Corporate Law Reporter - The Daily Journal

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

Companies amendment Bill goes to Standing Committee

The Bill seeking to make further amendments to the Companies Act has been referred to the Parliamentary Standing Committee, which is expected to prepare its report within three months. Corporate Affairs Minister Arun Jaitley had introduced the Companies (Amendment) Bill, 2016 on March 16 in the Lok Sabha. After taking into consideration suggestions made by… Read More

Compliance under The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

Procedure : 1) Internal Complaint Committee : Committee needs to be constituted as under : 1) Senior most women member of organisation. 2) One member from NGO 3) In any case, there should be equal no of women workers in the committee. 2) Meeting : There is nowhere mentioned in the act about the no… 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

Scheme for providing Financial Assistance to Urban Cooperative Banks for Implementation of Core Banking Solution

RBI/2015-16/368 DCBR.CO.PCB.Cir.No.14/09.18.300/2015-16 Chaitra 24,1938 April 13, 2016 Chief Executive Officers Primary (Urban) Cooperative Banks Dear Sir/Madam Scheme for providing Financial Assistance to Urban Cooperative Banks for Implementation of Core Banking Solution As announced in the First Bi-monthly Monetary Policy Statement-2016-17 dated April 05, 2016 (copy enclosed), it has been decided to prescribe standards and benchmarks… Read More