Legal Updates - Corporate Law Reporter

Regularisation of Assets held Abroad by Person Resident in India under FEMA, 1999

September 24, 2015 Regularisation of Assets held Abroad by Person Resident in India under FEMA, 1999 In connection with the declarations made by persons resident in India under the provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act), it is clarified that a) No proceedings… Read More

Income tax:Information notice

The Income Tax Department is in the process of upgrading software applications. It is for information of PAN applicants that PAN allotment by Income Tax Department will remain suspended b/w 05.10.2015 to 09.10.2015 due to PAN data migration activity. However, PAN applications, through on-line and off-line modes, will continue to be received by PAN Service… Read More

Regularisation of assets held abroad by a person resident in India under Foreign Exchange Management Act, 1999

RBI/2015-16/195 A.P. (DIR Series) Circular No.18 September 30, 2015 To All Category - I Authorised Dealer Banks Madam / Sir, Regularisation of assets held abroad by a person resident in India under Foreign Exchange Management Act, 1999 The Government of India has enacted The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax… Read More

Declarations received and amount declared under the compliance window under the Black Money Act

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 1st October 2015 Subject: Declarations received and amount declared under the compliance window under the Black Money Act- regarding The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) has been… Read More

CBDT defers due date of filing Income Tax Returns to 31st October, 2015 all over India

CLR Note: The Central Board of Direct Taxes has issued a order dated 1st October, 2015 pursuant to Section 119 of the Income Tax Act, 1961 in which it has deferred the due date to 31st October, 2015 for filing of the Income Tax return and audit reports under Section 44AB of the Income Tax… Read More

Data pursuant to the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3770 crore under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act). These figures are subject to final reconciliation. The officer designated to receive the declarations worked till midnight on… Read More

Due date of IT Returns deferred to 31st Oct, 2015 for Punjab, Haryana & UT of Chandigarh

F.No. 225/207/2015/ITA.li Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi dated the 30th of September, 2015 Order under Section 119 of the Income-tax Act 1961 The Central Board of Direct Taxes, in compliance to the order of Hon'ble Punjab and Haryana High Court dated… Read More

New Form AOC-4 (XBRL) is available for filing w.e.f 1st Oct 2015

The Ministry of Corporate Affairs has modified New Form AOC-4 (XBRL) which is available for filing w.e.f 1st Oct 2015. The form is available for download at the MCA 21 portal under the tab 'Forms & Downloads'. Hence, the stakeholders are requested to plan their filings accordingly. Form - AOC-4 XBRL Read More

CBDT Simplifies procedure for Form No.15G & 15H

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 30th September, 2015 Subject: Simplification of procedure for Form No.15G & 15H regarding Tax payers seeking non deduction of tax from certain incomes are required… Read More

Extension of due date for filing returns of income and tax audit reports

On consideration of the requests received from members at large seeking extension of due date of filing return of income as well as the tax audit report under section 139 of the Income-tax Act, 1961 falling due on 30th September, 2015, the following representations have been made by the Direct Taxes Committee of ICAI: ICAI/DTC/2015-16/Rep… Read More

Version of Forms MGT-7 and AOC-4(non XBRL) is modified w.e.f 30th Sep 2015

The Ministry of Corporate Affairs has modified Version of Forms MGT-7 and AOC-4(non XBRL) w.e.f form 30th Sep 2015. Hence, the stakeholders are requested to plan their filings accordingly. Read More

‹Income-tax (14th Amendment) Rules, 2015

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) (INCOME-TAX) New Delhi, the 29th September, 2015 NOTIFICATION S.O. 2663 (E).” In exercise of the powers conferred by section 295 read with section 197A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the… Read More

External Commercial Borrowings (ECB) Policy – Issuance of Rupee denominated bonds overseas

RBI/2015-16/193 A.P. (DIR Series) Circular No.17 September 29, 2015 To, All Authorised Dealer Category I Banks Madam/ Sir External Commercial Borrowings (ECB) Policy - Issuance of Rupee denominated bonds overseas Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to the provisions contained in A.P. (DIR Series) Circular No. 5 dated… Read More