Legal Updates - Corporate Law Reporter

Seeks to amend notification No. 32/2012-Service Tax dated 20th June, 2012, so as to exempt services provided by the bio-incubators approved by the Biotechnology Industry Research Assistance Council, under Department of Biotechnology, Government of India

[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. 12/2016-Service Tax New Delhi, the 1st March, 2016 G.S.R.---(E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994),… Read More

Seeks to bring into effect provisions of clause (h) of section 107 of the Finance Act, 2015

[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.15/2016-Service Tax New Delhi, the 1st March, 2016 G.S.R. ___ (E)- In exercise of the powers conferred by clause (h) of section 107of the Finance Act, 2015 (20 of 2015),… Read More

Companies Act 2013 to be amended to facilitate Ease of Doing Business

A Bill shall be introduced in the current Budget session of the Parliament in order to amend the Companies Act 2013. While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that this will remove the difficulties and impediments to ease of doing business. The Bill would… Read More

More budget allocation for price stabilization fund to check prices of essential commodities

Incentives for pulses production will help farmers and consumers both- Shri Ram Vilas Paswan Minister of Consumer Affairs, Food and Public Distribution, Shri Ram Vilas Paswan has said that significant increase in budget allocation for price stabilization fund, from Rs. 500 crore to Rs. 900 crore, is a determined step to contain the prices of… Read More

Partial Modification of Instruction No. 1914 dated 21.03.1996 to provide for guidelines for stay of demand at the first appeal stage

CBDT issues Instruction No. 1914 dated 21.03.1996 contains issued by the Board regarding procedure to be followed for recovery of outstanding for grant of stay of demand. To know the complete instruction, please click on the link below: Partial Modification of Instruction No. 1914 dated 21.03.1996 to provide for guidelines for stay of demand at… Read More

Simplification and Rationalization of Taxation

Simplification and Rationalization of Taxation While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that the Government has already accepted many recommendations of Tax Administration Reform Committee. He further proposed to accept a number of recommendations of Justice Easwar Committee in Budget 2016-17. In order to… Read More

Reforms in FDI Policy in the Areas of Insurance and Pensions, Asset Reconstruction Companies, Stock Exchanges

Reforms in FDI Policy in the Areas of Insurance and Pensions, Asset Reconstruction Companies, Stock Exchanges 100% FDI to be Allowed Through FIPB Route in Marketing Food Products Produced and Manufactured in India While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that to promote private… Read More

Environment Minister’s Reaction to Union Budget 2016-17

‘Budget is Developmental and Transformational ’: Javadekar Environment Minister’s Reaction to Union Budget 2016-17 Minister of State (Independent Charge) of Environment, Forest and Climate Change, Shri Prakash Javadekar, has said that Union Budget 2016-17 is a developmental and transformational Budget. Making his comments soon after the Budget was presented in Parliament here today, Shri Javadekar… Read More

MCA issues Notice for inviting comments on the draft rules w.r.t. NCLT related provisions under the companies act, 2013

GOVERNMENT OF INDIA Ministry of Corporate Affairs NOTICE INVITING COMMENTS ON THE DRAFT RULES W.R.T. NCLT RELATED PROVISIONS UNDER THE COMPANIES ACT, 2013 Dated the 28th January, 2016 283 Sections of the Companies Act, 2013 have already been commenced. Remaining sections related to functioning of NCLT/NCLAT and certain other authorities are yet to be notified.… Read More

Review of Prudential Guidelines – Revitalising Stressed Assets in the Economy

BI/2015-16/330 DBR.BP.BC.No.82/21.04.132/2015-16 February 25, 2016 All Scheduled Commercial Banks (excluding RRBs) All-India Term-lending and Refinancing Institutions (Exim Bank, NABARD, NHB and SIDBI) Dear Sir, Review of Prudential Guidelines - Revitalising Stressed Assets in the Economy The Reserve Bank of India has issued various guidelines aimed at revitalising the stressed assets in the economy. The measures… Read More

Know Your Customer (KYC) Direction, 2016

RBI/DBR/2015-16/18 DBR.AML.BC.No.81/14.01.001/2015-16 February 25, 2016 Know Your Customer (KYC) Direction, 2016 In terms of the provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, Regulated Entities (REs) are required to follow certain customer identification procedure while undertaking a transaction either by establishing an account based relationship or… Read More

CBEC has notified and appoints 1st day of April, 2016 as the date on which the provisions of sub-section (1) of section 109 of Finance Act, 2015

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 18th February, 2016 Notification No. 06/2016-Service Tax G.S.R.___ (E). - In exercise of the powers conferred by section 109 of the Finance Act, 2015 (No. 20 of 2015), the Central Government hereby appoints the 1st day of April, 2016 as the date on which the… Read More

Clarification regarding nature of share Buy-back transactions under Income-tax Act, 1961

As per provisions of Section 46A of the Income-tax Act, 1961('Act'), applicable with effect from 01.04.2000, any consederation received by a shareholder or a holder of other specified securities from any company on purchase of its own shares/other specified securities. To View complete Notification, please click on the link below: Clarification regarding nature of share… Read More