Daily Archives: October 7, 2015


CHANGE IN BANK RATE CIRCULAR DBR.NO.RET.BC.42/12.01.001/2015-16, DATED 29-9-2015 Please refer to our circulars DBR.No.Ret.BC.99/12.01.001/2014-15 dated June 02, 2015 and DCBR.BPD.(PCB/RCB).Cir.No.37/16.11.00/2014-15 dated June 2, 2015 on the captioned subject. 2. As announced in the Fourth Bi-Monthly Monetary Policy Statement 2015-16 dated September 29, 2015, the Bank Rate stands adjusted by 50 basis points from 8.25 per… Read More »

IRDA releases master circular on anti money laundering or counter financing of terrorism

ANTI MONEY LAUNDERING/COUNTER FINANCING OF TERRORISM (AML/CFT) GUIDELINES FOR LIFE INSURERS MASTER CIRCULAR NO.IRDAI/SDD/GDL/CIR/175/09/2015, DATED 28-9-2015 1. Background: 1.1 The Prevention of Money Laundering Act (PMLA), 2002 (the Act) brought into force with effect from 1st July 2005, is applicable to all the financial institutions which include Life Insurers. The application of anti-money laundering measures… Read More »

LLPs receiving Foreign Direct Investment shall submit Annual return on foreign liabilities and assets

FEMA (TRANSFER OR ISSUE OF SECURITY BY A PERSON RESIDENT OUTSIDE INDIA) (SEVENTH AMENDMENT) REGULATIONS, 2015 – AMENDMENT IN SCHEDULE 9 NOTIFICATION [NO.FEMA.351/2015-RB]/GSR 745(E), DATED 30-9-2015 In exercise of the powers conferred by clause (b) of sub-section (3) of section 6 and section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the… Read More »

Govt notifies Credit Guarantee Fund Scheme for education loans

CREDIT GUARANTEE FUND SCHEME FOR EDUCATION LOANS (CGFSEL) NOTIFICATION NO.18-1/2013-U.5 (VOL.III), DATED 16-9-2015   The following Scheme is published for the information of all concerned:—     CHAPTER I INTRODUCTION Title and date of commencement 1. (i) The Scheme shall be known as the Credit Guarantee Fund Scheme for Education Loans (CGFSEL). (ii) It shall… Read More »

PAN is now mandatory in Form No MGT 7

COMPANIES (MANAGEMENT AND ADMINISTRATION) SECOND AMENDMENT RULES, 2015 – AMENDMENT IN FORM NO. MGT 7 NOTIFICATION GSR NO. 737(E) [F.NO.01/34/2013-CL-V-PART-I], DATED 24-9-2015 In exercise of the powers conferred by sections 88, 89, 91, 92, 93, 94, 101, 105, 108, 109, 110, 115, 117, 118, 119, 120 and 121 read with sub-sections (1) and (2) of… Read More »

RBI :Auction of Government of India Dated Securities

Auction of Government of India Dated Securities RBI/2015-16/197 Ref.No. IDMD/670/08.02.032/2015-16 October 05, 2015 All Scheduled Commercial Banks All State Co-operative Banks/All Scheduled Primary (Urban) Co-operative Banks /All Financial Institutions/ All Primary Dealers. Dear Sir/Madam, Auction of Government of India Dated Securities Government of India has offered to sell (re-issue/new) four dated securities for notified amount… Read More »

Investment by Foreign Portfolio Investors (FPI) in Government Securities

October, 07th 2015 RBI/2015-16/198 A.P. (DIR Series) Circular No 19 October 6, 2015 To, All Authorised Persons Madam/ Sir, Investment by Foreign Portfolio Investors (FPI) in Government Securities Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident… Read More »

Penalty of Section 271(1)(c) could not be imposed if notice did not contain any grounds on which penalty sought to be imposed

Where show-cause notice under section 274 to assessee was defective as it did not spell out grounds on which penalty was sought to be imposed, order imposing penalty was invalid and, consequently, penalty imposed was to be cancelled IN THE ITAT BANGALORE BENCH ‘A’ H. Lakshminarayana v. Income-tax Officer N.V. VASUDEVAN, JUDICIAL MEMBER AND JASON… Read More »

Estimation of income shall be based on income of that preceding year which is closer to relevant year

Where Assessing Officer proceeded to calculate agricultural income on basis of agricultural income declared by assessee for assessment year 1998-99 instead of assessment year 2001-02 which was a closer assessment year and made addition, same was to be deleted HIGH COURT OF KARNATAKA S.L. Basavaraj (HUF) v. Assistant Commissioner of Income-tax, Circle-1, Shimoga VINEET SARAN… Read More »

Registration under section 12AA to be granted even if Trust have both charitable and religious objects

Where assessee trust could have both charitable and religious objects, registration under section 12AA was to be granted to assessee IN THE ITAT CHENNAI BENCH ‘D’ Gilgal Mission India v. Income-tax Officer N.R.S. GANESAN, JUDICIAL MEMBER AND A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER IT APPEAL NO. 3067 (MDS.) OF 2014 JULY  10, 2015 A.S. Sriraman for… Read More »

TDS on Bill management services u/s sec 194C and not u/s 194J as this service is not professional services

TDS on Bill management services Where assessee made payments towards bill management services, since said services were not in nature of professional services, rather it was a case of service contract, provisions of section 194J would not apply and, tax was required to be deducted under section 194C in respect of said payments HIGH COURT… Read More »