Legal Updates

Guidelines for public issue of units of InvITs

CIRCULAR CIR/IMD/DF/55/2016 May 11, 2016 To All Infrastructure Investment Trusts (InvITs) All Parties to InvITs All Stock Exchanges All Merchant Bankers Dear Sir / Madam, Sub: Guidelines for public issue of units of InvITs 1. SEBI (Infrastructure Investment Trusts) Regulations, 2014 (“InvIT Regulations”)provides as under: a) Regulation 14(6) states that ‘The Board may specify by… Read More

MCA releases New versions of Form INC-7

Form INC-7 is likely to be updated w.e.f 14th may 2016. Also, Forms GNL-1 and GNL-4 were recently made available on MCA21 Company Forms page. Stakeholders are advised to check the latest version before filing Read More

Foreign Exchange Management (Exports of Goods and Services) Regulations, 2015

RBI/2015-16/395 A.P. (DIR Series) Circular No.68 [(1)/23(R)] May 12, 2016 To All AD Category - I Authorised Dealer Banks Madam/ Sir Foreign Exchange Management (Exports of Goods and Services) Regulations, 2015 Attention of Authorised Dealers (ADs) is invited to A.D.(M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs were advised… Read More

Master Direction – Reserve Bank of India (Co-operative Banks – Interest Rate on Deposits) Directions, 2016

RBI/DCBR/2015-16/23 Master Direction DCBR.Dir.No.1/13.01.000/2015-16 May 12, 2016 Master Direction - Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016 In exercise of the powers conferred by Sections 21 and 35 A read with section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is… Read More

Guidelines for Voluntary surrender of Certificate of Authorisation (COA) by Payment System Operators (PSOs) authorised under PSS Act 2007

RBI/2015-16/396 DPSS.CO.AD.No.2627/02.27.005/2015-16 May 12, 2016 To, All entities authorised under the Payment & Settlement Systems Act, 2007 (PSS Act) Dear Sir/Madam, Guidelines for Voluntary surrender of Certificate of Authorisation (COA) by Payment System Operators (PSOs) authorised under PSS Act 2007 As you are aware, in terms of section 4 of the Payment and Settlement Systems… Read More

New version of forms GNL-1 and GNL-4 available on MCA21

Forms GNL-1 and GNL-4 have been recently made available on MCA21 Company Forms Page. Stakeholders are advised to check the latest version before filing Read More

Major Changes in Service Tax

1.    Krishi Kalyan Cess @ 0.5% on gross value of taxable services with ITC (from 01.06.2016) Total ST rate @ 15% 2.    AC Bus service by Road Transport Corporation taxable @ 6% (from 01.06.2016) 3.    Rate of ST for the package tour increased from 3.625% to 4.35% 4.    ST on foreman commission at 10.15% 5.    Rate of ST for sale of flats increased from… Read More

Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion

The Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains between India and Mauritius was signed by both countries today at Port Louis, Mauritius. The key features of the Protocol are as under: i.          Source-based taxation of capital… Read More

Amendment of India Mauritius Tax Treaty (DTAA)

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 10th May, 2016 Subject: Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains between India and Mauritius - reg 1.The Protocol… Read More

Various steps in last two years to curb the menace of Black Money both within and outside the country.

Government takes various steps in last two years to curb the menace of Black Money both within and outside the country.  The present Government has taken various decisions and steps to curb the menace of black money both within and outside the country in last two years. Some of the major decisions and actions taken… Read More

Guidance Note on Accounting for Real Estate Transactions

The Institute of Chartered Accountants of India has introduced Guidance Note on Accounting for Real Estate Transactions. Please click here to download Guidance Note on Accounting for Real Estate Transactions Read More

Income-tax (12th Amendment) Rules, 2016

[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 New Delhi, the 5th May, 2016 INCOME-TAX S.O. 1655 (E).‐ In exercise of the powers conferred by section 295 read with section 195 of the… Read More

New versions of Forms PAS-3, CHG-1, DIR-12, SH-11, FTE updated on MCA21

Forms PAS-3, CHG-1, DIR-12, SH-11, FTE were recently updated on MCA21 Company Forms page. Stakeholders are requested to check the latest version before filing. Read More

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