S.O. 995(E)- In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income –tax (Fifth Amendment) Rules, 2015. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962, – ...

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Attention of this Ministry has been drawn to General Circular No 06/2013 dated 14.03.2013 vide which it was clarified that in cases where the effective yield (effective rate of return) on tax free bonds is greater than the yiild on prevailing bank rate, there was no violation of Section 372A(31 of bompaniis Act, 1956. Stakeholders have requested for similar cLarification w.r.t. corresponding section 186(7) of the Companies Act' 2013'...

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Category : Companies Act | Comments : 0 | Hits : 1334

Staleholders have drawn attention to the Drovisions of Schedule Xtll (sixth proviso to Para (C) of Section ll of Part ll) of the Companies Act, 1956 (Earlier Act) and as clarihed vide Circular nwber 14l11/2O12-CL-VII dated 16th August,2012, which allowed listed companies and their subsidiaries to pay remuneration, without approval of Central Government, in excess of limits specified in para II Para (C) of such Schedule if the managerial person met the conditions specified therein. Stakeholders h...

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Category : Companies Act | Comments : 0 | Hits : 1311

Circular No. 183 / 02 / 2015-ST F. No. B-1 /1/2015-TRU Government of India Ministry of Finance Department of Revenue (Tax Research Unit) *** Room No. 153, North Block, New Delhi. Dated 10thApril, 2015. To Chief Commissioner of Customs and CentralExcise(All) Chief Commissioner of Central Excise & Service Tax (All) Director General of Service Tax Director General of Central Excise Intelligence Director General of Audit Commissioner of Customs and Central Excise ...

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Category : Service Tax | Comments : 0 | Hits : 2213

Circular No. 12/2015-Customs F.No.401/57/2014- Cus III Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) ***** New Delhi, the 9thApril, 2015 To, All Chief Commissioners of Customs/ Customs (Preventive) All Chief Commissioners of Customs and Central Excise All Commissioners of Customs/ Customs (Preventive) All Commissioners of Customs and Central Excise Sir / Madam Subject: 4% SAD refund claim &ndas...

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S.O. _(E).- In exercise of the powers conferred by sub-section (11) of section 143 of the Companies Act, 2013 (18 of 2013 ) and in supersession of the Companies (Auditor's Report) Order, 20O3, published in the cazette of lndia, Extraordinary, Part II, Section 3, Sub-section (i), vide nurnber G.S.R. 480 (E), dated the 12th June, 2003, except as respects things done or omitted to be done before such supersession, the Central Government, after consultation with the Institute of Chartered Accoun...

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Category : Companies Act | Comments : 0 | Hits : 1563

RBI/2014-15/551DNBR (PD).CC.No.028/03.10.001/2014-15 April 10, 2015 All NBFCs with asset size of`.100 cr and above(excluding Primary Dealers) Dear Sirs, NBFCs- Lending against Shares – Clarification Please refer to ourcircular DNBS (PD).CC.No.408/03.10.001/2014-15 dated August 21, 2014. We have since received a number of queries from the industry participants seeking clarification on the applicability of the circular. In this connection, the following isclarified The above mentio...

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An Information Security cornrnittee (lSC) in the central Board of Direct Taxes (CBDT) is hereby constituted comprornising the following officers: (a) Member (tT), CBDT (b) Joint Secretary (FT&TR-|) (c) Joint Secretary (TpL-ll) (d) CIT (lnv.) (e) CIT (M&Tp) (f). DIT (l&CI), New Delhi (g) DIT (Systems-il) Member (lr), CBDT will be the chairrnan of the lsc. clr (M&Tp) shall also perfbrrn the role of chief Information Security Offi cer (CISO)...

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CBDT clarifies No capital gain arises on roll over of Mutual Funds under Fixed Maturity Plans as per SEBI norms....

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Category : CBDT | Comments : 0 | Hits : 1119

CBDT clarifies Self-assessment tax paid before due date of filing of wealth tax return isn't subject to interest...

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Category : CBDT | Comments : 0 | Hits : 1017

RBI/2014-15/545 A. P. (DIR Series) Circular No.94 April 08, 2015 To All Authorised Dealer Category-I Banks Madam / Sir, Foreign Direct Investment (FDI) in India – Review of FDI policy –Sector Specific conditions- Insurance sector Attention of Authorised Dealer Category – I (AD Category-I) banks is invited to Annex B of Schedule 1 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vi...

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Category : FEMA | Comments : 0 | Hits : 1070

RBI/2014-15/544 DNBR.CC.PD.No.027/03.10.01/2014-15 April 08, 2015 To All NBFC-MFIs Dear Sirs, Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIs) – Directions – Modifications The captioned directions contained in thenotification DNBS.PD.No.234/CGM (US)-2011 dated December 2, 2011and subsequent modifications were issued to NBFC-MFIs in the backdrop of the Andhra Pradesh-MFI crisis. The sector has largely moved forward since then. Accordingly certain m...

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G.S.R. 235(E).—In exercise of the powers conferred by the proviso to article 309 of the Constitution, and in suppression of the Settlement Commission (Income-tax/Wealth-tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairmen and Members) Rules, 2000, except as respects things done or omitted to be done be supersession, the President hereby makes the following rules regulating the recruitment and conditions of service of persons appointed as Chairman, Vice-Chairmen and Member...

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RBI/2014-15/539 DBR.No.BP.BC.85/21.04.048/2014-15 April 6, 2015 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir, Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances – Refinancing of Exposures to Borrowers In terms ofcircular DBOD.No.BP.BC.107/21.04.048/2013-14 dated April 22, 2014andA.P. (DIR Series) Circular No.129 dated May 9, 2014, Indian companies are not permitted to raise external commercial bo...

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RBI/2014-2015/537 DBR.AML.No.14746/14.01.001/2014-15 April 6, 2015 The Chairpersons/ CEOs of all Scheduled Commercial Banks/ Regional Rural Banks/ Local Area Banks / All India Financial Institutions Dear Sir/ Madam, Anti-Money Laundering (AML)/ Combating of Financing of Terrorism (CFT) - Standards Please refer to our letterDBR.AML.No.6704/14.01.001/2014-15 dated November 5, 2014on risks arising from the deficiencies in AML/CFT regime of certain jurisdictions. 2. Financial Act...

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Circular No. 1000/7/2015-CX datedthe 3rdMarch, 2015 F. No. 208/03/2012-CX-6 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs To The Director General of Central Excise Intelligence, All Principal Chief/ Chief Commissioners of Central Excise and Service Tax, All Principal Chief/ Chief Commissioners of Central Excise. Sub: Instructions regarding adjudication of Central Excise and Service Tax Cases booked by DGCEI-reg. Sir / Mada...

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Category : Excise | Comments : 0 | Hits : 1108

Income Tax S.O. 892 (E) In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India in the Ministry of Finance, Department of Revenue, published in the Gazette of India, Part II, Section 3, Sub-section (ii), vide number S.O 69(E) dated the 25th January, 1996, except as respects things done or omitted to be done before such supersession, the Central Government hereby notifies t...

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Category : Income Tax | Comments : 1 | Hits : 3554

Circular No.11/2015 - Customs F.No. 605/55/2014-DBK Government of India Ministry of Finance, Department of Revenue Central Board of Excise& Customs Drawback Division New Delhi, dated 1stApril,2015 To All Principal Chief Commissioners/Chief Commissioners of Customs / Customs (Prev)/ Central Excise & Customs, All Principal Directors General/Directors General of CBEC / Chief Commissioner (AR), CESTAT, All Principal Commissioners/Commissioners under CBEC Ma’am/Sir, ...

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Category : Custom | Comments : 0 | Hits : 889

Circular No. 09/2015-Cus F.No.450/01/2011-Dir. (Cus)(Pt.I) Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) ****** New Delhi, dated the 31stMarch, 2015 To, All Chief Commissioners of Customs / Customs (Preventive), All Chief Commissioners of Customs and Central Excise, All Commissioners of Customs / Customs (Preventive), All Commissioners of Customs and Central Excise. Sir /Madam, Subject: Online message exchange betwee...

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Category : Custom | Comments : 0 | Hits : 981

Circular No. 10/2015-Customs F. No. 450/25/2013-Cus IV Government of India Ministry of Finance Department ofRevenue (Central Board of Excise and Customs) **** New Delhi, dated the 31stMarch, 2015 To, All Chief Commissioners of Customs / Customs (Preventive) All Chief Commissioners of Customs and Central Excise All Commissioners of Customs / Customs (Preventive) All Commissioners of Customs and Central Excise Sir / Madam, Subject:Usage of Di...

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Category : Custom | Comments : 0 | Hits : 1052

RBI/2014-15/534 A.P.(DIR Series) Circular No.93 April 1, 2015 To All Category – I Authorised Dealer Banks Madam/ Sir, Export of Goods and Services – Project Exports Attention of Authorised Dealers is invited toA. P. (DIR Series) Circular No. 11 dated July 22, 2014in terms of which AD banks / Exim Bank have been permitted to consider according post-award approvals without any monetary limit and permit subsequent changes in the terms of post award approval within the...

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Category : FEMA | Comments : 0 | Hits : 1023

RBI/2014-15/533 DBR.IBD.BC. 14570/23.13.004/2014-15 April 1, 2015 All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir/Madam, Setting up of IFSC Banking Units (IBUs) Please refer to the Reserve Bank of IndiaNotification No. FEMA.339/2015-RB dated March 02, 2015(copy enclosed) under FEMA 1999 on Foreign Exchange Management (International Financial Services Centre) Regulations, 2015 setting out RBI regulations relating to financial institutions set up in Intern...

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RBI/2014-15/532 DCBR.BPD(PCB/RCB)Cir.No.24/14.01.062/2014-15 April 1, 2015 The Chief Executive Officer All Primary (Urban) Co-operative Banks / State and Central Co-operative Banks (StCBs / CCBs) Madam / Dear Sir, Know Your Customer (KYC) Guidelines - Accounts of Proprietary Concerns Please refer to paragraph 2.5(ii) of ourMaster Circular no. UBD.BPD.(PCB) MC.No.16/12.05.001/2014-15 dated July 1, 2014and paragraph 2.5 (vi) ofMaster Circular RPCD. RRB.RCB.AML.BC. No. 02/07.51.01...

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RBI/2014-15/531 DBR.RRB.BC.No.82/31.04.002/2014 -15 April 1, 2015 All Regional Rural Banks Dear Sir/Madam, Inclusion in/exclusion from the Second Schedule to the Reserve Bank of India Act, 1934- Regional Rural Banks (RRBs) We advise that the names of two Regional Rural Banks have been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notificationsRPCD.CO.RRB.BC.No.18/03.05.100/ 2014-15 dated July 28, 2014andDBR.RRB.No.7946/03.05.100/2014-15 dated February ...

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Category : RBI | Comments : 0 | Hits : 844

MCA has notified the Companies (Acceptance of Deposits) Amendment Rules, 2015 dated March 31, 2015. "To allot any share, stock, bond, or debenture within a specified period, if a company receives any amount by way of subscriptions to any shares, stock, bonds or debentures before the 1st April,2014 and disclosed in the balance sheet for the financial year ending on or before the 31st March,2014 against which the allotment is pending on the 31st March,2015, the company shall, by the1st J...

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Category : Companies Act | Comments : 0 | Hits : 1284

RBI/2014-15/529 DBR.No.BP.BC.80/21.06.201/2014-15 March 31, 2015 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir, Prudential Guidelines on Capital Adequacy and Liquidity Standards - Amendments As you are aware, the Reserve Bank has issued and implemented prudential guidelines on capital adequacy framework and liquidity standards for banks operating in India. These guidelines have been framed based on the internationally accepted reform package, as agreed...

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RBI/2014-15/527 A.P.(DIR Series) Circular No. 91 Mar 31, 2015 To All Category - I Authorised Dealer banks Madam / Sir, Risk Management and Inter-bank Dealings: Revised Position Limits for Foreign Portfolio Investors (FPIs) in the Exchange Traded Currency Derivatives (ETCD) market Attention of Authorized Dealers Category – I (AD Category – I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 ...

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Category : FEMA | Comments : 0 | Hits : 911

RBI/2014-15/527 A.P.(DIR Series) Circular No. 91 Mar 31, 2015 To All Category - I Authorised Dealer banks Madam / Sir, Risk Management and Inter-bank Dealings: Revised Position Limits for Foreign Portfolio Investors (FPIs) in the Exchange Traded Currency Derivatives (ETCD) market Attention of Authorized Dealers Category – I (AD Category – I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 ...

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GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES (POLICY BRANCH) VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110 002 No.F.7(420)/VAT/Policy/2011/PF/948-954 DVAT CIRCULAR NO. 30 of 2014-15 Dated: 31/03/2015 Sub: Filing of reconciliation return for the year 2013-14. In exercise of the powers conferred upon me by first proviso tosub-rule (3) of Rule 4ofCentral Sales Tax (Delhi) Rules, 2005I, Sanjeev Khirwar, Commissioner, Value Added Tax, do here...

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Category : VAT | Comments : 0 | Hits : 1152

RBI/2014-15/525 DCBR CO.RCBD.BC.No.21/19.51.025/2014-15 March 31, 2015 To All State Cooperative Banks/ Central Cooperative Banks Dear Sir, Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934 – Himachal Pradesh State Cooperative Bank Ltd., Shimla We advise that the name of “Himachal Pradesh State Cooperative Bank, Ltd. Shimla'; has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by Notification DCBR.CO.RCBD-01/19....

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Category : RBI | Comments : 0 | Hits : 957