Honourable Supreme Court in ACIT (Agr. IT) vs. Netley 'B' Estate has held that while an amendment to overrule a judgement is not valid, it is permissible to retrospectively alter the character of the levy so as to save it from illegality - (2015-ITRV-SC-163) Read More
Honourable Supreme Court in Queens Educational Society vs. CIT has held that mere surplus does not mean institution is existing for making profit. The predominant object test must be applied. The AO must verify the activities of the institution from year to year to allow exemption u/s 10(23C)(v) & (vi) - (2015-ITRV-SC-154) Read More
Honourable Supreme Court in Taparia Tools Ltd vs. JCIT has held that normally revenue expenditure incurred in a particular year has to be allowed in that year and if the assessee claims that expenditure in that year, the Department cannot deny the same (s.36(1)(iii)/ 37(1)) . Fact that assessee has deferred the expenditure in the… Read More
RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 6th October, 2015 No. FEMA. 353 /2015-RB Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Ninth Amendment) Regulations, 2015 G.S.R. 759 (E).”In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and… Read More
According to data from the Insurance Regulatory and Development Authority of India (IRDAI), as of March this year, there were 278,992 complaints against life insurance companies. Of these, 52 per cent were related to mis-selling. Also, banks and their employees would be held liable for all insurance policies sold by them. Corporate agents, including banks,… Read More
RBI/2015-16/202 DBR.BP.BC.No.43/21.06.001/2015-16 October 8, 2015 All Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) Dear Sir, Risk Weights for Claims on Foreign Central Banks Please refer to paragraph 5.3 of the Master Circular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015 on Basel III Capital Regulations prescribing risk weights for claims on Foreign Sovereigns. 2. The matter of… Read More
A total of Rs 4,147 crore were declared in the 628 disclosures made during the 90-day black money compliance window that ended on September 30. Surprisingly, against the popular perception, professionals including Doctors, engineers and former senior managers who used to work overseas outnumbered the companies and trusts in the declaration of unaccounted wealth. There's… Read More
CLR Note: The Reserve Bank of India has issued a circular no.44/08.12.015/2015-16 dated 8th October, 2015 where it has been decided to fix the Loan to Value (LTV) ratios and risk weights for individual housing loans.Please read below the full details of the slabs and their risk weights along with the LTV ratios. RBI/2015-16/200 DBR.BP.BC.No.… Read More
The Ministry of Corporate Affairs(MCA) has issued a General notice dated 8th October 2015 to inform the stakeholders that only Online payment options (Credit/Debit/Prepaid Card/Net Banking) would be available for making payment of MCA fee for LLP e-forms between 8-Oct-2015 to 18-Oct-2015. Offline payments through Bank Challan, Pay later and NEFT options will not be available… Read More
CLR Note: The Securities and Exchange Board of India has issued a circular no. CIR/MRD/DP/17/2015 dated 8th October, 2015 which review of the capacity planning framework of stock exchanges and clearing corporations The circular shall come into force form the date of publication in the official gazette. CIRCULAR CIR/MRD/DP/17/2015 … Read More
CLR Note: The Central Board of Excise and Custom has issued a notification no. 21/2015 dated 7th October, 2015 which seeks to further amend CENVAT Credit Rules, 2004 which may be called as CENVAT Credit (Fourth Amendment) Rules, 2015. The notification shall come into force form the date of publication in the official gazette. GOVERNMENT OF… Read More
CLR Note: The Central Board of Direct Taxes has issued a order dated 6th October, 2015 to facilitate the process of electronic verification of returns which was only restricted for the returns specified in the earlier notifications.Now, the returns as specified in the below order can also be processed through electronic verification code. Government of India… Read More
CLR Note: The Reserve Bank of India has issued a circular no. RBI/2015-16/201 dated 8th October, 2015 which clarifies Risk Management & Inter-Bank Dealings: Booking of Forward Contracts - Liberalisation RBI/2015-16/201 A. P. (DIR Series) Circular No. 20 October 8, 2015 To, All Authorised Dealer Category - I banks Madam / Sir, Risk Management & Inter-Bank Dealings: Booking of Forward… Read More