Legal Updates - Corporate Law Reporter

Guidelines for Maintaining the Denied Entities List(Del)

F.No. 18/24//HQ/99-2000/ECA II Directorate General Of Foreign Trade Ministry of Commerce & Industry Udyog Bhavan ,New Delhi Enforcement Division To All Port Offices Date: December 31, 2003 Sub: GUIDELINES FOR MAINTAINING THE DENIED ENTITIES LIST(DEL) The Denied Entities List ( earlier called ‘Black List’) is drawn under the provision of Rule 7 of Foreign Trade(Regulation)… Read More

MCA released 8 FAQs on various Forms

Stakeholders are requested to make note of the following common queries. Stakeholders are also requested not to raise duplicate Helpdesk tickets. 1. Which eforms can I file as attachments with GNL-2? Annual filing eforms under the Companies Act, 1956 viz. 23AC/ACA, 23AC/ACA-XBRL, 20-B, 21-A, Form 66, I-XBRL, A-XBRL, 23B, 23C and 23D would be made… Read More

Draft rules for grant of Foreign Tax Credit

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 18th April, 2016 Subject: Draft rules for grant of Foreign Tax Credit – reg. The Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes may prescribe rules specifying the procedure for grant of… Read More

Draft rules for granting relief or deduction of Income-tax under section 90/ 90A/ 91 of the Income-tax Act

F.No. 142/24/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** New Delhi, dated 18th April, 2016 Sub: Draft rules for granting relief or deduction of Income-tax under section 90/ 90A/ 91 of the Income-tax Act – reg. Clause (ha) of sub-section (2) of section 295 of… Read More

Clarifications regarding Services Provided by Government or Local Authority

Any service provided by the Government or a local authority to a business entity has been made taxable with effect from 1st April 2016. Prior to this, only support services provided by Government or local authority to business entities were taxable. In order to clarify doubts raised by members of Industry and Trade Associations… Read More

FVU version for uploading TDS has been changed from 4.9 to 5.0

The FVU version for uploading TDS has been changed from 4.9 to 5.0. Therefore, you are advised to update your TDS software and generate FVU file with 5.0 version to avoid the inconvenience. The Key Features of the FVUs are as under: A. Remark ‘B’ is made applicable for Section code 192A (Payment of accumulated balance due to an employee) for Form… Read More

New Disciplinary Directorate at ICSI

THE INSTITUTE OF COMPANY SECRETARIES OF INDIA (IN PURSUIT OF PROFESSIONAL EXCELLENCE) (“Statutory Body under an Act of Parliament”) NOTIFICATION New Delhi, the 1st April, 2016 ICSI No.1 of April, 2016 – The Council of the Institute of Company Secretaries of India pursuant to sub-section (1) of Section 21 of the Company Secretaries Act, 1980,… Read More

Amendment in rule 6 sub-rule (2), of Service Tax (Determination of Value) Rules, 2006

[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) Notification No. 23 /2016-Service Tax, New Delhi, the 13th April, 2016 G.S.R.____ (E).- In exercise of the powers conferred by clause (aa) of sub-section (2) of section 94 of the Finance… Read More

Amendment in sub-rule (7) of rule 4 & rule 6 of CENVAT Credit Rules, 2004

[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) NOTIFICATION No. 24/2016- Central Excise (N.T.) New Delhi, the 13th April, 2016. G.S.R.____(E).- In exercise of the powers conferred by section 37 of the Central Excise Act,1944 (1 of 1944) and… Read More

Rate of exchange of conversion of the foreign currency with effect from 8th April, 2016

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No.48/2016 - Customs (N.T.) New Delhi, dated the 07th April, 2016 18 Chaitra, 1938 (SAKA) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the… Read More

Amendment in rule 7 of Point of Taxation Rules, 2011

[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) Notification No. 23 /2016-Service Tax, New Delhi, the 13th April, 2016 G.S.R.____ (E).- In exercise of the powers conferred by clause (aa) of sub-section (2) of section 94 of the… Read More

Security / Inspection needs and Movement of Treasure

RBI/2015-16/369 DCM (CC) No. G - 11/3445/03.39.01/2015-16 April 13, 2016 The Chairman & Managing Director Chief Executive Officer / Managing Director All Banks having Currency Chests Madam / Dear Sir, Security / Inspection needs and Movement of Treasure Please refer to the guidelines contained in the Technical specifications issued by us vide DCM (CC) No.… Read More

Non-Banking Financial Company-Micro Finance Institutions (Reserve Bank) Directions, 2011 – Acting as Channelizing Agents for Schemes operated by Central/State Government Agencies

RBI/2015-16/370 DNBR.CC.PD.No.078/03.10.038/2015-16 April 13, 2016 To All NBFC-MFIs, Dear Sir/Madam, Non-Banking Financial Company-Micro Finance Institutions (Reserve Bank) Directions, 2011 – Acting as Channelizing Agents for Schemes operated by Central/State Government Agencies Please refer to the Non-Banking Financial Company -Micro Finance Institutions (NBFC-MFIs) (Reserve Bank) Directions, 2011 (the Directions) issued by Reserve Bank of India (the… Read More