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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 15 March 2014

March 15, 2014 Leave a Comment

Reserve Bank of India: 

RBI has decided that the letter issued by the Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number may be accepted as an ‘Officially Valid Document’. Further, RBI has also advised Banks to accept Aadhaar letter as a proof of both identity and address while opening accounts if the address provided by the account holder is the same as that on Aadhaar letter. For detailed notification, Please click here

Income Tax:

The Income Tax Authority has clarified that for the purpose of determining residential status of a citizen in India as per Income Tax Act, 1961, the term ‘going abroad for purpose of employment’ means travelling abroad on business visa to take up any employment or for any business carried outside India.

Filed Under: Income Tax, News & Updates, RBI

Corporate Updates 14 March 2014

March 14, 2014 Leave a Comment

Income Tax: 

Same mobile number in maximum 4 assessee as primary contact number will be allowed in assessee login on IT e-filing site. However, Option has been given to provide mobile number of secondary contact like CA etc. with some additional details.

Company Law: 

Setting an example of company being a separate legal entity different from the Directors of the company, one of the Income Tax Authority in Allahabad held that where a private company which had unpaid outstanding tax dues for the previous years, such dues could not be recovered from director of said company if he/she proves that non recovery of tax due against company could not be attributed to any gross negligence, misfeasance or breach of duty on her part in relation to affairs of company

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

Corporate Updates 13 March 2014

March 13, 2014 Leave a Comment

Reserve Bank of India: 

RBI has modified Priority Sector Lending targets and classification on-lending-pricing criteria and decided that all banks have to ensure MFIs comply with the cap on individual loans and margin cap in order to be eligible to classify the loans under priority sector. However, all other guidelines will remain unchanged. For detailed notification please click here.

Competition Law: 

The Competition Commission of India has held in his judgment given in a recent case that presence of several real estate developers in relevant market makes it competitive and rules out dominance of opposite party in that market and further clarified that it is not an abuse of dominance by the party as other players also had access to real estate market.

Filed Under: Competition Law, News & Updates, RBI

Corporate Updates 12 March 2014

March 12, 2014 Leave a Comment

Competition Act: 

CCI has recently decided that Intel had not restricted and limited market by foreclosing distribution network to its competitors or denied access to market of microprocessor to its competitors or imposed supplementary conditions or leveraged its dominant position in market of high demand products in market for low demand products, there was no abuse of dominance by Intel.

CBEC: 

The Central Board of Excise and Customs (CBEC) has denied the report that the Customs, Excise Duty and Service Tax refunds/drawbacks are being held-up by the Department. This was mentioned in a certain section of media attributing to a statement by President, Federation of India Export Organisations (FIEO) to the effect that Customs, Excise Duty and Service Tax refunds /drawbacks are being held-up by the Department. This is not correct as CBEC have refunded more amounts in 2013-14 as compared to the corresponding period in the previous year.

Filed Under: CBEC, Competition Law, News & Updates

Corporate Updates 11 March 2014

March 11, 2014 Leave a Comment

SERVICE TAX: 

the Hon’ble Supreme Court of India, dismissed the SLP filed by the Union of India against the judgment of the Hon’ble Delhi High Court in the case of Union of India Vs. Delhi Chit Fund Association, meaning thereby that the decision of the Hon’ble Delhi High Court in the said matter holds good. The consideration received for providing services in relation to the chit fund business, being merely a transaction in money, falls outside the purview of the term ‘service’ as defined under Section 65B(44) of the Finance Act. Hence, it is not eligible to service tax.

BANKING LAW: 

The Mumbai Suburban District Forum in the case of Sh. Anant Nitare versus the Managing Director, ICICI Bank, held that when one- time settlement had been signed, stamped and sealed and acknowledged by the bank, thereafter, the bank was not entitled to make a demand for further payment of the amount which had been waived off. It restrained ICICI Bank from making any further demand. A bank cannot induce a customer to opt for a one- time settlement and then back out on the settlement.

Filed Under: Banking, News & Updates, Service Tax

Corporate Updates 10 March 2014

March 10, 2014 Leave a Comment

CBEC: 

Partial reverse charge mechanism has been introduced w.e.f. July 1, 2012 wherein both service provider and service receiver are required to pay a specified portion of service tax liability in terms of Notification No.30/2012-ST dated June 20, 2012. The Central Board of Excise & Customs vide Notification has now provided the procedure for filling refund application by service provider, of unutilized Cenvat credit availed on inputs and input services received on and after July 1, 2012 for providing the specified services. For the full procedure, safeguards, conditions and limitations, please Click Here.

RBI:

RBI permits e-transfer of inward foreign remittances directly into beneficiaries accounts under Money Transfer Service Scheme – ‘Direct To Account’ Facility. To facilitate receipt of foreign inward remittances directly into bank account of the beneficiary, it has been decided to allow foreign inward remittances received under MTSS to be transferred to the KYC compliant beneficiary bank account through electronic mode, such as NEFT, IMPS etc. A detailed prescribed procedure is required to be followed for the said purpose. To download & view the notification , please Click Here.

Filed Under: CBEC, News & Updates, RBI

Corporate Updates 08 March 2014

March 8, 2014 Leave a Comment

MCA:

The Ministry is in the process of finalising the rules for various provisions of Companies Act, 2013 that replaces the way corporates are governed in the country. Rules for certain provisions, including that for Corporate Social Responsibility (CSR) spending, have already been notified by the Ministry. As the Election Commission of India announced the schedule for the Lok Sabha elections, the Model Code of Conduct has come into force, the Corporate Affairs Ministry will intimate the Election Commission before notifying any rules for the remaining provisions of the new companies law.

FINANCE ACT 2014:

The Finance Act, 2014 has received the assecnt of the President on 4th March, 2014 and the same has also been notified & published in the Official Gazette of India on 5th March, 2014. The Finance Act, 2014 shall come into force w.e.f 01-04-2014.

Filed Under: Finance, MCA, News & Updates

Corporate Updates 07 March 2014

March 7, 2014 Leave a Comment

MCA: 

The Ministry of Corporate Affairs has established the office of Registrar of Companies cum Official Liquidator at Bilaspur having Jurisdiction at the State of Chhattisgarh and the same would be operational w.e.f 01-04-2014. To view & download the Public Notice dated 05-03-2014, please Click Here.

CBDT: 

CBDT has extended the Due date for Government Deductor for filing TDS returns for F.Y.2012-13 (for 2nd to 4th quarter) and F.Y.2013-14 (for 1st to 3rd quarter) by issuing circular No. 07/2014 F. No. 275/27/2013-IT(B). This is welcome steps of CBDT and big relief for government deductor who are facing the bunch of notices from Income tax department for pay late filing fees of T.D.S/TCS Returns. However, any fee under section 234E of the Act already paid by a Government deductor shall not be refunded.

Filed Under: CBDT, MCA, News & Updates

Corporate Updates 06 March 2014

March 6, 2014 Leave a Comment

MCA: 

The Ministry of Corporate Affairs has invited Applications to fill up, on deputation basis, for filling up of 1 (one) post each in the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) to be constituted under Section 408 and 410 respectively of the Companies Act, 2013. The selected candidates will be required to serve in the NCLT/NCLAT Bench to be established at Delhi. To view & download the Office Memorandum, please Click Here

MINISTRY OF FINANCE: 

Based on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), the Government has decided to notify the revised Interest rates on various small savings schemes for the Financial Year 2014-15 effective from 01.04.2014, on the basis of the interest compounding/payment built-in in the schemes. To view & download the release, please Click Here.

Filed Under: Finance, MCA, News & Updates