Daily Archives: November 3, 2016

PF- Nepalese / Bhutanese national deemed to be Indian worker on account of Treaty

By | November 3, 2016

MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 2nd November, 2016 G.S.R.1035(E).— In exercise of the powers conferred by section 5 read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’… Read More »

Stipend to be paid through bank account of apprentices w.e.f 01.11.2016

By | November 3, 2016

MINISTRY OF SKILL DEVELOPMENT AND ENTREPRENEURSHIP NOTIFICATION New Delhi, the 31st October, 2016 S.O. 3354(E).—In pursuance of sub-rule (3) of rule 11 of the Apprenticeship Rules, 1992, the Central Government hereby notifies the 1st day of November, 2016 as the date from which the stipend shall be paid through the bank account of apprentices. [No.… Read More »

Infrequent number of sales or insignificant in value used in AS 109 -ICAI clarify

By | November 3, 2016

FAQ on Elaboration of terms ‘infrequent number of sales’ or ‘insignificant in value’ used in Ind AS 109 Question Ind AS 109, Financial Instruments, requires an entity to classify financial assets on the basis of the entity’s business model for managing the financial assets. In this regard, under a business model whose objective is to… Read More »

Dividend Distribution Tax -FAQs clarified by ICAI

By | November 3, 2016

Frequently Asked Questions (FAQs) regarding Dividend Distribution Tax This FAQ on Dividend Distribution Tax has been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI). The purpose of this FAQ is to illustrate and to assist in clarifying the requirements regarding treatment of Dividend Distribution Tax Question: What… Read More »

Section 252 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 252 Insolvency and Bankruptcy Code 2016 Amendments of Act 1 of 2004. 252. The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 shall be amended in the manner specified in the Eighth Schedule. Related Post Book-Commentary on Insolvency and Bankruptcy Code 2016 Insolvency and Bankruptcy Code 2016 Notified by Govt Insolvency and Bankruptcy code… Read More »

Section 250 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 250 Insolvency and Bankruptcy Code 2016 Amendments of Act 32 of 1994. 250. The Finance Act, 1994 shall be amended in the manner specified in the Sixth Schedule. Related Post Book-Commentary on Insolvency and Bankruptcy Code 2016 Insolvency and Bankruptcy Code 2016 Notified by Govt Insolvency and Bankruptcy code 2016 : certain provision to… Read More »

Eighth Schedule- Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Eighth Schedule, Insolvency and Bankruptcy Code 2016 THE EIGHTH SCHEDULE (See section 252) AMENDMENT TO SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) REPEAL ACT, 2003 (1 OF 2004) In section 4, for sub-clause (b), the following sub-clause shall be substituted, namely — “(b) On such date as may be notified by the Central Government in this behalf,… Read More »

Sixth Schedule Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Sixth Schedule Insolvency and Bankruptcy Code 2016 THE SIXTH SCHEDULE (See section 250) AMENDMENT TO THE FINANCE ACT, 1994 (32 OF 1994) In section 88, for the words and figures “and the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002”, the words and figures “the Securitisation and Reconstruction of… Read More »

Section 248 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 248 Insolvency and Bankruptcy Code 2016 Amendments of Act 52 of 1962. 248. The Customs Act, 1962 shall be amended in the manner specified in the Fourth Schedule. Related Post Book-Commentary on Insolvency and Bankruptcy Code 2016 Insolvency and Bankruptcy Code 2016 Notified by Govt Insolvency and Bankruptcy code 2016 : certain provision to… Read More »

Section 247 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 247 Insolvency and Bankruptcy Code 2016 Amendments of Act 43 of 1961. 247. The Income-tax Act, 1961 shall be amended in the manner specified in the Third Schedule. Related Post Book-Commentary on Insolvency and Bankruptcy Code 2016 Insolvency and Bankruptcy Code 2016 Notified by Govt Insolvency and Bankruptcy code 2016 : certain provision to… Read More »

Fourth Schedule -Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Fourth Schedule -Insolvency and Bankruptcy Code 2016 THE FOURTH SCHEDULE (See section 248) AMENDMENT TO THE CUSTOMS ACT, 1962 (52 of 1962) In section 142A, for the words and figures “and the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002”, the words and figures “Securitisation and Reconstruction of Financial… Read More »

Third Schedule -Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Third Schedule -Insolvency and Bankruptcy Code 2016 THE THIRD SCHEDULE (See section 247) AMENDMENT TO THE INCOME-TAX ACT, 1961 (43 of 1961) In sub-section (6) of section 178, after the words “for the time being in force”, the words and figures “except the provisions of the Insolvency and Bankruptcy Code, 2016” shall be inserted. Related… Read More »

Section 246 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 246 Insolvency and Bankruptcy Code 2016 Amendments of Act 1 of 1944. 246. The Central Excise Act, 1944 shall be amended in the manner specified in the Second Schedule. Related Post Book-Commentary on Insolvency and Bankruptcy Code 2016 Insolvency and Bankruptcy Code 2016 Notified by Govt Insolvency and Bankruptcy code 2016 : certain provision… Read More »

Second Schedule- Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Second Schedule- Insolvency and Bankruptcy Code 2016 THE SECOND SCHEDULE (See section 246) AMENDMENT TO THE CENTRAL EXCISE ACT, 1944 (1 of 1944) 1. In section 11E, for the words, figures and brackets “and the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002 (54 of 2002)”, the words, figures… Read More »

Section 244 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 244 Insolvency and Bankruptcy Code 2016 Enforced w.e.f 01.11.2016 Transitional provisions. 244. (1) Until the Board is constituted or a financial sector regulator is designated under section 195, as the case may be, the powers and functions of the Board or such designated financial sector regulator, including its power to make regulations, shall be… Read More »

Section 240 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 240 Insolvency and Bankruptcy Code 2016 Power to make regulations. 240. *(1) The Board may, by notification, make regulations consistent with this Code and the rules made thereunder, to carry out the provisions of this Code. (2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all… Read More »

Section 239 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 239 Insolvency and Bankruptcy Code 2016 Power to make rules. 239. *(1) The Central Government may, by notification, make rules for carrying out the provisions of this Code. (2) Without prejudice to the generality of the provisions of sub-section (1) , the Central Government may make rules for any of the following matters, namely:—… Read More »

Section 223 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 223 Insolvency and Bankruptcy Code 2016 Enforced w.e.f 01.11.2016 Accounts and audit. 223. (1) The Board shall maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form as may be prescribed by the Central Government in consultation with the Comptroller and Auditor-General of India. (2) The accounts… Read More »

Section 197 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 197 Insolvency and Bankruptcy Code 2016 Enforced w.e.f 01.11.2016 Constitution of advisory committee, executive committee or other committee. 197. The Board may, for the efficient discharge of its functions, may constitute advisory and executive committees or such other committees, as it may deem fit, consisting of a Chairperson and such other members as may… Read More »

Section 196 of Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 196 of Insolvency and Bankruptcy Code 2016 Enforced w.e.f 01.11.2016 CHAPTER II POWERS AND FUNCTIONS OF THE BOARD Powers and functions of Board. 196. (1) The Board shall, subject to the general direction of the Central Government, perform all or any of the following functions namely :— (a) register insolvency professional agencies, insolvency professionals… Read More »

Section 3 of Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 3 of Insolvency and Bankruptcy Code 2016 Definition. 3. In this Code, unless the context otherwise requires,— *(1) “Board” means the Insolvency and Bankruptcy Board of India established under sub-section (1) of section 188; (2)** “bench” means a bench of the Adjudicating Authority; (3)** “bye-laws” mean the bye-laws made by the insolvency professional agency… Read More »

Insolvency and Bankruptcy Code 2016 certain provisions w.e.f 01.11.2016

By | November 3, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st November, 2016 S.O. 3355(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 1st November, 2016 as the date on which the provisions of the following sections of… Read More »

Transfer pricing not applicable between Indian Head Office and Foreign Branch

By | November 3, 2016

Held The transfer pricing provisions cannot apply in respect of transactions between the Indian head office and branch office in Canada. (para 8) IN THE ITAT DELHI BENCH ‘I-1’ Aithent Technologies (P.) Ltd. v. Deputy Commissioner of Income Tax, Circle-1(1) R.S. SYAL, ACCOUNTANT MEMBER AND KULDIP SINGH, JUDICIAL MEMBER IT APPEAL NO. 6446 (DELHI) OF… Read More »

GST Council (India) decides four-tier GST Rate structure

By | November 3, 2016

GST Council decides four-tier rate structure of 5%, 12%, 18% and 28% – NDTV Assocham, KPMG Warn against Sharp Anomalies in GST Rates Ahead of the crucial Goods and Services Tax Council meeting on Thursday and Friday, industry body Assocham and consultancy KPMG have called for avoiding sharp anomalies in taxation structure across different industries… Read More »

Category: GST

Indian GST – Dual & Cessed GST

By | November 3, 2016

Indian GST – Dual & Cessed GST The makers of the Indian Constitution gave India a federal economy where both Central and the State Government had separate rights and obligations towards the citizens of India. To fulfil such obligations, they were empowered by the Constitution to raise funds by levy of taxes on various types… Read More »

Category: GST

Issuance of Rupee denominated bonds overseas by Indian banks

By | November 3, 2016

Issuance of Rupee denominated bonds overseas by Indian banks RBI/2016-17/107 A.P. (DIR Series) Circular No. 14 November 03, 2016 To All Category-I Authorised Dealer Banks Madam / Dear Sir Issuance of Rupee denominated bonds overseas by Indian banks Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the measures… Read More »

Indian Banks permitted to raise funds through rupee denominated bonds

By | November 3, 2016

Issue of Rupee Denominated Bonds overseas RBI/2016-17/108 DBR.BP.BC.No.28 /21.06.001/2016-17 November 03, 2016 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir, Issue of Rupee Denominated Bonds overseas Please refer to A.P. (DIR Series) Circular No.14 dated November 03, 2016 on issue of rupee denominated bonds overseas by Indian banks. 2. We advise that banks… Read More »

Bidding Guidelines for setting up 1000 MW Wind Power Projects -ISTS scheme

By | November 3, 2016

MNRE issues bidding Guidelines for setting up 1000 MW Wind Power Projects connected to ISTS scheme Ministry of New and Renewable Energy (MNRE) issued Guidelines for transparent bidding process for implementation of Scheme for setting up of 1000 MW Wind Power Project connected to inter-state transmission system (ISTS). As per Guidelines the Wind Power Projects… Read More »