Daily Archives: October 21, 2016

Handbook on the Right to Information Act

By | October 21, 2016

Handbook on the Right to Information Act   Handbook on Right to Information Act is a complete and comprehensive commentary which explicates all aspects of the Act in a reader-friendly manner. Key features: • Updated with latest legislative amendments including those passed by different states. • Compendium of recent and landmark judgments pronounced by the… Read More »

Capital Asset defination under Income Tax Act (India) -section 2(14)

By | October 21, 2016

Capital Asset under Income Tax Act –  Section 2(14) Definition of capital asset in section 2(14) of the Act “capital asset” means— (a) property of any kind held by an assessee, whether or not connected with his business or profession; (b) any securities held by a Foreign Institutional Investor which has invested in such securities… Read More »

Compulsory Acquisition Taxability

By | October 21, 2016

Compulsory Acquisition Taxability What is Compulsory acquisition Compulsory acquisition is the power of government to acquire private rights in land without the willing consent of its owner or occupant in order to benefit society. Compensation against such acquisition is provided to the assessee by the government. The booklet How to compute capital gains published by… Read More »

Escalation rates for Procurement of Power by Distribution Licensees as per PPA

By | October 21, 2016

CENTRAL ELECTRICITY REGULATORY COMMISSION NOTIFICATION New Delhi, the 6th October, 2016 No. Eco-2/2016-CERC.—In pursuance of Clause 5.6 (vi) of Ministry of Power Notification on “Guidelines for Determination of Tariff by Bidding Process for Procurement of Power by Distribution Licensees”, dated 19.01.2005, as amended from time to time, the Central Electricity Regulatory Commission notifies the following… Read More »

GST impact on Food Sector

By | October 21, 2016

GST impact on Food Sector Imposing GST on food could have more impact on the poor. But exception of food from GST regime will shrink the tax base. Easy and Faster Availability of Food items ;After implemntion of GST because of the removal of octroi and entry tax which will significantly reduce the time and hassle… Read More »

Clear refunds, drawback before GST roll-out

By | October 21, 2016

CBEC on Wednesday asked its officials to chalk out action plan for clearing pending refunds and drawback payment for smooth transaction to GST — the new indirect taxation regime that is to be rolled out from April. In a communication to top officials, Chairman of Central Board of Excise and Customs Najib Shah said preparations… Read More »

Category: GST

Shifting the GST goalpost

By | October 21, 2016

The outcomes of the latest meeting of the Council tasked with steering the Goods and Services Tax regime are worrying. For one, it leaves the Centre hard-pressed to meet its intended deadline for the new indirect tax regime, April 1, 2017. Finance Minister Arun Jaitley had set a November 22 target to resolve all operational… Read More »

Category: GST

Key Points about New ICDS (Income Computation and Disclosure Standards)

By | October 21, 2016

 ICDS (Income Computation and Disclosure Standards) Key Points about ICDS -Income Computation and Disclosure Standards Notification No of ICDS :- Central Government has notified Income Computation and Disclosure Standards vide Notification No. S.O. 3079(E), dated 29-9-2016 In pursuance of the powers granted to it under section 145(2) of Income Tax Act 1961 Old Notification on ICDS Rescined :-… Read More »

Disclosure requirements in offer document/placement for InvITs

By | October 21, 2016

SEBI CIRCULAR CIR/IMD/DF/114/2016 October 20, 2016 To All Infrastructure Investment Trusts (InvITs) All Parties to InvITs All Stock Exchanges All Merchant Bankers Dear Sir / Madam, Sub: Disclosure of financial information in offer document/placement memorandum for InvITs 1. Regulation 15(3), read with Schedule III, and Regulation 15(4) of the SEBI (Infrastructure Investment Trusts) Regulations, 2014… Read More »

Rebate of State Levies on Export of Garments

By | October 21, 2016

Circular No. 47/2016 – Customs F.No.605/42/2016-DBK (Pt.II) Government of India Ministry of Finance Department of Revenue  Central Board of Excise and Customs Drawback Division New Delhi, dated 20th October 2016 To All Principal Chief Commissioners / Principal Directors Generals of CBEC All Chief Commissioners / Directors General of CBEC All Principal Commissioners / Commissioners of… Read More »

Participation of Foreign Portfolio Investors (FPIs) in Government securities on NDS-OM platform

By | October 21, 2016

RBI/2016-17/86 FMRD.DIRD.08/14.03.007/2016-17 October 20, 2016 All SGL/CSGL Account holders Dear Sir/Madam, Participation of Foreign Portfolio Investors (FPIs) in Government securities on NDS-OM platform In terms of RBI circular FMRD.DIRD.06/14.03.007/2014-15 dated March 20, 2015, FPIs are currently permitted to transact in the Over-The-Counter (OTC) market for Government securities with T+2 settlement. 2. As announced in paragraph… Read More »

Foreign Venture Capital Investor will not require permission from RBI for Specified Investment

By | October 21, 2016

RBI/2016-17/89 A.P. (DIR Series) Circular No. 7 October 20, 2016 To All Category – I Authorised Dealer Banks Madam/Sir, Investment by a Foreign Venture Capital Investor (FVCI) registered under SEBI (FVCI) Regulations, 2000 Attention of Authorised Dealers Category – I (AD Category – I) banks is invited to the Foreign Exchange Management (Transfer or Issue… Read More »

RBI Set Rs 15 Lakh limit for Trade Transactions under Rupee Drawing Arrangements (RDAs)

By | October 21, 2016

RBI/2016-17/91 A.P. (DIR Series) Circular No. 9 October 20, 2016 To All Category – I Authorised Dealer Banks Madam/Sir, Rupee Drawing Arrangement – Trade related remittance limit Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to A.P. (DIR Series) Circular No.102 dated May 21, 2015 permitting them to regularize… Read More »

RBI Simplified process of matured but unpaid External Commercial Borrowings

By | October 21, 2016

RBI/2016-17/92 A.P. (DIR Series) Circular No. 10 October 20, 2016 To All Category – I Authorised Dealer Banks Madam/Sir, External Commercial Borrowings (ECB) – Extension and conversion Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to paragraph No. C.14, F.18 and F.19 of Annex to A.P. (DIR Series) Circular No.32 dated November 30,… Read More »

New Registration certificate to Experian Credit Information Company of India Private Limited (ECICI)

By | October 21, 2016

Grant of ‘Certificate of Registration’ – For carrying on the business of credit information – Experian Credit Information Company of India Private Limited (ECICI) RBI/2016-17/94 DBR.CID.BC.27/20.16.040/2016-17 All Credit Institutions October 20, 2016 Dear Sir / Madam Grant of ‘Certificate of Registration’ – For carrying on the business of credit information – Experian Credit Information Company… Read More »

Risk Weights for exposures to Housing Finance Companies- HFCs

By | October 21, 2016

Risk Weights for exposures to HFCs RBI/2016-17/95 DBR.BP.BC.No.20/21.06.001/2016-17 October 20, 2016 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir, Risk Weights for exposures to HFCs It has been observed that there is a lack of uniformity among banks in the application of risk weights on their exposures to Housing Finance Companies (HFCs). 2.… Read More »

RBI Framework for penalty/fine on Banks under section 30 of the PSS Act

By | October 21, 2016

Framework for imposing monetary penalty on Authorised Payment Systems Operators / banks under Payment and Settlement Systems Act, 2007 RBI/2016-17/97 DPSS.CO.OD. No.1082/06.08.005/2016-17 October 20, 2016 To, Authorised Payment system operators / banks Dear Sir/Madam, Framework for imposing monetary penalty on Authorised Payment Systems Operators / banks under Payment and Settlement Systems Act, 2007 The Payment… Read More »