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RBI/2012-13/423 A. P. (DIR Series) Circular No. 85 February 28, 2013 To, All Authorised Dealer Category - I Banks Madam / Sir, Memorandum of Instructions for Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses Attention of Authorised Dealer Category I (AD Category I) banks is invited to the A.P. (DIR… Read More
Applicability : As per Notification no. 25/2012 dated 20th June 2012 under Service Tax regulations, Services provided in relation to serving of food or beverages by a restaurant, eating joint or a mess, other than those having (i) the facility of air-conditioning or central air-heating in any part of the establishment, at any time during the… Read More
Corporate Tax No changes in basic tax rates and education cess However surcharge for domestic companies increased to 10% in case taxable income exceeds INR 100 million; Foreign companies to pay a surcharge of 5% on similar level of income. 10% surcharge instead of 5% on DDT and other distributions to investors Effective tax of… Read More
The Finance Bill 2013 proposes relaxation in the eligibility conditions of Life Insurance Policies for persons suffering from disability or certain ailment. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram proposed that the permissible premium rate is being increased from 10 per cent to 15 percent of the sum… Read More
The Finance Bill 2013-14 proposes to set up a Tax Administration Reforms Commission(TARC). Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that proposed Commission will review the application of tax policies and tax laws. TARC will submit periodic reports that can be implemented to strengthen the capacity of… Read More
Commodities Transaction Tax (CTT) Introduced in a Limited Way; Agricultural Commodities will be Exempt The Finance Bill 2013 proposes to introduce Commodities Transaction Tax(CTT) in a limited way. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that CTT shall be levied on non-agricultural commodities future contracts at the… Read More
Concessional Rate of Tax of 15 Percent on Dividend Received from its Foreign Subsidiary by a Company Continued for One More Year The Finance Bill 2013-14 proposes an investment allowance at the rate of 15 per cent to a manufacturing company that invests more than Rs.100 crore in plant and machinery during the period 1.4.2013-31.3.2015.… Read More
The Finance Bill 2013-14 proposes liberalisation of the Rajiv Gandhi Equity Savings Scheme(RGESS) that was launched in FY 2012-13. The first time investors will now be allowed to invest in mutual funds as well as listed shares. This investment can be done not in one year alone, but in three successive years. Presenting the Union… Read More
The Finance Bill 2013-14 proposes levy of TDS at the rate of 1 percent on the value of the transfer of immovable property where the consideration exceeds Rs.50 lakh. However, agricultural land will be exempt. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that transactions in immovable properties… Read More
The Finance Bill 2013-14 proposes a surcharge of 10 per cent on persons whose taxable income exceed Rs. 1 crore per year. This will apply to individuals, HUFs, firms and entities with similar tax status. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that he also proposes to… Read More
The Union Finance Minister Shri P Chidambaram called the policy decisions of the Central Government to correct some prices and review of certain tax policies as a dose of bitter medicine. Presenting the General Budget 2013-14 in Lok Sabha today, Shri Chidambaram said, faced with a huge fiscal deficit, the Government had no choice but… Read More
The Current Account Deficit (CAD) of India continues to be high mainly because of our excessive dependence on oil imports, the high volume of coal imports, our passion for gold, and the slow down in exports. This year, and perhaps next year too, we have to find over USD 75 billion to finance the CAD.… Read More
In the budget for 2013-14, the Finance Minister has proposed a matching equity grants to registered Farmer Producer Organisations (FPOs) upto a maximum of Rs. 10 lakh per FPO to enable them to leverage working capital from financial institutions. For this purpose, an outlay of Rs. 50 crore has been kept. Besides, a Credit Guarantee… Read More
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