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Notifications

RBI allowed to can prescribe norms on borrowing or lending foreign exchange under automatic/approval route

December 2, 2015 714 Views 0 comment Print

Provided that under these Regulations, the Reserve Bank may, in consultation with the Government of India, prescribe for the automatic route, any provision or proviso regarding various parameters listed in paragraphs 1 to 3 above of this Schedule or any other parameter as prescribed by the Reserve Bank and also prescribe the date from which any or all of the existing proviso will cease to exist, in respect of borrowings from overseas, whether in foreign currency or Indian Rupees, such as addition / deletion of borrowers eligible to raise such borrowings, overseas lenders / investors, purposes of such borrowings, change in amount, maturity and all-in­cost, norms regarding security, pre-payment, parking of ECB proceeds, reporting and drawal of loan, refinancing, debt servicing, etc.

Simplification of procedure for Form No.15G & 15H – regarding

December 1, 2015 12470 Views 1 comment Print

Notification No. 4/2015 – Income Tax Section 197A of the Income tax Act provides for no deduction in certain case by submitting a declaration using Form 15G/15H as laid down in Rule 29C of the Income tax Rules. The manner of filing such declaration and the particulars have been laid down in Rule 29C of the Income tax Rules. The person responsible for paying any income of the nature referred to in sub section (1) or sub section (1A) or sub section (1C) of section 197A (hereinafter called “payer”) shall enable the payee to furnish the declaration in electronic form after due verification through an electronic process.

CBDT formulated mechanism on TDS related issues of branches via Corporate Head Quarter

December 1, 2015 1253 Views 0 comment Print

Notification No. 3/2015 – Income Tax Stringent Authentication mechanism through Corporate Head Quarter Server for filing of Correction statements & download of TDS certificates, Consolidated files etc. by Banks/Corporates- regarding.

Agreement between India and Thailand for Exchange of Information with respect to taxes

December 1, 2015 2717 Views 0 comment Print

Notification No. 88/2015 – Income Tax Whereas, an Agreement between the Government of the Republic of India and the Government of the Kingdom of Thailand for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income was signed in Thailand on the 29th day of June, 2015 (hereinafter referred to as the said Agreement);

Regarding licence to cultivate opium poppy

November 26, 2015 445 Views 0 comment Print

No. 4/2015-NARCOTICS CONTROL-I (vi) Cultivators who became ineligible for issue of licence to cultivate opium poppy during the crop years 2009-10 to 2014-15 for tendering opium below 55 degree consistency; (vii) Cultivators who became ineligible for issue of licence to cultivate opium poppy during the crop years 2009-10 to 2014-15 for ploughing back their entire poppy crop for a continuous period of two years.

Govt authorises CERSAI to perform functions of Central KYC Records Registry

November 26, 2015 2251 Views 0 comment Print

S.O. 3183(E).— In exercise of the powers conferred by clause (j) of Sub-section (2) of Section 73 of the Prevention of Money-Laundering Act, 2002 (15 of 2003), read with clause (aa) of sub-rule (1) of rule 2 and rule 9A of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 (hereafter referred to as the said rules), the Central Government hereby authorises the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI),

Custom duty exemption to EOUs on raw materials/parts consumed in manufacture of certain ships/vessels and cleared to DTA

November 24, 2015 1078 Views 0 comment Print

NOTIFICATION No. 55/2015-Customs Seeks to further amend notification No. 52/2003-Customs dated 31-03-2003 so as to enable EOUs to become eligible for duty exemption on raw materials/parts consumed in manufacture of certain specified ships/vessels and cleared to DTA, even if such ships/vessels are exempt from basic customs duty and central excise/CV duty

Custom duty exemption on raw material and parts for use in manufacture of certain specified ships/vessels

November 24, 2015 1564 Views 0 comment Print

NOTIFICATION No. 54/2015-Customs Seeks to further amend notification No. 12/2012-Customs dated 17.3.2012 so as to provide exemption from custom duties on all raw material and parts for use in manufacture of certain specified ships/vessels subject to actual user condition and also removing the requirement of manufacturing of ships/vessels in a custom bonded warehouse under the provisions of Section 65 of the Customs Act, 1962 for availing duty benefits

Sovereign Gold Bonds, 2015-16 issue date shifted to November 30, 2015

November 24, 2015 992 Views 0 comment Print

It has been decided to shift the issue date of the Sovereign Gold Bond from November 26, 2015 to November 30, 2015. In this regard, please refer to the Operational Guidelines issued vide circular IDMD.CDD.No. 968/14.04.050/2015-16 dated November 4, 2015, wherein it was stated that applicants will be paid interest at prevailing savings bank rate from the date of realization of payment to the settlement date i.e. period for which they are out of funds. As the settlement date has now been shifted to November 30, 2015

Excise Duty exemption to EOUs on raw materials/parts consumed in manufacture of certain specified ships/vessels and cleared to DTA

November 24, 2015 493 Views 0 comment Print

Notification No. 45/2015-Central Excise Seeks to further amend notification No. 22/2003-CE dated 31-03-2003 so as to enable EOUs to become eligible for duty exemption on raw materials/parts consumed in manufacture of certain specified ships/vessels and cleared to DTA, even if such ships/vessels are exempt from basic customs duty and central excise/CV duty.

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