Daily Archives: December 2, 2015

CBEC Guidelines for handling seized/ confiscated by Department

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

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

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

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 »

Govt Steps for effective implementation of CSR by companies

Judicious use of CSR Resources While no CSR Compendium for the Corporates has been organised by the Ministry, the CSR provisions under the Companies Act, 2013, exhort eligible corporates to function in a socially responsible manner with the underlying spirit being to ensure use of scarce resources in a judicious manner for the greater good… Read More »

Independent Directors in PSUs

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 »

FDI Inflow in India during last F.Y. 2014-15 and current F.Y. 2015-16

The amount of FDI inflow received during last year (2014-15) is US$ 44.29 billion. It has increased by 29% & 22% in comparison to financial year 2012-13 (US$ 34.29 billion) & 2013-14 (US$ 36.05 billion) respectively. FDI in various sectors is allowed up to the different limits, varying from 20% to 100%, subject to prescribed… Read More »

100 Per Cent FDI in Medical Devices

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 »

File PF claim without Employer Attestation

PF claim Employees’ Provident Fund Organisation has also come out with new forms – 19UAN, 10CUAN and 31UAN – for all employees whose Aadhaar number and bank details have been duly verified by the employer, using digital signature. Employees whose details like Aadhaar Number and Bank Account Number have been seeded in their UAN and… Read More »

” Corporate connect ” for TDS compliance by Banks / Corporate

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

Simplification of procedure for Form No 15 G & H

F.No.:DGIT(S)/CPC(TDS)/DCIT/15GH/2015-16/14425-556  Govt of India Ministry of Finance Central Board of Direct Taxes  Director of Income Tax (Systems) Notification No 4 /2015 Dated 1st of December 2015 Subject: Simplification of procedure for Form No 15 G & H regarding

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

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

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 »

100% FDI for E-Commerce Sector in India

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

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 »

SEBI Discussion Paper on public issuance of Convertible Securities

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 ”

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

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 »