Corporate Law Reporter - The Daily Journal

Extension of Credit Facilities to Overseas Step-down Subsidiaries of Indian Corporates

RBI/2015-16/279 DBR.IBD.BC.No.68/23.37.001/2015-16 December 31, 2015 All Scheduled Commercial Banks (Excluding RRBs and LABs) Madam/Dear Sir, Extension of Credit Facilities to Overseas Step-down Subsidiaries of Indian Corporates Please refer to our circular DBOD.IBD.BC.No.96/23.37.001/2006-07 dated May 10, 2007 permitting banks in India to extend funded and/or non-funded credit facilities to step-down subsidiaries of the overseas subsidiaries of Indian… Read More

CBDT Issues Advisory To TDS Deductors For Validating S. 197 Certification

The CBDT has issued an advisory in which it is pointed out that instances of huge default of ‘Short Deduction’ have been observed due to wrong quoting of 197 certificate number. The scenario of wrong 197 certificate generally arises when the deductor accepts from deductee a manually issued lower deduction certificate by assessing officer &… Read More

Roadmap for opening brick and mortar branches in villages with population more than 5000 without a bank branch of a scheduled commercial bank

RBI/2015-16/277 FIDD.CO.LBS.BC.No. 82 /02.01.001/2015-16 December 31, 2015 The Chairman and Managing Director SLBC Convenor Banks Dear Sir/Madam, Roadmap for opening brick and mortar branches in villages with population more than 5000 without a bank branch of a scheduled commercial bank You are aware that SLBC Convenor banks were advised vide circular RPCD.CO.LBS.BC. No. 86/02.01.001/2011-12 dated… Read More

Discontinuation of the requirement for Paper to Follow (P2F) for Central Government cheques under Cheque Truncation System

RBI/2015-16/278 DGBA.GAD.No. 2036/42.01.035/2015-16 December 31, 2015 The Chairman and Managing Director/ The Chief Executive Officer All Agency Banks Dear Sir/Madam Discontinuation of the requirement for Paper to Follow (P2F) for Central Government cheques under Cheque Truncation System With a view to enhancing efficiency in cheque clearing, Reserve Bank has introduced Cheque Truncation System (CTS) for… Read More

CBDT Clarifies Law On S. 271(1)(c) Penalty Where S. 115JB Book Profits Are More Than Normal Income

CIRCULAR NO. 25/2015 F.No.279/Misc./140/2015/ITJ Government of India Ministry of Finance Central Board of Direct Taxes New Delhi, 31st December, 2015 Subject: Penalty u/s 271(1)(c) wherein additions/disallowances made under normal provisions of the Income Tax Act, 1961 but tax levied under MAT provisions u/s 115JB/115JC, for cases prior to A.Y. 2016-17-reg.- Section 115JB of the Act… Read More

Streamlining scrutiny assessment proceedings and facilitating electronic communication

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 31 st December, 2015 Subject: Streamlining scrutiny assessment proceedings and facilitating electronic communication – regarding The Income Tax Department is committed to providing fair and transparent tax administration and continuously improve taxpayer services. Taking another step in… Read More

Income-tax (22nd Amendment) Rules, 2015

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES Notification New Delhi, the 30th December, 2015 S.O. 3545(E)- In exercise of the powers conferred by section 139A, section 271FAA and section 285BA, read with section… Read More

E-commerce:E-contract: Clickwrap or Browse-wrap

Introduction: With the advent of technology, E-commerce portals have become a trending opportunity for the entrepreneurs to explore. Entrepreneurs are now providing services and goods with just a click away. One can only avail services and goods through E-commerce after entering into an e-contract with the owner of such E-commerce portal. In basic language the… Read More

Relaxation of additional fees and extension of last date of in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013- State of Tamil Nadu and UT of Puducherry

General Circular No. 16/2015 F.No. 01/34/2013 CL-V Government of India Ministry of Corporate Affairs 5th Floor, 'A' Wing, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi-1 Dated: 30/12l2015 To All Regional Directors, All Registrar of Companies, All Stakeholders. Subject: Relaxation of additional fees and extension of last date of in filing of forms MGT-7 (Annual… Read More

Request for Qualification (RFQ) Cum Request for Proposal (RFP) for Selection of IT Application Development Agency for Start-Up India, Stand-Up India

Government of India intends to launch Start-up India, Stand-up India‘ initiative to create a strong eco-system for fostering innovation and start-ups in the country. This will require an environment which will enable individuals and smaller companies, including start-ups and SMEs to grow through innovation and design. To know the complete Proposal, please click on the… Read More

Notification Regarding “ODD-EVEN Scheme” for Non Transport Vehicles

[To BE PUBLISHED IN DELHI GAZETTE PART - IV EXTRA – ORDINARY] GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI (TRANSPORT DEPARTMENT) 5/9, UNDER HILL ROAD, DELHI-54. NO.F.3 (218)/MRTS/Tpt./2015/302 Dated the 28th Dec., 2015 NOTIFICATION Whereas the National Capital Territory of Delhi has more than nine million registered vehicles and the vehicular pollution has become a… Read More

Rules regarding quoting of PAN for specified transactions amended

Press Information Bureau Government of India Ministry of Finance 15-December-2015 19:59 IST Rules regarding quoting of PAN for specified transactions amended The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules… Read More

List of exempted vehicles from Odd-Even Formula going to be implemented in Delhi from 1st Jan 2016 to 15th Jan 2016

1. All CNG-driven vehicles (will need to produce certificate) 2. Electric vehicles 3. Hybrid vehicles 4. Two-wheelers 5. Vehicles driven by women, with only women passengers 6. Vehicles driven by women, with children below the age of 12 7. Those on way to hospital for medical emergency (should carry proof) 8. Vehicles of physically challenged… Read More