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DISCUSSION PAPER ON TAX ACCOUNTING STANDARDS OCTOBER 2011 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes 1. Background 1.1 Section 145 of the Income-tax Act, 1961 (the Act) provides that the method of accounting for computation of income under the head Profits and gains of business or profession and… Read More
F.No. 275/30/2011- IT (B) Government of India Ministry of Finance Department of Revenue [Central Board of Direct Taxes] New Delhi, the 14th October, 2011 Subject: Tax deduction at source on the deposits in banks in the name of the Registrar/Prothonotary and Senior Master attached to the Supreme Court/ High Court etc during the pendency of litigation… Read More
The Chairmen / CEOs of All State and Central Co-operative Banks Dear Sir, Know Your Customer Norms Letter issued by Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number Please refer to the Government of India Notification No.14/2010/F.No.6/2/2007-ES dated December 16, 2010 which recognises the letter issued by Unique Identification Authority of… Read More
Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 73/2011 - Customs (N. T.) S. O______ (E) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient… Read More
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 97 /2011 - Customs New Delhi, the 13th October, 2011 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so… Read More
To, All Category - I Authorised Dealer Banks Madam / Sir, Processing and Settlement of Export related receipts facilitated by Online Payment Gateways - Enhancement of the value of transaction Attention of Authorised Dealer Category I (AD Category I) banks is invited to the A.P.(DIR Series) Circular No. 17 dated November 16, 2010, in terms of… Read More
To, All Stock Exchanges Dear Sir / Madam, Sub: Establishment of Connectivity with both depositories NSDL and CDSL Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement 1. It is observed from the information provided by the depositories that the Companies listed in Annexure ˜A™ have established connectivity with both the depositories.… Read More
The Chairman / CMD / MD / CEO All Scheduled Commercial Banks (excluding LABs and RRBs) Dear Sir, Prudential Guidelines on Capital Adequacy and Market Discipline - New Capital Adequacy Framework (NCAF) -Revision of Rating Symbols and Definitions of Credit Rating Agencies Please refer to the Master Circular No. DBOD.No.BP.BC.11/21.06.001/2011-12 dated July 1, 2011 on 'Prudential Guidelines on Capital… Read More
BI/2011-12/216 A.P. (DIR Series) Circular No.33 To, All Authorised Persons in Foreign Exchange Madam/ Sir, Attention of Authorised Persons is invited to Parts A and E of the Annex I to the Memorandum of Instructions governing money changing activities, issued vide A. P. (DIR Series) Circular No. 57 [A.P. (FL/RL Series) Circular No. 04] dated March… Read More
To All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, Rupee Export Credit Interest Rates Please refer to our circulars DBOD.Dir.(Exp). BC. No. 94/04.02.001/2009-10 dated April 23, 2010 and DBOD.Dir.(Exp).BC.No.36/04.02.001/2010-11 dated August 9, 2010 extending the scheme of interest subvention of 2% from April 1, 2010 to March 31, 2011 on pre and post shipment rupee export credit for… Read More
To, All Authorised Persons in Foreign Exchange Madam/ Sir, Liberalised Remittance Scheme for Resident Individuals- Revised Application cum Declaration form Attention of Authorised Dealer Category I (AD Category I) banks is invited to the Annex to the A. P. (DIR Series) Circular No. 51 dated May 8, 2007 containing the Application cum Declaration form for purchase of foreign exchange… Read More
Insurance sector has entered into sixth year of effective AML/CFT regime. In this context, extant AML/CFT guidelines to the insurance sector are being reviewed to assess the need for changes to facilitate Risk Based Approach. Due consideration is placed on the threats posed by the money laundering/terrorist financing vulnerabilities in the insurance sector. The following modifications… Read More
In Re Millennium IT Software Ltd (AAR) The applicant was the developer of software. It granted a non-exclusive and non-transferable license to an Indian company to use the software without any sub-licensing rights. The licensee was not allowed to modify the software programme and could make copies only for its own use. The applicant filed… Read More
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