Corporate Law Reporter - The Daily Journal

Income-tax (15th Amendment) Rules, 2015

CLR Note: The Ministry of Finance has issued a notification no. S.O.2791(E) dated 12th October,2015 with respect to the Income-Tax (Fifteenth) Amendment Rules, 2015 which shall come into force from the date of publication in the official gazette. The notification has been issued to amend the provisions contained in Section 80DDB of the Income Tax… Read More

CAIT complains commerce ministry for violation of FDI norms by E- commerce firms

CLR Note: The Confederation of the All India Traders Association has alleged that e-commerce firms are violating FDI norms by holding the festive sales and these companies solicit general public which tantamounts to retail trading and FDI is strictly prohibited in the reatil trading format. Traders body CAIT has alleged that e-commerce firms such as… Read More

Ready model GST framework to be referred to Empowered Committee of finance

CLR Note: Goods and Services Tax (GST) is expected to be implemented with effect form 1st April, 2016 as the centre and the states have completed the drafting of the model laws. Now, the empowered committee of the Finance Ministers of the states are likely to meet this month to discuss and deliberate on the… Read More

MCA services will not be available from 16th Oct, 2015 to 19th October, 2015

Services on MCA portal will not be available from 16th Oct, 2015 08:00 PM to 19th Oct, 2015 8:00 AM. MCA regrets the inconvenience caused and request the stakeholders to plan accordingly. Read More

Sebi to release 10-pager abridged prospectus for IPOs

CLR Note: The Securities and Exchange Board of India is planning to come out and release a 10-pager document called Abridged Prospectus from a 400 to 500 pager document which is running currently. The regulator that this document would contain a brief snapshot of all the requisite details and would allow the investor to make… Read More

Conference on IT-Legal National Conclave by ICSI on 17th October 2015 from 9:30 AM to 05:30 PM

ICSI is organising a Conference on IT-Legal National Conclave by ICSI on 17th October 2015 from 9:30 AM to 05:30 PM Stakeholders are requested to attend the same. To view please access the link given below: https://www.icsi.edu/Docs/Website/Cyber%20crime%20(003)%20(1)%20(2).pdf Read More

Pension fund regulatory body proposes MoF to increase its equity investments

CLR Note: The Pension fund regulatory body has preferred a proposal to the Ministry of Finance to increase the investment limit of pension funds upto 50 per cent in the equity in the stock market. As currently, the pension funds under the regulatory body is allowed to invest up to 15 per cent of the… Read More

GST to be implemented w.e.f April 1, 2016

GST constitutional amendment may be passed in Winter Session of Parliament The GST, a much-awaited reform to replace multiple indirect taxes with one levy shall be implemented with effect from April 1, 2016 as all preparations including rules, legislation and others have been duly undertaken. GST will be a very efficient system of tax collection… Read More

Supreme court verdict on amendment to overrule a judgement is not valid

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

Supreme court verdict on profits of charitable institutions

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

Supreme court verdict on Section 37 expenses of Income Tax

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

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Ninth Amendment) Regulations, 2015

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

Policyholders to benefit from Insurance Regulatory and Development Authority of India (IRDAI) move

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