RBI GRANTED ‘IN PRINCIPLE’ APPROVAL FOR ESTABLISHMENT OF PAYMENT BANKS – AN OVERVIEW Payment Banks An Overview: On August 19, 2015 the RBI had granted ‘in principle’ approval to 11 entities for establishment of payment banks. The ‘in-principle’ approval shall be valid for a period of 18 months during which the applicants shall have to …
SEBI PROPOSES TO RELAX OPEN OFFER OBLIGATIONS (RESULTING FROM FORFEITURE OF SHARES) UNDER TAKEOVER CODE Forfeiture of shares is a process specified under Table-F (Articles of Association of a Company Limited by Shares) of Schedule I of the Companies Act, 2013. Forfeiture is undertaken by the company as per the provisions of the Companies Act 2013 …
LIST OF SPECIAL RESOLUTIONS TO BE PASSED UNDER COMPANIES ACT, 2013 As per section 114(2): A resolution shall be a special resolution when; The intention to propose the resolution as a special resolution has been duly specified in the notice sent for meeting; The notice required under this Act has been duly given; and The …
TAX REFUND IN TIMELY MANNER AND THE TIMELY ISSUE TO EXPORT IMPORT TRADERS The Government is initiating all steps that the exporters get their tax refunds in time manner and the timely issue of refunds has always been a matter of priority and concern for the Government. Field formations have been directed to ensure prompt …
SUMMARY OF APPROVED UNDISCLOSED FOREIGN INCOME AND ASSETS (IMPOSITION OF TAX) BILL, 2015. The Union Cabinet on 17th March, 2015 approved the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 to deal with cases relating to black money stashed away in other countries. Important Provisions of the Bill: Concealment of income and assets and …
TAX IMPLICATIONS FOR NRIs WHO WANT TO SELL PROPERTY IN INDIA. NRIs who have sold house property which is situated in India have to pay tax on the Capital Gains. The tax that is payable on the gains depends on whether it’s a short term or a long term capital gains. When a house property …
SECTION 50C DOESN’T APPLY TO SALE OF ASSETS FORMING PART OF BLOCK OF ASSETS Deeming provision under section 50C, adopting stamp duty value as sale consideration applies to compute capital gains and not to determine written down value of assets [2015] 59 taxmann.com 373 – ITAT MUMBAI – Bhaidas Cursondas & Company v/s ACIT, Mumbai FACTS During …
Service tax is not leviable under reverse charge mechanism for use of CRS/GDS” Dear Professional Colleague, Recently, the Delhi CESTAT, in the case of M/s Continental Airlines Inc. v Commissioner of Service tax, New Delhi 2015-TIOL-1481-CESTAT-DEL, has held that Service tax shall not levied in respect of the payments made to CRS/GDS under reverse charge mechanism and airport …
Highlights of Key Income Computation and Disclosure Standards (ICDS) CBDT vide its Notification No: 32/2015 dated 31-03-2015 notified 10 Income Computation and Disclosure Standards (ICDS) which is to be followed by all assesses at the time of computation of income chargeable to income tax under the head “Profit and gains of business or profession” or “ Income …
Exemption under Sec. 54F could not be denied merely because the construction of House was not complete in all respects within 3 years of transfer CIT(Bangalore) v. Smt. B.S. Shantha kumari Where assessee had invested net sale consideration on transfer of long-term asset in construction of a residential house property, deduction of section 54F could not be denied merely …