Notwithstanding the campaign against black money, the government is outlining to make it mandatory to keep shares of unlisted companies (companies which are not in the stock market) in the demat form. As per a government official, it will be first implemented for government limited companies and will be optional for unlisted companies. . According … Continue reading “Shares of Unlisted Companies to take a Flight”

The Supreme Court said that once an establishment is covered under any one of the excepted category under Section 16 of the Employees’ Provident Funds and Miscellaneous Provisions Act.

The Bar Council of India has increased the age limit from 20 to 22 years for 5-year law course and from 30 to 45 years for 3–year graduate course.

The Delhi High Court has asked the Centre and Delhi government to explore appropriate programmes for mainstreaming and rehabilitating women prisoners. A bench of Justices Gita Mittal and Anu Malhotra observed that the status of women prisoners was extremely “sad and unfortunate”. “In several cases involving women prisoners, we are coming across the fact that, apart from … Continue reading “On Rehabilitation of women prisoners Delhi HC ask Govt to explore ways”

Indian mutual funds will be allowed to invest in real estate investment trusts (REITs) and infrastructure investment trusts (InvITs), the market regulator said on Saturday, a move aimed at boosting investor interest in such alternative investments. The Securities and Exchange Board of India (SEBI) had been working on easing regulations on REITs and InvITs to woo … Continue reading “Mutual funds can now invest in REITs, InvITs”

Seventh Meeting  of GST Council on its first day of two days started on friday, 22nd December 2016, finalised 197 Clauses of the Central GST and State GST laws. Another 3-4 clauses relating to definition of states with respect to territorial division and the issue of dual Control or cross empowerment will be discussed later. The … Continue reading “Seventh Meeting of GST Council finalises Central and State GST Laws”

CBDT vide its notification dated 05/10/2016 has notified form no. 68 under Rule 129 of income tax rule, to apply to Assessing offier for (i)  Immunity from penalty u/s 270A relating to “under reporting and misreporting of income” (ii) immunity from initiation of proceedings u/s 276C and 276 CC relating to willful attempt to avaid tax … Continue reading “CBDT notified form 68 to grant immunity from penalty u/s 270A, 276C and 276CC”

Reserve Bank of India vide its notification dated December 07, 2016 hereby withdraws the requirement by all Scheduled Commercial Banks/ Regional Rural Banks / all Scheduled Primary (Urban) Co-operative Banks / all Scheduled State Co-operative Banks, to maintain an incremental cash reserve ratio (CRR) of 100 per cent on increase in net demand and time … Continue reading “RBI withdraws the Incremental CRR”

RBI vide circular dated November 24, 2016 has decided that no over the counter exchange (in cash) of SBNs will be permitted after midnight of November 24, 2016. Members of public who approach the banks for over the counter exchange of SBN may be encouraged to deposit SBNs into their bank accounts. Banks shall also … Continue reading “No over the counter exchange of SBNs after midnight of November 24, 2016”

CBEC vide notification no. 127/2016-Customs dated 20th October 2016 in supersession of the notification no.124/2016-Customs dated 6th October 2016 , determines the revised  rate of exchange of Conversion of foreign Currencies in to Indian currency in respect of Import and Export of goods in/from India.   SNO. Foreign Currencies For Imported goods (per unit of foreign currency) For Exported Goods … Continue reading “CBEC revised rate of exchange of Foreign currency with effect from 21st October 2016”

CBEC vide notification 126/2016–Customs dated 14th October, 2016 has amended the notification 36/2001-Customs dated 3rd August, 2001 in respect of “fixation of tariff value of the Imported goods in India”. The following are the rates of Import against the said description of goods – Sno. Description of goods Tarrif value US $ per Metric Tonne … Continue reading “CBEC amended notification 36/2001-Customs in respect of ” fixation of tariff value of the Imported goods in India””

Section 194-I of the Income-tax Act, 1961 requires that tax be deducted at source at the prescribed rates from payment of any income by way of rent. Now the issue is whether section 194-I is applicable on lump sum lease premium paid by an assessee for acquiring long-term leasehold rights for land or any other … Continue reading “CBDT clarified that lump sum lease premium or one-time upfront lease charges are not liable for TDS under section 194-I of the Income tax Act 1961”

CBEC vide Notification No. 125 /2016-Customs (N.T) dated 13th October 2016 makes further amendments in Notification No. 63/94- Customs (NT), dated the 21st November, 1994 related to “Land Customs Stations and Routes for import and export of goods by land or inland water ways”. As per the said notification CBEC add following places as land … Continue reading “CBEC amend Notification no. 63/94-Custom related to “Land Customs Stations and Routes for import and export of goods by land or inland water ways”.”

RBI which earlier has permitted the use of photographs of only ‘willful’ defaulters in newspaper advertisements directs the publication of photos of all defaulters should be stopped. RBI taking into account the sensitivity involved, directed to prevent the publishing of photos of defaulting borrower in an indiscriminate manner. RBI reiterated that banks are allowed to … Continue reading “Publishing Of Photographs Of Willful Defaulters”