Corporate Updates – 12-06-2017

PCSHelpline- Conversion of Companies into LLP

NIRC of ICSI has decided to start fortnightly "PCS HELPLINE" to provide guidance / counseling in respect of problems and difficulties being faced by our members. In this series, NIRC is organizing "PCS HELPLINE” program today, the 29th May, 2017, to resolve the queries over telephone regarding Technical / Procedural / Interpretation issues relating to the topic “Conversion of Companies into LLP” by CS Kiran Sharma, PCS, will be available to answer the queries telephonically, Today, 12th June, 2017 from 3.30 PM to 5.00 PM at 011-49343001.

MasterClassesonGST

Registration open for Master Classes on “GST – Goods & Service Tax” to be held from Monday, 12th June, 2017 to 16th June, 2017 daily from 5:30 PM onwards at Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 750/- for all participants including Corporate Members of NIRC; Online Payment / Registration Facility Available; Program Credit Hours: 02 per day.

CBDT

The CBDT has notified Transfer Pricing Tolerance Limit for Assessment Years 2017-18 and 2018-19. The Central Government notifies that where the variation between the arm’s length price determined under section 92C of the Act and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one per cent. of the latter in respect of wholesale trading and three per cent. of the latter in all other cases, the price at which the international transaction or specified domestic transaction has actually been undertaken shall be deemed to be the arm’s length price for assessment year 2017-18 and assessment year 2018-19. For the purposes of this notification, “wholesale trading” means an international transaction or specified domestic transaction of trading in goods, which fulfils the following conditions, purchase cost of finished goods is 80% or more of the total cost pertaining to such trading activities and average monthly closing inventory of such goods is 10% or less of sales pertaining to such trading activities.

SEBI

The SEBI has amended the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and notified the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2017 which shall come into force on the date of their publication in the Official Gazette. A new definition of “Systemically Important Non-Banking Financial Company” which means a non-banking financial company registered with the Reserve Bank of India and having a net-worth of more than five hundred crore rupees as per the last audited financial statements has been inserted. Further, the monitoring agency shall now submit its report to the issuer in the format specified in Schedule IX on a quarterly basis instead of a half yearly basis, till at least ninety five percent of the proceeds of the issue excluding the proceeds under offer for sale and amount raised for general corporate purposes, have been utilized. The Board of Directors and the management of the company shall provide their comments on the findings of the monitoring agency as specified in Schedule IX.

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