Quarterly reporting system- Foreign branches/ subsidiaries/ joint ventures/ associates of Indian banks
Posted Date : 01-Jul-2016 , 08:32:56 am | Posted By: CASANSAAR
RBI/2015-16/435
DBS.CO.PPD.15123/11.01.021/2015-16
June 30, 2016
The Chief Executives of
Scheduled Commercial Banks
Dear Sir/ Madam,
Quarterly reporting system- Foreign branches/ subsidiaries/ joint ventures/ associates of Indian banks
Kindly refer to our circular DBS.CO.PP.BC 11/11.01.005/2007-08 dated March 24, 2008 on Quarterly reporting system- foreign branches/ subsidiaries/ joint ventur...
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RBI |
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Common registration & return for First Stage Dealer & Importer
Posted Date : 29-Jun-2016 , 09:11:58 am | Posted By: CASANSAAR
An assessee who conducts business both as an importer and a First Stage Dealer may take only one registration as he has been exempted from the requirement of taking a second registration. It may be noted that the facility is optional and any assessee needing separate registration for his own busines....
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Excise |
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Clarifications on the Income Declaration Scheme, 2016 - CBDT
Posted Date : 29-Jun-2016 , 09:10:10 am | Posted By: CASANSAAR
The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter IX of the Finance Act, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all 45% of such undisclosed income declared. The Income Declaration Scheme Rules, 2016 (hereinafter referred to as ‘the Rules’) have been notified. In this regard, Circular...
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CBDT |
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Increase in All Industry Rates (AIR) of Duty Drawback on gold jewellery and silver jewellery/articles
Posted Date : 25-Jun-2016 , 09:02:44 am | Posted By: CASANSAAR
The Government has amended the AIR Drawback Notification no. 110/2015-Cus (N.T.) dated 16.11.2015 vide Notification No. 90/2016-Customs (N.T.) dated 24.06.2016 which may be downloaded and perused from www.cbec.gov.in.
2. This amendment has raised, with effect from 24.06.2016, the specific AIRs of Drawback for export of gold jewellery, silver jewellery and silver articles under tariff item numbers 711301, 711302 and 711401, respectively, and specified additional conditions when the AIRs on the...
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Custom |
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Service Tax on transportation of goods by a vessel from outside India before 01.06.2015
Posted Date : 25-Jun-2016 , 09:00:37 am | Posted By: CASANSAAR
In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable services by way of transportation of goods by a vessel from outside India upto the customs station in India with respect to which the invoice for the service has been issued on or before the 31st May, 2016, from the whole of service tax leviable thereon, subject to the c...
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Service Tax |
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CBDT Clarification on TCS Provision
Posted Date : 25-Jun-2016 , 08:44:06 am | Posted By: CASANSAAR
In order to curb the cash economy, Finance Act 2016 has amended section 206C of the Income-tax Act to provide that the seller shall collect tax at the rate of one per cent from the purchaser on sale in cash of certain goods or provision of services exceeding two lakh rupees. Subsequent to the amendment, a number of representations were received from various stakeholders with regard to the scope of the provisions and the procedure to be followed in case of the amended provisions of Section 20...
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CBDT |
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Format of Statutory Auditors’ Certificate (SAC) to be submitted by NBFCs - RBI
Posted Date : 24-Jun-2016 , 08:43:27 am | Posted By: CASANSAAR
RBI/2015-16/433
DNBS (PPD) CC.No./04/66.14.001/2015-16
June 23, 2016
To CEOs of All NBFCs (excluding RNBCs) and
The President of ICAI
Dear Sir/Madam,
Format of Statutory Auditors’ Certificate (SAC) to be submitted by NBFCs
Please refer to theNotification No. DNBS 192/DG (VL) dated Feb 22, 2007prescribing Prudential Norms Directions. In terms of the extant instructions, all NBFCs are req...
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RBI |
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Reporting of Information on Investment in Commercial Papers and Unhedged Foreign Currency Exposures of the Borrowers to Credit Information Companies
Posted Date : 24-Jun-2016 , 08:42:42 am | Posted By: CASANSAAR
RBI/2015-16/432
DBR.CID.BC. 107/20.16.056/2015-16
June 23, 2016
All Scheduled Commercial Banks
All India Financial Institutions
Credit Information Companies
Dear Sir / Madam
Reporting of Information on Investment in Commercial Papers and Unhedged Foreign Currency Exposures of the Borrowers to Credit Information Companies
Please refer to ourcircular DBOD.No.CID.BC.127/20.16.056/2013-14 dated June 27, 2014advising banks to implement certain recommendations of the Committee to Rec...
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RBI |
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Permitting writing of options against contracted exposures by Indian Residents
Posted Date : 24-Jun-2016 , 08:41:40 am | Posted By: CASANSAAR
RBI/2015-16/431
A.P. (DIR Series) Circular No. 78
June 23, 2016
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Permitting writing of options against contracted exposures by Indian Residents
Attention of Authorised Dealer Category - I (AD Cat - I) banks is invited to Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 (Notification No. FEMA/25/RB-2000 dated May 3, 2000) as amended from time to time andA.P. (DIR Serie...
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FEMA |
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Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015
Posted Date : 24-Jun-2016 , 08:40:58 am | Posted By: CASANSAAR
RBI/2015-16/430
A.P. (DIR Series) Circular No. 77 [(2)/10(R)]
June 23, 2016
To
All Category - I Authorised Dealers and Authorised Banks
Madam / Sir,
Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015
Attention of Authorised Dealers Banks is invited to the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015, notified videNotification No. FEMA 10(R)/2015-RB dated January 21, ...
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FEMA |
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Implementation of Indian Accounting Standards (Ind AS) - RBI
Posted Date : 24-Jun-2016 , 08:39:59 am | Posted By: CASANSAAR
RBI/2015-16/429
DBR.BP.BC.No.106/21.07.001/2015-16
June 23, 2016
All Scheduled Commercial Banks
(excluding Regional Rural Banks)
Madam / Dear Sir,
Implementation of Indian Accounting Standards (Ind AS)
Please refer tocircular DBR.BP.BC.No.76/21.07.001/2015-16 dated February 11, 2016on the captioned subject in terms of which banks have been directed to be in preparedness to submit Proforma Ind AS Financial Statements to the Reserve Bank from the half-year ended September 30, 2016...
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RBI |
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Reporting Requirements under Basel III Capital Regulations- Review
Posted Date : 24-Jun-2016 , 08:39:17 am | Posted By: CASANSAAR
RBI/2015-16/428
DBR.BP.BC.No.105/21.06.001/2015-16
June 23, 2016
All Commercial Banks
(Excluding Local Area Banks and Regional Rural Banks)
Dear Sir,
Reporting Requirements under Basel III Capital Regulations- Review
Please refer to the Annexures 3 and 4 of theMaster Circular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015on Basel III Capital Regulations in terms of which banks are permit...
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RBI |
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Master Direction - Presentation, Disclosure and Reporting) Directions, 2016
Posted Date : 24-Jun-2016 , 08:38:31 am | Posted By: CASANSAAR
RBI/DBR/2015-16/26
Master Direction DBR.FID.No.108/01.02.000/2015-16
June 23, 2016
Master Direction - Reserve Bank of India (Financial Statements of All India Financial
Institutions - Presentation, Disclosure and Reporting) Directions, 2016
In exercise of the powers conferred by Section 45 L of the Reserve Bank of India Act, 1934, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest and in the interest of financial sector policy so to do,...
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RBI |
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Income tax (15th Amendment) Rules, 2016.
Posted Date : 22-Jun-2016 , 08:58:30 am | Posted By: CASANSAAR
S.O. 2151(E).-In exercise of the powers conferred by section 285BA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government with respect to registration of persons, due diligence and maintenance of information, and the Central Board of Direct Taxes for matters relating to statement of reportable accounts, hereby make the following rules further to amend the Income-tax Rules, 1962, namely:-...
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Income Tax |
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CBDT Clarification on Threshold Limit of tax audit U/s. 44AB & 44AD
Posted Date : 22-Jun-2016 , 08:52:18 am | Posted By: CASANSAAR
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
PRESS RELEASE
New Delhi, the 20th June, 2016
Sub: Threshold Limit of tax audit under section 44AB and section 44AD – clarification regarding
Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed one crore rupees. Howe...
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CBDT |
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Speedy disbursal of pending refund claims of exporters of services
Posted Date : 16-Jun-2016 , 08:20:46 am | Posted By: CASANSAAR
Speedy disbursal of pending refund claims of exporters of services under rule 5 of the CENVAT Credit Rules, 2004...
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Category :
Service Tax |
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Simplification of procedure in SWIFT for clearance of consignments related to drugs & cosmetics
Posted Date : 15-Jun-2016 , 07:48:14 am | Posted By: CASANSAAR
Kind reference is invited to Board's Circular No. 03/2016 dated 03.02.2016 and Circular No. 10/2016 dated 15.03.2016 regarding the Indian Customs Single Window. Central Board of Excise and Customs (CBEC) has operationalised the 'Indian Customs Single Window Project' to facilitate trade from 01st April 2016 at all EDI locations throughout India. As a result the importers and exporters electronically lodge their Customs clearance documents at a single point only with the Customs. The r...
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Category :
Custom |
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Levy of excise duty on readymade garments and made articles of textiles bearing a brand name
Posted Date : 15-Jun-2016 , 07:46:13 am | Posted By: CASANSAAR
Levy of excise duty on readymade garments and made articles of textiles bearing a brand name or sold under a brand name and having a retail sale price of Rs. 1000 or more – reg....
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Category :
Excise |
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Simplification of procedure for Form No. 15G & 15H
Posted Date : 14-Jun-2016 , 08:13:23 am | Posted By: CASANSAAR
DGIT(S)/CPC(TDS)/DCIT/15GH/2016-174539
Government of India
Ministry of Finance
Central Board of Direct Taxes
Directorate of Income-tax (Systems)
New Delhi.
Notification No 1/2016 Dated: 09th June, 2016
Subject: Simplification of procedure for Form No. 15G & 15H –Clarifications -rag
The existing provisions of section 197A of the Income-tar Act, 1961 (The Act) inter alia provide that tax shall not be deducted, if the recipient of certain payment on which tax is deducti...
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Income Tax |
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RBI introduce a Scheme for Sustainable Structuring of Stressed Assets
Posted Date : 14-Jun-2016 , 07:56:49 am | Posted By: CASANSAAR
RBI/2015-16/422
DBR.No.BP.BC.103/21.04.132/2015-16
June 13, 2016
All Scheduled Commercial Banks
(Excluding RRBs),
All-India Term-lending and Refinancing Institutions
(Exim Bank, NABARD, NHB and SIDBI)
Non-Banking Financial Companies
Securitisation Companies/ Reconstruction Companies
Scheme for Sustainable Structuring of Stressed Assets
In order to strengthen the lenders’ ability to deal with stressed assets, Reserve Bank of India has been issuing, from time to time, guide...
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RBI |
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Spread Over of Shortfall on Sale of NPAs to SCs/RCs
Posted Date : 14-Jun-2016 , 07:54:28 am | Posted By: CASANSAAR
RBI/2015-16/423
DBR.No.BP.BC.102/21.04.048/2015-16
June 13, 2016
All Scheduled Commercial Banks
(Excluding Regional Rural Banks)
Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances –
Spread Over of Shortfall on Sale of NPAs to SCs/RCs
In terms of paragraph 3.4 ofcircular DBOD.BP.BC.No.98/21.04.132/2013-14 dated February 26, 2014, as an incentive for early sale of non-performing assets (NPAs) to Securitisation Companies/Reconst...
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RBI |
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MCA notifies Limited Liability Partnership (Second Amendment) Rules 2016
Posted Date : 14-Jun-2016 , 07:52:49 am | Posted By: CASANSAAR
G.S.R (E)..... -ln exercise of the powe$ conferred by sub-sections (l) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Centlal Govelnment hereby makes the following rules further to amend the Limited Liability Partnership Rules, 2009 namely:-...
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Companies Act |
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Delhi Govt. introduces Reward scheme for highest tax paying dealers
Posted Date : 14-Jun-2016 , 07:49:56 am | Posted By: CASANSAAR
Delhi Govt. introduces Reward scheme for highest tax paying dealers.
F.3(632)/Policy/VAT/2015/PF/363-69
10-06-2016
Good Dealers Reward Scheme
...
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Category :
VAT |
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National Rural livelihoods Mission (NRLM) – Aajeevika - Interest Subvention Scheme
Posted Date : 10-Jun-2016 , 06:53:15 am | Posted By: CASANSAAR
RBI/2015-16/420
FIDD.GSSD.CO.BC.No.26/09.01.03/2015-16
June 09, 2016
The Chairman / Managing Director
All Public Sector Banks
Dear Sir / Madam,
National Rural livelihoods Mission (NRLM) – Aajeevika -
Interest Subvention Scheme
Please refer to ourcircular FIDD.GSSD.CO.BC.No.19/09.01.03/2015-16 January 21, 2016enclosing guidelines on interest subvention scheme under National Rural Livelihoods Mission (NRLM).
2. In partial modification of the Scheme, Ministry of Rural Dev...
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RBI |
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Form of application for a Licence under Public Warehousing Licensing Regulations, 2016
Posted Date : 10-Jun-2016 , 06:51:54 am | Posted By: CASANSAAR
Upon the notification of Public Warehousing Licensing Regulations, 2016 / Private Warehouse Licensing Regulations, 2016 / Special Warehouse Licensing Regulations, 2016, a need has been felt to review the process of application for a warehouse licence and the form used for the same. For the purpose of certainty in providing information by applicants and transparency in procedure regarding processing of applications, the Board has prescribed the Form (annexed) to be used by an applicant seeking a ...
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Category :
Custom |
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Maintenance of records in relation to warehoused goods in electronic form, filing of Returns and acknowledgement of receipt of goods
Posted Date : 10-Jun-2016 , 06:50:45 am | Posted By: CASANSAAR
Regulation 11 of the Warehouse (Custody and Handling of Goods) Regulations, 2016 requires the licensee to maintain detailed records of the receipt, handling, storage and removal of goods into and from the warehouse and file monthly returns regarding the same.
2. Maintenance of records in relation to warehoused goods in digital form only:...
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Category :
Custom |
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CBDT issues Clarifications on TCS applicability on sale of motor vehicles
Posted Date : 09-Jun-2016 , 07:58:50 am | Posted By: CASANSAAR
Amendment in Section 206C vide Finance Act 2016 - Clarification s regarding
Section 206C of the Income-tax Act, 1961 (hereafter referred to as 'Act'), prior to amendment by Finance Act,20 16. provided that the seller shall collect tax at source at specified rate from the buyer at the time of sale of specified items such as alcoholic liquor [or human consumption, tender leaves, mineral being coal or lignite or iron orc etc. It also provided for collection of tax at source at the rate o...
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Category :
CBDT |
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Extent of Tax payable by business entity on services provided by senior advocates
Posted Date : 08-Jun-2016 , 08:45:13 am | Posted By: CASANSAAR
Seeks to amend notification No. 30/2012-Service Tax dated 20th June, 2012, so as to prescribe extent of payment of service tax by a business entity as a recipient of services provided by senior advocates....
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Category :
Service Tax |
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Business entity liable to pay service tax on services provided by senior advocates
Posted Date : 08-Jun-2016 , 08:37:08 am | Posted By: CASANSAAR
Seeks to amend Service Tax Rules, 1994 so as to specify the business entity as the person liable to service tax in respect of services provided by senior advocates....
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Category :
Service Tax |
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CBEC notifies Tax Exemption on legal services provided by senior advocates
Posted Date : 08-Jun-2016 , 08:35:03 am | Posted By: CASANSAAR
Seeks to amend notification No. 25/2012 - Service Tax, dated the 20th June, 2012, so as to exempt the legal services provided by senior advocates to a business entity with a turnover up to rupees ten lakh in the preceding financial year
...
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Category :
Service Tax |
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