Daily Archives: October 28, 2016

Illustrative Consolidated Financial Statements as per IFRS

Illustrative Consolidated Financial Statements This edition contains the illustrative consolidated financial statements for Good Bank (International) Limited and subsidiaries for the year ended 31 December 2016. The illustrative financial statements are prepared in accordance with IFRS in issue at 30 September 2016 and effective for annual periods beginning 1 January 2016. Commentary Companies in certain… Read More »

Why not to opt GST Composition Scheme (India)

Why not to opt GST Composition Scheme (India) Key Points about Composition Scheme under GST Coverage : Section 8 of Model GST Law cover GST Composition Scheme. Eligibility :- Composition Scheme under GST can be availed by  Registered taxable person and Does not effects inter-State supply (i.e both, output & input purchase/sale should be within state]… Read More »

Notification of Sovereign Gold Bond Scheme 2016-17 Series III

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 20th October, 2016 G.S.R. 992(E).—In exercise of the powers conferred by clause (iii) of section 3 of the Government Securities Act, 2006 (38 of 2006), the Central Government hereby makes the following Scheme, namely: 1. Short title and commencement: (i) This scheme may be… Read More »

Revision Application in Indirect Taxes (India) -E Book

Revision Application in Indirect Taxes (India) 1. Introduction 1.1 The Revision Application Unit of the Department of Revenue, Ministry of Finance, Government of India deals with the Revision Applications filed before Central Government in specified Customs and Central Excise matters under section 35 EE of Central Excise Act, 1944 and section 129 DD of Customs… Read More »

Ammonium Nitrate Import/Export Compliance

Compliance For Import/Export of Ammonium Nitrate Abbreviations AN Rules:  Ammonium Nitrate Rules, 2012 CAS No:  Chemical Abstract Service Number [CAS numbers are used to provide a unique, unmistakable identifier for chemical substances and provide an unambiguous way to identify a chemical substance A CAS No. is separated by hyphens into three parts-the first consisting from… Read More »

Dishonour of post-dated cheques covered by section 138 of Negotiable Instruments Act

whether in the facts of the present case, the dishonour of a post-dated cheque given for repayment of loan installment which is also described as “security” in the loan agreement is covered by Section 138 of the Negotiable Instruments Act, 1881 (“the Act”). Held Dishonour of cheque in the present case being for discharge of… Read More »

Authorities notified under Prohibition of Benami Property Transactions Act

Central Government hereby directs that, with effect from the 1st day of November, 2016, specified Income-tax authorities to exercise specified powers and perform the functions of ‘Authority’ under Prohibition of Benami Property Transactions Act, 1988. MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 100/2016 New Delhi, the 25th October, 2016… Read More »

Last date extended for filing AOC-4, AOC-4 (XBRL), AOC-4 (CFS) & MGT-7

General Circular No. 12/2016 F. No. MCA 21/153/2012-E-Gov Cell Government of India Ministry of Corporate Affairs 5th Floor, “A” Wing, Shastri Bhawan Dr. Rajendra Prasad Road, New Delhi-1 Dated: 27.10.2016 To The Regional Directors, All Registrar of Companies All Stakeholders Subject: Relaxation of additional fee and extension of last date of in filing AOC-4, AOC-4… Read More »

External Commercial Borrowings by Startups – RBI Norms

 External Commercial Borrowings by Startups RBI/2016-17/103 A.P. (DIR Series) Circular No. 13 October 27, 2016 To All Category-I Authorised Dealer Banks Madam / Dear Sir External Commercial Borrowings (ECB) by Startups Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the announcement made by the Reserve Bank in the Fourth Bi-monthly Monetary Policy… Read More »

EPFO Pensioners to submit digital life certificate at Common Services Centers

EPFO joins network of Common Services Centers To expand the reach of convenience offered to EPF members, Employees Provident Fund Organisation (EPFO) has joined the network of Common Services Centers (CSC). A Memorandum of Understanding (MoU) has been signed between EPFO and CSC e-Governance Services India Limited (CSC SPV) on 25th October 2016. The MoU… Read More »

National Academic Depository for school certificates, degrees and other academic award

Cabinet approves establishment of National Academic Depository The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has accorded its approval for establishment and operationalisation of a National Academic Depository (NAD). The decision aims at bringing another dimension and enhancement of the vision of Digital India. The NAD would be established and operationalised… Read More »

Indian Gold Coin – buy-back option also available

With an aim to drive awareness around Diwali on the availability of Indian Gold Coin, MMTC along with World Gold Council launch a multimedia advertising campaign. With an aim to drive awareness around Diwali on the availability of Indian Gold Coin, MMTC along with World Gold Council has launched a multimedia advertising campaign starting this… Read More »

New Agreement on Trade between India and Bhutan

Cabinet approves the new Agreement on Trade, Commerce and Transit between India and Bhutan The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi, has approved an Agreement on Trade, Commerce and Transit between India and Bhutan. The bilateral trade relations between India and Bhutan are governed by the Agreement on Trade, Commerce and… Read More »

De-hoarding of sugar extended upto April 2017

Extension of the validity of Central Order regarding de-hoarding of sugar upto April, 2017 The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for extending the validity of the existing Central Order in respect of Sugar for a further period of six months from 29.10.2016 to 28.04.2017. The… Read More »

New Productivity Linked Reward Scheme for Major Port Trusts & Dock Labour

Cabinet approves New Productivity Linked Reward Scheme for all Major Port Trusts and Dock Labour Board employees/workers for the years 2015-16 to 2017-18 The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval to New Productivity Linked Reward Scheme for all Major Port Trusts and Dock Labour Board employees/workers… Read More »

Govt approved Dearness Allowance for Central Govt employees

Cabinet approves release of an instalment of Dearness Allowance to Central Government employees and Dearness Relief to Pensioners due from 01.07.2016 The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval to release an instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to Pensioners… Read More »