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Corporate Updates 01 Feb 2014

February 3, 2014 Leave a Comment

INCOME TAX: 

The CBDT has decided to keep in abeyance the decision to change the procedure for PAN allotment till further orders. Accordingly the operation of circular No. 11 dated 16.01.2014 issued to PAN service providers has been directed to be put on hold till further orders. In the meantime the old procedure of PAN application and allotment shall continue.

DELHI VAT: 

Delhi Vat Authorities have extended the Amnesty date upto18/02/2014 from 31-01-2014 and certain more relaxations including immunity from penalty & interest have been provided to the registered dealers.

Filed Under: Income Tax, News & Updates, VAT

Corporate Updates – 31 Jan 2014

January 31, 2014 Leave a Comment

MCA:

The Ministry of Corporate Affairs has invited applications for Filling up the post of one Member of the Competition Appellate Tribunal from persons of ability, integrity and standing having special knowledge of, and professional experience of not less than twenty five years in, competition matters including competition law and policy. For details, please visit http://mca.gov.in/Ministry/pdf/PostOfMembersInCAT_28jan2013.pdf.

DELHI VAT:

Date for submission of Audit Report in Form AR-1 for the year 2012-13 by dealers having turnover of Rs. 10 Crores or more in 2011-12 or 2012-13 has been extended from 31.01.2014 to 28.02.2014 vide Notification No. F.3(384)/Policy/VAT/2013/1258-1270 dated 29/01/2014.

Filed Under: MCA, News & Updates, VAT

Corporate Updates – 30 Jan 2014

January 30, 2014 Leave a Comment

COMPANY LAW:

The Haryana State Government in order to curb the malpractices adopted by some of the Corporate holding their Board Meetings in Gurgaon or some other places in Haryana and executing the share certificates (i.e. instruments) over there, thereby evading the stamp duty on share certificates, and also finding the stamp duty on a lower side, has amended the Article 19 of Schedule 1A (as applicable to Haryana) of the Indian Stamp Act, 1899 (“Act”) vide notification dated 1st October 2013 and increased the stamp duty levied on the share certificates to One rupee for every one thousand or a part thereof of the value of the shares, scrip or stock, which is equivalent to the stamp duty levied on such share certificates in the National Capital Territory of Delhi.

INCOME TAX:

CBDT notifies Foreign Portfolio Investors (FPI) registered under SEBI (Foreign Portfolio Investors) Regulations, 2014, as Foreign Institutional Investors (FII) for Sec 115AD; Notification issued under clause (a) of Explanation to Sec 115 AD of Income-tax Act.

Filed Under: Company Law, Income Tax, News & Updates

Corporate Updates – 29 Jan 2014

January 29, 2014 Leave a Comment

INDIRECT TAXES:

· The CBEC has issued Circular No. 176/2/2014-ST dated January 20, 2013 clarifying that Cenvat credit shall only be available after payment of entire service tax dues and obtaining discharge certificate in form VCES 3 and the said Form is required to be issued within stipulated period of seven working days from the date of furnishing the details of payment of tax dues.

· The Central Government has vide Notification No. 05/2014 – Customs (N.T.) dated January 21, 2014 amended the provisions to provide new drawback rates for several Products exported out of India. The Notification shall come into force on January 25, 2014. In this context, please find link below of the Notification: http://www.cbec.gov.in/customs/cs-act/notifications/notfns-2014/cs-nt2014/csnt05-2014.pdf.

RBI:

· The Reserve Bank of India advised that after March 31, 2014, it will completely withdraw from circulation all banknotes issued prior to 2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes. The Reserve Bank further stated that public can easily identify the notes to be withdrawn as the notes issued before 2005 do not have on them the year of printing on the reverse side. From July 01, 2014, however, to exchange more than 10 pieces of `500 and `1000 notes, non-customers will have to furnish proof of identity and residence to the bank branch in which she/he wants to exchange the notes.

Filed Under: Indirect Taxes, News & Updates, RBI

Corporate Updates – 28 Jan 2014

January 28, 2014 Leave a Comment

MCA:

· MCA Vide CIRCULAR NO. 1 2014/2014 has directed that Regional Director should invite specific comments from Income Tax (IT) Department within 15 days before filing response to the Court relating to arrangement (u/s 391) or amalgamation (u/s 394) and in the absence of any response from IT Department, it may be presumed that Revenue has no objection to the action proposed u/s 391 or 394. Circular can be downloaded from this link : http://www.mca.gov.in/Ministry/pdf/General_Circular_1_2014.pdf.

INCOME TAX:

· The procedure for PAN allotment process will undergo a change with effect from 03-02-2014. Every PAN applicant has to submit self-attested copies of proof of identity, proof of address and date of birth documents and also produce original documents of such POI/POA/DOB documents, for verification at the counter of PAN facilitation centers.

Filed Under: Income Tax, MCA, News & Updates

Corporate Updates – 27 Jan 2014

January 27, 2014 Leave a Comment

FEMA:

· NRI’s close relative can be joint account holder in Existing / New resident bank accounts subject to conditions. [AP (DIR Series) Circular 87 of 09-01-2014].

· RBI has clarified that a foreign investor is free to remit funds through any bank of its choice for any transaction permitted under FEMA, 1999 or the Regulations / Directions framed there under. The funds thus remitted can be transferred to the designated AD Category -I custodian bank through the banking channel.

INDIRECT TAXES:

· CBDT has clarified vide Circular No. 1/2014 dated 13-1-2014 -that wherever in terms of the agreement/contract between the payer and the payee, the service tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the Act on the amount paid/ payable without including such service tax component.

· Last date 31-01-2014 for availing DVAT Amnesty Scheme. Filing Q3 returns with Block R 10 in CST Form 1. Filing Form AR-I for FY 2012-13 for specified dealers fulfilling the criteria as prescribed by the Delhi VAT Authorities.

Filed Under: FEMA, Indirect Taxes, News & Updates

National Company Law Tribunal likely to be operational by April 2014

December 30, 2013 Leave a Comment

The National Company Law Tribunal (NCLT), which would replace the Company Law Board, is likely to be operational by April next year, with the principal bench based in the national capital. To begin with, the existing benches of Company Law Board would be converted into NCLT ones: Eco Times

Filed Under: Whats New

Featured 3

October 15, 2013 Leave a Comment

We follow highest standards of Diligence and Professionalism and provide cost effective and affordable legal expertise.

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Featured 2

October 15, 2013 Leave a Comment

We are a Full Service Corporate Advisory Firm, having offices at New Delhi, Gurgaon & Chandigarh and networking and associates in almost every State in India.

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Featured 1

October 15, 2013 Leave a Comment

RMG & Associates established in the year 2001, is managed by Fellow members of ICSI having vast experience in Industry as well as in Profession who are assisted by a team of well Qualified Professionals.

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