Implementation of General Anti Avoidance Rule (GAAR) The Government is committed to implement General Anti Avoidance Rule (GAAR) in the country from the next financial year. The commitment of the Government to implement GAAR from 1.4.2017, i.e., Assessment Year 2018-19 relevant to the Financial Year 2017-18, is also reflected in the Budget Speech 2016 delivered… Read More »
Amendment in the existing Atal Pension Yojana The Government has made following amendment in the existing Atal Pension Yojana (APY) vide Government Notification F. No. 16//1/2015 PR dated 22nd March, 2016. Option to the spouse of the subscriber to continue contribution to APY on death of subscriber before the age of 60 years: “If the… Read More »
Financial Transactions of Companies The Companies Act, 1956/2013 mandate that only individuals having Director Identification Number, which is allotted on verification of ID and address proof can become directors of a company. Further, the law requires physical verification of registered office addresses of companies by practicing professionals and intimation to the Registrar of Companies in… Read More »
Indian Accounting Standards The Road Map for implementation of Indian Accounting Standards (Ind AS) for commercial Banks (Banks), Insurance Companies (Insurers) and Non-Banking Financial Companies (NBFCs) was announced on 18/01/2016 and implementation schedule is drawn as follows: (i) Banks (excluding Urban Cooperative Banks and Regional Rural Banks), All-India Term-lending Refinancing Institutions (i.e. Exim Bank, NABARD,… Read More »
Implementation of Modified Crop Insurance Scheme The salient features of the Prdhan Mantri Fasal Bima Yojana (PMFBY) approved recently for its implementation from current Kharif 2016 season are annexed. In addition to Agriculture Insurance Company of India Ltd. (AIC), 10 private general insurance companies namely, ICICI-Lombard, IFFCO-Tokio, HDFC-ERGO, Cholamandalam-MS, Reliance General, Future-Generali, Tata-AIG, SBI General,… Read More »