Untitled

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MCA Forms DIR-12, INC-22 and MGT-7 updated

  Forms DIR-12, INC-22 and MGT-7 have been recently updated on MCA21 company Forms page. Stakeholders are advised to download the latest version before filing.

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Import/Exports of Gifts by courier

Instructions

F.No.450/179/2015-Cus.IV

Government of India

Ministry of Finance

Department of Revenue

Central Board of Excise and Customs

North Block, New Delhi 11th April, 2016

To

All Chief Commissioner of Customs/Customs & Central Excise

Subject : Import/Export of Gifts by Courier – regarding.

Sir,

Representations have been received in the Board regarding problems faced by Indian abroad who wish to send gift items to India by means of courier.

2. It has been brought to the notice that courier agencies abroad are refusing to book bonafide gift consignments for export to India citing non-clearance and embargo imposed on such gift-parcels by Indian Customs.

3. Extant instructions on import of bonafide gift items through Post/Courier should be scrupulously followed.

4. Any incident of the nature mentioned in Para 2 above may be brought to the notice of the undersigned.

  Yours faithfully,

(B. Konthoujam)

Under Secretary(Cus.III)

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MCA Challan Error… What to do??

  MCA underwent certain modifications on 27.03.2016 after which stakeholders are facing many problems in challan, such as:

No challan is getting generated after making the payment.

Wrong amount of payment is reflected.

Wrong company name is reflected.

Wrong form number is reflected.

No DIN number after making payment for DIN forms and so on.

One of the stakeholder has called MCA and they have told to opt for “Pay Later” option as currently MCA is facing these issues.

It is recommendatory for you to for this option but is certainly better than the issues which are arising currently.

New Post has been published on http://www.onlinelawsolutions.com/index.php/2016/04/11/many-indian-jewellers-open-shops-gold-discounts-drop/

Many Indian jewellers open shops; gold discounts drop

More than half of Indian jewellers reopened their shops on Monday after keeping them closed for nearly six weeks in protest over the reintroduction of excise duty on gold jewellery.

The resumption in business could boost demand from the world’s second biggest consumer and support global prices trading near their highest in three weeks.

“Jewellers are opening shops after government assured it will simplify implementation of excise duty,” said Bachhraj Bamalwa, director at All India Gems and Jewellery Trade Federation.

“More than half of jewellery shops are now open.”

Jewellers went on an indefinite strike at the start of March to protest against the proposed excise tax. The strike was later called off on assurances from the excise department that it would not “harass” jewellers.

Although the national level trade bodies of bullion dealers and jewellers called off the strike on March 19, various regional industry associations decided to maintain it.

But the government still refused to roll back the tax.

“We cannot continue to strike indefinitely. Already few artisans have committed suicide due to the business we lost,” said Kumar Jain, a Mumbai-based jeweller.

Jewellery shops in Tamil Nadu, Kerala and Andhra Pradesh opened last month.

On Monday, jewellers from eastern Indian state West Bengal decided to start operations, said Harshad Ajmera, Organizer Secretary of Swarna Shilpa Bachao Committee.

DISCOUNTS DROP

Gold discounts over global prices are falling as jewellers are now replenishing inventory after opening shops.

Dealers were offering discounts of up to USD25 an ounce to the global benchmark this week, down from USD40 last week.

“Demand has been picking up due to festivals and the wedding season,” said Daman Prakash Rathod, a director at MNC Bullion, a wholesaler in Chennai.

The strike, and higher prices, are estimated to have cut India’s gold demand in the March quarter by about two-thirds from a year ago to its lowest in seven years.

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Stick to fiscal discipline, spend on infra: FM to states

Stressing that public expenditure is the main driver of growth, Finance Minister Arun Jaitley today asked states to focus on infrastructure and social sector while staying on the fiscal discipline path.

Jaitley, while addressing the conference of state finance secretaries, also asked the states to ensure optimum utilisation of resources without any leakage.

“There is more fiscal space available to the states now-a-days after implementation of the 14th Finance Commission recommendations… The tendency to spend it on non-developmental activities may in the short term appear to be attractive, but in longer run, it doesn’t reap results,” he said.

States’ share in Union taxes has substantially gone up after implementation of the 14th Finance Commission report that prescribed a record 10 per cent increase in their share to 42 per cent.

“At present, the public expenditure is the main driver of growth in view of challenging global situation,” he said, asking the state governments to spend effectively in such a manner that there is “optimum use of resources without leakages”.

Addressing the conference, Finance Secretary Ratan Watal said states are requested to align their focus to the thrust provided in the Union Budget to promote investment and growth in the rural sector. “It is imperative to step up capital expenditure at the state level also,” he added.

Jaitley said there have been some states which have been given leeway to borrow more. “… But all of us will have to learn to live and spend within means and stick to fiscal discipline,” he said.

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Tata Sells Scunthorpe Steel Plant To Greybull

  Tata’s Scunthorpe steel business and other sites are sold to a British investment firm, helping secure some 4,400 UK jobs.

Tata has sold its steel plant in Scunthorpe and several other businesses to Greybull Capital, possibly saving up to 4,400 jobs in the UK and 400 in France.

Greybull will take on the entirety of Tata Steel UK’s steelworks operations in Scunthorpe, as well as two mills in Teesside, an engineering workshop in Workington and a design consultancy in York along with a mill in Hayange, France.

The combined operations form Tata’s Long Products Europe (LPE) business. Following completion of the deal, the steelworks business will trade under the brand name British Steel.

The sale also includes the associated sales and distribution network.

Tata also confirmed on Monday that it was to contact “many tens” of potential buyers for the rest of its UK steel business, including the sprawling Port Talbot works – adding that it preferred to find a single purchaser.

Commenting on the creation of British Steel arising from the Long Products sale Roy Rickhuss, general secretary of the steelworkers’ union Community, said: “We welcome this major step forward towards a deal which will continue steelmaking in Scunthorpe and secure the future of the Long Products business across the UK.

“Greybull’s interest in the business … demonstrates that with the right investors UK steel making can have a positive future. So far, Tata Steel has honoured its commitment to be a responsible seller of the business by allowing time for the deal to be done.”

Union members at Scunthorpe are currently being balloted on whether to accept a 3% cut in pay and reductions in pension contributions for a year to smooth the path for the deal.

Greybull, which is a British-based investment group, will pay a nominal £1 for the business and has arranged a £400m investment and financing package.

The existing management team will stay on to run the new business, and try to return the company to profitability.

Marc Meyohas, a partner at Greybull, said the aim was to avoid any redundancies, grow the business and become profitable within a year.

“We are delighted to have reached agreement for the acquisition of LPE, which we believe can become a strong business, with a highly skilled workforce and great potential.”

The deal is expected to complete within eight weeks, assuming the completion of the financing arrangements for LPE and contract agreements with key suppliers are agreed.

Hans Fischer, chief executive of Tata Steel’s European operations, said: “Under these current challenging market conditions in Europe with the soaring levels of imports from China, we are happy that Tata Steel UK and Greybull Capital have entered the final stage of completion of the sale.”

Greybull said it is already searching for a permanent chief executive.

The company helped turn-around the airline operator Monarch, which it bought it in 2014 and last year returned to profit, and recently acquired convenience store chain, My Local, from Morrisons.

Mr Meyohas would not confirm whether Greybull was interested in buying other parts of Tata’s UK assets, such as the Port Talbot plant.

“We are always interested in growth. We would review any opportunities as and when they are presented to us,” he said.

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Auction of Government of India Dated Securities

  RBI/2015-16/367 Ref. No. IDMD/2294/08.02.032/2015-16

April 11, 2016

All Scheduled Commercial Banks All State Co-operative Banks/All Scheduled Primary (Urban) Co-operative Banks /All Financial Institutions/ All Primary Dealers.

Dear Sir/Madam,

Auction of Government of India Dated Securities

Government of India has offered to sell (re-issue) four dated securities for notified amount of Rs 15,000 crore as per the following details:

Sr No Security Notified Amount (in Rs crore) GoI Notification Auction Date Settlement date 1 7.35% GS 2024 3,000 4(3)-W&M/2016 dated April 11, 2016 April 13, 2016 (Wednesday) April 18, 2016 (Monday) 2 7.59% GS 2029 8,000 4(3)-W&M/2016(ii) dated April 11, 2016 3 7.50% GS 2034 2,000 4(3)W&M/2016(iii) dated April 11, 2016. 4 8.17% GS 2044 2,000 4(3)-W&M/2016(ii) dated April 11, 2016

The auction for securities will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions. The salient features of the auctions and the terms and conditions governing the issue of the Stocks are given in the notifications (copies enclosed), which should be read along with the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 issued by Government of India.

2. We wish to draw your attention, in particular, to the following:

(i) The Stocks will be issued for a minimum amount of Rs.10,000/- (nominal) and in multiples of Rs 10,000/- thereafter.

(ii) In all the auctions, Government Stock up to 5% of the notified amount of sale will be allotted to the eligible individuals and institutions under the Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities. Each bank or PD on the basis of firm orders received from their constituents will submit a single consolidated non-competitive bid on behalf of all its constituents in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. Allotment under the non-competitive segment to the bank or PD will be at the weighted average rate of yield/price that will emerge in the auction on the basis of the competitive bidding.

(iii) Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on April 13, 2016. Bids in physical form will not be accepted except in extraordinary circumstances. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.

(iv) An investor can submit more than one competitive bid at different prices in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a person in an auction should not exceed the notified amount of auction.

(v) On the basis of bids received, the Reserve Bank will determine the minimum price up to which tenders for purchase of Government Stock will be accepted at the auctions. Bids quoted at rates lower than the minimum price determined by the Reserve Bank of India will be rejected. Reserve Bank of India will have the full discretion to accept or reject any or all bids either wholly or partially without assigning any reason.

(vi) The result of the auctions will be announced on April 13, 2016 and payment by successful bidders will be on April 18, 2016 (Monday).

(vii) The Government Stocks will be issued by credit to Subsidiary General Ledger Account (SGL) of parties maintaining such account with Reserve Bank of India or in the form of Stock Certificate. Interest on the Government Stock will be paid half-yearly.

(viii) The Government Stocks will be repaid at par on June 22, 2024; March 20, 2029; August 10, 2034; December 01 2044; respectively.

(ix) The Stocks will qualify for the ready forward facility.

(x) The Stocks will be eligible for “When Issued” trading during the period April 12-13 2016 in accordance with guidelines on ‘When Issued’ transactions in Central Government Securities issued by Reserve Bank of India vide circular No.RBI/2006-07/178 dated November 16, 2006 as amended from time to time.

Yours faithfully

(P K Pati) General Manager

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Auction for Sale (Re-issue ) of ‘7.50 per cent Government Stock, 2034'

  Government of India Ministry of Finance Department of Economic Affairs Budget Division

New Delhi, dated April 11, 2016

NOTIFICATION

Auction for Sale (Re-issue ) of ‘7.50 per cent Government Stock, 2034′

F. No.4 (3 )-W&M/2016(ii) : Government of India hereby notifies sale (reissue) of ‘7.50 per cent Government Stock, 2034’(hereinafter called ‘the Stock’) for an aggregate amount ofRs. 2,000 crore(nominal). The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’) as also the terms and conditions specified in the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 issued by Government of India.

Method of Issue 2 The Stock will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai- 400 001 in the manner as prescribed in paragraph 5.1 of the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 by a price based auction using multiple price auction method.

Allotment to Non-competitive Bidders 3. The Government Stock up to 5 % of the notified amount of the sale will be allotted to eligible individuals and institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities (Annex).

Place and date of auction 4. The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai-400 001 on April 13, 2016. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on April 13, 2016. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.

When Issued Trading 5. The Stock will be eligible for “When Issued” trading in accordance with the guidelines issued by the Reserve Bank of India.

Tenure 6 The Stock will be of thirty-year tenure commencing from August 10, 2004. The Stock will be repaid at par on August 10, 2034.

Date of issue and payment for the stock 7. The result of the auction shall be displayed by the Reserve Bank of India at its Fort, Mumbai office on April 13, 2016. The payment by successful bidders will be on April 18, 2016, i.e., the date of re-issue. The payment for the Stock will include accrued interest on the nominal value of the Stock allotted in the auction from the date of last coupon payment i.e., February 10, 2016 to April 17, 2016.

Interest 8. Interest at the rate of 7.50 per cent per annum will accrue on the nominal value of the Stock from the date of last coupon payment and will be paid half yearly on August 10 and February 10.

By Order of the President of India

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Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities

  Annexure

Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities

I. Scope:With a view to encouraging wider participation and retail holding of Government securities it is proposed to allow participation on “non-competitive” basis in select auctions of dated Government of India (GoI)securities. Accordingly, non-competitive bids up to 5 percent of the notified amount will be accepted in the auctions of dated securities. The reserved amount will be within the notified amount.

II. Eligibility: Participation on a non-competitive basis in the auctions of dated GOI securities will be open to investors who satisfy the following:

1. do not maintain current account (CA)or Subsidiary General Ledger (SGL) account with the Reserve Bank of India. Exceptions: Regional Rural Banks (RRBs) and Cooperative Banks shall be covered under this Scheme in view of their statutory obligations.

2. make a single bid for an amount not more than Rs. two crore (face value) per auction

3. submit their bidindirectly through any one bank or PD offering this scheme.

Exceptions: Regional Rural Banks (RRBs) and Cooperative Banks that maintain SGL account and current account with the Reserve Bank of India shall be eligible to submit their non competitive bids directly.

III. Coverage: Subject to the conditions mentioned above, participation on “non-competitive” basis is open to any person including firms, companies, corporate bodies, institutions, provident funds, trusts, and any other entity as may be prescribed by RBI. The minimum amount for bidding will be Rs.10,000 (face value) and thereafter in multiples in Rs.10,000 as hitherto for dated stocks.

IV. Other Operational Guidelines:

1. The retail investor desirous of participating in the auction under the Scheme would be required to maintain a constituent subsidiary general ledger (CSGL) account with the bank or PD through whom they wish to participate. Under the Scheme, an investor can make only a single bid in an auction of a dated security. An undertaking to the effect that the investor is making only a single bid will have to obtained and kept on record by the bank or PD.

2. Each bank or PD on the basis of firm orders received from their constituents will submit a single consolidated non-competitive bid on behalf of all its constituents in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. Except in extraordinary circumstances such as general failure of the Reserve Bank of India Core Banking Solution (E-Kuber) system, non-competitive bid in physical form will not be accepted.

3. Allotment under the non-competitive segment to the bank or PD will be at the weighted average rate of yield/price that will emerge in the auction on the basis of the competitive bidding. The securities will be issued to the bank or PD against payment on the date of issue irrespective of whether the bank or PD has received payment from their clients.

4. In case the aggregate amount of bid is more than the reserved amount (5% of notified amount), pro rata allotment would be made. In case of partial allotments, it will be the responsibility of the bank or PD to appropriately allocate securities to their clients in a transparent manner.

5. In case the aggregate amount of bids is less than the reserved amount, the shortfall will be taken to competitive portion.

6. Security would be issued only in SGL form by RBI. RBI would credit either the main SGL account or the CSGL account of the bank or PD as indicated by them. The facility for affording credit to the main SGL account is for the sole purpose of servicing investors who are not their constituents. Therefore, the bank or PD would have to indicate clearly at the time of tendering the non-competitive bids the amounts (face value) to be credited to their SGL account and the CSGL account. Delivery in physical form from the main SGL account is permissible at the instance of the investor subsequently.

7. It will be the responsibility of the bank or the PD to pass on the securities to their clients. Except in extraordinary circumstances, the transfer of securities to the clients shall be completed withinfiveworking days from the date of issue.

8. The bank or PD can recover upto six paise per Rs.100 as brokerage/commission/service charges for rendering this service to their clients. Such costs may be built into the sale price or recovered separately from the clients. In case the transfer of securities is effected subsequent to the issue date of the security, the consideration amount payable by the client to the bank or PD would also include accrued interest from the date of issue.

9. Modalities for obtaining payment from clients towards cost of the securities, accrued interest wherever applicable and brokerage/commission/service charges may be worked out by the bank or PD as per agreement with the client. It may be noted that no other costs such as funding costs should be built into the price or recovered from the client.

V. Banks and PDs will be required to furnish information relating to operations under the Scheme to the Reserve Bank of India (Bank) as may be called for from time to time within the time frame prescribed by the Bank.

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Auction for Sale (Re-issue ) of ‘7.50 per cent Government Stock, 2034'

  Government of India Ministry of Finance Department of Economic Affairs Budget Division

New Delhi, dated April 11, 2016

NOTIFICATION

Auction for Sale (Re-issue ) of ‘7.50 per cent Government Stock, 2034′

No.4 (3 )-W&M/2016(ii) : Government of India hereby notifies sale (reissue) of ‘7.50 per cent Government Stock, 2034’(hereinafter called ‘the Stock’) for an aggregate amount ofRs. 2,000 crore(nominal). The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’) as also the terms and conditions specified in the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 issued by Government of India.

Method of Issue 2 The Stock will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai- 400 001 in the manner as prescribed in paragraph 5.1 of the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 by a price based auction using multiple price auction method.

Allotment to Non-competitive Bidders 3. The Government Stock up to 5 % of the notified amount of the sale will be allotted to eligible individuals and institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities (Annex).

Place and date of auction 4. The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai-400 001 on April 13, 2016. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on April 13, 2016. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.

When Issued Trading 5. The Stock will be eligible for “When Issued” trading in accordance with the guidelines issued by the Reserve Bank of India.

Tenure 6 The Stock will be of thirty-year tenure commencing from August 10, 2004. The Stock will be repaid at par on August 10, 2034.

Date of issue and payment for the stock 7. The result of the auction shall be displayed by the Reserve Bank of India at its Fort, Mumbai office on April 13, 2016. The payment by successful bidders will be on April 18, 2016, i.e., the date of re-issue. The payment for the Stock will include accrued interest on the nominal value of the Stock allotted in the auction from the date of last coupon payment i.e., February 10, 2016 to April 17, 2016.

Interest 8. Interest at the rate of 7.50 per cent per annum will accrue on the nominal value of the Stock from the date of last coupon payment and will be paid half yearly on August 10 and February 10.

By Order of the President of India

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Auction for Sale (Re issue) of 7.59 percent Government Stock 2029

  Government of India Ministry of Finance Department of Economic Affairs Budget Division

New Delhi, dated April 11, 2016

NOTIFICATION

Auction for Sale (Re issue) of 7.59 percent Government Stock 2029

No.4 (2) W&M/2015(i): Government of India hereby notifies sale (re-issue) of7.59 percent Government Stock 2029for an aggregate amount of ₹ 8,000 crore (nominal). The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’) as also the terms and conditions specified in the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 issued by Government of India.

Method of Issue 2. The Stock will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai- 400 001 in the manner as prescribed in paragraph 5.1 of the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 by a price based auction using multiple price auction method.

Allotment to Non-competitive Bidders 3. The Government Stock up to 5% of the notified amount of the sale will be allotted to eligible individuals and institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities (Annex).

Place and date of auction 4. The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai-400 001 on April 13, 2016. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on April 13, 2016. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.

When Issued Trading 5. The Stock will be eligible for “When Issued” trading in accordance with the guidelines issued by the Reserve Bank of India.

Tenure 6. The Government Stock will be of ‘13 years, 5 months and 01 day’ tenure commencing from October 19, 2015. The Stock will be repaid at par on March 20, 2029.

Date of issue and payment for the stock 7. The result of the auction shall be displayed by the Reserve Bank of India at its Fort, Mumbai Office on April 13, 2016. The payment by successful bidders will be on April 18, 2016 i.e. the date of re-issue. The payment for the Stock will include accrued interest on the nominal value of the Stock allotted in the auction from the date of last coupon payment i.e. March 20, 2016 to April 17, 2016.

Interest 8. Interest at the rate of 7.59 per cent per annum will accrue on the nominal value of the Stock the date of last coupon payment and will be paid half yearly onSeptember 20 and March 20.

By Order of the President of India

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Import/Exports of Gifts by courier

  Instructions

F.No.450/179/2015-Cus.IV

Government of India

Ministry of Finance

Department of Revenue

Central Board of Excise and Customs

North Block,

New Delhi 11th April, 2016

To

All Chief Commissioner of Customs/Customs & Central Excise

Subject : Import/Export of Gifts by Courier – regarding.

Sir, Representations have been received in the Board regarding problems faced by Indian abroad who wish to send gift items to India by means of courier.

2. It has been brought to the notice that courier agencies abroad are refusing to book bonafide gift consignments for export to India citing non-clearance and embargo imposed on such gift-parcels by Indian Customs.

3. Extant instructions on import of bonafide gift items through Post/Courier should be scrupulously followed.

4. Any incident of the nature mentioned in Para 2 above may be brought to the notice of the undersigned.

  Yours faithfully,

(B. Konthoujam)

Under Secretary(Cus.III)

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MCA: Whats App Discussion Group

  Recently MCA underwent certain changes after which all the stakeholders are facing lots of problem while working on it.

Some of the problems are:

E-forms are not getting pre- scrutinized.

The account is getting debited on making card payment; however, no challan is generated.

DSC is not getting registered.

Non-availability of the Forms like GNL-1.

Data filled in the form is not viewing after pre- scrutiny.

For registering the Complaint on Form INC-29, the system is asking for CIN number.

Not able to register DSC in the form INC-29, wherein both Subscribers do not have DIN numbers resulting into the inability to file e- form DSC-4.

In case of resubmission, resubmitted documents are not reflected at the MCA Portal.

E-form GNL-2 is not yet notified, due to which financial statements of earlier years cannot be uploaded on the portal.

System showing invalid SRN of e-form MGT-14 while filling of e-form INC-22.

System showing blank pre-scrutiny error.

Therefore, to get problems discussed by professionals, we have started a Whats App group solely for the purpose of MCA discussions.

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Invitation for Empanelment as a Faculty for Workshops on Income Computation and Disclosure Standards (ICDS) to be organized by the Direct Taxes Committee of ICAI

  We wish to inform you that Direct Taxes Committee is one of the most important non standing Committee of ICAI. The main function of the Direct Taxes Committee is to examine the direct tax laws, rules, regulations, circulars, notifications, etc., which may be enacted or issued by the Government from time to time and to send suitable memoranda containing suggestions for improvements in the respective legislation. The Committee also organizes seminars/workshops across India on various topics of Professional Interest to build capacity of members so as to enable them to perform their duties towards stakeholders with diligence and expected level of technical competence.

As you are kindly aware that the Central Government has, in exercise of the powers conferred under section 145(2), notified ten Income Computation and Disclosure Standards (ICDSs) to be followed by all assessees irrespective of legal status, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head “Profit and gains of business or profession” or “Income from other sources” vide notification no. 32 dated 31.3.2015. The notification shall come into force with effect from 1st April, 2015, and shall accordingly apply to the A.Y. 2016-17 and subsequent assessment years.

Keeping in view the need of the hour and to augment the knowledge of its members, the Committee has planned to organize various workshops all over India on the ICDS notified by the CBDT. For the said purpose, the Committee is in the process of finalizing a panel of experts to act as faculty for taking technical sessions on the various ICDS across the country. The persons who have an in-depthknowledge on the subject and who have delivered lectures at various forums are eligible for the Panel of Experts.

In this regard, may we request you to consider expressing your interest to contribute as a faculty in various workshops on ICDS. We look forward to your active participation in this initiative and will be happy to provide all support and co-operation in this respect.

Interested applicants may share their details on the following link:

https://docs.google.com/forms/d/1SbY3dAXplj6JHTHHIukBi-mWpxU009QsAM5Lcs9OW4s/viewform

We hope to associate in large number so as to benefit our profession in a better way.

Regards,

New Post has been published on http://www.onlinelawsolutions.com/index.php/2016/04/11/mca-whats-app-discussion-group/

MCA: Whats App Discussion Group

  Recently MCA underwent certain changes after which all the stakeholders are facing lots of problem while working on it.

Some of the problems are:

E-forms are not getting pre- scrutinized.

The account is getting debited on making card payment; however, no challan is generated.

DSC is not getting registered.

Non-availability of the Forms like GNL-1.

Data filled in the form is not viewing after pre- scrutiny.

For registering the Complaint on Form INC-29, the system is asking for CIN number.

Not able to register DSC in the form INC-29, wherein both Subscribers do not have DIN numbers resulting into the inability to file e- form DSC-4.

In case of resubmission, resubmitted documents are not reflected at the MCA Portal.

E-form GNL-2 is not yet notified, due to which financial statements of earlier years cannot be uploaded on the portal.

System showing invalid SRN of e-form MGT-14 while filling of e-form INC-22.

System showing blank pre-scrutiny error.

Therefore, to get problems discussed by professionals, we have started a Whats App group solely for the purpose of MCA discussions.

New Post has been published on http://www.onlinelawsolutions.com/index.php/2016/04/11/nepal-to-get-its-first-woman-chief-justice/

Nepal to get its first woman Chief Justice

Nepal seems to be witnessing several changes in its system of governance after adopting a new constitution, making it a federal republic in 2015. The country got its first woman president and speaker and now is all set to get its first woman Chief Justice as a meeting of the Judicial Council had recommended Sushila Karki, the senior most judges in Nepal’s Supreme Court, to be appointed as the next Chief Justice.

The Judicial Council decided to forward her name to the Constitutional Council, a body headed by the prime minister that bears the responsibility of electing the head of the judiciary.

Sushila Karki will assume her new position, once President Bidhya Devi Bhandari clears her nomination and will be taking charge on April 13th when incumbent Chief Justice Kalyan Shrestha retires, the officials said.

New Post has been published on http://www.onlinelawsolutions.com/index.php/2016/04/11/panama-papers-pil-filed-bombay-hc-demanding-cbi-probe/

Panama Papers : PIL filed in Bombay HC demanding CBI probe

A PIL has been filed at the Aurangabad Bench of Bombay High Court, demanding constitution of an independent investigating body, and a criminal investigation by CBI into the Panama Papers leaks. As an interim measure, it has demanded that all the documents pertaining to the 500 persons be called from the custody of Indian Express to the Court in a sealed envelope.

The Panama leaks, being termed as history’s biggest leak, pertain to an unprecedented leak of 11.5m files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca. The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ). The ICIJ then shared them with a large network of international partners, including the Indian Express.

The leaks reveal a list of individuals who have paid the firm and bought the benefits of the secretive, lax regulatory system in which it operates, to set up offshore entities in tax havens around the world.

Acting on the directions of Prime Minister Narendra Modi, the Government has decided to constitute a multi-agency group to probe the flow of information obtained through the leaks. The Group comprises of officers from the investigative unit of the Central Board of Direct Taxes (CBDT) and its Foreign Tax and Tax Research division, the Financial Intelligence Unit (FIU) and the Reserve Bank of India (RBI).

The petition, filed by Mr. Manik Jadhav through Advocate S.B. Talekar submits that the information revealed through leaks is frightening not only because it evidences heavy losses to the Government exchequers and money laundering by the high and mighty of each nation, but more so because it is this money stashed in secret investments in paper companies which gets utilised for funding organised crimes and terrorist activities.

It acknowledges the formation of the special Multi-agency group constituted by the Government, but states that it is likely to be a “powerless body”, not being constituted under the Commission of Enquiries Act granting the powers equivalent to Civil Court. It also argues that the SIT already constituted for recovery of black money is limited by its terms of reference and is already burdened by the task originally entrusted to it.

Mr. Jadhav claims that the information regarding beneficial ownership of the Indian residents of off-shore companies, if true, would point towards violation of Section 3 and 4 of FEMA as also the Prevention of Money Laundering Act and Black Money Act 2015. These statutes provide not only for exemplary civil penalties but also for criminal liability up to 10 years of rigorous imprisonment.