Corporate Updates – 22-02-2016

CBEC – Service Tax:

CBEC has amended the negative list as provided under the provisions of the Services Tax by inserting a new entry after existing entry no. 47. Through this amendment, services provided by Government or a local authority to a business entity with a turnover up to rupees ten lakh in the preceding financial year shall be exempted from Service Tax leviable thereon under Section 66B of the said Act. The amendment shall come into effect on 1st April, 2016.


RBI has decided to revise the threshold for monitoring of frauds in NBFCs (All Deposit taking NBFCs, including RNBCs and NBFCs- ND-SI). The threshold for reporting frauds and submission of quarterly progress reports on frauds to Central Fraud Monitoring Cell, Reserve Bank of India, Department of Banking Supervision, has been revised from Rs. 25 lakh as on date to Rs. 1 crore with immediate effect. As regard reporting of frauds and submission of quarterly progress reports on frauds below the revised threshold, NBFCs will have to furnish the same to the Regional Office of Reserve Bank of India, Department of Non-Banking Supervision under whose jurisdiction the Registered Office of the NBFC falls.

News from NIRC of ICSI

Today, NIRC of ICSI is organising a program for Female Company Secretaries on the topic "Women Empowerment and Safety" on 22nd February, 2016 (5.00 pm to 7.30 pm) at ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. No Participation Fee. Program Credit Hour: 2.

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