Monthly Archives: March 2016

ITR Forms for AY 2016-17 (FY 2015-16) Notified by Income tax Dept

By | March 31, 2016

INCOME-TAX (NINTH AMENDMENT) RULES, 2016 AMENDMENT IN RULE 12 AND SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, ITR-2A, ITR-3, SUGAM (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 AND ITR-V NOTIFICATION NO. SO 1262(E) [NO.24/2016 (F.NO.370142/2/2016-TPL)], DATED 30-3-2016 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of… Read More »

Period of limitation expire, Assessement time can’t be extended :SC

By | March 31, 2016

Period of limitation   Facts of the Case The Assessing Officer sent notices to the respondent- assessee in Form ST-XIV forAssessment Years 2000- 01, 2001-02, 2002-03 and 2003-04., i.e., after the expiry of three years. The assessee took an objection that these notices were sent beyond the period of assessment and, therefore, it was not… Read More »

External Commercial Borrowings Revised framework

By | March 31, 2016

RBI/2015-16/349 A.P. (DIR Series) Circular No.56 March 30, 2016 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) – Revised framework Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.32 dated November 30, 2015 and paragraph no. 1.8, 2.2, 2.4.1, 2.4.2, 2.4.5, 2.4.6, 2.5,… Read More »

Transfer or issue of Security by Person Resident outside India

By | March 31, 2016

Reserve Bank of India Foreign Exchange Department Central Office Mumbai – 400 001 Notification No.FEMA.366/2016-RB March 30, 2016 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifth Amendment) Regulations, 2016 In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of… Read More »

Category: RBI

Insurance sector FDI limit enhanced

By | March 31, 2016

RBI/2015-16/350 A.P. (DIR Series) Circular No.58 March 31, 2016 To All Authorised Dealer Category – I Banks Madam/Sir, Foreign Direct Investment (FDI) in India – Review of FDI policy –Insurance sector Attention of Authorised Dealer Category – I (AD Category-I) banks is invited to the Foreign Exchange Management (Transfer or Issue of Security by a… Read More »

Compliances of Service Tax in Banking Sector

By | March 31, 2016

Revised Publication ‘ Compliances of Service Tax in Banking Sector ‘ updated by Finance Bill, 2016 Service tax on Banking and other financial services was imposed w.e.f.16-07-2001. The taxation of services has also undergone a paradigm shift from positive list to negative list in the year 2012. Post implementation of taxation of services based on negative… Read More »

Central Excise Law for Jewellery (105 FAQ )

By | March 31, 2016

 New Publication ‘Central Excise Law and Procedure for Jewellery Industry (including 105 FAQs)” to promote ease of doing business The Union Budget 2016-17 has proposed to impose a 1% excise duty (without input tax credit) and 12.5 % (with input tax credit) on articles of jewellery excluding silver jewellery, other than studded with diamonds/other precious… Read More »

Election Commission Provides Complaint Redressal Mechanism

By | March 31, 2016

ECI Provides Complaint Redressal Mechanism- Call Centre & Web-Based Management During Ongoing Elections In view of the ongoing elections, the Election Commission of India (ECI) has issued instruction to provide a Complaint Redressal Mechanism in all the five election going states. The main objective of this IT platform is to provide the following: Manage the… Read More »

Companies (Auditor’s Report) Order 2016 Notified

By | March 30, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF CORPORATE AFFAIRS ORDER New Delhi, the 29th March, 2016 S.O. 1228(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, 2015 published in the… Read More »

Building Bye-laws Revised for Delhi by Govt

By | March 30, 2016

User friendly unified, simplified Building Bye-laws for Delhi announced Enables single window clearences and payments, approvals in 30 days, says Shri M.Venkaiah Naidu No sanctions needed for plots up to  105 sq.mtrs; construction permissions done away with Revised Bye-laws improve ease of doing business, promote investments, says Minister To promote safe, green and sustainable construction… Read More »

e-CGHS Card self-printing enabled by Govt

By | March 30, 2016

Shri J P Nadda launches GIS-enabled HMIS application, self-printing of e-CGHS Card “A significant steps towards Digital India and for easy access of health services to the common man”: Shri J P Nadda Shri J P Nadda, Union Minister of Health and Family Welfare launched two major Digital initiatives to provide easy access to health… Read More »

Special Clearing operations on March 30 and 31, 2016

By | March 30, 2016

RBI/2015-16/347 DPSS.CO.CHD.No./2313/03.01.03/2015-16 March 28, 2016 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including Regional Rural Banks/ Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Madam / Dear Sir, Special Clearing operations on March 30 and 31, 2016 A reference is invited to the… Read More »

FPI Investment limit in Govt Securities Increased

By | March 30, 2016

Investment by Foreign Portfolio Investors (FPI) in Government Securities RBI/2015-16/348 A.P. (DIR Series) Circular No. 55 March 29, 2016 To, All Authorised Persons Madam/ Sir, Investment by Foreign Portfolio Investors (FPI) in Government Securities Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue… Read More »

RBI clarifies its Directions on MCLR System

By | March 30, 2016

Mar 29, 2016 The Reserve Bank of India today clarified some of the provisions of Reserve Bank of India (Interest Rate on Advances) Directions, 2016 (hereinafter called the Directions) relating to the Marginal Cost of Funds based Lending Rate (MCLR) system which comes into effect on April 01, 2016. The changes are: 1. Fixed Rate… Read More »

22 NBFCs Registration cancelled by RBI

By | March 30, 2016

RBI cancels Certificate of Registration of 22 NBFCs Mar 29, 2016 The Reserve Bank of India (RBI) has cancelled the certificate of registration of the 22 (twenty two) non-banking financial companies (NBFCs) as shown in Annex, in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act,… Read More »

Rs 1 Note issued by RBI

By | March 30, 2016

Issue of ₹ 1 denomination currency notes with Rupee symbol (₹) and the inset letter ‘L’   The Reserve Bank of India will soon put into circulation currency notes in one rupee denomination. The notes have been printed by the Government of India. These currency notes are legal tender as provided in The Coinage Act… Read More »

Construction & Demolition Waste Management Rules Notified for First Time by Environment Ministry

By | March 29, 2016

Environment Ministry Notifies Construction and Demolition Waste Management Rules for the First Time ‘Rules are an Intiative to Effectively Tackle Pollution and Waste Management’: Javadekar The Government has notified Construction & Demolition Waste Management Rules, 2016 for the first time.  Outlining the salient features of the Construction & Waste Management Rules here today, Union Minister… Read More »

Unskilled manual worker Rates under MNREG act

By | March 29, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF RURAL DEVELOPMENT NOTIFICATION New Delhi, the 23rd March, 2016 S.O. 1205(E).— In exercise of the powers conferred by sub-section (1) of section 6 of the Mahatma Gandhi National Rural Employment Guarantee Act, 2005 (42 of 2005), the Central Government hereby makes the following further… Read More »

National Film Awards 2015 announced

By | March 29, 2016

63rd National Film Awards 2015 announced Bahubali awarded Best Feature Film and Bajrangi Bhaijaan declared Best Popular Film providing Wholesome Entertainment Amitabh Bachchan to be given Best Actor award for the film Piku; Kangana Ranaut Best Actress for Tanu Weds Manu Returns Sanjay Leela Bhansali given Best Direction Award for his Film Bajirao Mastani The… Read More »

Padma awardees List

By | March 29, 2016

President of India presents Padma Awards The President of India, Shri Pranab Mukherjee presented Padma Vibhushan, Padma Bhushan and Padma Shri awards today (March 28, 2016) at a Civil Investiture Ceremony held at Rashtrapati Bhavan.   Among the dignitaries present on the occasion were the Vice President of India, Prime Minister, Union Ministers of Home… Read More »

CPC to process forms for registration of companies

By | March 28, 2016

SECTION 396 OF THE COMPANIES ACT, 2013 registration of companies  EMPOWEREMENT OF CENTRAL REGISTRATION CENTRE (CRC) NOTIFICATION [F. NO. A-42011/03/2016-AD.II], DATED 23-3-2016 In exercise of the powers conferred by sub-sections (1) and (2) of section 396 of the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the Act), the Central Registration Centre (herein… Read More »

Actuaries and their Mentors Appointment Guidelines of IRDA

By | March 28, 2016

Guidelines on Appointment of Appointed Actuaries and their Mentors Ref:IRDAI/ACTL/GDL/MISC/055/03/2016 Date:22-03-2016 In terms of the powers conferred under section 14 (2) (e ) of the IRDA Act 1999 as amended from time to time, the Insurance Regulatory and Development Authority of India (IRDAI) issues these guidelines on the Appointment of Appointed Actuaries and their Mentors.… Read More »