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Corporate Updates 07 May 2014

May 7, 2014 Leave a Comment

MCA: 

Version of Forms INC-22, SH-7, MR-1, PAS-3, INC-7, DIR-12 has been updated on 6th May 2014. Please ensure that you have downloaded the latest version and uploading the new version of the forms only.

IRDA: 

IRDA has issued Guidelines on usage of Trade Logo of Promoting Partners of Insurance Companies to protect the interest of the policyholders and Insurance Companies to observe certain risk mitigation norms in this regard. Towards this objective the following guidelines are issued under Section 14 (2) of IRDA Act, 1999. Where an Insurer adopts the trade logo of any of its promoting partners, there shall be a prominent disclosure in all the Insurance Advertisements. The guidelines will come into force with effect from 01st October, 2014.

Filed Under: Insurance, MCA, News & Updates

Corporate Updates 06 May 2014

May 6, 2014 Leave a Comment

SEBI: 

In order to maintain a single document in line with the Listing Agreement and to address the concerns of excessive delegation in the garb of flexibility with respect to certain areas, such as, disclosure requirements, SEBI has specified all the substantive requirements and enabling provisions of present Listing Agreements in the draft Listing Regulations known as “Securities and Exchange Board of India (Listing Obligations and Disclosures Requirement) Regulations, 2014. Comments on the draft regulations can be emailed on or before 30th May, 2014. To view and download the draft Regulations, please Click Here.

RBI: 

RBI vide its Circular No.127 has prescribed the revised Reporting mechanism for transfer of equity shares/ fully and mandatorily convertible preference shares/ fully and mandatorily convertible debentures for Foreign Direct Investment (FDI) in India. According to the new framework, the investee company would have to file form FC-TRS with the AD Category-I bank with in 60 days from the date of receipt of the amount of consideration. AD Category-I bank may approach Regional Office concerned of RBI to regularize the delay in submission of form FC-TRS, beyond the prescribed period of 60 days and in all other cases, form FC-TRS shall continue to be scrutinised at AD bank level as per extant practice.

Filed Under: News & Updates, RBI, SEBI

Corporate Updates 05 May 2014

May 5, 2014 Leave a Comment

MCA: 

1. MCA vide its department Circular has decided to waive fees for all event based filing whose due date falls between 01/04/2014 to 30/04/2014. Through this circular it has been clarified that no additional fees shall be charged in case any of these documents are filled / uploaded in the MCA21 portal till 30-05-2014. All stakeholders are requested to uploaded all pending documents at the earliest.

2. Version of Form INC-1, Form MGT-14, Form GNL-1, Form GNL-3, Form DIR-6, Form DIR-12, Form CHG-4 has been updated on 3rd May 2014 and Version of Form DIR-3 and DIR-11 has been updated on 04-05-2014. Please ensure that you have downloaded the latest version and uploading the new version of the forms only. Further 46 new e-forms have been made available for filing w.e.f. 28.04.2014, in case there is any issue faced by stakeholders in filling up or filing any of these 46 e-forms, they are requested to raise ticket with MCA helpdesk by using link www.mca.gov.in/MinistryV2/complaints.html. In addition to describing the problem in the ticket they should also attach the filled form along with error screen shot for speedy redressal of the issues. The stakeholders should quote the ticket number while making correspondence with MCA offices.

Filed Under: MCA, News & Updates

Corporate Updates 02 May 2014

May 2, 2014 Leave a Comment

Minimum Wages in Delhi: 

The NCT of Delhi has revised the Minimum Wages payable from 1st April, 2014 to the unskilled, semi-skilled and skilled workers as per the details furnished below:

Category Previous Revised w.e.f. 1/04/2014
Unskilled 8086 8554.00
Semi-skilled 8918 9438.00
Skilled 9802 10374.00
Clerical and Supervisory Staff
Non-matriculates 8918 9438.00
Matriculate but not graduate 9802 10374.00
Graduate and above 10686 11310.00

To view & download the circular, please Click Here.

Revenue Department – Delhi: 

Revenue Department has issued an Order stating that all sub registrar Offices shall accept documents for Registration upto 3;00 pm on all working days as the general public is facing problems in getting their documents registered due to the online appointment system is giving appointment for next 15-20 days.

Filed Under: Labour Laws, News & Updates, Revenue Dept

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 30 April 2014

April 30, 2014 Leave a Comment

TDS: 

Centralized Processing Cell (TDS) has observed from its records that C9 Corrections for Quarterly TDS Statements have repeatedly been submitted during Financial Year 2013-14. Please note that CPC (TDS) does not encourage frequent submission of C9 corrections. C9 Corrections are known as Revision of TDS Statement by way of Adding a new Challan and underlying deductees or the TDS data has not been reported correctly by way of omission of deductees, at the time of filing Original statements. It is very important to report correct and valid particulars of the deductor, PAN of the deductees in the TDS statement and Addition of new deductee rows and thereby, challans is not encouraged by CPC (TDS), except for inadvertent errors.

SEBI: 

SEBI specifies requisite infrastructure and controls for proper functioning of Foreign Portfolio Investors regime, infrastructure facilities and submission of periodic reports. it is imperative that SEBI approved Designated Depository Participants (“DDPs”) should have adequate infrastructure facilities and appropriate systems and controls in place. Every DDP shall submit periodic reports in the Annexure A to SEBI and such other reports as may be required by SEBI on the Segregation of activities, Infrastructure, Manual, Monitoring of systems and controls of FPI’s. To download & view Notification, please click here.

Filed Under: News & Updates, SEBI, TDS

Corporate Updates 29 April 2014

April 29, 2014 Leave a Comment

MCA:

1. MCA has notified the Companies (Registration Officesand fees) Amendment Rules, 2014 which is applicable w.e.f 28-04-2014. The e-forms INC-21, INC-22, INC-28, PAS.3, SH.7, CHG-1, CHG-4, CHG-9, MGT-14, DIR-6, DIR-12, MR-1, MR-2, MSC-1, MSC-3, MSC-4, GNL.3, ADT-1, NDH-I, NDH-2, NDH-3; as may filed by Companies, shall be pre-certified by the Chartered Accountant or the Company Secretary or Cost Accountant, in whole-time practice. The above rule has taken away pre-certification of above listed e-forms, in case of OPC and Small Companies. Further as per newly introduced Rule 12(b)(iv) prescribes for exclusive certification of Form AOC-4 (Form for filing of financial statement and other documents with the Registrar) by Chartered Accountant in whole time practice. To download & view eForms, please Click Here.

2. MCA has done Mapping of e-forms prescribed under the Companies Act, 2013 with e-forms prescribed under Companies Act, 1956. It contains the list of all eForms which were required to be filed under Companies Act, 1956 compared with new e-form as applicable under Companies Act, 2013 with the purpose of eForm as per new Companies Act, 2013. To download & view the list of eForms, please Click Here.

Filed Under: MCA, News & Updates

Corporate Updates 28 April 2014

April 28, 2014 Leave a Comment

RBI: 

RBI through its Notification allows use of transaction based reporting format for cross border wire transfer and every reporting entity is required to maintain the record of all transactions including the record of all cross border wire transfers of more than Rs. 5 lakh or its equivalent in foreign currency, where either the origin or destination of the fund is in India. FIU-IND has advised that the information of all such transactions may be furnished to Director, FIU-IND by 15th of the succeeding month. The information may be furnished electronically in the FIN-Net module developed by FIU-IND.

TDS: 

NSDL has developed software called e-TDS/TCS Return Preparation Utility (RPU) to facilitate preparation of e-TDS/ TCS returns. This is a freely downloadable VB based utility. Separate utilities are available for preparation of each type of return. File Validation Utility (FVU) version 2.138 (for statements pertaining to FY 2007-08 to FY 2009-10) and FVU version 4.2 (for statements pertaining to FY 2010-11 onwards) are available for download from TIN website and the same is mandatory with effect from April 26, 2014 and e-TDS/TCS RPU (Version 3.9) for Statements from FY 2007-08 is available for download from TIN website (applicable from April 26, 2014).

Filed Under: Income Tax, News & Updates, RBI, TDS

Corporate Updates 26 April 2014

April 26, 2014 Leave a Comment

MCA: 

The Ministry of Corporate Affairs has issued a public notice today in the newspapers in the interest of the stakeholders stating that the 46 new forms pertaining to the New Act will be available for filing w.e.f 28-04-2014, 8 AM onwards and 17 other forms will be available for filing as an attachment (Manually filled & scan copies) with general e-Forms. Other e_forms related to annual filing, XBRL, IEPF & refund etc under Companies Act, 1956 will continue to be available for filing. Copy of the Public Notice is attached for perusal and future reference.

SEBI: 

SEBI revises guidelines for Liquidity enhancement scheme with an intent to boost liquidity in illiquid securities in the equity cash and equity derivatives segments vide its Circular dated 23-04-2014. The stock exchange may introduce liquidity enhancement schemes in equity cash and equity derivatives segments subject to certain guidelines and stock exchange shall formulate it’s own benchmarks for selecting the securities for liquidity enhancement with the broad objective of enhancing liquidity in illiquid securities.

Filed Under: MCA, News & Updates, SEBI

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