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Corporate Updates 10 Feb 2014

February 10, 2014 Leave a Comment

MCA: 

As Section 133 of the Companies Act, 2013 had been notified and is required to be read with Section 227(3) of the Companies Act, 1956, the ICAI has made important Amendments to Auditor’s Report Format including :

1) Manner of reporting,
2) Reference to the Accounting Standards Applicable to the Companies In the Auditor’s Report and Limited Review Reports and various Engagement Standards,
3) Amendment to the “Auditor’s Responsibility” Paragraph Included in the Independent Auditor’s Report,
4) Use of the Term “Profit and Loss Account” or “Statement of Profit and Loss” in the Statutory Audit Reports of Companies, and
5) Manner of Reporting In Respect of Such Clauses of the Companies (Auditor’s Report) Order, 2003 which are not applicable to the Auditee Company.
For details, please visit http://www.icai.org/new_post.html?post_id=10344&c_id=219

Filed Under: MCA, News & Updates

Corporate Updates 08 Feb 2014

February 8, 2014 Leave a Comment

CBEC:

The rate of exchange for calculation of gross value of taxable service tax would be the rate, as determined by CBEC for the conversion of foreign currency into Indian currency or vice versa, applicable on the date on which taxable service has been provided or agreed to be provided. Refer Section 67A of the Finance Act, 1994 read with explanation to Section 14 of the Customs Act, 1962. Notification can be viewed at http://www.cbec.gov.in/customs/cs-act/notifications/notfns-2014/cs-nt2014/csnt09-2014.htm

VAT:

The last date for filing Returns of VAT for the quarter ended December, 2013 (all Dealers) is extended upto 10-02-2014.

Filed Under: CBEC, News & Updates, VAT

Corporate Updates 07 Feb 2014

February 7, 2014 Leave a Comment

SEBI:

Finance Ministry opens doors & admission to all insurance companies who are granted registration by the Insurance Regulatory Development Authority under the Insurance Act, 1938 for membership of stock exchange by amending the Rule 8 of the Securities Contracts (Regulation) (Amendment) Rules, 2014.

RBI:

RBI liberalized the third party norms for import of goods by removing ceiling of $100000 and third party payment could be made to a Financial Action Task Force (FATF) compliant country and through the banking channel only. RBI further said the bank concerned should be satisfied with the bonafides of the transaction and export documents, such as, invoice and they should consider the FATF statements while handling such transaction.

Filed Under: News & Updates, RBI, SEBI

Corporate Updates 06 Feb 2014

February 6, 2014 Leave a Comment

SEBI:

SEBI on 04-02-2014 has notified SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (AMENDMENT) REGULATIONS, 2014 and paves way for issuer to make IPO’s without any grading mandate. Detailed Notification can be downloaded from http://www.sebi.gov.in/cms/sebi_data/attachdocs/1391509221289.pdf

FEMA:

Ministry has Amended Consolidated FDI Policy Circular 1 of 2013 – Policy on foreign investment in Insurance Sector – Amendment is being made in Paragraph 6.2.17.7 of said Circular and now FDI in insurance related activities can also be available for FIIs & NRIs but subject to the overall limit of 26%. FDI cap of 26% on insurance will remain the same. Detailed Press Note can be downloaded from http://dipp.nic.in/English/acts_rules/Press_Notes/pn2_2014.pdf

Filed Under: FEMA, News & Updates, SEBI

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 04 Feb 2014

February 4, 2014 Leave a Comment

MCA: 

MCA has started issuing notices to all such companies who had shown unclaimed and unpaid amounts of IEPF in XBRL filing of 2012-13 but have not uploaded data in Form 5 INV on MCA website.

VAT: 

Delhi Government on Saturday decided to simplify the VAT procedure by putting effective and user friendly systems in place while announcing a series of initiatives for the business community. This will help the traders in paying their tax regularly and without any hassle and will also help the government in increasing its revenue without causing any inconvenience to traders.

Filed Under: MCA, News & Updates, VAT

Corporate Updates 03 Feb 2014

February 3, 2014 Leave a Comment

RBI: 

The Reserve Bank of India (RBI) on Friday asked banks to discontinue the practice of levying penalty on non maintenance of minimum balance in ordinary savings bank account, a move that may hit the fee-based income of banks and will benefit the public at large.

SERVICE TAX: 

CBEC has amended the definition of Governmental Authority as provided under clause (s) of Para 2 of the Mega Exemption Notification No. 25/2012-ST dated June 20, 2012 and expanded the definition of “Governmental Authority” and widens the exemption base for service tax as under:

Para 2(s) “Governmental authority” means an authority or a board or any other body;

(i) set up by an Act of Parliament or a State Legislature; or
(ii) established by Government, with 90% or more participation by way of equity or control, to carry out any function entrusted to a municipality under article 243W of the Constitution.

For Details, please visit http://www.servicetax.gov.in/notifications/notfns-2014/st02-2014.htm.

Filed Under: News & Updates, RBI, Service Tax

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