8th floor, Vikrikar Bhavan, Mazgaon, Mumbai-400010. TRADE CIRCULAR To, No. VAT/MMB-2015/47/2016-17/ADM-8 dated 30th June 2016. Trade Cir. No. 19T of 2016 Subject: FAQ’s on Settlement of Arrears in Disputes Act, 2016. Ref. (1) The Maharashtra Settlement of Arrears in Disputes Act, 2016. (Act No. XVI of 2016) (2) Trade Circular No. 10T of 2016 dated […]
CBDT has vide Notification No. 55/2016 dated 28.06.2016 notified rules for Determination of value of assets and apportionment of income in certain cases. It also notified FORM NO. 3CT Under rule 11UC for Income attributable to assets located in India Under section 9 of the Income-tax Act, 1961 and FORM NO. 49D under Rule 114DB for Information and documents to be furnished by an Indian concern under section 285A.
The Reserve Bank of India has observed that a major portion of the pre-2005 banknotes have been withdrawn from circulation and only a small percentage of these notes remains in circulation. On a review, therefore, the Reserve Bank has decided that from July 01, 2016 the facility of exchanging the pre-2005 banknotes will be available only at the following offices of the Reserve Bank of India:
Central Government hereby makes the following rules further to amend the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, namely: 1. (1) These rules may be called the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016.
Every company, existing on or before the commencement of this Act which is required to comply with the provisions of this sub-section, shall comply with requirements of this sub-section within a period which shall not be later than the date of the first annual general meeting of the company held, within the period specified under sub-section (1) of section 96, after three years from the date of commencement of this Act
With a view to rationalizing and expediting the process of giving approval, it has been decided that ECB proposals received in the Reserve Bank above a certain threshold limit (refixed from time to time) be placed before the Empowered Committee. The Reserve Bank will take a final decision in the cases taking into account the recommendation of the Empowered Committee.
As the payment channel for processing ‘ACU Euro’ transactions is under review, it has become necessary to temporarily suspend operations in ‘ACU Euro’ with effect from July 01, 2016. Accordingly, all eligible current account transactions including trade transactions in ‘Euro’ are permitted to be settled outside the ACU mechanism until further notice.
The principal notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001 was last amended vide Notification No. 86/2016-Customs (N.T.), dated the 15th June, 2016
The circular inter alia provides clarifications on issues such as confidentiality of information disclosed in the declaration, allowability of TDS credit against declared income, enquiry in respect source of income and payment of tax and initiation of enquiry against third parties on the basis of information furnished in the declaration.
It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75, dated 30th June, 1975, shall with effect from 1st July, 2016 to 30th September, 2016, bear interest at 8.1% (eight point seven per cent) per annum.
