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Archive: 03 March 2017

Posts in 03 March 2017

Reg. Composite EPF Claim Form in Death Cases

March 3, 2017 4767 Views 0 comment Print

The Central Provident Fund Commissioner vide order Manual/Amendments/2011/ Pt/31792 dated 20.02.2017 has introduced Composite Claim Form (Aadhar) and Composite Claim Form (Non-Aadhar) by replacing the erstwhile Forms No. 19, 10C & 31 to simplify the submission of claim form by the subscribers.

Guidelines on Claim processing for Group Insurance Policies

March 3, 2017 3030 Views 0 comment Print

The Authority issued Guidelines on Claim Processing for Group Life Insurance Policies under Lender Borrower Schemes vide cir ref: IRDA/Life/Cir/GDL/285/12/2014 dated 29/12/2014 which provided that insurers may settle the outstanding loan amounts to certain categories of Master Policyholders prescribing therein the procedure to be adopted.

Minimum rates of wages in Delhi wef 3rd March 2017

March 3, 2017 13383 Views 0 comment Print

Government of National Capital Territory of Delhi is pleased to revise, the minimum rates of wages for the class of workmen/employees mentioned in all the Schedule employments as mentioned in earlier notification no. F.12 (1)142/11/MW/Lab/ 2023-2047 dated the 26th July, 2011, in the National Capital Territory of Delhi, namely:

FEM(Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2017

March 3, 2017 7734 Views 0 comment Print

G.S.R. 188 (E).—In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000

AO has no jurisdiction to examine constitutional validity of any Act

March 3, 2017 9093 Views 0 comment Print

All the appeals are directed against the common order dated 18.02.2016 passed by the learned Single Judge in the respect of writ petitions whereby the learned Single Judge, for the reasons recorded in the order, has set aside the impugned assessment orders so far as they relate to Privilege Fee as being taxable income.

Sec. 271J- Why Penalty on chartered accountant needs to be removed?

March 3, 2017 10230 Views 4 comments Print

In order to ensure that the person furnishing report or certificate undertakes due diligence before making such certification, new section 271J is proposed to be inserted so as to provide that if an accountant or a merchant banker or a registered valuer

Contingent consideration in Business combinations – Ind-As/ IFRS

March 3, 2017 9336 Views 5 comments Print

When an acquisition of a business is being made and the consideration for such business to include some portion of amount which is NOT certainly determinable and depending upon some future event/s to be met and accordingly an expectation is required to be built to calculate that uncertain portion called Contingent consideration.

Budget 2017: Tax neutral conversion of preference shares to equity shares

March 3, 2017 3942 Views 0 comment Print

Article deals with proposed amendment in Section 2(hf), section 47(xb) and section 49(2AE) related to Tax neutral conversion of preference shares to equity shares and sought Clarification regarding tax treatment for earlier years

HDFC clarification on Charges for Cash Withdrawals

March 3, 2017 5238 Views 1 comment Print

HDFC BANK IMPORTANT NOTICE REVISION OF FEES AND CHARGES – SAVINGS & SALARY ACCOUNTS (EFFECTIVE 01st March 2017) Effective 01st March 2017, cash transaction charges for Savings and Salary accounts are being revised as follows: Sr. No Charge Type Revised charges 1 Number of Cash transactions(Cumulative of Deposit and Withdrawal) 4 free cash transactions per […]

Budget 2017: Extend benefit of non-applicability of indirect transfer provisions to Category III FPIs too

March 3, 2017 984 Views 0 comment Print

The Finance Act, 2012 amended Section 9(1)(i) of the Act with retrospective effect from 1st April 1962 to provide that any share or interest in an entity incorporated outside India shall be deemed to be situated in India if such share or interest derives, directly or indirectly, its value substantially from assets located in India.

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