Daily Archives: August 31, 2016

Insolvency and Bankruptcy code 2016 : certain provision to come into force w.e.f 19.08.2016

By | August 31, 2016

SECTION 1 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 – ACT – ENFORCEMENT OF – NOTIFIED DATE ON WHICH PROVISIONS OF SPECIFIED SECTIONS OF SAID CODE SHALL COME INTO FORCE NOTIFICATION NO. SO 2746(E) [F.NO.30/8/2016-INSOLVENCY SECTION], DATED 19-8-2016 In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy… Read More »

Govt. and embassies exempt from TCS on cash purchase of specified goods or services

By | August 31, 2016

INCOME-TAX (TWENTY FIRST AMENDMENT) RULES, 2016 – INSERTION OF RULE 37CB NOTIFICATION NO. SO 2747(E) [NO.75/2016 (F.NO.370142/19/2016-TPL)], DATED 19-8-2016 In exercise of the powers conferred by sub-section (1E) of section 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… Read More »

IRDAI (Investment) Regulations 2016

By | August 31, 2016

IRDAI (INVESTMENT) REGULATIONS, 2016 NOTIFICATION F.NO.IRDAI/REG/22/134/2016, DATED 1-8-2016 In exercise of the powers conferred by clause (i) sub-section (2) of Section 114A read with Sections 27, 27A, 27B, 27C, 27D and 28 of the Insurance Act, 1938 (4 of 1938), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following Regulations. Short… Read More »

Streamlining the Process of NOC, Port Clearance Certificate in case of Foreign Shipping Companies

By | August 31, 2016

Streamlining the Process of No Objection Certificate (NOC), Port Clearance Certificate (PCC), Voyage Return and Voyage Assessment in case of Foreign Shipping Companies (FSCs) The Central Board of Direct Taxes (CBDT) has issued a Circular bearing number 30/2016 on 26th August, 2016 for the purpose of streamlining the process of issue of No Objection Certificate… Read More »

Industry pitches for GST rate of 18 %

By | August 31, 2016

Companies on Tuesday pitched for a standard goods and services tax (GST) rate of 18 per cent and sought time to switch over to the new regime at a meeting with the empowered committee of state finance ministers chaired by West Bengal Finance Minister Amit Mitra on Tuesday. States, which are seeking a higher tax… Read More »

Category: GST

Trading Hours/Trading Holidays on Commodity Derivatives Exchanges

By | August 31, 2016

Securities and Exchange Board of India CIRCULAR SEBI/HO/CDMRD/DMP/CIR/P/2016/75 August 30, 2016 To, The Managing Directors / Chief Executive Officers All Commodity Derivatives Exchanges Sir / Madam, Sub: Trading Hours/Trading Holidays on Commodity Derivatives Exchanges 1. As per Section 131(4) of Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by… Read More »

Closure of financial accounts u/r 114H (8) under alternative procedure of FATCA

By | August 31, 2016

Closure of financial accounts under Rule 114H (8) of the Income-Tax Rules, 1962 under alternative procedure of FATCA The Inter-Governmental Agreement (IGA) with USA for implementation of FATCA entered into force on 31st August, 2015. Under the alternative procedure provided in Rule 114H(8) of the Income-tax Rules, 1962, the financial institutions need to obtain the… Read More »

Govt approves grant of Permanent Residency Status to Foreign Investors

By | August 31, 2016

Cabinet approves grant of Permanent Residency Status to Foreign Investors The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approved the scheme for grant of Permanent Residency Status (PRS) to foreign investors subject to the relevant conditions as specified in the FDI Policy notified by the Government from time to time.… Read More »

Govt approves simplification and liberalisation of Foreign Direct Investment Policy 2016

By | August 31, 2016

Cabinet approves simplification and liberalisation of the Foreign Direct Investment Policy, 2016 in various sectors The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post-facto approval for the FDI policy amendments announced by the Government on 20th June, 2016. The FDI policy amendments are meant to liberalise and simplify the… Read More »

Category: FDI