Corporate Updates – 27 Jan 2014


· NRI’s close relative can be joint account holder in Existing / New resident bank accounts subject to conditions. [AP (DIR Series) Circular 87 of 09-01-2014].

· RBI has clarified that a foreign investor is free to remit funds through any bank of its choice for any transaction permitted under FEMA, 1999 or the Regulations / Directions framed there under. The funds thus remitted can be transferred to the designated AD Category -I custodian bank through the banking channel.


· CBDT has clarified vide Circular No. 1/2014 dated 13-1-2014 -that wherever in terms of the agreement/contract between the payer and the payee, the service tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the Act on the amount paid/ payable without including such service tax component.

· Last date 31-01-2014 for availing DVAT Amnesty Scheme. Filing Q3 returns with Block R 10 in CST Form 1. Filing Form AR-I for FY 2012-13 for specified dealers fulfilling the criteria as prescribed by the Delhi VAT Authorities.

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