Corporate Law Reporter - The Daily Journal

Guidelines on Investment in Exchange Traded Funds with G Sec Underlying (GILT-ETF)

Ref:IRDA/F&I/CIR/INV/156/08/2015 Date:28-08-2015 CIRCULAR The CEOs of all lnsurers, Sub:Guidelines on Investment in Exchange Traded Funds with… Read More

Changes in RTGS time window

RBI/2015-16/168 DPSS (CO) RTGS No.492/04.04.002/2015-16 September 1, 2015 The Chairman / Managing Director / Chief Executive Officer of participants of RTGS Madam / Sir, Changes in RTGS time window A reference is invited to the Reserve Bank of India press release number 2015-2016/528 dated August 28, 2015 on Bank Holiday on Second & Fourth Saturdays from September… Read More

Sectoral Deployment of Bank Credit July 2015

September 02, 2015 Data on sectoral deployment of bank credit collected on a monthly basis from select 46 scheduled commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks, for the month of July 2015 are set out in Statements I and II. These data are also… Read More

Procedure for registration and submission of report as per clause (k) of sub-section (1) of section 285BA of Income-tax Act, 1961 read with sub-rule (7) of rule 114G of Income-tax Rules, 1962

The Income Tax has issued a notification dated 25th August, 2015 of the Procedure for registration and submission of report as per clause (k) of sub-section (1) of section 285BA of Income-tax Act, 1961 read with sub-rule (7) of rule 114G of Income-tax Rules, 1962 Please click on the below link to access the Income-tax… Read More

IRDAI provides nod to insurers to issue preference shares with some conditions

The Insurance Regulatory and Development Authority of India (IRDAI ), in an exposure draft, gave nod that insurance companies can issue other forms of capital like preference shares or subordinated debt. However, it said these instruments must have been issued and paid-in in cash. The regulator has proposed that with respect to preference shares, the claims… Read More

Guidance notes on implementation of reporting requirements under rules 114F to 114H of the Income-tax Rules

The Central Board Of Direct Taxation has issued a Notification No. F.No 500/137/2011-FTTR-lll dated 31st August, 2015 of the Guidance notes on implementation of reporting requirements under rules 114F to 114H of the Income-tax Rules. Please click on the below link to access the rules: Guidance notes on implementation of reporting requirements under rules 114F to 114H of the… Read More

Due date for filing Returns of Income for the Income-tax assessees in the State of Gujarat extended till 7th September, 2015

The Income tax of India has issued a notification dated 31st August, 2015 of the due date for filing Returns of Income for the Income-tax assessees in the State of Gujarat extended till 7th September, 2015. Please click on the below link to access the rules: Due date for filing Returns of Income for the Income-tax… Read More

Companies (Management and Administration) Amendment Rules, 2015

The Ministry of Corporate Affairs has issued a notification dated 28th August, 2015 of the Companies (Management and Administration) Amendment Rules, 2015 to bring out necessary amendments in the interest of the stakeholders. Please click on the below link to access the amendment notification. Companies (Management and Administration) Amendment Rules, 2015 Read More

Reporting requirement under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS)

RBI/2015-16/165 DBR.AML.BC.No.36/14.01.001/2015-16 August 28, 2015 The Chairpersons/ CEOs of all Scheduled Commercial Banks/ Regional Rural Banks/ Local Area Banks/ All India Financial Institutions/ All Non-banking Financial Companies/ All Primary (Urban) Co-operative Banks /State and Central Co-operative Banks (SCBs / CCBs) / All authorised persons Dear Sir/ Madam, Reporting requirement under Foreign Account Tax Compliance Act… Read More

No wealth tax on land which remains vacant as per construction Plan

Madras High Court held in CIT Vs M/s MIL Industries Ltd that the vacant land left on constructed property as per the construction plan of that property would not be treated as a vacant urban land because the vacant land left was the requirement of the construction plan, failing which was not possible to construct… Read More

CBEC issues clarification on service of SCN

The Central Board of Excise and Customs has issued clarification relating to waiver of issuance of SCN and conclusion of proceedings in Service tax and Central Excise dated 18th August, 2015. Please click on the below link to access the Notification. CBEC issues clarification relating to waiver of issuance of SCN and conclusion of proceedings… Read More

Sexploitation to carry wider legal meaning

The legal definition of 'sexual exploitation' could be expanded to include portrayal of women in a sexual manner in newspapers, television channels and websites, a step that could bring a paradigm shift in the visual and graphical representation of women in media. National Legal Services Authority (Nalsa) submitted a report to the Supreme Court with… Read More

CBDT notifies procedures for financial institutions to file information under FATCA

The Central Board of Direct Taxes (CBDT) has notified the procedure for financial institutions to register and submit information under the Foreign Account Tax Compliance Act (FATCA), under which the US and India would get automatic exchange of information on tax evaders from September 30. However, the procedures notified on August 25 came just ahead of the due date… Read More