CBDT allows filing of revised return after expiry of time limit to enable refund of WT arising due to retro exemption. Section 10 of the Wealth-Tax Act, 1957 – Wealth-Tax Authorities – Instructions to Subordinate Authorities – Clarifications on Amendment Brought out......

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Category : CBDT | Comments : 0 | Hits : 1399

RBI/2014-15/632 DNBR (PD) CC No.040/03.01.001/2014-15 June 03, 2015 To All Non-Banking Financial Companies (NBFCs), Dear Sirs, Master Circular – “Non-Banking Financial Companies – Corporate Governance (Reserve Bank) Directions, 2015” As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated circulars/notifications. The instructions contained in theNotification No. DNBR. 019/CGM (CDS...

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Category : Income Tax | Comments : 0 | Hits : 2384

New Handbook of Procedures (HBP) 2015-2020 has been notified by DGFT vide Public Notice No. 01/2015-2020 dated 01.04.2015. In this regard, attention is invited to CBEC Circular No. 17/2006-Cus dated 1st June, 2006 and Circular No. 19/2007-Cus dated 3rd June, 2007 as amended by Circular No.16/2014-Cus dated 18th December 2014 regarding units set up under EOU/EHTP/STP/BTP scheme....

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Category : Custom | Comments : 0 | Hits : 1004

Section 199 of the Income-Tax Act, 1961 – Deduction of Tax at Source – Credit for Tax Deducted – Non-Deposit of Tax Deducted at Source...

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Category : Income Tax | Comments : 0 | Hits : 1257

Condonation of delay in filing refund claim and claim of carry forward of losses under Section I I9(2)(b) of the Income-tax Act. In supersession of all earlier Instructions/Circulars/Guidelines issued by the Central Board of Direct Taxes (the Board) from time to time to deal with the applications for condonation of delay in tiling returns claiming refund and returns claiming carry forward of loss and set-off thereof under section 119(2)(b) of the Income-tax Act( the Act), the present Circular...

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Category : CBDT | Comments : 0 | Hits : 1729

Custom Circular Regarding Appointment of Common Adjudicating Authority. Reference is invited to Notification No 60/2015-Customs (N.T.), dated 04.06.2015 whereby the power to appoint common adjudicating authority in cases investigated by DRI upto the level of Commissioner of Customs have been delegated to Principal Director General of Directorate of Revenue Intelligence in terms of section 152 of the Customs Act, 1962. This notification was issued in the interest of expediting decision making ...

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RBI Circular/2014-15/627 DBR.BP.BC.No.101/21.04.132/2014-15 June 8, 2015 All Scheduled Commercial Banks (excluding RRBs) All-India Term-lending and Refinancing Institutions (Exim Bank, NABARD, NHB and SIDBI) Dear Sir, Strategic Debt Restructuring Scheme Please refer to ourcircular DBOD.BP.BC.No.97/21.04.132/2013-14 dated February 26, 2014on “Framework for Revitalising Distressed Assets in the Economy – Guidelines on Joint Lenders’ Forum (JLF) and Corrective A...

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G.S.R. …..(E). –In exercise of the powers conferred by clauses (a) and (b) of sub-section (1) of section 462 read with section 406 of the Companies Act, 2013 (18 of 2013) and in supersession of notification number GSR 517(E), dated the 31StAugust, 2006 and GSR 326(E), dated the 8thApril, 2011 or any other notification issued under section 620A of the Companies Act, 1956, except as respects things done or omitted to be done before such supersession, the Central Government in the inte...

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Category : Companies Act | Comments : 0 | Hits : 1015

G.S.R. __(E). – In exercise of the powers conferred by clauses (a) and (h) of sub-section (1) of section 462 and in pursuance of sub-section (2) of said section of the Companies Act, 2013 (18 of 2013) and in supersession of notifications issued under section 620 of the Companies Act, 1956 (1 of 1956), except as respects things done or omitted to he done before such supersession, the Central Government, in the interest of public, hereby directs that certain provisions of the Companies Act, ...

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G.S.R. ____ (E). – In exercise of the powers conferred by clauses (a) and (b) of sub-section (1) of section 462 and in pursuance of sub-section (2) of said section of the Companies Act, 2013 (18 of 2013), the Central Government, in the interest of public, hereby directs that certain provisions of the Companies Act, 2013, as specified in column (2) of the Table, shall not apply or shall apply with such exceptions, modifications and adaptations, as specified in column (3) of the said Table, ...

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Category : Companies Act | Comments : 0 | Hits : 1451

G.S.R. (E).–In exercise of the powers conferred by clauses (a) and (b) of sub-section (1) of section 462 and in pursuance of sub-section (2) of said section read with section 8 of the Companies Act, 2013 (18 of 2013), and in supersession of notifications issued under section 25 of the Companies Act, 1956 (1 of 1956) except as respects things done or omitted to be done before such supersession, the Central Government in the interest of public, hereby directs that certain provisions of the C...

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Category : Companies Act | Comments : 0 | Hits : 1058

RBI/2014-15/626 DBS.CO.ARS.BC.8/08.91.001/2014-15 June 2, 2015 CMD of Nationalized Banks Chairman SBI MD of Associate Banks of SBI Madam/Dear Sir, Submission of Long Form Audit Report (LFAR) by Concurrent Auditors In terms of enclosure 1 of RBI circular DBS.CO.PP.BC.11/11.01.005/2001-2002 dated April 17, 2002 all the banks were advised, inter alia, as under: LFAR in respect of branch should be addressed by the branch auditors to the Chairman of the bank, concerned with a cop...

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The Service Tax rate has been increased to 14% with effect from 1st June, 2015. Certain doubts have been raised in regard to abatement on value of services provided in relation to serving of food or beverages by a restaurant, eating joint or a mess, having the facility of air-conditioning or central air-heating in any part of the establishment, at any time during the year. 2. Matter has been examined. Valuation of services provided in relation to serving of food or beverages by a restaurant, ...

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Category : Service Tax | Comments : 0 | Hits : 1825

RBI/2014-15/624 DBR.No.Ret.BC. 99 /12.01.001/2014-15 June 02, 2015 All Scheduled Commercial Banks, Local Area Banks and RRBs Dear Sir, Change in Bank Rate Please refer tocircular DBR.No.Ret.BC.73/12.01.001/2014-15 dated March 04, 2015on the captioned subject. 2. As announced in thePress Release 2014-15/2547 dated June 02, 2015, the Bank Rate stands adjusted by 25 basis points from 8.50 per cent to 8.25 per cent with effect from June 02, 2015. 3. All penal interest rates on...

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RBI/2014-15/621 REF.No.MPD.BC.378/07.01.279/2014-15 Jyeshtha 12,1937(Saka) June 2, 2015 To All Scheduled Banks [excluding Regional Rural Banks(RRBs)] and Primary Dealers Dear Sir/Madam, Standing Liquidity Facilities for Banks and Primary Dealers Please refer to theSecond Bi-monthly Monetary Policy Statement, 2015-16 by Dr. Raghuram G. Rajan, Governor dated June 2, 2015, i...

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RBI/2014-15/617 DBR.No.BC.97/29.67.001/2014-15 June 1, 2015 The Managing Director and CEO All Private Sector Banks Dear Sir/Madam, Guidelines on Compensation of Non-executive Directors of Private Sector Banks The need to bring in professionalism to the boards of banks cannot be overemphasized. In order to enable banks to attract and retain professional directors, it is essential that such directors are appropriately compensated. At present, banks in private sector pay only sitt...

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RBI/2014-15/618 DBR.BP.BC.No.98/08.12.014/2014-15 June 01, 2015 All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Issue of Long Term Bonds by banks for Financing of Infrastructure and Affordable Housing – Cross Holding Please refer to ourcircular DBOD.BP.BC.No.25/08.12.014/2014-15 dated July 15, 2014allowing banks to issue long term bonds, with exemptions from certain regulatory pre-emptions, for their financing of infrastructure and affordable housing loans. Furth...

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FEMA/ILT/INDIAN ACTS & RULES : Fem (Current Account Transactions) Amendment Regulations, 2015 – Substitution of Rule 5 & Schedule III. RBI fixes USD 2,50,000 for remittances by individual for aggregate of certain current account transactions...

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RBI/2014-15/612 DBR.No.BP.BC.96 /21.04.157/2014-15 May 28, 2015 The Chairman and Managing Director/Chief Executive Officer All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir / Madam, Hedging of Commodity Price Risk - Creating awareness among borrowers Banks provide a number of credit facilities to customers engaged in activities related to agriculture. One of the prominent,albeitindirect, risks in this sector is that of volatility in agricultural commodity...

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RBI/2014-15/613 FIDD.CO.GSSD.BC.No.57/09.16.003/2014 - 15 May 28, 2015 The Chairman / Managing Director All Scheduled Commercial Banks Dear Sir, National Urban Livelihoods Mission (NULM ) - Reporting Format Please refer to ourCircular RPCD.CO.GSSD.BC.No.26/09.16.03/2014-15 dated August 14, 2014on Self Employment Programme (SEP) under National Urban Livelihoods Mission (NULM). 2. In order to monitor progress of thetargetsvis a visachievementunder NULM, Banks are advised to fur...

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Circular no. 17/2015 - Customs F. No: 451/13/2015 Cus V Govt. of India Ministry of Finance Dept. of Revenue Central Board of Excise & Customs ****** Dated 26thMay 2015, New Delhi To The Chief Commissioner of Customs,Mumbai - III The Commissioners of Customs - II, Airport Special Cargo, Mumbai The Director General of Export Promotion, New Delhi The Director General of Systems & Data Management, New Delhi The Director General of Revenue Intelligence, New Delhi Madam...

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In exercise of the powers conferred by section 133 read with section 469 of the companies Act, 2013 (18 0f 20131 , the central Government hereby rescinds the notifications ofthe Government of India in the Ministry ofCorporate Affairs, published jn the Gazette of tndia, Extraordinary, Part ll, Section (3), 5ub-section (i), vide number G.S.R 179 (E), dated the 3.d March, 2011 and G,S.R 650 (E), dated the 29th August 2011, with immediate effect, except as respects thinSs done or omitted to be done ...

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Category : Corporate Laws | Comments : 0 | Hits : 1798

Employees Provident Fund Organisation (Ministry of Labour, Govt. of India) Bhavishya Nidhi Bhawan, 14- Bhikaji Came Place, New Delhi – 110066 No. WSU/6(1)2011/IT/Vol-IV/5931 Dated- 21.05.2015 To, All Addl. CPFC (Zones) All RPFC/OIC of ROs/SR0s. Sub:Amendmentin Section 192A of the IT Act, 1961- Instructions or deduction of TDS onwithdrawalfrom PF. Ref: Head Officecircularof even number dated 16,03.2015. Sir/Madam, TheFinance Act, 2015 (20 of 20...

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Category : Income Tax | Comments : 0 | Hits : 2827

Draft scheme of the proposed rules for computation of Arm’s Length Price (ALP) of an International Transaction or Specified Domestic Transaction undertaken on or after 01.04.2014. Section 92C of the Income Tax Act, 1961 (the “Act”) provides for computation of Arm’s Length Price (ALP) of an international transaction or specified domestic transaction....

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RBI/2014-15/603 A. P. (DIR Series) Circular No. 102 May 21, 2015 To, All Authorised Dealer Category - I Banks Madam / Sir, Rupee Drawing Arrangement - Increase in trade related remittance limit Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to Part (B) of Annex-I to theA.P. (DIR Series) Circular No. 28 [A. P. (FL/RL Series) Circular No. 02] dated February 6, 2008on Memorandum of Instructions for Opening and Maintenance of Rupee/ Forei...

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RBI/2014-15/604 DCM (CC) No. 4846/03.41.01/2014-15 May 21, 2015 The Chairman & Managing Director / Chief Executive Officer, All Banks Madam / Dear Sir, Scheme of Incentives & Penalties – Review Please refer to ourMaster Circular DCM (CC) No.G-5/03.39.01/2014-15 dated July 1, 2014on the captioned subject. 2. As you are aware, the scheme of Incentives & Penalties was introduced in 2008 and has been revised expanding...

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RBI/2014-15/605 DNBR.CC.PD.No.036/03.10.01/2014-15 May 21, 2015 To All NBFCs (excluding PDs) Dear Sirs, Lending against security of single product - Gold Jewellery Please refer to thecirculars DNBS.CC.PD.No.356/03.10.01/2013-14 dated September 16, 2013andDNBS.CC.PD.No.365/03.10.01/2013-14 dated January 08, 2014on the captioned subject. 2. The Bank has prescribed that the valuation of gold jewellery for arriving at the Loan-To-Value (LTV) shall be done at the average of the cl...

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RBI/2014-15/607 FIDD.FID.BC.No.56/12.01.033/2014-15 May 21, 2015 The Chairman / Managing Director Chief Executive Officer All Scheduled Commercial Banks (Excluding RRBs) Dear Sir / Madam, SHG-Bank Linkage Programme – Revision of progress reports In terms of ourCircular RPCD.CO.MFFI.BC.No.103/12.01.01/2006-07 dated June 20, 2007on Microfinance – Submission of progress report andMaster Circular RPCD.FID.BC.No.06/12.01.033/2014-15 dated July 01, 2014on SHG Bank Linkag...

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Category : Income Tax | Comments : 0 | Hits : 1113

RBI/2014-15/608 A. P. (DIR Series) Circular No. 103 May 21, 2015 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) denominated in Indian Rupees (INR) – Mobilisation of INR Attention of Authorized Dealers Category – I (AD Cat – I) banks is invited to the 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 ...

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Category : RBI | Comments : 0 | Hits : 851