Representations have been received from the Express Industry Council of India highlighting problems faced in complying with the KYC norms. It has been represented that only one identification/ document instead of minimum two documents should be collected
The ADs will be required to access the e-Biz portal (which is hosted on the National Informatics Centre (NIC) servers) using a Virtual Private Network (VPN) Account obtained from NIC. The financial aspects for obtaining/using the VPN accounts is being finalised in consultation with Government of India, DIPP and NIC. The same will be informed in due course.
It has been decided to dispense with the requirement of submitting request in Form A-1 to the AD Category –I Banks for making payments towards imports into India. AD Category –I may however, need to obtain all the requisite details from the importers and satisfy itself about the bonafides of the transactions before effecting the remittance.
Indirect Tax Revenue (Provisional) Collections Increase from Rs. 3,98,238 Crore in April-January 2014 to Rs. 4,27,822 Crore During April-January 2015; Registering an Increase of 7.4% During April-January 2015 Over the Corresponding Period in the Previous Year; Customs Collections Increase by 8.7 % While Service Tax Collections Increase by 8.3 % During the Same Period.
It has been brought to the notice of the Board by certain Investigation Directorates that some of the Commissioners are not providing manpower to the Investigation Directorates for the purposes of conducting searches for one reason or the other.
As per The Companies (Declaration of Beneficial Interest in Shares) Rules, 1975, following rules are to be followed:- 1. The declaration required to be made by a person whose name is entered in the Register of Members as a holder but he is not the beneficial owner within thirty days after his name is entered in the register of members of a company as the holder of a share in that company, to the company in Form I in duplicate.
As the budget session 2015 is approaching, the nation is garnering its own expectations. The assessees falling under the indirect tax net are no different. Struggling with the high end compliances and to cope up with the difficult rules to adhere, they too are in need for some relaxation and simplification.
Income Tax Department Initiates Investigation into Issuance of Cheques by Companies Which are Acting as Entry Operators to Convert Illegal Cash into Legitimate Money Income Tax Department, Ministry of Finance, Government of India had initiated investigation into issuance of cheques by companies which are acting as entry operators to convert illegal cash into legitimate money. […]
The Council at its 227th Meeting held at New Delhi on January 18, 2015 while approving the formation of LLPs by PCS granted general permission to the members in practice to: (a) become designated / active partner of a limited liability partnership (LLP) the objects of which include carrying out attestation services which fall within the scope of the profession of Company Secretaries irrespective of whether or not the practising member holds substantial interest in that LLP;
A company (including Private company) having a share capital can increase its subscribed capital by issue of further shares to persons who are holders of equity shares of the company in proportion to the paid up share capital on those shares, by sending a letter of offer.
