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 …
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 …
Service tax shall not liable in respect of the packaging of fertilizer Recently, the Supreme court in the case of Commissioner of Central Excise, Goa. v/s M/s. New Era Handling Agency, (2015) 59 438 (SC), has held that manufacturing is not complete without packaging and therefore, packaging would be essential part of manufacturing and Service tax shall not …
Due date of filing return (e-commerce business) On 26th June, 2015 Notification No. F.3(515)/Policy/VAT/2015/330-41 has been issued to prescribe a return for the dealers located in Delhi, supplying goods either to customers of Delhi or outside Delhi and dealers located outside Delhi, supplying goods to customers of Delhi, for the persons engaged in providing facility …
BASIC ABOUT NON RESIDENT INDIANS UNDER FEMA AND INCOME TAX : An Indian Citizen who stays abroad for:- employment/ carrying on business or, vacation outside India or, stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. Persons posted in U.N. organizations and officials deputed abroad by Central/ State …