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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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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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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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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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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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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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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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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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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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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Service Tax |
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Sec. 14A disallowance can't exceed total expense - CBDT
Posted Date : 07-Jun-2016 , 08:20:58 am | Posted By: CASANSAAR
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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CBDT |
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Cyber Security Framework in Banks
Posted Date : 03-Jun-2016 , 07:36:32 am | Posted By: CASANSAAR
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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RBI |
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Refinancing of Project loans
Posted Date : 03-Jun-2016 , 07:35:36 am | Posted By: CASANSAAR
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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RBI |
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Requirement of Solvency Certificate for the purposes of Private Warehouse Licensing Regulations 2016
Posted Date : 03-Jun-2016 , 07:33:47 am | Posted By: CASANSAAR
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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Custom |
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Bad Debt admissible if written off as irrecoverable in books: CBDT
Posted Date : 02-Jun-2016 , 07:03:14 am | Posted By: CASANSAAR
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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CBDT |
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Custom Circular - Manner of payment of interest on warehoused goods
Posted Date : 02-Jun-2016 , 06:56:35 am | Posted By: CASANSAAR
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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Custom |
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LLP form 11 date extended to 30.06.2016 & waiver of late fee - MCA
Posted Date : 01-Jun-2016 , 08:27:28 am | Posted By: CASANSAAR
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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Companies Act |
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CBEC notifies Indirect Tax Dispute Resolution Scheme Rules, 2016
Posted Date : 01-Jun-2016 , 08:24:52 am | Posted By: CASANSAAR
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 |
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Custom Circular - Procedure regarding filing of ex-bond bill of entry
Posted Date : 01-Jun-2016 , 08:22:14 am | Posted By: CASANSAAR
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 |
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Custom Circular - Security under section 59 (3) of the Customs Act
Posted Date : 01-Jun-2016 , 08:20:27 am | Posted By: CASANSAAR
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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Custom |
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Additional modules for caution listing of exporters, reporting of advance remittance for exports and migration of old XOS data
Posted Date : 27-May-2016 , 07:57:32 am | Posted By: CASANSAAR
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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FEMA |
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