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Abbreviations used in Customs, Central Excise and Service Tax

February 23, 2016 16846 Views 0 comment Print

A AAI : Airport Authority of India AAR : Authority for Advance Ruling AC/DC : Assistant Commissioner/Deputy Commissioner ACAO : Assistant Chief Account Officer ACES : Automation of Central Excise and Service Tax ACES-CFC : ACES Certified Facilitation Center ACP : Accredited Client Programme ACC : Air Cargo Complex AD /DD : Assistant Director/Deputy Director […]

Empanelment of Concurrent Auditors for Union Bank F.Y. 2016-17

February 23, 2016 41368 Views 4 comments Print

Union Bank of India invites applications from eligible/interested Firms /Companies for empanelment as Concurrent Auditors for conducting Concurrent Audit in the identified branches / offices for the period from 01.04.2016 to 31.03.2017.

Difference between Private Placement and Preferential Allotment

February 23, 2016 183810 Views 15 comments Print

ACS Anjali Singh Difference between Private Placement and Preferential Allotment under Companies Act, 2013 For a Layman Private placement (or non-public offering) is a funding mode through Shares or Other Securities which are sold not through a public offering, but rather through a private offering, mostly to a small number of chosen investors. Preferential Allotment […]

Draft Companies (cost records and audit) Amendment Rules, 2016

February 23, 2016 2830 Views 0 comment Print

The Draft Companies (Cost Records and Audit) Amendment Rules, 2016 has been placed on the Ministry’s website at www.mca.gov.in. It has been decided to invite suggestions/comments on the above draft.

Technology Market- Bane or Boon for Consumers and Market

February 23, 2016 2305 Views 0 comment Print

Technology Market refers to market platforms driven by new technologies, shrouding over the age-old market platforms. With the advent of e-commerce facilities selling, purchasing, hiring of any goods and services is seen to be in the hands of the consumers.

DGFT notifies SION for “Falted Milk Food”

February 23, 2016 1627 Views 0 comment Print

In exercise of the powers conferred under Paragraph 1.03 of the Foreign Trade Policy, 2015-2020 the Director General of Foreign Trade hereby notifies a new SION with Serial Number E-133 in Food Product Group for export product “Malted Milk Food” This new entry shall read as under : –

Revised Trade payable presentation in Companies Balance Sheet

February 22, 2016 29011 Views 1 comment Print

In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the some alterations in Schedule III to the Companies Act, 2013 (Notification dated 4th September, 2015).

Related Party Transaction- ‘Omnibus Approval’

February 22, 2016 34649 Views 3 comments Print

According to Clause (1) of Rule 6A, the Audit Committee shall, after obtaining approval of the Board of Directors, specify the criteria for making the omnibus approval which shall include the following, namely:- (a) maximum value of the transactions, in aggregate, which can be allowed under the omnibus route in a year;

ESIC Act, 1948- Applicability, Wages and Contribution

February 22, 2016 194282 Views 13 comments Print

An employer is liable to pay his contribution in respect of every employee and deduct employees contribution from wages bill and shall pay these contributions at the above specified rates to the Corporation within 21 days of the last day of the Calendar month in which the contributions fall due. The Corporation has authorized designated branches of the State Bank of India and some other banks to receive the payments on its behalf.

Demand Stay extension valid, if no change in facts from last stay

February 22, 2016 1301 Views 0 comment Print

ITAT Mumbai held in the case of Goldman Sachs (India) Securities Private Limited vs. ACIT that application for further stay is in favour of assessee. The reasons are that firstly, there is no change in the facts and circumstances since the last stay was extended by the Tribunal, and secondly, the major demand which has been raised prima facie appears to be covered by the decision of the Tribunal

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