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Acceptance of late charges / amendment fees by JNCH on 24 X 7 basis

June 2, 2017 1347 Views 0 comment Print

Trade has represented that they are facing difficulty in making payment of certain late charges / amendment fees (as detailed below) beyond working hours.

SEBI on Formation of Committee on Corporate Governance

June 2, 2017 1467 Views 0 comment Print

The Committee shall make recommendations to SEBI on the following issues with the aim of improving standards of corporate governance of listed companies in India: 1. Ensuring independence in spirit of Independent Directors and their active participation in functioning of the company;

AO has no power to review entire assessment order on debatable issues and to make additions in order U/s.154

June 2, 2017 3306 Views 0 comment Print

Hon’ble Supreme Court in the leading case, ITO vs. Volkart Brothers [(1971) 82 ITR 50 (SC)] has held that a mistake apparent on the record must be an obvious and patent mistake and not something which can be established by a long drawn process of reasoning on points on which there may conceivably be two opinions.

Notification No. 24/2017-Customs (ADD) Dated: 02.06.2017

June 2, 2017 2760 Views 0 comment Print

G.S.R. (E). -Whereas, the designated authority vide initiation notification No. 15/24/2016- DGAD, dated the 25th April, 2017, published in the Gazette of India, Extraordinary, Part I, Section 1 dated the 25th April, 2017, had initiated review in terms of sub- section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act) and in pursuance of rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 (hereinafter referred to as the said rules), in the matter of continuation of anti-dumping duty

India’s Major Drive Towards Clean Energy

June 2, 2017 1122 Views 0 comment Print

Ramping up its renewable and nuclear energy programmes tremendously over the past three years reflects the government’s commitment to prioritise the use of clean power in India’s energy mix.

Aadhaar mandatory for opening bank account- Govt notifies rules

June 1, 2017 6126 Views 0 comment Print

(1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette.

Hidden problem for renting of immovable property service provided by individuals under GST

June 1, 2017 216237 Views 59 comments Print

As per schedule I supply of service without consideration to related/distinct person will be treated as supply. Admitting a person into a premises for “consideration” alone can be treated as business under Sec 2(17)(f). It is not clear whether schedule I can override section 2(17)(f).

“Every Cloud has silver lining”

June 1, 2017 2586 Views 3 comments Print

Every cloud has silver lining is a very common phrase often used in English whenever we are trying to uplift someone’s spirits. Silver Lining doesn’t mean the actual boundary line that appears when sun suddenly shines from behind the clouds on a stormy day, even though it makes a beautiful scene. It means that after all the hardships and struggles, there is always hope or a lesson that helps us in our future journey or helps us in not repeating our mistakes in future.

Online Registration Mechanism for Mutual Funds

June 1, 2017 1278 Views 0 comment Print

It has now been decided to operationalize SEBI Intermediary Portal https://siportal.sebi.gov.in) for the entities to submit the mutual funds registration applications online.

Introduction of Legal Entity Identifier for OTC derivatives markets

June 1, 2017 3429 Views 0 comment Print

The Legal Entity Identifier (LEI) code has been conceived of as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis. The LEI is a 20-character unique identity code assigned to entities who are parties to a financial transaction.

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