eMinds Legal Advocates & Solicitors
eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.
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CBDT clarifies w.r.t. TDS towards acquisition of software from a person other than the original developer
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 21/2012 [F.No.142/10/2012-SO(TPL)] S.O. 1323(E), DATED 13-6-2012 In exercise of the powers conferred by sub-section(1F) of section 197A of the Income-tax Act, 1961 (43 of 1961),… Read More
New IPv6 Platform for Internet Addressing System
Architectural Change in Internet Addressing System to enhance addressing capacity Major ICT Stakeholders to Permanently Enable IPv6 for Products and Services 27 Indian Websites brought on IPv6 Platform Global transition from Internet Protocol version 4 (IPv4) to Internet Protocol version 6 (IPv6) began today. To mark the ˜World IPv6 Launch Day™ an event was organized… Read More
Singapore dismisses India’s request for Bank information by Tax Deppt
IT/ILT : Singapore Court dismisses India's information request under Art.28(1)of DTAA based on unsigned transfer requests of Indian national to a Swiss Bank to transfer money to overseas bank accounts of two foreign companies Facts ¢ The tax authority in India seized documents from an Indian national ("the Indian national") and three other persons allegedly… Read More
Negtive list of Service Tax provisions effective from 1-7-2012
Notification Nos. 18/2012 dated 1-6-2012 and 19/2012-ST to 23/2012-ST dated 5-6-2012 have been issued to make all provisions relating to negative list of services effective from 1-7-2012. The notifications are reproduced below. Some more notifications are expected to be issued to make corresponding changes in other rules and notifications. ---------------- [TO BE PUBLISHED IN THE GAZETTE OFINDIA,… Read More
MCA clarification : General Circulars exempting certain activities are also applicable in respect of industry specific Cost Accounting Records Rules
F. No. 52/13/CAB-2011 Government of India Ministry of Corporate Affairs Cost Audit Branch B-1 Wing,2nd Floor … Read More
CBDT data on Tax Audits
ICAI has made a representation to CBDT seeking tax audit data based on returns e filled during the year 2010-11.The said data relating to number of tax audit conducted by the members along with the membership numbers of the tax auditors was provided to ICAI in Dec /Jan 2012. While processing the data provided by… Read More
Foreign Exchange Department of RBI, implements the Application Tracking System
The Application Tracking System (ATS) is a major e-Governance initiative of the Reserve Bank of India. Foreign Exchange Department, Central Office and its 17 Regional offices have since adopted the ATS, to facilitate the customers to apply and track the status of the applications online. Under the online Application Tracking System (ATS), customers can submit… Read More
Amendment in Form 23AB – Form of Abridged Financial Statements – MCA
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, dated the 31st May, 2012. G.S.R. ______ (E). In exercise of the powers conferred by sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes… Read More
Service Tax (Compounding of Offences) Rules, 2012
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Finance (Department of Revenue) New Delhi, the 29th May, 2012 Notification No. 17/2012 - Service Tax G.S.R. (E).- In exercise of the powers conferred by clause (i) of sub-section (2) of section 94 of the Finance… Read More
Service Tax (Settlement of Cases) Rules, 2012 – CBEC
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART II, SUBSECTION (I) OF SECTION 3] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 16/2012- Service Tax New Delhi, the 29th May, 2012 G.S.R. (E). - In exercise of the powers conferred by clause (j) of sub-section (2) of section 94 of the… Read More
SEBI notifies SEBI (Alternative Investment Funds) Regulations 2012
The SEBI (Alternative Investment Funds) Regulations, 2012 (AIF Regulations) have been notified today. The AIF Regulations are available below. AIFs Regulations endeavour to extend the perimeter of regulation to unregulated funds with a view to systemic stability, increasing market efficiency, encouraging formation of new capital and consumer protection. Salient features of the AIF Regulations, inter alia, include… Read More
Clarification on re-opening of assessment due to retrospective amendment by Finance Act, 2012 – CBDT
CLARIFICATION REGARDING REOPENING OF COMPLETED ASSESSMENTS ON ACCOUNTS OF CLARIFICATORY AMENDMENTS INTRODUCED BY FINANCE ACT, 2012, IN SECTION 2 CLAUSE (14), SECTION 2 CLAUSE (47), SECTION 9 AND SECTION 195 WITH RETROSPECTIVE EFFECT LETTER [F.NO.500/111/2009-FTD-1(PT.)], DATED 29-5-2012 The Finance Act, 2012 has introduced certain clarificatory amendments in section 2 clause (14), Section 2 clause (47),… Read More
Change in Master Circular on Non-Resident Ordinary Rupee (NRO) Account – 29th May, 2012
The Master Circular No.6/2011-12 on Non-Resident Ordinary Rupee (NRO) Account has been amended on 29th May, 2012 by addition of clause B (iv) (highlighted in red below) as Permissible debits. Permissible Debits (i) All local payments in rupees including payments for investments in India subject to compliance with the relevant regulations made by the Reserve Bank.… Read More
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