Legal Updates - Corporate Law Reporter

Commencement of limitation for penalty proceedings under sections 271D and 271E of the Income-tax Act, 1961

It has been brought to the notice of the Central Board of Direct Taxes (hereinafter referred to as the Board) that there are conflicting interpretations of various High Courts on the issue whether the limitation for imposition of under sections 271D and 271E of the Income-tax Act, 1961. Commencement of limitation for penalty proceedings under sections… Read More

Delegation of Powers to Regional Directors

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section(ii)] MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, the 29/4/2016 S.O. E. In exercise of the powers conferred by sub-section(1) of section 458 of the Companies Act(18 of 2013), the Central Government being satisfied that circumstances warrant, hereby delegates the powers to… Read More

FAQ to limit the PDF file size while affixing the DSC

Q. The size of the e-form increases significantly after attaching the DSC. What should be done to optimize the PDF file size? A. Please follow the below instructions to limit the increase in PDF file size while affixing the Digital Signature Certificate (DSC). 1. Open any PDF file or right click any PDF file. 2.… Read More

New version of Forms AOC-4_CFS, AOC-4_XBRL, INC-22, INC-27, MR-2

Forms AOC-4_CFS, AOC-4_XBRL, INC-22, INC-27, MR-2 were recently updated on MCA21 Company Forms page. Stakeholders are requested to check the latest version before filing Read More

ICAI President’s Message – May 2016

Dear Members, The Indian accountancy profession has consolidated itself internationally to register its wise, strong and empowering global presence. Today, The Institute of Chartered Accountants of India produces world-class professionals who along with the desired IT and soft skills are professionally competent and fit to work in and for international economies in multicultural environment. Well… Read More

Investment Policy, Liquid Assets for the purpose of Calculation of Net Worth of a Clearing Corporation and Transfer of Profits

CIRCULAR SEBI/HO/MRD/DRMNP/CIR/P/2016/54 May 04, 2016All recognized Clearing Corporations and Stock Exchanges Dear Sir / Madam Subject: Investment Policy, Liquid Assets for the purpose of Calculation of Net Worth of a Clearing Corporation and Transfer of Profits 1) SEBI notified Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012, (hereinafter referred to as 'SECC' Regulations,… Read More

Unavailable MCA21 system from Wednesday, 4th May, 10:00 pm to Thursday, 5th May 4:00 am

The MCA21 system will be temporarily unavailable from Wednesday, 4th May, 10:00 pm to Thursday, 5th May 4:00 am IST for system optimization. Stakeholders are requested to plan accordingly Read More

Restriction on EPF withdrawal

As per extant rules governing the withdrawal of Employer’s contribution from the Employees Provident Fund Scheme, a member can withdraw both the employer’s share of contribution and his own share under the following circumstances: - (i) On retirement from service after attaining the age of 55 years. (ii) On retirement on account of permanent and… Read More

Government Approves Seven (07) Proposals of Foreign Direct Investment (FDI)

Government Approves Seven (07) Proposals of Foreign Direct Investment (FDI) Amounting to Rs. 517.57 crore Approximately Based on the recommendations of Foreign Investment Promotion Board in its 233rd meeting held on 8th April 2016, the Government has approved seven FDI proposals involving FDI of Rs. 517.57 crore, which includes post facto amount of Rs. 18.46… Read More

Legislative Framework for Regulating Deposit Taking Activities

The Government of India had constituted an Inter-Ministerial Group (IMG) for identifying gaps in the existing regulatory framework for deposit taking activities and to suggest administrative / legislative measures, including formulation of a new law, to cover all relevant aspects of ‘Deposit Taking’. IMG has finalized its Report and has suggested enactment of a comprehensive… Read More

SEBI publishes FAQs for refund in the matter of PACL

PR No. 86/2016 SEBI publishes FAQs for refund in the matter of PACL Hon’ble Supreme Court vide its Order dated February 02, 2016, in the matter of PACL Ltd. vs Securities and Exchange Board of India (Civil Appeal No. 13394/2015) and other connected matters has constituted a committee under the chairmanship of Hon’ble Justice (Retd.) R.… Read More

Release of Data by Income Tax Department

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 29th April, 2016 Subject: Release of Data by Income Tax Department – reg Income Tax Department has released Time Series Data for Financial Year 2000-01 to 2014- 15 based on internal reporting/ MIS of the Income Tax… Read More

Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 28th April, 2016 PRESS RELEASE Subject: Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies. On the basis of… Read More