Daily Archives: March 13, 2016

CBEC CLARIFY VALUATION OF IMPORTED SET TOP BOXES

VALUATION OF IMPORTED SET TOP BOXES UNDER SECTION 4 OF CENTRAL EXCISE ACT, 1944 CIRCULAR NO.1020/8/2016-CX DATED 11-3-2016 Reference has been received in Board regarding assessment of CVD payable on set top boxes (STBs), when imported by a Direct to Home (DTH) broadcasting service provider and where STBs are provided free of cost to the… Read More »

CBDT to verify Agriculture income above Rs 1 Crore

SECTION 2(1A) OF THE INCOME-TAX ACT, 1961 AGRICULTURAL INCOME  VERIFICATION OF GENUINENESS OF AGRICULTURAL INCOME SHOWN IN INCOME TAX RETURN BY ASSESSEES FOR ASSESSMENT YEARS 2011-12 TO 2013-14 LETTER F.NO.DGIT(S)/DIT(S)-3/AST/PIL MATTER/AGRICULTURAL INCOME/97/2015-16, DATED 10-3-2016 Kindly refer to subject matter. 2. It has been noticed that several assesses have declared income from agriculture of more than Rs.… Read More »

Govt notify debt to capital and free reserves ratio for Govt NBFC

SECTION 68 OF THE COMPANIES ACT, 2013  POWER OF COMPANY TO PURCHASE ITS OWN SECURITIES  NOTIFIED DEBT TO CAPITAL AND FREE RESERVES RATIO FOR GOVERNMENT COMPANIES WHICH CARRY ON NON-BANKING FINANCE INSTITUTION ACTIVITIES AND HOUSING FINANCE ACTIVITIES ORDER [F.NO.01/04/2013 CL-V(PT-II)], DATED 10-3-2016 In exercise of the powers conferred under the proviso to clause (d) of… Read More »

Brightline Tests for Acquisition of ‘Control’ under SEBI Takeover Regulations

   Brightline Tests for Acquisition of ‘Control’ under SEBI Takeover Regulations  The Board considered and approved the proposal for initiation of public consultation process regarding Brightline Tests for Acquisition of ‘Control’ under the SEBI (SAST) Regulations, 2011. Assessment of ‘Control’ as defined under the SEBI (SAST) Regulations, 2011 requires consideration of facts and circumstances of… Read More »

SEBI new norms for audit qualifications in Auditors report

Review of manner of dealing with Audit Reports containing Qualifications  SEBI has put in place a mechanism to review the audit qualifications contained in the audit reports. The said mechanism has been incorporated in the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’).With the objective that the impact of the audit qualification is… Read More »

SEBI Imposing restrictions on wilful defaulters

Imposing restrictions on wilful defaulters The SEBI Board met in New Delhi on 12.3.2016 and took the following decisions:  The Master Circular on “Wilful Defaulters” issued by the Reserve Bank of India from time to time lays down safeguards to be exercised by banks to contain the financial activities of a wilful defaulter. With the… Read More »