CBEC hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 3rd June, 2016
Every Report made by the auditor under section 143 of the 2013 Act for the FY commencing on or after 1 st April 2015 would include CARO 2016. It would be applicable to every company (except some companies) including a foreign company defined under section 2(42) of the 2013 Act. The CARO would not be applicable to the auditor’s report on consolidated financial statements.
When a lease is transferred it involves payment of some transfer charges to the lessor for the transfer of lease as well as payment of stamp duty on registration of lease in the name of the new lessee. The question here arises is that whether transfer charges and stamp duty paid for transfer of lease would be allowable as revenue deduction under the provisions of the Act.
In order to tap tax on income accruing to foreign e-commerce companies from India, the Finance Act 2016 said a person making payment to a non-resident (who does not have a permanent establishment) exceeding in aggregate Rs 1 lakh in a year will withhold tax at 6 per cent of gross amount paid, as equalization levy also popularly known as Google Tax.
KKC IS APPLICABLE ON SERVICE PROVIDER AND NOT ON SERVICE RECIPIENT FOR THE SERVICES PROVIDED UPTO 31.05.2016 KKC (Krishi Kalyan Cess) is applicable on all services w.e.f. 01.06.2016. After introduction of KKC now effective rate of Service Tax will be 15% on all the services. The purpose of KKC is financing and promoting initiative to […]
As we all are aware that there are various ways of raising fund in the company, which may be equity financing, debt financing or by any other issue of securities. The Company apart from the raising of fund by way loans sometimes opts the method of issuing equity shares, preference shares, debentures or any other security, which may or may not be at later stage convertible into shares.
Implementation of Supreme Court Orders in Writ Petition by Swaraj Abhiyan against Union of India and others- Guidelines on Relief Measures by banks in areas affected by Natural Calamities
Please refer to circular DNBS.(PD).CC.No.371/03.05.02/2013-14 dated March 21, 2014, issued by Department of Non-Banking Supervision on Early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders: Framework for Revitalising Distressed Assets in the Economy.
Use of technology by banks has gained further momentum. On the other hand, the number, frequency and impact of cyber incidents / attacks have increased manifold in the recent past, more so in the case of financial sector including banks, underlining the urgent need to put in place a robust cyber security/resilience framework at banks and to ensure adequate cyber-security preparedness among banks on a continuous basis.
Regulation 3 (1) (c) of the Private Warehouse Licensing Regulations, 2016 requires an applicant to furnish a solvency certificate from a scheduled bank for an amount to be specified by the Principal Commissioner / Commissioner of Customs.
