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Corporate Updates 13 Feb 2014

February 13, 2014 Leave a Comment

FEMA:

RBI has made Amendments in the provisions of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations 2000 for Foreign Direct Investments. Further to capture the granular details of FDI as regards Brownfield/Greenfield investments and the date of incorporation of investee company, Form FC-GPR has been revised (Copy attached) through the said notification. The detailed notification can be viewed at http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8742&Mode=0

INCOME TAX:

CPC (TDS) has introduced the convenience of online facility of filing corrections to the TDS Statements. With this feature, you will be able to breeze through submitting revisions with ease and confidence when you complete your transactions on TRACES portal. e facility, you have to to Login to TRACES and navigate to “Defaults” tab to locate “Request for Correction” from the drop-down list.

Filed Under: FEMA, Income Tax, News & Updates

Corporate Updates 12 Feb 2014

February 12, 2014 Leave a Comment

INCOME TAX:

CBDT further extends deadline for filing of ITR-V for e-returns relating to AY 2009-10, AY 2010-11 and AY 2011-12 till March 31, 2014; Signed copy of ITR-V to be sent by speed post; Such tax returns to be processed within 6 months from the end of the month in which intimation is received. To read and download CBDT Circular, please visit http://law.incometaxindia.gov.in/DIT/HtmlFileProcess.aspx?page=CIR&schT=&csId=7da5131e-f6e3-4eb4-8157-d4415d71ec26&crn=&yr=ALL&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws.

TAX AUDIT:

The Council of the Institute of Chartered Accountants of India at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the “specified number of tax audit assignments” for practicing Chartered Accountants, as an individual or as a partner in a firm, from 45 to 60. The said limit will be effective for the audits conducted during the financial year 2014-15 and onwards.

Filed Under: ICAI, Income Tax, News & Updates

Corporate Updates 11 Feb 2014

February 11, 2014 Leave a Comment

RBI: 

RBI has made modifications applicable w.e.f 01-04-2014 in “Pricing Of Credit” Directions as applicable to certain NBFCs. As per the modified directions, the Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIS) – Directions – Modifications in “Pricing of Credit”, the interest rates charged by an NBFC-MFI to its borrowers will be the lower of the following:
i) The cost of funds plus margin as indicated in the company circular DNBS. Or
ii) The average base rate of the five largest commercial banks by assets multiplied by 2.75.
The average of the base rates of the five largest commercial banks shall be advised by the Reserve Bank on the last working day of the previous quarter, which shall determine interest rates for the ensuing quarter. For details, please visit: http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8734&Mode=0

SEBI: 

To protect the interests of investors in securities and to promote the development of, and to regulate the securities market, SEBI has issued Guidelines for Inspection of Depository Participants (DPS) by Depositories, in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 read with Section 19 of the Depositories Act, 1996. For details, please visit: http://www.sebi.gov.in/cms/sebi_data/attachdocs/1391764467092.pdf

Filed Under: News & Updates, RBI, SEBI

Corporate Updates 10 Feb 2014

February 10, 2014 Leave a Comment

MCA: 

As Section 133 of the Companies Act, 2013 had been notified and is required to be read with Section 227(3) of the Companies Act, 1956, the ICAI has made important Amendments to Auditor’s Report Format including :

1) Manner of reporting,
2) Reference to the Accounting Standards Applicable to the Companies In the Auditor’s Report and Limited Review Reports and various Engagement Standards,
3) Amendment to the “Auditor’s Responsibility” Paragraph Included in the Independent Auditor’s Report,
4) Use of the Term “Profit and Loss Account” or “Statement of Profit and Loss” in the Statutory Audit Reports of Companies, and
5) Manner of Reporting In Respect of Such Clauses of the Companies (Auditor’s Report) Order, 2003 which are not applicable to the Auditee Company.
For details, please visit http://www.icai.org/new_post.html?post_id=10344&c_id=219

Filed Under: MCA, News & Updates

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 07 Feb 2014

February 7, 2014 Leave a Comment

SEBI:

Finance Ministry opens doors & admission to all insurance companies who are granted registration by the Insurance Regulatory Development Authority under the Insurance Act, 1938 for membership of stock exchange by amending the Rule 8 of the Securities Contracts (Regulation) (Amendment) Rules, 2014.

RBI:

RBI liberalized the third party norms for import of goods by removing ceiling of $100000 and third party payment could be made to a Financial Action Task Force (FATF) compliant country and through the banking channel only. RBI further said the bank concerned should be satisfied with the bonafides of the transaction and export documents, such as, invoice and they should consider the FATF statements while handling such transaction.

Filed Under: News & Updates, RBI, SEBI

Corporate Updates 06 Feb 2014

February 6, 2014 Leave a Comment

SEBI:

SEBI on 04-02-2014 has notified SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (AMENDMENT) REGULATIONS, 2014 and paves way for issuer to make IPO’s without any grading mandate. Detailed Notification can be downloaded from http://www.sebi.gov.in/cms/sebi_data/attachdocs/1391509221289.pdf

FEMA:

Ministry has Amended Consolidated FDI Policy Circular 1 of 2013 – Policy on foreign investment in Insurance Sector – Amendment is being made in Paragraph 6.2.17.7 of said Circular and now FDI in insurance related activities can also be available for FIIs & NRIs but subject to the overall limit of 26%. FDI cap of 26% on insurance will remain the same. Detailed Press Note can be downloaded from http://dipp.nic.in/English/acts_rules/Press_Notes/pn2_2014.pdf

Filed Under: FEMA, News & Updates, SEBI

Corporate Updates 05 Feb 2014

February 5, 2014 Leave a Comment

SEBI:

SEBI allows filing of Shelf Prospectus to raise money without having to file separate prospectus for regulatory clearance for every issuance by specific categories of entities even for Issuance & Listing of Debt Securities by amending the SEBI (Issue and Listing of Debt Securities) Regulations, 2008. The Shelf Prospectus shall be needed to be filed with SEBI, Recognized Stock Exchanges as well as the concerned Registrar of Companies. Detailed Notification can be downloaded from http://www.sebi.gov.in/cms/sebi_data/attachdocs/1391166797224.pdf

INCOME TAX:

In one of the case Hon’ble High Court has held that filing of unsigned report of Auditor by mistake was merely an irregularity and where it was duly rectified on being pointed out, no case for levying penalty under Section 271B was made out.

Filed Under: Income Tax, News & Updates, SEBI

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

Corporate Updates 03 Feb 2014

February 3, 2014 Leave a Comment

RBI: 

The Reserve Bank of India (RBI) on Friday asked banks to discontinue the practice of levying penalty on non maintenance of minimum balance in ordinary savings bank account, a move that may hit the fee-based income of banks and will benefit the public at large.

SERVICE TAX: 

CBEC has amended the definition of Governmental Authority as provided under clause (s) of Para 2 of the Mega Exemption Notification No. 25/2012-ST dated June 20, 2012 and expanded the definition of “Governmental Authority” and widens the exemption base for service tax as under:

Para 2(s) “Governmental authority” means an authority or a board or any other body;

(i) set up by an Act of Parliament or a State Legislature; or
(ii) established by Government, with 90% or more participation by way of equity or control, to carry out any function entrusted to a municipality under article 243W of the Constitution.

For Details, please visit http://www.servicetax.gov.in/notifications/notfns-2014/st02-2014.htm.

Filed Under: News & Updates, RBI, Service Tax