in respect of each reportable account needs to be filed by the RFIs to the Director of Income-tax (Intelligence and Criminal Investigation) or Joint Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data to a server designated for this purpose...

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Posted Under: Corporate Law |

Reporting under FATCA and CRS by Trust and related issues

7.1 In the case of trust, two situations may arise- a. when a trust is itself a Reporting Financial Institution, or b. when a trust is a NFE that maintains a Financial Account with a Reporting Financial Institution....

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Posted Under: Corporate Law |

62114 cases of non payment of Minimum Wages for Contract Jobs

Contractual workers are being paid minimum wages covered under Scheduled Employment at rate fixed according to nature of work as provided under Minimum Wages Act, 1948. ...

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Posted Under: Corporate Law |

Reporting Requirements under FATCA and CRS

After the RFI has identified the reportable accounts, RFI needs to report specific information in respect of each reportable account. As per Rule 114G(1), RFI needs to maintain and report the following information in case of each Reportable Account...

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Posted Under: Corporate Law |

Due Diligence Procedure under FATCA and CRS

The RFIs need to identify the Reportable Accounts by carrying out due diligence procedures. There are different due diligence procedures for the accounts held by individuals and accounts held by entities. There is a further classification of accounts as Preexisting accounts and ‘New Accounts’...

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Posted Under: Corporate Law |

Financial Accounts & Reportable Financial Accounts under FATCA & CRS

A Financial Account is an account maintained by a Financial Institution and includes specific categories of accounts as discussed in paragraph 3.2. Rule 1 14F(1) defines Financial Accounts....

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Posted Under: Corporate Law |

Reporting Financial Institutions under FATCA and CRS

The reporting obligation applies to entities which may be legal persons or legal arrangements, such as a corporation, a trust, or a partnership etc. To determine whether an entity has a potential reporting obligation in India, it must be determined whether the entity is a Reporting Financial Institution (RFI)....

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Posted Under: Corporate Law |

Demonetisation to deal with problem of Counterfeit notes & Black Money

Motivations for Demonetisation decision are to deal with problem of counterfeit notes in Rs. 500 and Rs. 1000 denominations & unearth black money ...

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Posted Under: Corporate Law |

Basic Introduction to FATCA and CRS

In 2010, USA enacted a law known as Foreign Account Tax Compliance Act (FATCA) with the objective of tackling tax evasion through obtaining information in respect of offshore financial accounts maintained by USA residents and citizens. The provisions of FATCA essentially provide for 30% withholding tax on US source payments made to Foreig...

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Posted Under: Corporate Law |

What is MSME and How to get MSME Registration?

Article explain process for MSME Registration, Benefits of MSME Registration for Micro, Small & Medium Enterprise, Rebates available after MSME Registration...

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Posted Under: Corporate Law |

How to obtain Importer Exporter Code (IEC) Number

An application for grant of IEC number shall be made by Registered/Head Office of applicant and apply to nearest Regional Authority of DGFT...

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Posted Under: Corporate Law |

RBI Withdraws Incremental CRR

Press Release : 2016-2017/1443, RBI/2016-17/174 DBR.No.Ret.BC.46/12.01.001/2016-17 (07/12/2016)

On November 26, 2016 the Reserve Bank had announced an incremental CRR of 100 per cent of increase in net demand and time liabilities of scheduled banks...

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MEF Empanelment- ICAI asks members to submit declaration

This has reference to your application for multipurpose panel for year 2016-17. It has been observed that declaration for same has not yet been received at our end....

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Posted Under: Corporate Law |

New Income Disclosure Scheme- Last chance for Tax Evaders

The Government has come out with the new version of the income disclosure scheme post de-monetization. This scheme seems to be the last chance for black money holders to come out clean....

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Model GST Law Decoding of Time and Value of supply

Tax point or time of supply provided under revised Model GST Law is different from current scenario. In excise, time of supply is removal of goods. In service tax, point of taxation is date of invoice and date of payment subject to date of completion of service. However, in VAT Laws, tax point is date of invoice since sale cannot be made ...

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Practical Approach needed in GST Law

GST Law is in process of formation. There is need of removing laxity and absolute powers to authorities in respect of inspection, search, seizure, detention, suspicion etc....

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Posted Under: Corporate Law |

Recent Judgements on Arrest Under Service Tax

Delhi High Court come down heavily on Revenue against high handedness in arresting tax payers or their employees without proper adjudication ...

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Posted Under: Corporate Law |

All about Food Safety and Standards Authority of India (FSSAI)

Article explains Benefits, Penalties, Applicability and Registration under Food Safety and Standards Act, 2006 by Food Safety and Standards Authority of India (FSSAI)....

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Posted Under: Corporate Law |

Key rates not changed in 5th Bi-monthly RBI Monetary Policy 2016-17

Press Release : 2016-2017/1442 (07/12/2016)

RBI decided to keep key rates unchanged in its 5th Monetary Policy 2016-17. Bond markets reacted negatively given that 25 bps was already factored ...

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Why should MNC’s buy insurance in India?

Generally speaking ,policies issued abroad are illegal in India ;i.e., insurance documents required in this country must be issued by a licensed insurer in India....

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Posted Under: Corporate Law |

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Eighteenth Amendment) Regulations, 2016

Notification No FEMA 381/2016-RB (07/12/2016)

These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Eighteenth Amendment) Regulations, 2016....

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Old 500 notes cannot be used to for Bus / Rail Ticket & to pay Rail catering services wef 10.12.2016

Notification No. S.O. 3678(E) (07/12/2016)

Old 500 Rs. note cannot be used to pay following wef 10.12.2016 1. At railway ticketing counters, ticket counters of Government or Public Sector Undertakings buses for purchase of tickets...

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Transfer Company Law Proceedings to Tribunal except winding up cases

Order No. S.O. 3676(E) (07/12/2016)

Only such proceedings relating to cases other than winding-up, for which orders for allowing or otherwise of the proceedings are not reserved by High Courts shall be transferred to Tribunal...

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Companies Act, 2013 provisions applicable from 15.12.2016

Notification No. S.O. 3677(E) (07/12/2016)

Central Government hereby appoints 15th day of December, 2016 as date on which following provisions of Companies Act, 2013 (18 of 2013) shall come into force...

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Companies (Transfer of Pending Proceedings) Rules, 2016

Notification No. G.S.R. 1119(E) (07/12/2016)

These rules may be called Companies (Transfer of Pending Proceedings) Rules, 2016 and come into force with effect from 15th December, 2016, except rule 4...

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Post Demonetisation CBDT intensifies enforcement actions

D.O. No.414/W2016-IT(Inv.I)(Pt.) (07/12/2016)

As you are aware. after notification of the Government on 08.11.2016 declaring the old high denomination currency notes of Rs. 1000/500 invalid from 09.11.2016, investigation Directorates have intensified enforcement actions in detecting serious irregularities, They arc, however, seriously handicapped because of non-availability of manpow...

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