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SEBI norms for disclosures / compliances by Municipal Securities issuers

June 19, 2017 957 Views 0 comment Print

Regulation 23 of the SEBI (Issue and Listing of Debt Securities by Municipalities) Regulations, 2015 (SEBI ILDM Regulations) prescribe disclosures to be made by issuers making public issues of debt securities or seeking listing of debt securities issued on private placement basis to the Stock Exchange(s). The said disclosures, inter-alia, include disclosures for financial as well as non-financial information.

Filling up of posts up to the grade of ITO on ad-hoc basis

June 19, 2017 1614 Views 0 comment Print

I am directed to refer to the subject mentioned above and to say that during the meeting of representatives of ITGOA and ITEF under the Chairmanship of Chairman, CBDT, held on 27052017, one of the Issues discussed was ‘adhoc’ promotion on functional basis against the vacancies arising after promotion to Assistant Commissioner of Income Tax for vacancy year 2014-15 & 2015-16

Commission paid against Guarantee by Directors in violation of RBI guidelines is not allowable

June 19, 2017 9498 Views 0 comment Print

Assessing Officer to examine from the original bank documentations/ agreements/ sanction letter and to ascertain whether the requirement of non-payment of commission to the guarantors was incorporated in the terms and conditions of bank for sanctioning of credit limit or whether any undertaking to this effect was taken from the company or not in terms of RBI guidelines noted above.

If transactions are at ALP no further income can be said to be attributable to assessee in India from PE

June 19, 2017 2244 Views 0 comment Print

Assessee- company was engaged in business of broadcasting of sports channel, namely Ten Sports across globe, including India. Its subsidiary (Taj India) was appointed as exclusive distributor of TV Channel Ten Sports to cable operators and other permitted systems on principal-to-principal basis.

The Meghalaya Goods And Services Tax Act, 2017

June 19, 2017 1416 Views 0 comment Print

THE MEGHALAYA GOODS AND SERVICES TAX ACT, 2017An Act to make a provision for levy and collection of tax on intra- State supply of goods or services or both by State of Meghalaya.

Why BCCI not been made Public Authority Under RTI Act?: CIC

June 16, 2017 1587 Views 0 comment Print

Central Information Commissioner, Prof. M Sridhar Acharyulu, in the case of Subhash Chandra Agrawal Vs. PIO, Department of Sports, declared the BCCI to be a public authority and directed the Board to disclose information sought by the RTI applicant.

Donation to uplift living condition of manual scavengers form part of Corpus despite no specific instruction

June 16, 2017 1182 Views 0 comment Print

The issue is one, namely, whether the assessee was entitled to claim benefit of section 11(1)(d) of the Income Tax Act,1961 with respect to Government grant of Rs. 8.97 crores received during the assessment year in question.

Vessel sharing agreements on liner shipping outside CCI purview for 1 Year

June 16, 2017 990 Views 0 comment Print

Central Government, in public interest, hereby exempts the Vessels Sharing Agreements of Liner Shipping Industry from the provisions of section 3 of the said Act, for a period of one year with effect from the 20th June, 2017

Anti-dumping duty on Clear Float Glass of nominal thickness

June 16, 2017 2670 Views 0 comment Print

(a) Seeks to impose anti-dumping duty on Clear Float Glass of nominal thickness ranging from 4mm to 12 mm (both inclusive produced and exported by M/s Tariq Glass Industries Ltd, Pakistan, originating in or exported from the Pakistan. (b) Seeks to rescind the Notification No. 53/2015-Customs (ADD), dated the 30th October, 2015.

Uncertainties and Unintended levies under GST

June 16, 2017 8214 Views 2 comments Print

Under Service tax, Section 69(1) of the financial Act 1994 specifies that only persons who are liable to pay Service tax were liable to get themselves registered. under GST, The whole scenario has changed.

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