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Corporate Updates 14 Feb 2014

February 14, 2014 Leave a Comment

CUSTOMS ACT: 

In exercise of powers conferred by clause (a) of section 81 of the Customs Act, 1962, the Central Board of Excise and Customs makes the following regulations further to amend the Customs Baggage Declaration Regulations, 2013, namely:-
(i) in sl. no 6, for the words “Number of Baggage”, shall be replaced by “Number of Baggages (including hand baggages)”.;
(ii) in sl. no 10, in item (vii), for the figures “7,500”, the figures “10,000” shall be substituted.

The detailed notification can be viewed at http://www.cbec.gov.in/customs/cs-act/notifications/notfns-2014/cs-nt2014/csnt10-2014.htm

INCOME TAX: 

Central Board of Direct Taxes, in exercise of its powers under section 119 of the Act clarifies that additional income-tax under Section 115R(2) of the Act is to be levied on income distributed by way of dividend to unit-holders of mutual funds or specified companies and receipts from redemption/repurchase of units or allotment of additional units by way of bonus units would not be subjected to levy of additional income tax under that section. The details can be downloaded from http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=CIR&schT=&csId=7114f7d4-1326-4315-817b-8035295ff06b&crn=&yr=ALL&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws

Filed Under: CBEC, Income Tax, News & Updates

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 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 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 – 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 – 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