What is Electronic Clearing Service (ECS)? It is a mode of electronic funds transfer from one bank account to another bank account using the services of a Clearing House. This is normally for bulk transfers from one account to many accounts or vice-versa. This can be used both for making payments like distribution of dividend, interest, salary, pension, etc. by institutions or for collection of amounts for purposes such as payments to utility companies like telephone, electricity, or charges such as house tax, water tax, etc or for loan installments of financial institutions/banks or regular investments of persons.
G.S.R. 800(E).- In exercise of the powers conferred by sub-section (5) of Section 211 of the Companies Act, 2013 (18 of 2013) and in supersession of the Serious Fraud Investigation Office, Ministry of Corporate Affairs, Additional Director (Capital Market) (Group ‘A’ Post) Recruitment Rules 2006 and the Serious Fraud Investigation Office,
ITAT Ahmedabad held In the case of Lubrizol Advanced Materials India Pvt. Ltd. vs. DCIT that after the retrospective amendment to the second proviso to section 92C (2) by the Finance Act, 2012, there remains no ambiguity that the benefit of tolerance margin is available only when the variation
Notify vide Notification No. F.3(352)/Policy/VAT/2013/929-40 Dated 21/10/2015 that the Form DP-1 shall be submitted online by all the dealers latest by 23/11/2015. The form shall be filed by dealers registered upto 30/09/2015.
Notification No. 85/2015 – Income Tax In the notification of the Government of India, Ministry of Finance, Department of Revenue(Central Board of Direct Taxes), number 78/2015, dated the 12th October,2015, published vide number S.O.2791(E),dated the 12th October,2015,in the Gazette of India, Extraordinary, Part II, Section 3,Sub-section(ii),at page 3,in line 26,-
REPORT OF THE JOINT COMMITTEE ON BUSINESS PROCESS FOR GST ON GST RETURN- Who needs to file Return and Periodicity of Return Filing in GST regime? Every registered person is required to file a return for the prescribed tax period. A return needs to be filed even if there is no business activity (i.e. Nil Return) during the said tax period of return.
The Reserve Bank of India has today placed on its website the Report of the Working Group on the Implementation of Indian accounting standards (Ind AS) by Banks in India (Chair: Shri Sudarshan Sen, Principal Chief General Manager, Department of Banking Regulation). Suggestions/comments, if any, on the Report may be sent by post to the Principal Chief General Manager, Department of Banking Regulation, Reserve Bank of India, Central Office, 12th Floor, Shahid Bhagat Singh Marg, Mumbai-400 001, or by email on or before November 30, 2015.
Calcutta High Court held In the case of CIT vs. Shri Shyamal Sarkar that there is a presumption in law that all official and judicial acts were regularly performed. In this case, this presumption is supported by the fact that the assessee had paid the fees of the auditor.
Delhi High Court in case of CIT Vs. Edward Keventer (Successors) Private Limited held that factors like intention of the assessee in purchasing the property, duration of time property was kept by assessee, lack of any transactions of sale or purchase of property throughout relevant period of time
Notification No. 84/2015 – Income Tax The Infrastructure Debt Fund shall be set up as Non-Banking Financial Company conforming to and satisfying the conditions provided by the Reserve Bank of India in the Infrastructure-Debt Fund – Non-Banking Financial Companies (Reserve Bank) Directions, 2011, vide notification No. DNBS.233/CGM (US)-2011, dated the 21st November, 2011 as amended vide notification No. DNBR.020/CGM (CDS) – 2015, dated the 14th May, 2015.
