Daily Archives: December 2, 2015

CBEC Guidelines for handling seized/ confiscated by Department

By | December 2, 2015

INSTRUCTION F.No.394/97/2015-Cus (AS) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (Anti-Smuggling Unit) New Delhi, dated 1 st December, 2015 To All Principal Chief/Chief Commissioners of Customs All Principal Chief/Chief Commissioners of Customs (Preventive) All Principal Chief/Chief Commissioners of Customs & Central Excise All Principal Chief/Chief Commissioners of… Read More »

IRDA invite comments on Amendment to Regulation 28(9) for Branch offices of Foreign Reinsurers

By | December 2, 2015

Exposure Draft Date:02-12-2015 Amendment to Regulation 28(9)-Order of preference of cessions by Indian insurers – IRDAI’s (Registration and Operations of Branch offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015 Attention is drawn of all stakeholders regarding the IRDAI’s (Registration and Operations of Branch offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015. As is… Read More »

Redressal of Investors’ Grievances against Companies

By | December 2, 2015

As per the investors’ grievances data maintained by the Ministry of Corporate Affairs, action has been initiated against 319 Companies in 2012-13, 420 companies in 2013-14 and 2414 companies in 2014-15. This is an on-going process. Non-payment of dividend/interest on listed securities, pertaining to companies listed at stock exchanges is actionable under sections 11B/15C of… Read More »

Review of Companies Act 2013 by Govt

By | December 2, 2015

Review of Companies Act  The Companies Law Committee was constituted (Annexure-I) in fulfillment of an assurance made by the Corporate Affairs Minister during discussion on Companies (Amendment) Bill, 2014 in the Rajya Sabha in response to the concerns raised by Members in Rajya Sabha as well as for addressing issues raised by various stakeholders regarding… Read More »

Independent Directors in PSUs

By | December 2, 2015

Section 149(4) of Companies Act, 2013 mandates appointment of independent directors by listed companies. Further, as per Rule 4 of Companies (Appointment and Qualifications of Directors) Rules, 2014 the following class of companies shall have atleast two independent directors:- • the Public Companies having paid up share capital of ten crore rupees or more; or… Read More »

100 Per Cent FDI in Medical Devices

By | December 2, 2015

To give impetus to the medical devices sector and for easing the norms the Government vide Press Note 2 (2015 series) dated 21.01.2015 allowed 100% FDI under the automatic route for brownfield projects of medical devices industry. The measure undertaken would help in easing the process of foreign investment in this industry which, in turn,… Read More »

” Corporate connect ” for TDS compliance by Banks / Corporate

By | December 2, 2015

F.No.:DGIT(S)/CPC(TDS)/Corp_Authentication Mech/2015-16/14557-14690 Govt of India Ministry of Finance Central Board of Direct Taxes  Director of Income Tax (Systems) New Delhi Notification No 3 /2015 New Delhi,1st of December 2015 Stringent Authentication mechanism through corporate Head Quarter server for filing of correction statements & download of TDS Certificates , Consolidated files etc by banks /Corporate regarding

Clarity for Indirect transfer provisions under Section 9 of Income Tax Act w.e.f 01.4.2016

By | December 2, 2015

Income deemed to accrue or arise in India. Following Explanations 6 and 7 shall be inserted after Explanation 5 in clause (i) of sub-section (1) of section 9 by the Finance Act, 2015, w.e.f. 1-4-2016 : Explanation 6.—For the purposes of this clause, it is hereby declared that— (a) the share or interest, referred to in… Read More »

Charitable purpose in the Income-tax Act w.e.f 01.4.2016

By | December 2, 2015

Section 2 (15) of the Income Tax Act 1961 :- “charitable purpose” includes relief of the poor, education, yoga, {yoga inserted by the Finance Act, 2015, w.e.f. 1-4-2016} medical relief, preservation of environment (including watersheds, forests and wildlife) and preservation of monuments or places or objects of artistic or historic interest, and the advancement of any other… Read More »

Taxation of Government Grants

By | December 2, 2015

Alignment of provisions relating to taxation of Government Grants with the provisions of Income Computation and Disclosure Standards (ICDS) Sub-section (2) of section 145 of the Income-tax Act provides that the Central Government may notify Income Computation and Disclosure Standards (ICDS) for any class of assessees or for any class of income. The Central Board… Read More »

HARYANA VALUE ADDED TAX (SECOND AMENDMENT) ACT, 2015

By | December 2, 2015

HARYANA GOVERNMENT LAW AND LEGISLATIVE DEPARTMENT Notification The 21st September, 2015 No. Leg. 22/2015.—The following Act of the Legislature of the State of Haryana received the assent of the Governor of Harana on the 15th September, 2015, and is hereby published for general information:- HARYANA ACT NO. 15 OF 2015 THE HARYANA VALUE ADDED TAX… Read More »

Change of opinion not permissible for invoking Section 147

By | December 2, 2015

IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH ‘E’ NEW DELHI New Delhi Television Ltd., vs. A.C.I.T., Circle 13(1) ITA Nos. 1023/Del./2013 Asstt. Year : 2003-04 The brief facts of cases are :- that the assessee-company is engaged in the business of producing customize software/programs for broadcasters like Star TV, BBC, Vijay Television etc. The… Read More »

20 National Investment and Manufacturing Zones in India

By | December 2, 2015

As per press release by Ministry of Commerce & Industry of Govt of India on 30-November, 2015 Setting up of NIMZs Government has granted “in-principle” approval to a total of 20 National Investment and Manufacturing Zones (NIMZs). Of these, 12 NIMZs are located outside the Delhi-Mumbai Industrial Corridor (DMIC) region. These are: (i) Nagpur in… Read More »

100% FDI for E-Commerce Sector in India

By | December 2, 2015

As per Press release by Ministry of Commerce & Industry of Govt of India on 30-November, 2015 FDI in E-Commerce Sector As per the extant FDI policy, FDI up to 100% under the automatic route is permitted in companies engaged in e-commerce provided that such companies would engage only in Business to Business (B2B) e-commerce.… Read More »

ITAT can not stay show cause notice of prosecution: P&H HC

By | December 2, 2015

IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH Pr. Commissioner of Income Tax, Aayakar Bhawan, Sector-14, Hisar. Versus Income Tax Appellate Tribunal, Delhi Bench, New Delhi and another. Civil Writ Petition No.15239 of 2015 Date of Decision: 31stOctober, 2015 Facts of the case are Appeal is filed before Appellate Tribunal by Assessee for… Read More »

CD is document as per Indian Evidence Act : Supreme Court

By | December 2, 2015

IN THE SUPREME COURT OF INDIA Shamsher Singh Verma … Appellant Versus State of Haryana …Respondent CRIMINAL APPEAL NO. 1525 OF 2015 November 24, 2015 Word “document” is defined in Section 3 of the Indian Evidence Act, 1872, as under: – “ ‘Document’ means any matter expressed or described upon any substance by means of… Read More »

SEBI Discussion Paper on public issuance of Convertible Securities

By | December 2, 2015

Discussion Paper on ‘Review of framework for public issuance of Convertible Securities ’ Such comments may please be e-mailed on or before December 23, 2015, to convertibles@sebi.gov.in or sent by post, to: Shri. Amit Tandon Deputy General Manager Corporation Finance Department Securities and Exchange Board of India SEBI Bhavan Plot No. C4-A, “G” Block Bandra… Read More »

SEBI Discussion Paper on “ Exit Offer to Dissenting Shareholders ”

By | December 2, 2015

Discussion Paper on “ Exit Offer to Dissenting Shareholders ” Such comments may please be e-mailed on or before December 23, 2015, to issueobject@sebi.gov.in or sent by post, to:- Shri. Amit Tandon Deputy General Manager Corporation Finance Department Securities and Exchange Board of India SEBI Bhavan Plot No. C4-A, “G” Block Bandra Kurla Complex Bandra… Read More »

Tribunal provide method of Calculating Capital gains and Business profit in case of sale of flats under development agreement

By | December 2, 2015

Facts of the case The assessee M/s. Goman Agro Farms Pvt. Ltd acquired lands in two pieces to the extent of seven acres in the financial year 2002-03 at Survey No.194 Bachupalli Village, Ranga Reddy District. Thereafter, it incurred some expenditure on fencing, laying of roads, etc. in respect of the said land during the… Read More »