Stringent terms of declaration makes black money law a no escape law
MUMBAI: Black money rules have stunned many who were looking for the tax evasion and for a chance to escape the situation of disclosing their money. The law is complex, imposes tax on money that has been spent and sparks new fears ” not the kind of deal that people with Swiss bank accounts and… Read More
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 58/2015 Dated- 2nd… Read More
Notification of Black Money Rules and issue of Explanatory Circular
Notification of Black Money Rules and issue of Explanatory Circular for Compliance Window under Black Money Act The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 (the Rules) have been notified vide notification no. G.S.R. 529 (E) dated 02-07-2015. These Rules provide the method of determination of Fair Market Value of an undisclosed foreign asset. The declaration under Section 59… Read More
Competition Commission of India amends the combination regulations
As part of its ongoing and regular efforts to make M&A filing requirements simpler and readily acceptable to various stakeholders, the Competition Commission of India (CCI) has revised its Combination Regulations, making them more forward looking, in keeping with some of the best practices in other jurisdictions. The CCI, at the time of publishing the… Read More
SEBI specifies additional disclosure requirement by Cos under ‘Share based employee benefits’ norms
1. This has reference to the SEBI (Share Based Employee Benefits) Regulations, 2014 ("the Regulations") notified on October 28, 2014. The Regulations provide for certain processes/disclosure requirements to be specified by SEBI. Accordingly, necessary guidelines are being issued and given in the Annexure to this circular. 2. The stock exchanges are advised to bring the… Read More
Black Money Act would be effective from April 1, 2016
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015) (hereinafter referred to as the Act) received the assent of the President on 26th May, 2015. And whereas sub-section (3) of section 1 of the Act provides that save as otherwise provided in the Act, the Act shall… Read More
Economy rises: More reforms needed to accelerate growth
Reserve Bank of India Governor Raghuram Rajan commented that India's economy may be on course for revival with stalled projects moving again. Country needed growth to accelerate to 8-10% from 6-8% levels in order to pull the country's most disadvantaged sections out of poverty. RBI plans to review the limit on overseas ownership of Indian… Read More
FinMin asks taxpayers to e-file I-T returns early
The Finance Ministry today asked taxpayers to file their I-T returns for 2015-16 early to avoid the rush towards the last date of August 31. The tax department, yesterday, made fully operational its e-filing website for taxpayers to file their I-T returns for assessment year 2015-16. "Taxpayers are requested to e-file their returns early to… Read More
Prevention of Money Laundering: Govt notifies 3 month compliance window till Sept 30 for disclosure
The new black money law has triggered defaulters to face criminal prosecution with a jail term of up to ten years. Government yesterday gave three months time till September 30 for people to declare their undisclosed foreign income and assets to escape prosecution under the new black money law, while tax and penalty on such… Read More
Master Circular on Foreign Investment in India
RBI/2015-16/96 Master Circular No. 15/2015-16 July 01, 2015 To, All Category - I Authorised Dealer banks Madam / Sir, Master Circular on Foreign Investment in India Foreign investment in India is governed by sub-section (3) of Section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 20/2000-RB dated May 3, 2000, as… Read More
Master Circular on Memorandum of Instructions governing money changing activities
RBI/2015-16/92 Master Circular No.10/2015-16 July 01, 2015 To, All Authorised Persons in Foreign Exchange Madam / Sir, Master Circular on Memorandum of Instructions governing money changing activities This Master Circular consolidates the existing instructions on the subject of Memorandum of Instructions governing money changing activities at one place. The list of underlying circulars/ notifications is… Read More
Master Circular on Miscellaneous Remittances from India Facilities for Residents
RBI/2015-16/91 Master Circular No.6/2015-16 July 1, 2015 To, All Authorised Persons in Foreign Exchange Madam / Sir, Master Circular on Miscellaneous Remittances from India Facilities for Residents Miscellaneous remittance facilities for residents are allowed in terms of section 5 of the Foreign Exchange Management Act, 1999, read with Government of India Notification No. G.S.R 381(E)… Read More
Master Circular on Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses
RBI/2015-16/89 Master Circular No. 3/2015-16 July 01, 2015 To, All Authorised Dealer Category-I Banks Madam / Sir, Master Circular on Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses This Master Circular consolidates the existing instructions on the subject of Memorandum of Instructions for Opening and Maintenance… Read More
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