Skip to main content

Posts

Showing posts from August, 2015

Amendment to Customs Duty Free Allowance

Notification No.76/2015
CBEC has made Custom Duty Free Allowance to Rs.45,000/- for passengers of Indian origin and foreigners of over 10 year of age residing in India. 
Duty free limit of Indian Currency that can be brought in India has been increased from Rs.10,000 to Rs.25,000 in FORM 1

Dept Clarification on Restaurant Service (Home Delivery)

Chandigarh Service Tax Dept. clarifies that free home delivery / pick-up of food is not liable to service tax; States that dominant nature of transaction is that of 'sale' as food is not served at restaurant and no other element of service such as ambience, live entertainment (if any), air conditioning or personalised hospitality is offered; Clarifies, "Service Tax can be levied if there's an element of 'Service' involved which would typically be the case where food is served in restaurant." : Dept Clarification

SEBI Guidance Note on Insider Trading

SEBI issues Guidance Note on Insider Trading Regulations, clarifies on ESOPs & contra-trades SEBI issues Guidance Note on Insider Trading Regulations, 2015; Clarifies that exercise of ESOPs shall not be considered to be "trading" except for the purposes of Chapter III (relating to 'disclosure of trading by insiders'); States that any derivative contract that is settled in cash on expiry shall be considered to be 'contra-trade' and the trading in index futures or such other derivatives where scrip is part of such derivatives, need not be reported; States that buy-back offers, open offers, rights issues, FPOs, bonus are available to designated persons, and 'contra-trade' restrictions shall not apply; Clarifies that pledgor / pledgee may demonstrate that creation of pledge or invocation of pledge was bona fide and prove their innocence under proviso to Reg. 4(1) of the Regulations (relating to 'Trading when i…

Amendment to Arbitration Law

Cabinet approves arbitration law amendments for expeditious case disposal, cost-effective arbitration
Union Cabinet approves amendments to arbitration law, with an aim to ensure neutrality of arbitrators, expeditious disposal of cases, making arbitration more user friendly & cost effective; Amendments include disqualification of arbitrator if he has any relationship or interest in the matter, insertion of a provision for fast track procedure for conducting arbitration; Also includes amendment to Section 34 relating to grounds for challenge of an arbitral award, to restrict the term "Public Policy of India" (as a ground for challenging the award) by explaining that only where making of award was induced or affected by fraud or corruption, or it is in contravention with the fundamental policy of Indian Law or is in conflict with the most basic notions of morality or justice, the award shall be treated as against Public Policy of India; Amendments seek insertion…

ST Clarification on Section 73,76 & 78

F.No.137/46/2015-Service Tax GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF EXCISE & CUSTOMS
SERVICE TAX WING
NEW DELHI
Dated: August 18, 2015 To All Principal Chief Commissioners of Central Excise
All Chief Commissioners of Central Excise/ Service Tax
Principal Directors General of Goods & Services Tax/ Systems/Central Excise Intelligence
Director General of Audit
All Principal Commissioners of Central Excise/Service Tax
All Commissioners of Central Excise/Service Tax
All Principal Commissioners/Commissioners LTU
Joint Secretary TRU-1/TRU-II/Review
Commissioner Central Excise/ Service Tax/Legal/PAC Subject:Clarification regarding the provisions of Section 73, 76 and 78 of the Finance Act, 1994 and Section 11AC of the Central Excise Act, 1944 after amendments made vide Finance Act. 2015 Consequent to the amendments made to section 73, 76 and 78 of the Finance Act, 1994 and section 11AC of the Central Excise Act, 1944, vide Finance Act, 201…

RBI grants in-principle approval to 11 applicants for payment banks.

RBI grants in-principle approval to 11 applicants for payment banks.

1. Aditya Birla Nuvo Limited
2. Airtel M Commerce Services Limited
3. Cholamandalam Distribution Services Limited
4. Department of Posts
5. Fino PayTech Limited
6. National Securities Depository Limited
7. Reliance Industries Limited
8. Shri Dilip Shantilal Shanghvi
9. Shri Vijay Shekhar Sharma
10.Tech Mahindra Limited
11.Vodafone m-pesa Limited

 Do's of payments banks:

* Has to use the word ‘Payments Bank’ in its name to differentiate from other banks

* Accept demand deposits, i.e., current deposits, and savings bank deposits from individuals, small businesses and other entities

* To hold a maximum balance of Rs one lakh per individual customer.

* Will be allowed to set up branches, ATMs, BCs

* Allowed to issue debit cards also offer internet banking

* Can accept a large pool of money to be remitted but at the end of the day the balance should not exceed Rs one lakh

* Can accept remittances to be sent to or rece…

ICAI Election 2015

ELECTION 2015ANNOUNCEMENT

For Attention of the Prospective Candidates and Members at large

Sub: Election - 2015 - Draft List of Voters as on 1.4.2015 - Views/Suggestions on proposed Polling Booths

I. Members may be aware that the next elections to the Council and Regional Councils are scheduled to be held on 4th and 5th December, 2015 in cities having 2500 or more members and on 5th December, 2015 at all other places having 25 or more members in a city or within a distance of 50 kilometres thereof. The eligibility of a member to vote at a polling booth or vote by post would be decided based on his/her professional address as published in the List of Members as on 1.4.2015. Based on the List of Voters as on 1.4.2015, the draft List of Voters for the aforesaid elections have been hosted on the website of the Institute and the link to reach the same ishttp://112.133.194.254/lov.asp. The draft List of Voters contains the professional address of the voters, his membership number and serial nu…

CBDT Circular on IT Staff

CBDT Hauls Up Officers & Staff For Leaving Early, Coming Late & Harassing Taxpayers The CBDT has issued a stern Office Memorandum dated 07.08.2015 stating that officers/staff of the income Tax Department are leaving their stations/headquarters early on Fridays, during weekend and holidays and joining their duties late on next working day. It is further stated that many a times no permission is being taken from the superior controlling authorities before leaving location/headquarters as required under the rules. It is stated that apart from disturbing decorum and office discipline, this practise of leaving stations/headquarters by the officers /staff without prior permission and not observing the office timings, is causing inconvenience to the taxpayers and members of public who visit income tax offices in connection with their tax matters either by prior appointment or otherwise. This has been viewed adversely by the Chairperson, CBDT. The CBDT has…

Placement Scheme for selection of Articled Assistants by CA Firms

The Board of Studies of the institute has great pleasure in introducing an optional Articles Placement Scheme for selection of Articled Assistants by CA Firms. The scheme has been evolved to provide an opportunity to the firms of Chartered Accountants having vacancies for Articled Assistants to interact with the candidates who have either (a) Passed Group-I or both Groups of the IPCC examination , or (b) have been admitted under the Direct Entry Scheme and are eligible for undergoing articled training for selection as articled assistants in the C A Firms. This scheme at the same time, assists eligible students to get placement in CA Firms for their articles training. No Fee is to be Charged From the Participating CA Firms and Students registering on the Portal.http://bosapp.icai.org

Multipurpose Empanelment Form (MEF) for the year 2015-16.

ICAI Announcement (03-08-2015)Multipurpose Empanelment Form (MEF) for the year 2015-16. This is to inform that Multipurpose Empanelment Form (MEF) for the year 2015-16 has been made live at www.meficai.org. The Members/firms can apply the form showing the status as on 1st January 2015. After filling the form, they are required to generate an online Declaration and Acknowledgment letter. They are also required to submit hard copy of Declaration in support of their online application along with a print out of the acknowledgment letter generated online. The application which does not have Declaration would not be entertained as a valid application. Last date for submission of online form is 31st August, 2015 and last date of submission of hard copy of "DECLARATION FOR MEF 2015-16" is 15th September, 2015. It is suggested that before going directly to the MEF form, applicant should first go through the link http://www.meficai.org/Advisory_2015.pdf "Points which shall be car…