S.O. 2943(E).-In the notification of the Government of India, Ministry of Finance (Department of Revenue) number S.O.2380(E) dated the 12th July 2016, PUBLISHED IN THE Gazette of India, Extraordinary, Part – II, Section 3, sub-section (ii) dated 12th July 2016.
When a company issues shares to a select group of investors, instead of inviting public at large, it is called private placement of shares. It falls neither in the category of a public issue, nor a rights issue. It is a faster way of raising capital, as a company has to comply with fewer requirements.
Investor Education and Protection Fund Authority (“Authority”) shall manage the IEPF which is credited mainly from unpaid Dividend which remains unpaid or unclaimed for a period of Seven years or more lying in Unpaid Dividend Account of the Company and also all amount payable as mentioned in clause (a) to (n) of subsection (2) of Section 125 of the Act.
India is on the brink of GST. This is a major tax reform undertaken by the central government and it will be impacting the economy positively. If managed well, it has the potential to add at least 1% of Indias GDP growth. Capping the rate of tax is good. However, if the rate of tax is increased at a later stage then it will prove to be tricky.
With the implementation of internet banking, the date of debit from the employer’s account may be taken as date of payment for the purpose of levy of damages by way of penalty. Other issues e.g. delay in credit in EPFO’s accounts or delay in transfer of funds for investment by banks may be dealt in accordance with banking agreements with different banks.
This Master Circular includes circulars issued upto September 14, 2016. Master Circular is a compilation of all the existing/applicable circulars issued by Investment Management Department of SEBI to Mutual Funds.
In pursuance of the Trade Notice No.4 dated 05.05.2016, changes in entitlement in the online system for the IEIS Quarterly cases has been incorporated and list of such cases where Supplementary Scrip is to be issued is made available in the Online Application Menu of the Quarterly IBIS Scheme.
Section 44AB of the Act, stipulates that the accounts are to be got audited by an accountant and furnished in the prescribed manner before the ‘specified date’. The ‘specified date’ under Explanation (ii) to that section has been defined to be the ‘due date’ for furnishing the return of income under subsection (1) of section 139. Therefore, the extended ‘due date’ as per CBDT order dated 9th September, 2016 would also apply for the purpose of section 44AB of the Act.
In order to support the survival of exporter of services in international market and for the growth Indian economy, the Central Board of Excise and Custom department has provided the facility of refund of CENVAT credit under rule 5 of CENVAT credit rules, 2004.
Making empty commitments is common nowadays. Some people readily make commitments without any idea of whether they can honor them. Such unkept assurances not only affect others but lower the reputation and credibility of those making such promises.
