Daily Archives: June 2, 2016

Concurrent Audit of Banks Checklist

By | June 2, 2016

Concurrent Audit of Banks – Checklist To carry the concurrent audit assignment successfully, it is necessary for auditor to familiarize himself with following: Compliance of RBI Guidelines relating to Concurrent Audit System in Commercial Banks Submission of Long Form Audit Report (LFAR) by Concurrent Auditors Concurrent Auditors to submit  NPA review reports (Specimen of the Review Report) Scope… Read More »

Indian Railways Achievements in 2 years

By | June 2, 2016

Two Years Achievements of Ministry of Railways (May 2014 to May 2016) I.PASSENGER AMENITIES AND DIGITAL INDIA INITIAVES Indian Railways launched three social media platforms on Facebook, Twitter and You Tube with the handle @railminindia.  Ministry of Railways employed first of its kind, a real time 24×7 public grievance system through Twitter and provided medical,… Read More »

No service tax on volume discounts by media owners to advertising agencies

By | June 2, 2016

Authority for Advance Rulings (Central Excise, Customs And Service Tax) New Delhi, in the case of AKQA Media India (P.) Ltd., In re* {(2016)  (AAR – New Delhi)} have recently held that to be leviable to service tax, the Activity must be carried out for a consideration. In other words, to be ‘service’, there must be… Read More »

No Interest on warehoused goods prior to allowing extensions of warehousing period

By | June 2, 2016

Manner of payment of interest on warehoused goods Circular No. 23/2016 -Customs F. No. 473/20/2013-LC Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs ****** New Delhi, the 1st June 2016 To, All Principal Chief Commissioners Customs, All Principal Chief Commissioners of Customs & Central Excise, All Chief Commissioners… Read More »

Insolvency and Bankruptcy Code 2016 Analysis

By | June 2, 2016

Insolvency and Bankruptcy Code 2016 Key feature of Insolvency and Bankruptcy Code 2016 Scope of  Insolvency and Bankruptcy Code 2016 It extends to the whole of India: Provided that Part III of Code shall not extend to the State of Jammu and Kashmir. It shall come into force on such date as the Central Government may, by notification… Read More »

Form for Declaration under Income Declaration Scheme 2016

By | June 2, 2016

Form for Declaration under Income Declaration Scheme 2016 Form 1 for  Declaration under Income Declaration Scheme 2016 Note : Form 1 is available for e-Filing. To download Form 1, go to www.incometaxindiaefiling.gov.in Downloads -> Forms (Other than ITR) -> Form1. As per Income Declaration Scheme, 2016, the declaration of undisclosed income is to be filled in… Read More »

Fees for PAN Card

By | June 2, 2016

Application Fees for PAN Card As per NSDL, Application Fees for PAN Card 107/- (For dispatch of PAN card in India) 994/- (For dispatch of PAN card outside India) Both the above charges are inclusive of service tax   W. e. f. June 1, 2015, PAN application fees have been revised as under: For dispatch… Read More »

Special Aadhaar Enrolment drive for Pensioners, from May 30 to June 10, 2016

By | June 2, 2016

Special Aadhaar Enrolment drive for Pensioners, from May 30 to June 10, 2016 Pensioners will also get opportunity to seed data for digital life certificate The Unique Identification Authority of India (UIDAI) has launched a special enrolment drive for pensioners who are yet to enroll for Aadhaar. The drive is being conducted to enable Pensioners… Read More »

Companies (Authorised to Register) Amendment Rules 2016

By | June 2, 2016

Government of India Ministry of Corporate Affairs NOTIFICATION New Delhi, 31st May, 2016 G.S.R.  In exercise of the powers conferred by sub-sections (1) and (2) of section 469 read with section 366 of the Companies Act, 2013 (18 of 2013), Central Government hereby makes the following rules further to amend the Companies (Authorised to Registered)… Read More »

NCLT notifications- National Company Law Tribunal notifications

By | June 2, 2016

National Company Law Tribunal National Company Law Tribunal : w.e.f 01.06.2016 The Ministry of Corporate Affairs has issued notification for constitution of the National Company Law Tribunal (NCLT) with effect from  1st June, 2016  Read National Company Law Tribunal w.e.f 01.06.2016 . Hon’ble Justice M.M.Kumar, Judge (Retd.) has joined as the President of the NCLT. Company Law Board dissolved… Read More »

National Company Law Appellate Tribunal w.e.f 01.06.2016

By | June 2, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st June, 2016 S.O. 1933(E).—In exercise of the powers conferred by section 410 of the Companies Act, 2013 (18 of 2013), the Central Government hereby constitutes the National Company Law Appellate Tribunal for hearing appeals against the orders… Read More »

National Company Law Tribunal w.e.f 01.06.2016

By | June 2, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st June, 2016 S.O. 1932(E).—In exercise of the powers conferred by section 408 of the Companies Act, 2013 (18 of 2013), the Central Government hereby constitutes the National Company Law Tribunal to exercise and discharge the powers and… Read More »

National Company Law Tribunal benches in various states

By | June 2, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 01st June, 2016 S.O. 1935(E).—In exercise of the powers conferred by sub-section (1) of section 419 of the Companies Act, 2013 (18 of 2013), the Central Government hereby constitutes the following Benches of the National Company Law Tribunal mentioned in column (2) of the table below, located… Read More »

National Company Law Tribunal provisions under CA 2013 notified

By | June 2, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 01st June, 2016 S.O. 1934(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 20l3 (18 of 20l3), the Central Government hereby appoints the 01st day of June, 2016 as the date on which the following provisions of the said Act… Read More »

Company Law Board Dissolved , National Company Law Tribunal ,NCLAT constituted

By | June 2, 2016

Ministry of Corporate Affairs issues notification for constitution of the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT); Hon’ble Justice S.J. Mukhopadhaya, Judge (Retd.), Supreme Court of India joins as the Chairperson of the NCLAT while Hon’ble Justice M.M. Kumar, Judge (Retd.) joins as the President of the NCLT. The Ministry… Read More »