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Posted On:  11 months ago


Passing of Resolution by Circulation

The Chairman of the Board or in his absence, the Managing Director or in his absence, the Whole time Director and where there is none, any Director other than an Interested Director, shall decide, before the draft Resolution is circulated to all the Directors, whether the approval of the Board for a particular business shall be obtained by means of a Resolution by circulation

article author CS Perila Sheth

Posted On:  11 months ago


Secretarial standard on meetings of the board of directors

Secretarial Standard-1 (SS-1) on “Meetings of the Board of Directors”, issued by the Council of the Institute of Company Secretaries of India and approved by the Central Government. Adherence by a company to this Secretarial Standard is mandatory, as per the provisions of the Companies Act, 2013.

article author CS Perila Sheth

Posted On:  11 months ago


Reg. Import Dur exemption to Micro/Mini SD cards

Extension of benefit of Notification No. 24/2005 dated 01.03.2005 (Sr. No. 3) {as amended by Notification No. 132/2006-Customs dated 30.12.2006 (Serial No. 15)} to Micro/Mini SD cards – reg. Representations have been received from the trade on the subject above.

article author One Roof Consultant

Posted On:  11 months ago


Due date of Filing Income Tax Returns for Financial Year 2015-16 Assessment Year 2016-17

Filing of Income Tax Return is tedious task and should be complete well before the due dates. Most of times there are confusion in relation to due dates applicable for various type of whose earn different kind of Income.The point to be noted is Basic limit include all Income without any deduction in Section 80C to 80U and any other deduction. So in case your Income is 3 Lakhs .

article author CA Chirag Chauhan

Posted On:  11 months ago


Master Circular – Facility for Exchange of Notes and Coins

Please refer to the Master Circular DCM (NE) No.G-2/08.07.18/2015-16 dated July 01, 2015 containing instructions on the facility for exchange of notes and coins. A revised version of Master Circular on the subject is annexed for your information and necessary action. This Master Circular is placed in our website www.rbi.org.in.

article author One Roof Consultant

Posted On:  11 months ago


Signing of Advance Pricing Agreements by CBDT

The Central Board of Direct Taxes (CBDT) entered into seven (7) Unilateral Advance Pricing Agreements (APAs) today, i.e., 18th July, 2016, with Indian taxpayers. Some of these agreements also have a “Rollback” provision in them. The APA Scheme was introduced in the Income-tax Act in 2012 and the “Rollback”

article author One Roof Consultant

Posted On:  11 months ago


Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O.748 (E), dated the 3rd August, 2001,

article author One Roof Consultant

Posted On:  11 months ago


Acceptance of Fixed Deposit Receipts (FDRs) by Clearing Corporations

1) Currently, Fixed Deposit Receipts of banks are accepted by Clearing Corporations as eligible collateral from the participants. 2) It is observed that some banks who are also trading members/ clearing members on the Stock Exchange/Clearing Corporation have placed Fixed Deposit Receipts issued by themselves as Collateral, with the Clearing Corporation.

article author CS Perila Sheth

Posted On:  11 months ago


New Features Released For NPS Subscribers

Pension Fund Regulatory and Development Authority (PFRDA) takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc. In this regard, recently many new functionalities have been released to provide the ease of operation for the benefit of subscribers and nodal offices

article author One Roof Consultant

Posted On:  11 months ago


Universal roll-out of Public Financial Management System (PFMS) for Central Sector Schemes

The undersigned is directed to state that at various review meetings, the Hon’ble Prime Minister has emphasized the need for improved financial management in implementation of Central Plans Schemes so as to facilitate Just-in-Time Releases and monitor the usage of funds including information on its ultimate utilization.

article author One Roof Consultant

Posted On:  11 months ago


Companies (cost records and audit) Amendment Rules, 2016

In exercise of the powers conferred by sub-sections (1) and (2) of section 469 and section 148 of the Companies Act, 2013 (18 of 2013} (hereinafter referred as the Act), the Central Government hereby makes the following rules further to amend the Companies (cost records and audit) Rules,2014, namely

article author CS Perila Sheth

Posted On:  11 months ago


Insurance and its types

I am sure most of us have insurance policy. Infact now a days having an insurance has become a necessity which was earlier considered as necessary. We want that in the event of any mishap our kids should be insured so we get insurance. As soon as we start earning we want to cover up the cost of health so we get a policy. When we are old we want to insured for our medical expenses so again we look for an appropriate insurance policy. With so many life events, demanding money outflow in the event of mishap insurance is of best help. So what are different kinds of insurance present? Let us have a look.

article author Dhairya Bhuta

Posted On:  11 months ago


Additional FAQ’s on the Income Declaration Scheme, 2016

The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) came into effect on 1st June, 2016. To address doubts and concerns raised by the stakeholders, the Board has issued three sets of FAQs vide Circular Nos. 17, 24 & 25 of 2016. In order to address further queries received from the public relating to the Scheme, following clarifications are issued.

article author One Roof Consultant

Posted On:  11 months ago


Income Declaration Scheme 2016 – Government Revises Time Schedule for Making Payments

During the course of meetings and seminars held in different parts of the country, various stakeholders have expressed concern that the time period available under the Scheme up to 30th November, 2016 for making payment of tax, surcharge and penalty is very short, especially where funds in liquid form are not readily available with the

article author CA Chirag Chauhan

Posted On:  11 months ago


Compulsory manual selection of cases for scrutiny during the Financial Year 2016-2017

In supersession of earlier Instructions on the above subject, the Board hereby lays down the following procedure and criteria for manual selection of returns/cases for compulsory scrutiny during the financial-year 2016-2017:- (i) Cases involving addition on a substantial and recurring question of law or fact in earlier assessment year(s), in excess of Rs. 25 lakhs in metro charges at Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune, while for other charges, quantum of such addition should exceed Rs. 10 lakhs (for transfer pricing cases, quantum of such addition should exceed Rs. 10 crore) and where

article author One Roof Consultant

Posted On:  11 months ago


Effective Tax Rate is 45% and not 31% clarified by CBDT - The Income Declaration Scheme 2016

The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets.The Board has issued three sets of clarifications in the form of FAQs. The fourth set of Frequently Asked Questions (FAQs) providing clarification on various issues are in the process of being issued and will be available on the official website of the Income Tax Department i.e., www.incometaxindia.gov.in later today.

article author CA Chirag Chauhan

Posted On:  11 months ago


Income Declaration Scheme 2016

The Income Declaration Scheme, 2016 provides an opportunity to persons who have paid not full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totalling in all to 45% of such undisclosed income declared.

article author AMBUJ JAIN

Posted On:  11 months ago


Benefits of filing income tax return before due date of 31 July

People in India has a habit to wait till last moment to complete the task. They are always referred as Jugadi. The habit start during school and college days where we start studies one day before the exam. It continues in job profile also where we start working on projects a day before submission. Most of individual and few corporate have similar culture. They do all the compliance on the due date whether it is filing of Income Tax Return or Compliance of MCA.

article author CA Chirag Chauhan

Posted On:  11 months ago


TEXPROCIL members can also seek clarification on duty free import entitlement

Seeks to further amend notification No. 12/2012-Customs, dated 17.03.2012 [S. No. 284A] so as to provide that the manufacturer or merchant-exporter, referred to therein, may also be registered with the Cotton Textiles Export Promotion Council(TEXPROCIL), in addition to Apparel Export Promotion Council or the Synthetic and Rayon Textile Export Promotion Council and may seek certification from any of the aforesaid bodies for the purposes of availing duty free import entitlement under the said entry.

article author One Roof Consultant

Posted On:  11 months ago


Seeking Amendment in notification No.61/2011-Customs dated 15.07.2011.

In exercise of the powers conferred by sub-section (1) and sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 18, 20 and 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby makes the following amendments in the notification of the

article author One Roof Consultant