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Corporate Updates 21 Feb 2014

February 21, 2014 Leave a Comment

INCOME TAX: 

PAN Authorities have installed Interactive Voice Response (IVR) for all the applicants for knowing their status of PAN / TAN application and the same is now available at TIN call centre (TCC) in Hindi/English language. To check the status of your PAN / TAN application, the calls may be made at 020- 27218080.

RBI:

RBI asks AD banks to furnish statements on monthly basis for remittances made by NRIs out of NRO accounts including sale proceeds of immovable property provided the amount does not exceed USD one million per financial year (April-March). Earlier AD – Category I banks were required to furnish on a quarterly basis, to the Chief General Manager-in-Charge, Reserve Bank of India, Central Office, Mumbai-400001 within 10 days of the reporting quarter, a statement on the number of applicants and total amount remitted.

Filed Under: Income Tax, News & Updates, RBI

Corporate Updates 20 Feb 2014

February 20, 2014 Leave a Comment

SEBI: 

To provide consolidated information on companies to investors in a single document, SEBI has proposed that the top 200 companies by market capitalization would have to file an annual information memorandum (AIM) every year. This will be applicable from April 1, 2014, according to a SEBI discussion paper released on Tuesday. Companies need to file the AIM within 135 days from the end of a financial year on their websites and with stock exchanges. The requirement for other companies would be from April 1, 2015.

DELHI VAT: 

In exercise of the powers conferred by section 107 of the Delhi Value Added Tax Act, 2004 (Delhi Act 3 of 2005), the Lt. Governor of National Capital Territory of Delhi is pleased to make the amendment to Delhi Tax Compliance Achievement Scheme, 2013, by extending the date of the amnesty scheme to 28-02-2014 through Notification No. F.3(26)/Fin(Rev-I)/2013-14/dsvi/238-243 dated 18-02-2014.

Filed Under: News & Updates, SEBI, VAT

Corporate Updates 19 Feb 2014

February 19, 2014 Leave a Comment

RBI: 

RBI has amended External Commercial Borrowings (ECB)- Reporting Arrangements and issues new Form for ECBs to collect details of financial hedging and foreign earnings and expenditures. The format of ECB-2 Return has been modified (Part-E). The reporting in the modified ECB-2 Return (Copy Attached) will be applicable from the return of the month April 2014 onwards. There is no change in the reporting procedure and Corporate(s) raising ECB continue to submit ECB-2 Return on a monthly basis duly certified by the designated AD Category-I bank. To view & download the circular, CLICK HERE

INCOME TAX: 

The convention between the Government of the Republic of India and the Government of the United Kingdom of Great Britain and Northern Ireland for the avoidance of double taxation (DTAA) and the prevention of fiscal evasion with respect to taxes on income and capital gains has been by the Government of respective countries and same has been notified on 10-02-2014.

Filed Under: Income Tax, News & Updates, RBI

Corporate Updates 18 Feb 2014

February 18, 2014 Leave a Comment

RBI: 

RBI has amended FEM (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, to encourage long term investors, the existing Commercial Paper sub-limit of USD 3.5 billion is reduced by USD 1.5 billion to USD 2 billion for foreign investment in India by SEBI registered FII, QFI and long term Investors to purchase, on repatriation basis Government securities and non-convertible debentures (NCDs)/bonds issued by an Indian company subject to such terms and conditions as mentioned therein and limits as prescribed for the same by RBI and SEBI from time to time. The balance USD 1.5 billion shall, however, continue to be part of the total Corporate debt limit of USD 51 billion and will be available to eligible foreign investors for investment in Corporate debt. All other existing conditions for investment in Corporate debt remain unchanged. To view and download the copy of the circular, CLICK HERE

INCOME TAX: 

Finance Minister Shri. P. Chidambaram presented Interim Union Budget 2014-2015 in Parliament on Monday, the 17th February, 2014. To view and download the Key Features of Budget 2014-2015, CLICK HERE

Filed Under: Income Tax, News & Updates, RBI

Corporate Updates 17 Feb 2014

February 17, 2014 Leave a Comment

SEBI: 

SEBI has approved the proposals to amend the Listing Agreement with respect to corporate governance norms for listed companies. The amendments, inter-alia, propose to align the provisions of Listing Agreement with the provisions of the newly enacted Companies Act, 2013 and also provide additional requirements to strengthen the corporate governance framework for listed companies in India. The amendments shall be made applicable to all listed companies with effect from October 01, 2014. SEBI has further approved a Long Term Policy for Mutual Funds in India by proposing tax incentive related proposals and non-tax related proposals. To download the complete press release, please Click here.

PUNJAB VAT:

To provide Relief for small traders in small towns of State of Punjab which falls in the Class-II and Class-III categories, the Punjab Government under Section 8-A of the Punjab VAT Act, 2005 has legislated Punjab Small Traders Rahat Scheme, 2014. For detailed notification, please Click here.

Filed Under: News & Updates, SEBI, VAT

Corporate Updates 15 Feb 2014

February 15, 2014 Leave a Comment

MCA: 

1. MCA has issued clarification on section 185 of the Companies Act 2013 to provide much needed relief to the corporate(s). It is clarified that in order to maintain harmony with regard to applicability of Section 372A of the Companies Act, 1956 till the same is repealed and Section 186 of the Companies Act, 2013 is notified, any guarantee given or security provided by a holding company in respect of loans made by a bank or financial institution to its wholly owned subsidiary company, exemption as provided in clause (d) of sub-section (8) of Section 372A of the Companies Act, 1956 shall be applicable. This clarification will, however, be applicable to cases where loans so obtained are exclusively utilized by the subsidiary for its principal business activities and the said relief is not given with respect to loan given by holding Company to its wholly owned subsidiaries. For detailed circular, please visit http://www.mca.gov.in/Ministry/pdf/General_Circular_3_2014.pdf

2. MCA has instructed all the ROC(s) to stringently enforced that no company should be allowed to be registered with the word ‘National’ as part of its title unless it is a Government Company and the Central / State Government(s) has a stake in it or the word ‘Bank’ or word “stock Exchange” or “Exchange” may only be allowed in the name of an entity, when such entity produces a No Objection Certificate’ from the RBI or SEBI in this regard while registering companies. For detailed circular, please visit http://www.mca.gov.in/Ministry/pdf/General_Circular_2_2014.pdf

Filed Under: MCA, News & Updates

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 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