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Corporate Updates 14 May 2014

May 14, 2014 Leave a Comment

Registration of Marriages: 

The Hon’ble Supreme Court in the case of Smt. Seema Vs. Ashwani Kumar directed for compulsory registration of marriages solemnized in the respective state / union territories. Accordingly Delhi Government has issued directors an Order called The Delhi (Compulsory Registration of Marriage) Order, 2014 and shall extend to all marriages that solemnized in Delhi irrespective of caste, creed & religion. The parties to marriage shall apply jointly in the prescribed form for registration of their marriage with in a period of 60 days of their marriage and delay upto next 60 days can be condone by the Marriage officer. Penalty provisions also provided for non registration of marriage with in the prescribed time period.

DVAT: 

The Commissioner of VAT has delegated his powers specified in Clause 3 of Section 68 of DVAT Rules, 2004 relating to an assessment made under the Act including as assessment under Section 33 of the Act to all officers appointed under sub Section (2) of Section 66 of the Act not below the rank of VATO subject to their territorial jurisdiction. To view and download the circular, please Click Here.

Filed Under: Marriage, News & Updates, Registration Matters, VAT

Corporate Updates 01 May 2014

May 1, 2014 Leave a Comment

Punjab VAT: 

The Punjab VAT authorities has amended the Punjab VAT Act, 2005 for availing input tax credit under is the first proviso to section 13(1) of the said Act. The above proviso already existed since the original enactment of Punjab VAT Act, 2005, however earlier the condition contained in the said proviso was that input tax credit was available if the goods are “for sale” or are “for use” in manufacturing or processing of goods meant for sale. Now w.e.f. 01.04.2014 the condition is the input tax credit will be available when such goods are “sold” or are “used” in the manufacturing processing of goods meant for sale. If such goods remain in stock you will not get the input tax credit of the tax paid on such stock of goods even though you are having VAT invoice

DVAT: 

DVAT Authorities have extended the last date of Filing of online return for 4th quarter of 2013-14, in Form DVAT-16 ,DVAT-17 and DVAT-48 along with required annexures, and submission of hard copy to 09/05/2014. The tax due shall however continue to be paid in the usual manner as per the provisions of section 3(4) of the Delhi Value Added Tax Act, 2004. The dealers filing the returns through digital signature need not file hard copy of the return/Form DVAT-56. To view & download the circular, please Click Here.

Filed Under: DVAT, News & Updates, VAT

Corporate Updates 25 April 2014

April 25, 2014 Leave a Comment

RBI: 

RBI has advised Guidelines on Uniform Accounting Standards at Asset Reconstruction Companies (ARCs) and will be effective from the accounting year 2014-15. Wherein guidelines relating to Acquisition cost (Pre and post acquisition), Revenue Recognition, Valuation of Security Receipts (SRs), Applicability of ‘Operating Cycle Concept’ under Schedule VI are prescribed in detail.

DVAT: 

The Government of National Capital Territory of Delhi has issued a Circular for use of digital signature for online filing of applications/returns etc and all registered dealers can avail of the facility by obtaining digital signatures from any of the certifying authorities. The dealers filing the returns online by using digital signature need not” to file Return verification Form in Form DVAT-56. The hard copy of such documents need not be filed with the Department if a document/return/application” etc. is submitted using digital signature.

Filed Under: News & Updates, RBI, VAT

Corporate Updates 18 March 2014

March 18, 2014 Leave a Comment

DVAT: 

The Finance (Revenue-I) Department of Government of NCT of Delhi in exercise of the powers conferred by sub-section 3 and 4 of section 13 of the Central Sales Tax Act, 1956 makes amendment in Central Sales Tax (Delhi) Rules, 2005, thereby introduces Form 10 for Application for cancellation of Central Registration and Form 11 for amendment in Central Registration. For detailed notification please Click here.

Company Law: 

The Regional Bench of Company Law Board, Mumbai in one of the Judgment decided that once the seller has given their no objection letter for transfer of shares and no other claimant had come asking for transfer of shares in question, the Company is bound to register the said transfer in favour of the purchaser.

Filed Under: Company Law, News & Updates, VAT

Corporate Updates 03 March 2014

March 3, 2014 Leave a Comment

FEMA: 

RBI has issued Circular under section 10(4) and section 11(1) of the FEMA, 1999 (42 of 1999) in terms of which a comprehensive IT- based system called Export Data Processing and Monitoring System (EDPMS) has been developed for better monitoring of export of goods and software and facilitating AD banks to report various returns through a single platform. It is now advised that EDPMS has been operationalized with effect from February 28, 2014 and the same would be available to AD banks with effect from March 01, 2014.

D-VAT: 

D-VAT notifies that Online details of Invoice& GR (T-2 Form) in respect of all goods procured / purchased or received as stock transfer or received on consignment agreement from outside Delhi shall be submitted online by dealers, using their login id and password, before the goods physically enter the boundary of Delhi. This Notification shall come into force with effect from the 15th March, 2014. Click here to read and download Notification.

Filed Under: FEMA, News & Updates, VAT

Corporate Updates 01 March 2014

March 1, 2014 Leave a Comment

DVAT: 

All the dealers are, directed to abide by the provisions of section 48 and Rules 42 & 19 of Delhi VAT Act & Rules and maintain and retain sufficient records, as prescribed, and for prescribed period at the designated principal place of business in Delhi and to intimate any change in its address to the Commissioner within 30 days of such change. The record may be in the form of soft/hard copy but should be readily available on demand and be able to explain all business transactions. Any non Compliance on the part of dealers are gross violation of the provision of DVAT Act and Rules, and actions can be taken against defaulting dealers. For detailed Notification, please Click here.

CUSTOMS ACT:

The Customs Baggage Declaration Regulations, 2013 will come into force with effect from 1.03.2014. All incoming international passengers will now be required to declare the content of their baggage in the Indian Customs Declarations Form prescribed in the regulation and the same will be independent of the form prescribed by the Ministry of Home Affairs. To view the copy of the circular, please Click Here.

Filed Under: Customs, News & Updates, VAT

Corporate Updates 20 Feb 2014

February 20, 2014 Leave a Comment

SEBI: 

To provide consolidated information on companies to investors in a single document, SEBI has proposed that the top 200 companies by market capitalization would have to file an annual information memorandum (AIM) every year. This will be applicable from April 1, 2014, according to a SEBI discussion paper released on Tuesday. Companies need to file the AIM within 135 days from the end of a financial year on their websites and with stock exchanges. The requirement for other companies would be from April 1, 2015.

DELHI VAT: 

In exercise of the powers conferred by section 107 of the Delhi Value Added Tax Act, 2004 (Delhi Act 3 of 2005), the Lt. Governor of National Capital Territory of Delhi is pleased to make the amendment to Delhi Tax Compliance Achievement Scheme, 2013, by extending the date of the amnesty scheme to 28-02-2014 through Notification No. F.3(26)/Fin(Rev-I)/2013-14/dsvi/238-243 dated 18-02-2014.

Filed Under: News & Updates, SEBI, VAT

Corporate Updates 17 Feb 2014

February 17, 2014 Leave a Comment

SEBI: 

SEBI has approved the proposals to amend the Listing Agreement with respect to corporate governance norms for listed companies. The amendments, inter-alia, propose to align the provisions of Listing Agreement with the provisions of the newly enacted Companies Act, 2013 and also provide additional requirements to strengthen the corporate governance framework for listed companies in India. The amendments shall be made applicable to all listed companies with effect from October 01, 2014. SEBI has further approved a Long Term Policy for Mutual Funds in India by proposing tax incentive related proposals and non-tax related proposals. To download the complete press release, please Click here.

PUNJAB VAT:

To provide Relief for small traders in small towns of State of Punjab which falls in the Class-II and Class-III categories, the Punjab Government under Section 8-A of the Punjab VAT Act, 2005 has legislated Punjab Small Traders Rahat Scheme, 2014. For detailed notification, please Click here.

Filed Under: News & Updates, SEBI, VAT

Corporate Updates 08 Feb 2014

February 8, 2014 Leave a Comment

CBEC:

The rate of exchange for calculation of gross value of taxable service tax would be the rate, as determined by CBEC for the conversion of foreign currency into Indian currency or vice versa, applicable on the date on which taxable service has been provided or agreed to be provided. Refer Section 67A of the Finance Act, 1994 read with explanation to Section 14 of the Customs Act, 1962. Notification can be viewed at http://www.cbec.gov.in/customs/cs-act/notifications/notfns-2014/cs-nt2014/csnt09-2014.htm

VAT:

The last date for filing Returns of VAT for the quarter ended December, 2013 (all Dealers) is extended upto 10-02-2014.

Filed Under: CBEC, News & Updates, VAT

Corporate Updates 04 Feb 2014

February 4, 2014 Leave a Comment

MCA: 

MCA has started issuing notices to all such companies who had shown unclaimed and unpaid amounts of IEPF in XBRL filing of 2012-13 but have not uploaded data in Form 5 INV on MCA website.

VAT: 

Delhi Government on Saturday decided to simplify the VAT procedure by putting effective and user friendly systems in place while announcing a series of initiatives for the business community. This will help the traders in paying their tax regularly and without any hassle and will also help the government in increasing its revenue without causing any inconvenience to traders.

Filed Under: MCA, News & Updates, VAT