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NCCL submits letter on GST, Income Tax, Benami Transactions, PMLA issues

April 22, 2018 17856 Views 6 comments Print

The compliance burden of filingGST returns should be made simple by way of single return and that too in greater intervals of say six monthly instead of monthly or quarterly.

Reduction in timelines for public issue of debt securities under SEBI ILDS Regulations, 2008

April 22, 2018 801 Views 0 comment Print

In the last few years, the corporate bonds market has emerged as one of the major sources of funding for the corporates as evidenced by increased number of issuances. Concurrently, various regulatory initiatives such as implementation of centralized database for corporate bonds, introduction of electronic book platform, capping of number of ISINs etc. have been taken towards the aim of developing the corporate bond market.

Legal Entity Identifier for corporate borrowers

April 22, 2018 4689 Views 0 comment Print

RBI has mandated ALL BANKS to make it mandatory for corporate borrowers having aggregate fund-based and non-fund based exposure of Rs. 5 crore and above from any bank to obtain Legal Entity Identifier (LEI) registration and capture the same in the Central Repository of Information on Large Credits (CRILC).

SEBI Circular on Strengthening Guidelines and Raising Industry standards for RTA, Issuer Companies and Banker to an Issue

April 21, 2018 12264 Views 1 comment Print

The Securities and Exchange Board of India has issued Circular No. SEBI/HO/MIRSD/DOP1 /CIR/P/2018/73 dated 20th April, 2018 with the objective of Strengthening the Guidelines and Raising Industry standards for RTA, Issuer Companies and Banker to an Issue.

Criminal Law (Amendment) Ordinance, 2018

April 21, 2018 10131 Views 1 comment Print

THE CRIMINAL LAW (AMENDMENT) ORDINANCE, 2018 An Ordinance further to amend the Indian Penal Code, the Indian Evidence Act, 872, the Code of Criminal Procedure, 1973 and the Protection of Children from Sexual Offences Act, 2012.

DRI busts Diesel Smuggling racket

April 21, 2018 1077 Views 0 comment Print

DRI busts Diesel Smuggling racket; 14 containers of diesel seized and 4 persons, including the Mastermind and one Hawala Operator, arrested under the Customs Act 1962.

Online Dispute Resolution Mechanism saves time & cost: Vice President

April 21, 2018 702 Views 0 comment Print

The Vice President of India, Shri M. Venkaiah Naiud has said that Online Dispute Resolution Mechanism is a laudable initiative to fast-track dispute resolution and it shall go a long way in resolving disputes, attracting more foreign investment by projecting India as an investor-friendly country and strengthen economy.

AAR on GST on Supply of animal carcass in its natural shape to Army

April 21, 2018 1233 Views 0 comment Print

Whether the whole (Sheep/Goat) animal carcass in its natural shape in frozen state in different weight and size packed in LDPE bags without mentioning the weight and one or two such LDPE bags further packed in HDPE bags being supplied to Army by applicant against tender shall qualify as product put up in unit container?

PFRDA prescribes New NPS Subscriber Registration Form

April 20, 2018 930 Views 0 comment Print

Pension Fund Regulatory and Development Authority prescribes New NPS Subscriber Registration Form – Additional Mandatory Requirements

section 57(iii) Expense allowable only if the same was for earning income taxable under the head ‘income from other sources’

April 20, 2018 86361 Views 1 comment Print

Regarding the allowability of deduction under clause (iii) of section 57, it has to be established by the assessee that expenditure has been exclusively laid out or expended wholly and exclusively for the purpose of making or earning such income taxable under the head ‘income from other sources

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