The Central Government proposes to issue the following Order (presently in the Draft form) causing Amalgamation of National Spot Exchange Limited with its Holding Company Financial Technologies (India) Limited
The Government of India enacted the Companies Act 2013 in August 2013. Section 135 of the Companies Act 2013 (hereinafter referred to as ‘the Act) deals with the subject of Corporate Social Responsibility (CSR). It lays down the qualifying criteria based on net worth, turnover, and net profit for companies which are required to undertake CSR activities
This Scheme may be called the Depository Receipts Scheme, 2014. ‘depository receipt’ means a foreign currency denominated instrument, whether listed on an international exchange or not, issued by a foreign depository in a permissible jurisdiction on the back of permissible securities issued or transferred to that foreign depository and deposited with a domestic custodian and includes ‘global depository receipt’ as defined in section 2(44) of the Companies Act, 2013;
During the course of inspection of records and accounts of the associations registered/ granted prior permission under Foreign Contribution (Regulation) Act, 2010 from time to time, it has been observed that some associations withdraw huge amount of foreign contribution (FC) from their FC designated bank accounts and Utilisation Accounts by Cash.
In the said notification, in the ANNEXURE, in condition number 100, in clause (b), for the words “within a period of six months” the words “within a period of twelve months” shall be substituted.
Attention is invited to Notification No. 21/2014 – CE (NT) dated 11.07.2014 vide which the definition of “place of removal” has been inserted in the CENVAT Credit Rules, 2004 (CCR). Under these rules there are provisions that the credit of input services is available upto the place of removal. As the definition is now provided in the CCR, wherever Cenvat credit is available upto the place of removal, this definition of place of removal would apply, irrespective of the nature of assessment of duty.
As a measure of ease of doing business, henceforth two extensions of two years each in the initial validity of three years of the industrial License shall be allowed up to seven years. This is in supersession of Press Note No. 5(2014 Series) dated 02.07.2014,
CBDT CIRCULAR NO.15/2014 Section 194LC of the Income-tax Act, 1961, introduced by the Finance Act 2102, provided for lower withholding tax at the rate of 5% on the interest payments by Indian companies on borrowings made in foreign currency by such companies from a source outside India. The benefit was available in respect of borrowings made either under an agreement or by way of issue of long term infrastructure bonds. The section further provided that such borrowing and the rate of interest should be approved by the Central Government. Subsequently with a view to lower
Notification No. 49-Income Tax In exercise of the powers conferred by sub-section (1) of Section 120 of the Income-tax Act, the Central Board of Direct Taxes hereby directs that Sri Bhaskar Goswami, Additional Commissioner of Income-tax in the office of Principal Chief Commissioner of Income-tax,New Delhi shall exercise the powers and functions of Deputy Commissioner of Income-tax
Reference is invited to Board Circular No 7/2014-Cus dated 7.04.2014 on compliance of Order of Hon’ble High Court of Gujarat regarding import of formulations into India which lays down that Commissioner of customs concerned should ensure that in case of import of formulations, the samples of its technical grade / material is tested.
