Corporate Updates – 28-01-2015


CBDT has come out with an Explanatory Notes to the Provisions of the Finance (No.2) Act, 2014. The Finance (No.2) Act, 2014 (hereafter referred to as ‘the Act’) as passed by the Parliament, received the assent of the President on the 6th day of August, 2014 and has been enacted as Act No. 25 of 2014. This circular explains the substance of the provisions of the Act relating to direct taxes.


RBI has made amendments to the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 to include remittance of salary outside India for employees on deputation to a group company in India and for employees of Limited Liability Partnership. In addition, the term ‘company’ referred to in the said regulation will include ‘Limited Liability Partnership’ as defined in the LLP Act, 2008.

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