RBI Revises the Ways and Means Advances (WMA) Scheme for the State Governments
Based on the recommendations of the Advisory Committee on Ways and Means Advances (WMA) Scheme for the State Governments, 2015 (Chairman: Shri Sumit Bose), the Reserve Bank of India (RBI) has revised the WMA scheme. The revised scheme for 2015-16 is as under: WMA Limits 1) As per the revised formula, the WMA quantum works… Read More
Income from House Property
The value obtained from house property is taxable under the head “Income from House Property” i.e. the annual value of the property, which includes building or land appurtenant thereto, of which the assessee is the owner, is subject to taxable under this head “income from House Property”. However, if the property is owned and used… Read More
Taxability of Gifts under Income Tax Act
The Gift tax in India is regulated by Gift Tax Act that was constituted on April 1, 1958. It came into effect in nearly all parts of the country except Jammu and Kashmir. As per this Act 1958, all gifts exceeding Rs. 25,000, in the form of cash, draft, check or others, received from one… Read More
Report of the Companies Law Committee dated 1st February, 2016
CLR Notes: The Companies Law Committee has presented its report to make recommendations to the Government on issues arising from the implementation of the Companies Act, 2013 as well as on the recommendations received from Bankruptcy Law Reforms Committee, the High Level Committee on CSR, the Law Commission and other agencies. The report is divided… Read More
Revision in Position Limits for Agricultural Commodities
CIRCULAR CDMRD/DMP/CIR/32/2016 January 29, 2016 To, The Managing Directors / Chief Executive Officers National Commodity Derivatives Exchanges Sir / Madam, Sub.: Revision in Position Limits for Agricultural Commodities 1. In continuation of SEBI circular No CIR/CDMRD/DMP/2/2016 dated January 15, 2016, the following directions are hereby issued with respect to provisions of open position limits for… Read More
Revision in Position Limits for Agricultural Commodities
CIRCULAR CDMRD/DMP/CIR/32/2016 January 29, 2016 To, The Managing Directors / Chief Executive Officers National Commodity Derivatives Exchanges Sir / Madam, Sub.: Revision in Position Limits for Agricultural Commodities 1. In continuation of SEBI circular No CIR/CDMRD/DMP/2/2016 dated January 15, 2016, the following directions are hereby issued with respect to provisions of open position limits for… Read More
Notice 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
ICAI President’s Message – February 2016
Dear Friends, I started my journey in the active service of profession in the year 1991 as an office bearer of Indore Branch of CIRC of ICAI. I am happy that after 24 years, the profession gave me the opportunity to serve as the 63rd President of the ICAI, in the year 2015. Earlier, I… Read More
Provision of Safe Deposit Locker facility by NBFCs
RBI/2015-16/302 DNBR(PD).CC.No. 072/03.10.001/2015-16 January 28, 2016 All Non-Banking Financial Companies (NBFCs) Dear Sirs, Provision of Safe Deposit Locker facility by NBFCs The Bank has received proposals from NBFCs seeking approval for offering safe deposit locker facilities. In this regard it may be noted that providing safe deposit locker facility is a fee based service and… Read More
Signing of Protocol amending the India-Armenia Double Taxation Avoidance Convention
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 27th January, 2016 Subject: Signing of Protocol amending the India-Armenia Double Taxation Avoidance Convention A Protocol to amend the existing Double Taxation Avoidance Convention was signed by the Government of India and the Government of Armenia on… Read More
Versions of Forms INC-23 and MGT-14 is modified w.e.f 30th Jan 2016
Versions of Forms INC-23 and MGT-14 is modified w.e.f 30th Jan 2016. All Stakeholders are requested to plan accordingly. Read More
Rate of exchange of conversion of the foreign currency with effect from 22nd January, 2016
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 14/2016 - Customs (N.T.) Dated the 21st January, 2016 01 Magha, 1937 (SAKA) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the… Read More
Amendment in notification No. 12/2012- Customs dated 17.03.2012
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 6/2016-Customs New Delhi, the 28th January, 2016 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to… Read More
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