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Government looking for Cabinet™s nod for amendments to GST Bill
The Government is looking for the Cabinet™s nod to amend the Constitution Bill on Goods and Services Tax by incorporating some of the suggestions from the Rajya Sabha, and thereby will soon seek the approval of the Cabinet to introduce this bill. Further, the government has entered into an agreement in which they have agreed… Read More
Finance Ministry to launch ˜Project Insight™ soon to tap the tax evaders owning Black Money
The Ministry of Finance (MOF) is likely come out soon with a big project called the ˜Project Insight™ for catching hold of the tax evaders in the country, for which the ministry has also floated a tender worth Rs. 150 crores to establish the project as discussed in the Parliamentary Standing Committee of finance to… Read More
MCA aiming high initiatives on implementing changes under CA 2013
The mandate of the Ministry of Corporate Affairs primarily concerns administration of the legal framework within which companies registered in India are to operate along with some other connected matters. The Ministry of Corporate Affairs had initiated and is also initiating many changes essential to improve the legal framework, simplify procedures and speed up decision-making for ease… Read More
FDI prohibited under in Multi Brand retail under trading norms
The government has categorically informed the European Union (EU) that it will not allow European multibrand retail firms to set up shop here, even as both sides decided to resume negotiations towards concluding the long-pending Bilateral Trade and Investment Agreement (BTIA). While the negotiations for a BTIA, or a free trade agreement (FTA) as it… Read More
CBDT notifies Cost Inflation Index (CII) for the Financial Year 2015-16
The Central Board of Direct Taxes (CBDT) has notified the cost inflation index for the Financial Year 2015-16 i.e. declared as to be 1081 as added under Item No. 35 of the said schedule of the CII for the respective financial years. The Notification is placed hereunder for the kind reference. GOVERNMENT OF INDIA MINISTRY OF… Read More
Due Date of filing of Wealth Tax Return for Financial Year 2015-16 deferred to 31st August, 2015
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, dated 27th July, 2015 To All Pr. Chief Commissioners of Income-tax Subject: Extension of due date of filing Return of wealth for A.Y, 2015-16-clarification In terms or Explanation to sub-section (1) of section 14 of the Wealth-tax Act 1957, ˜due date™ of filing Return of… Read More
SFIO to engage in CA™s for probe-related works
To bolster its capabilities in probing white collar crimes, the Serious Fraud Investigation Office (SFIO) will hire chartered accountants to help in matters related to forensic audit and financial data analysis. SFIO, which comes under the Corporate Affairs Ministry, has been looking to rope in more people, including financial experts to "critically analyse" announcements made… Read More
GST Bill reworked and is all set to go
The GST Committee has analysed and pointed out every difference in the GST Bill. The Government should therefore be able to pass it in this session of Parliament if it comes to Union Minister of State for Commerce and Industry. Stating that the committee formed to iron out the differences has done a detailed thrashing… Read More
Revised Draft Indian Financial Code Hosted on the Home Page of the Ministry of Finance; Comments/Suggestions Invited by 8th August, 2015
Press Information Bureau Government of India Ministry of Finance 23-July-2015 14:59 IST Revised Draft Indian Financial Code Hosted on the Home Page of the Ministry of Finance; Comments/Suggestions Invited by 8th August, 2015 The Financial Sector Legislative Reforms Commission (FSLRC) set up on 24th March 2011, for re-writing the financial sector laws to bring them in… Read More
MCA allows filing of Unaudited Accounts of foreign subsidiaries with ROC
The issue of appointment of First Auditor of the Company and his subsequent appointments were discussed at length. The relevant provisions as existing in Indian law vis-Ã -vis those prevalent in USA, UK, Australia and Canada were also discussed. The Committee acknowledged the role of the Audit Committee wherever such Committees were mandated, in recommending the… Read More
Black money probe team pulls up Sebi
A Supreme Court-appointed special investigation team (SIT) on unaccounted money has come down heavily on the creation of such funds through stock exchanges and participatory notes (P-notes). In a report, the SIT said the Securities and Exchange Board of India (Sebi) should have an effective monitoring mechanism to study unusual rises in stock prices and the use… Read More
Early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders: Framework for Revitalising Distressed Assets in the Economy – Review of the Guidelines on Joint Lenders’ Forum (JLF) and Corrective Action Plan (CAP)
RBI/2015-16/137 DNBR.CC.PD.No.066/03.10.01/2015-16 July 23, 2015 To All Non-Banking Financial Companies (NBFCs) Madam/ Sir, Early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders: Framework for Revitalising Distressed Assets in the Economy - Review of the Guidelines on Joint Lenders' Forum (JLF) and Corrective Action Plan (CAP) The Framework for Revitalising Distressed… Read More
Rajya Sabha panel backs majority of GST Bill proposals
The Opposition forced adjournments in both Houses of Parliament on Wednesday, the chances of the Constitution (122nd Amendment) Bill, meant to introduce the Goods and Services Tax (GST), clearing Parliament in the current session brightened, with the Rajya Sabha Select Committee endorsing almost all its provisions. The GST rate should not go beyond 20 per… Read More
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