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 | Comments : 0 | Hits : 1215

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 | Comments : 0 | Hits : 1271

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI Notification No. 43/2016, Dated: June 2, 2016 S.O. 1949(E)– In exercise of the powers conferred by section 295 read with sub-section (2) of section 14A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income–tax (14th Amendment) Rule...

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Category : CBDT | Comments : 0 | Hits : 1741

RBI/2015-16/418 DBS.CO/CSITE/BC.11/33.01.001/2015-16 Jyeshtha 12, 1938 (saka) June 2, 2016 To The Chairman/ Managing Director /Chief Executive Officer All Scheduled Commercial Banks (excluding Regional Rural Banks) Madam / Dear Sir, Cyber Security Framework in Banks Introduction Use of Information Technology by banks and their constituents has grown rapidly and is now...

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Category : RBI | Comments : 0 | Hits : 1003

RBI/2015-16/417 DNBR.CC.PD.No.082/03.10.001/2015-16 June 02, 2016 To All Non-Banking Financial Companies Dear Sirs, Refinancing of Project Loans Please refer tocircular DNBS.(PD).CC.No.371/03.05.02/2013-14 dated March 21, 2014, issued by Department of Non-Banking Supervision on Early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders: Framework for Revitalising Distressed Assets in the Economy. 2. In view of the references received ...

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Category : RBI | Comments : 0 | Hits : 1059

Regulation 3 (1) (c) of the Private Warehouse Licensing Regulations, 2016 requires an applicant to furnish a solvency certificate from a scheduled bank for an amount to be specified by the Principal Commissioner / Commissioner of Customs....

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Category : Custom | Comments : 0 | Hits : 1312

Admissibility of claim of deduction of Bad Debt under section 36(1) (vii) read with section 36(2) of the Income-Tax Act, 1961- reg...

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Category : CBDT | Comments : 0 | Hits : 1233

Section 61 of the Customs Act, 1962 had been amended vide the Finance Act, 1994 whereby the interest payable with respect to warehoused goods was to be calculated with reference to the duty payable at the time of clearance of the goods from the warehouse. This was clarified through Circular no 31/96-Customs dated 07.06.1996....

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Category : Custom | Comments : 0 | Hits : 1105

Relaxation of additional fees and extension of time for filing of e­-Forms by the Companies under Companies Act, 2013 and for filing of Annual Return (Form 11 ) by the LLPs under the Limited Liability Partnership Act,2008....

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Category : Companies Act | Comments : 0 | Hits : 1102

G.S.R. (E). - In exercise of the power conferred by sub-sections (1) and (2) of section 218 of the Finance Act, 2016, (28 of 2016), the Central Government hereby makes the following rules, namely:-...

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Category : Excise | Comments : 0 | Hits : 1277

Section 68 of the Customs Act, 1962 requires the filing of a bill of entry (ex-bond bill of entry) for clearance of any warehoused goods for home consumption. At present, the ex-bond bills of entry are being filed with the Commissionerates having jurisdiction over the warehouses and in large number of cases, manually. The filing of ex-bond bills of entry on ICES will provide the benefits of automation to importers availing the warehousing facility and lend efficiency to the process of clearance ...

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Category : Custom | Comments : 0 | Hits : 1168

Section 59 of the Customs Act, 1962 (as amended by Finance Act 2016) requires an importer of goods filing a bill of entry for warehousing to submit a Bond in a sum equal to thrice the amount of duty assessed on the goods to be warehoused. The bond can be:...

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Category : Custom | Comments : 0 | Hits : 1186

RBI/2015-16/414 A.P. (DIR Series) Circular No.74 May 26, 2016 To All Category - I Authorised Dealer Banks Madam / Sir, Export Data Processing and Monitoring System (EDPMS) – Additional modules for caution listing of exporters, reporting of advance remittance for exports and migration of old XOS data Attention of AD Category - I banks is invited to paragraph number C.2, C.15, C.20, C.24 and C.28 ofMaster Direction No.16 dated January 1, 2016on Export of Goods and Services...

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Category : FEMA | Comments : 0 | Hits : 1197

RBI/2015-2016/413 DPSS.CO.PD.No./2895/02.10.002/2015-2016 May 26, 2016 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/ Authorised ATM Network Operators / Card Payment Network Operators/White Label ATM Operators Madam / Sir, ATMs - Security and Risk Mitigation Measures for Card Present (CP) Transactions Please refer to ourcircu...

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Category : RBI | Comments : 0 | Hits : 1064

RBI/2015-16/412 A.P. (DIR Series) Circular No.73 May 26, 2016 To All Category - I Authorised Dealer Banks Madam / Sir, Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) - Compounding of Contraventions under FEMA, 1999 Attention of Authorised Dealers is invited to paragraph number 7 and 8 of the Master Direction on Compounding of Contraventions under FEMA, 1999 issued vide FEDMaster Direction No.4/2015-16 dated Jan...

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Category : FEMA | Comments : 0 | Hits : 1214

RBI/2015-16/411 A.P. (DIR Series) Circular No.72 May 26, 2016 To All Authorised Dealer Category-I Banks Madam / Sir, Memorandum of Procedure for channeling transactions through Asian Clearing Union (ACU) Attention of Authorised Dealer Category-I Banks is invited to the Memorandum containing detailed procedural instructions for channeling transactions through the Asian Clearing Union (ACU)(Memorandum ACM) issued on February 17, 2010, as amended from time to time. In terms of pa...

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Category : FEMA | Comments : 0 | Hits : 1161

RBI/2015-16/409 DCBR.BPD.Cir.No.17/16.74.000/2015-16 Jyeshtha 5, 1938 (saka) May 26, 2016 The Chief Executive Officers All Primary (Urban) Co-operative Banks, State / Central Co-operative Banks Dear Sir/Madam Credit information reporting in respect of Self Help Group (SHG) members Please refer to the instructions contained in paragraph (v) of the Annex II/III to ourcirculars UBD...

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Category : RBI | Comments : 0 | Hits : 1008

RBI/2015-16/408 DNBR.CC.PD.No.081/03.10.01/2015-16 May 26, 2016 To All Non-Banking Financial Companies (NBFCs) Madam/Sir, Review of Framework for Revitalising Distressed Assets in the Economy and Strategic Debt Restructuring Mechanism The Reserve Bank of India (the Bank) has issued various guidelines aimed at revitalising the stressed assets in the economy. The measures taken by the Bank include Strategic Debt Restructuring Mechanism, Framework to Revitalise the Distressed Asset...

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Category : RBI | Comments : 0 | Hits : 935

Chapter VI of the Finance Act, 2015 will come into effect from 1st June, 2016. Krishi Kalyan Cess is leviable on all taxable services, other than services which are fully exempt from Service Tax or services which are otherwise not liable to Service Tax under section 66B of the Finance Act, 1994, at the rate of 0.5%....

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Category : Service Tax | Comments : 0 | Hits : 1601

F.No I87/10/2016.ITA.I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (Income-Tax) Circular No. 19/2016 New Delhi, the 25thMay,2016 Income Declaration Scheme, 2016,introduced vide Finance Act, 2016 (28 of 2016), provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income.Rule 4 of the Income Declaration Scheme Rules, 2016provides that a declaration of income or income i...

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Category : CBDT | Comments : 0 | Hits : 984

F.No 142/32/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Circular No 18/2016–Dated 23rd, May 2016 Sub: Relaxation for Furnishing of UID in case of Form 15 G/15H for certain quarters -reg The existing provisions of section 197A of the Income-tax Act, 1961 (‘the Act1 inter alia provide that tax shall not be deducted, if the recipient of certain payment on which tax is deductible furnishes to the pa...

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Category : Income Tax | Comments : 0 | Hits : 2222

RBI/2015-16/404 DBR.No.Ret.BC.100/12.07.124A/2015-16 May 19, 2016 All Scheduled Commercial Banks Dear Sir, Cessation of UBS AG as a banking company within the meaning of sub-section (2) of Section 36(A) of the Banking Regulation Act, 1949 We advise that the “UBS AG” has ceased to be a banking company within the meaning of the Banking Regulation Act, 1949 vide Notification DBR.IBD....

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Category : RBI | Comments : 0 | Hits : 1182

RBI/2015-2016/403 FMRD.DIRD. 10 /14.03.002/2015-16 May 19, 2016 All RBI regulated eligible entities Dear Sir, Repo / Reverse Repo Transactions with RBI Please refer to ourcircular IDMD/4135/11.08.43/2009-10 dated March 23, 2010on accounting of repo/reverse repo transactions under market repo. As mentioned therein, these accounting norms were not applicable to repo / reverse repo transactions conducted under the Liquidity Adjustment Facility (LAF) with RBI. 2. It has now been d...

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Category : RBI | Comments : 0 | Hits : 1013

RBI/2015-16/402 A.P. (DIR Series) Circular No.71 May 19, 2016 To All Authorised Dealer Category - I Banks Rupee Drawing Arrangement - Submission of statement/returns under XBRL Madam / Sir, Attention of Authorised Dealer Category – I (AD Cat – I) banks is invited to theA.P. (DIR Series) Circular No. 28 [A. P. (FL/RL Series) Circular No. 02] dated February 6, 2008and theA. P. (DIR Series) Circular No. 7 dated July 18, 2014in terms of which AD Cat- I banks were requi...

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Category : FEMA | Comments : 0 | Hits : 1152

RBI/2015-16/401 A.P. (DIR Series) Circular No.70 May 19, 2016 To All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme Money Transfer Service Scheme - Submission of statement/returns under XBRL Madam / Sir, Attention of Authorised Persons, who are Indian Agents under Money Transfer Service Scheme (MTSS) is invited to theA.P. (DIR Series) Circular No. 89 dated March 12, 2013in terms of which all Authorised Persons, who are Indian Agents under Money T...

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Category : FEMA | Comments : 0 | Hits : 1144

RBI/2015-16/400 DBR.CID.BC.No.98/20.16.042/2015-16 May 19, 2016 All Credit Information Companies Investment in Credit Information Companies In exercise of the powers conferred by sub-section (1) of Section 11 of Credit Information Companies (Regulation) Act, 2005, and in supersession of its direction onInvestment in Credit Information Companies (CICs) dated November 29, 2013, Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest to do so, h...

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Category : RBI | Comments : 0 | Hits : 940

RBI/2015-16/399 DCBS.CO.Cir.No.001/12.17.001/2015-16 May 19, 2016 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir / Madam, Frauds in UCBs: Changes in Monitoring and Reporting mechanism Please refer to ourMaster circular no. DCBR.CO.BPD.MC.No.1/12.05.001/2015-16 on Frauds- Classification and Reporting dated July 01, 2015. 2. On a review, it has been decided to change the fraud monitoring and reporting mechanism at the Regional Offices and Central Fr...

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Category : RBI | Comments : 0 | Hits : 1008

S.O. 1796 (E).-In exercise of the powers conferred by sub-section (1) of section 435 of the Companies Act, 2013 (18 of 2013), the Central Government hereby, after obtaining the concurrence of the respective Chief Justices of the High Courts, designates the following Courts mentioned in the Table below as Special Courts for the purposes of trial of offences punishable under the Companies Act, 2013 with imprisonment of two years or more in terms of section 435 of the Companies Act, 2013, namely:-...

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Category : Companies Act | Comments : 0 | Hits : 1153

S.O.1795 (E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 18th day of May, 2016 as the date on which the provisions of clause (iv) of sub-section (29) of section 2, sections 435 to 438 (both sections inclusive) and section 440 of the said Act shall come into force....

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Category : Companies Act | Comments : 0 | Hits : 1127

It has come to the notice of the Board that there is some confusion regarding the legal position with respect to continuance of reverse charge mechanism for services provided by arbitral tribunals and individual arbitrators on the arbitral tribunal, with effect from 1.4.2016. 2.1 Services provided by an arbitral tribunal to (i) any person other than a business entity; or (ii) a business entity with a turnover up to rupees ten lakh in the preceding financial year, are exempt from services tax ...

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Category : Service Tax | Comments : 0 | Hits : 1202