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 : 1647

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 : 1008

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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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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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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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 : 1196

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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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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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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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 : 1201

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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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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F No.01/34/2013 CL-V Government of India Ministry of Corporate Affairs 5th Floor. A Wing, Shastri Bhawan, Dr. Rajendra Prasad Rood, New Delhi – 110001. ​ General Circular No 06/2016 Dated the 16th May 2016. All Regional Directors, All Registrar of Companies, All stakeholders. Subject: Relaxation of additional fees and extension of last date of filing of various e-Forms under the Companies Act – reg Sir, In continuation of this Ministry’s General Circul...

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Category : Companies Act | Comments : 0 | Hits : 1169

No. 05/01/2014-CSR Government of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan, Dr. R. P. Marg New Delhi -110 001 ​ General Circular No. 05/2016 Dated: 16th May, 2016 To, All Regional Director, All Registrar of Companies, All Stakeholders Subject: Clarification with regard to provisions of Corporate Social Responsibility under section 135 of the Companies Act, 2013. In continuation to this Ministry’s General Circular 01 of ...

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RBI/2015-16/397 A.P. (DIR Series) Circular No.69 [(1)/22(R)] May 12, 2016 To All Authorised Dealers Category - I Banks Madam / Sir, Establishment of Branch Office (BO)/ Liaison Office (LO)/ Project Office (PO) in India by foreign entities - procedural guidelines Attention of Authorised Dealer Category - I (AD Category - I) banks is invited toNotification No. FEMA 22(R) /2016-RB dated March 31, 2016viz. Foreign Exchange Management (Establishment in India of a branch office or ...

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RBI/2015-16/396 DPSS.CO.AD.No.2627/02.27.005/2015-16 May 12, 2016 To, All entities authorised under the Payment & Settlement Systems Act, 2007 (PSS Act) Dear Sir/Madam, Guidelines for Voluntary surrender of Certificate of Authorisation (COA) by Payment System Operators (PSOs) authorised under PSS Act 2007 As you are aware, in terms of section 4 of the Payment and Settlement Systems Act, 2007 (PSS Act) it is mandatory to seek authorisation from the Reserve Bank of India (th...

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RBI/2015-16/395 A.P. (DIR Series) Circular No.68 [(1)/23(R)] May 12, 2016 To All AD Category - I Authorised Dealer Banks Madam/ Sir Foreign Exchange Management (Exports of Goods and Services) Regulations, 2015 Attention of Authorised Dealers (ADs) is invited to A.D.(M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs were advised of various Rules, Regulations, Notifications/ Directions issued under the Foreign Exchange Management Act, 1999 (hereinafter referred...

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Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 10thMay, 2016 Subject: Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains between India and Mauritius – reg 1. The Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to ta...

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Category : Income Tax | Comments : 0 | Hits : 1057

The CBDTvide Notification No. 30/2016 [F.NO.142/29/2015-TPL], Dated 29-4-2016has revised the due dates for filing of quarterly TDS returns by persons (other than government). However, there are some wrong notions of the taxpayers that the due dates for filing of TCS returns have also been extended by the CBDT. The gist of the changes madevideaforesaid notification are as under: 1) The due dates for filing of TDS returns by persons (other than government) for the quarter ended 30thJune,...

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Circular No.1029/17/2016-CX F.No. 267/33/2014-CX.8 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi, dated the 10thMay, 2016 To The Principal Chief Commissioners/ Chief Commissioners/Principal Commissioners of Central Excise (All) The Principal Chief Commissioners/ Chief Commissioners/ Principal Commissioners of Central Excise & Service Tax (All) Webmaster Sub: Clarification on segregation of impurities viz. ...

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CIRCULAR NO 13/2016 F. No. 225/46/2016-ITA.II GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES New Delhi, 9thMay, 2016 Subject:- Verification of tax-returns for Assessment Years 2009-2010, 2010-2011, 2011-2012 2012-2013, 2013-2014 and 2014-2015 through EVC which are pending due to non-filing of ITR-V Form and processing of such returns-regd. Under the earlier system of e-filing, in tax-returns which were to be filed electroni...

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Government of India MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, 05thMay, 2016 G.S.R. …..(E).-ln exercise of the powers conferred by section 399 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend theCompanies (Registration Offices and Fees) Rules, 2014, namely :- 1. (1) These rules may be called theCompanies (Registration Offices and Fees) Amendment Ru...

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Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 6/2016 New Delhi, 4thMay, 2016 The provisions relating to the statement of deduction of tax under sub-section (3) of section 200 and the statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 (the Act) are prescribed under Rule 31A and Rule 31AA of the Income-tax Rules, 1962 (the Rules) respectively. As...

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Category : Income Tax | Comments : 0 | Hits : 2275

Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 8/2016 New Delhi, 4thMay, 2016 Procedure for submission of Form 15CC by an authorised dealer in respect of remittances under sub-section (6) of section 195 of the Income-tax Act, 1961 read with rule 37BB of the Income-tax Rules, 1962 Under sub-section (6) of section 195 of the Income-tax Act, person responsible for paying to a non-resident, not being...

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Category : Income Tax | Comments : 0 | Hits : 1451

Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No 7/2016 New Delhi, 4thMay, 2016 [F.NO.DGIT(S)/ADG(S)-2/TDS E-FILING NOTIFICATION/110/2016] As per sub-rule (1) of rule 29C (Declaration by person claiming receipt of certain incomes without deduction of tax) of the Income-tax Rules, 1962 (hereunder referred as the Rules) a declaration under sub-section (1) or under sub-section (1A) of section 197A shall ...

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Category : Income Tax | Comments : 0 | Hits : 1654

RBI/2015-16/393 DCM (CC) No.G-10/3352/03.41.01/2015-16 May 05, 2016 The Chairman & Managing Director / Chief Executive Officer, All Banks Madam / Dear Sir, Currency Distribution & Exchange Scheme (CDES) for bank branches based on performance in rendering customer service to the members of public Please refer to ourCircular DCM (CC) No.4846/03.41.01/2014-15 dated May 21, 2015on“The Scheme of Incentives & Penalties – Review”. 2. As advised therein...

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Category : RBI | Comments : 0 | Hits : 945

RBI/2015-16/392 FMRD.DIRD.No.9/14.03.01/2015-16 May 5, 2016 All Market Participants Dear Madam/Sir, Transactions in derivatives by regulated institutional entities on electronic platforms A reference is invited topara 37of the First Bi-monthly Monetary Policy Statement announced on April 5, 2016, in terms of which, it was proposed to review the existing guidelines on OTC derivatives in order to make participation in OTC derivative markets through electronic platforms more broad-b...

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RBI/2015-16/391 FIDD. No. FSD. BC.24/05.05.014/2015-16 May 5, 2016 The Chairman/ Managing Director / Chief Executive Officer [All Scheduled Commercial Banks, (excluding Regional Rural Banks)] Madam / Dear Sir, Discontinuation of Statements on Special Agriculture Credit Plan (SACP) In order to monitor and augment the flow of credit to Agriculture, Special Agriculture Credit Plans (SACP) were introduced for Public Sector banks in 1994 and extended to Private Sector Banks in 2004....

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RBI/2015-16/390 A.P. (DIR Series) Circular No. 67/2015-16 [(1)/5(R)] May 05, 2016 To All Category - I Authorised Dealers and Authorised Banks Madam/Sir Foreign Exchange Management (Deposit) Regulations, 2016 Attention of Authorised Dealers (ADs) is invited to (a) A.D. (M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs were advised of various Rules, Regulations, Notifications/ Directions issued under the Foreign Exchange Management Act, 1999 (hereinafter refer...

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Category : FEMA | Comments : 0 | Hits : 1216

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 30/2016 New Delhi, the 29thApril, 2016 INCOME-TAX S.O. ___(E).- In exercise of the powers conferred by sections 192, 200 and 206C, read with 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-ta...

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Category : Income Tax | Comments : 0 | Hits : 2427