Corporate Law Reporter - The Daily Journal

CBDT notifies Cost Inflation Index (CII) for the Financial Year 2015-16

The Central Board of Direct Taxes (CBDT) has notified the cost inflation index for the Financial Year 2015-16 i.e. declared as to be 1081 as added under Item No. 35 of the said schedule of the CII for the respective financial years. The Notification is placed hereunder for the kind reference. GOVERNMENT OF INDIA MINISTRY OF… Read More

Due Date of filing of Wealth Tax Return for Financial Year 2015-16 deferred to 31st August, 2015

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, dated 27th July, 2015 To All Pr. Chief Commissioners of Income-tax Subject: Extension of due date of filing Return of wealth for A.Y, 2015-16-clarification In terms or Explanation to sub-section (1) of section 14 of the Wealth-tax Act 1957, ˜due date™ of filing Return of… Read More

SFIO to engage in CA™s for probe-related works

To bolster its capabilities in probing white collar crimes, the Serious Fraud Investigation Office (SFIO) will hire chartered accountants to help in matters related to forensic audit and financial data analysis. SFIO, which comes under the Corporate Affairs Ministry, has been looking to rope in more people, including financial experts to "critically analyse" announcements made… Read More

GST Bill reworked and is all set to go

The GST Committee has analysed and pointed out every difference in the GST Bill. The Government should therefore be able to pass it in this session of Parliament if it comes to Union Minister of State for Commerce and Industry. Stating that the committee formed to iron out the differences has done a detailed thrashing… Read More

Revised Clause 49 of the Listing Agreement

INTRODUCTION: Corporate governance is concerned with holding the balance between economic and social goals and between individual and communal goals. The governance framework is there to encourage the efficient use of resources and equally to require accountability for the stewardship of those resources. The aim is to align as nearly as possible the interests of… Read More

Revised Draft Indian Financial Code Hosted on the Home Page of the Ministry of Finance; Comments/Suggestions Invited by 8th August, 2015

Press Information Bureau Government of India Ministry of Finance 23-July-2015 14:59 IST Revised Draft Indian Financial Code Hosted on the Home Page of the Ministry of Finance; Comments/Suggestions Invited by 8th August, 2015 The Financial Sector Legislative Reforms Commission (FSLRC) set up on 24th March 2011, for re-writing the financial sector laws to bring them in… Read More

MCA allows filing of Unaudited Accounts of foreign subsidiaries with ROC

The issue of appointment of First Auditor of the Company and his subsequent appointments were discussed at length. The relevant provisions as existing in Indian law vis-Ã -vis those prevalent in USA, UK, Australia and Canada were also discussed. The Committee acknowledged the role of the Audit Committee wherever such Committees were mandated, in recommending the… Read More

Black money probe team pulls up Sebi

A Supreme Court-appointed special investigation team (SIT) on unaccounted money has come down heavily on the creation of such funds through stock exchanges and participatory notes (P-notes). In a report, the SIT said the Securities and Exchange Board of India (Sebi) should have an effective monitoring mechanism to study unusual rises in stock prices and the use… Read More

Early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders: Framework for Revitalising Distressed Assets in the Economy – Review of the Guidelines on Joint Lenders’ Forum (JLF) and Corrective Action Plan (CAP)

RBI/2015-16/137 DNBR.CC.PD.No.066/03.10.01/2015-16 July 23, 2015 To All Non-Banking Financial Companies (NBFCs) Madam/ Sir, Early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders: Framework for Revitalising Distressed Assets in the Economy - Review of the Guidelines on Joint Lenders' Forum (JLF) and Corrective Action Plan (CAP) The Framework for Revitalising Distressed… Read More

Rajya Sabha panel backs majority of GST Bill proposals

The Opposition forced adjournments in both Houses of Parliament on Wednesday, the chances of the Constitution (122nd Amendment) Bill, meant to introduce the Goods and Services Tax (GST), clearing Parliament in the current session brightened, with the Rajya Sabha Select Committee endorsing almost all its provisions. The GST rate should not go beyond 20 per… Read More

E-filing preferable to physical route while declaring illegal foreign assets

One of the concerns regarding the one-time settlement window under the Undisclosed Foreign Income and Foreign Assets Bill, 2015 (Black Money Act) is that the information could be misused. Tax payers are worried they could be subject to stringent scrutiny by assessing officers (AOs) on their income, assets, and bank accounts. According to experts, this problem can be… Read More

Between m-wallets fund transfer should be allowed by RBI

The Reserve Bank of India (RBI) is considering a proposal to allow fund transfer between two mobile wallets, a move that will give boost to e-commerce transactions and provide customers options to manage their funds. M-wallet ---is similar to saving accounts wherein a customer parks money - is provided by few banks such as Pocket… Read More

Two days National Research Seminar on Corporate Laws & Challenges to the New Governments on 25-26 July, 2015

Dear Stakeholders, Two days National Research Seminar on Corporate Laws & Challenges to the New Governments on 25-26 July, 2015. For Registration click on the above link. The ICSI Read More