Daily Archives: May 17, 2016

Pre-MEF Data Verification

By | May 17, 2016

Pre-MEF Data Verification. – (12-05-2016) As you are aware, every year, Professional Development hosts an online form popularly known as MEF ie., Multipurpose Empanelment Form at www.meficai.org This year in order, to make the Members aware as to what information is going to flow from Institute’s records in MEF. As the information field related to… Read More »

Apply for change in Memorandum of Association of Section 8 Companies in Form GNL-1 instead of filing form RD-1.

By | May 17, 2016

Regarding filing Form GNL-1 for change in Memorandum of Association by Section 8 Companies to ROC instead of filing form RD-1 – (17-05-2016) The Ministry of Corporate Affairs is receiving references from professionals/companies seeking clarification on the forms/process to be followed for alteration in the Memorandum of Association of Section 8 Companies. The professional/companies are… Read More »

TCS on cash sale of goods or services > Rs 2 Lakh wef 1.6.16

By | May 17, 2016

Finance Act, 2016 imposed TCS on cash sale of goods or services with effect from 1-6-2016

MCA extended date of e-form filing due between 25.03.16 to 31.05.16

By | May 17, 2016

GENERAL CIRCULAR NO.6/2016 [F.NO.01/34/2013 CL-V], DATED 16-5-2016 In continuation of this Ministry’s General Circular No.03/2016, dated 12-4-2016, keeping in view of requests received from various stakeholders, it has been decided to extend the period for which the one time waiver of additional fees is applicable to all e-forms which are due for filing by companies… Read More »

Section 206C(1F) TCS on Sale of motor Vehicle above Rs 10 Lakh w.e.f 01.06.2016

By | May 17, 2016

TCS on Sale of motor Vehicle above Rs 10 Lakh TCS on Sale of motor Vehicle above Rs 10 Lakh as per newly inserted section 206c(1F) in Income Tax Act (India) Analysis of provision on TCS on Sale of motor Vehicle above Rs 10 Lakh :-  TCS on Sale of motor Vehicle above Rs 10 Lakh TCS… Read More »

Revisional Power after showing Assessement order erroenous and prejudicial to the interest of revenue

By | May 17, 2016

Mumbai ITAT on section 263 amendment by finance act, 2015 held “If that be the case, then the Ld Pr. CIT can find fault with each and every assessment order, without conducting any enquiry or verification in order to establish that the assessment order is not sustainable in law and order for revision; Definitely, that… Read More »

AO not expected to issue notice u/s 143 (2) (ii) in routine/ casual or mechanical manner

By | May 17, 2016

Delhi high court landmark decision on sec.143 (2) held “What is relevant for the present case is that prior to issuance of the notice under Section 143(2) (ii) the AO has to form an opinion that it is ‘necessary or expedient’ to ensure that an Assessee has not (i) understated the income or (ii) has… Read More »

Marking of tick are mandatory in EDI shipping bills

By | May 17, 2016

(TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-1 SECTION-1) GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE PUBLIC NOTICE No. 09/2015-20   Dated: 16th May, 2016 Marking of Y in the EDI generated Shipping Bills by Exporters would be treated as declaration of intent to claim… Read More »

CSR activities should not contravene any other law : MCA

By | May 17, 2016

No. 05/01/2014-CSR Government of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan, Dr. R. P. Marg New Delhi -110 001 General Circular No. 05/2016 Dated: 16th May, 2016 To, All Regional Director, All Registrar of Companies, All Stakeholders Subject: Clarification with regard to provisions of Corporate Social Responsibility under section 135 of… Read More »

Dollar Linked Coastal Tariff Put in Abeyance by Shipping Ministry

By | May 17, 2016

Reforms to Promote Coastal Shipping: Dollar Linked Coastal Tariff Put in Abeyance by Ministry of Shipping Promotion of Coastal Shipping has been one of the major endeavors of Ministry of Shipping. In this regard, the Ministry of Shipping amended the 2005 scheme of coastal concessions on coastal vessels and cargo/ container related charges in September… Read More »

4th tranche of Sovereign Bond Scheme coming soon !

By | May 17, 2016

Finance Ministry reviews the progress of Gold related Schemes; Total gold collected under Gold Monetisation Scheme (GMS) is 2891 kgs; Banks asked to put concerted efforts to mobilize more gold under the GMS in order to achieve the Scheme’s objectives A meeting under the Chairmanship of Shri Shaktikanta Das, Secretary, Department of Economic Affairs (DEA),… Read More »

Allowing FPIs in Unlisted Debt Securities and Securitised Debt Instruments

By | May 17, 2016

Date : May 16, 2016 RBI invites Comments on allowing FPIs in Unlisted Debt Securities and Securitised Debt Instruments The Reserve Bank of India, in consultation with the Ministry of Finance, Government of India proposes to permit investment by foreign portfolio investors (FPIs) in unlisted debt securities and securitised debt instruments. It has today placed… Read More »

Category: RBI