Income tax department has released circular no. 07/2015 dt. 23-04-15 in which it has extended the benefit of Circular no. 4/2002 dt. 16-07-2002 to those corporations which are covered u/s 10(26BBB). Circular 4/2002 dt. 16-07-2002 states that no TDS to be deducted from payments made to such entities if Income of such entities is unconditionally…
DetailsThe Reserve Bank of India has imposed monetary penalty on the following three banks for violation of Reserve Bank of India instructions, inter alia, on Know Your Customer (KYC)/ Anti Money Laundering (AML). The details of the penalty are: Sl. No. Name of the bank Penalty Amount (in ` mn) 1. Bank of Maharashtra 15 2. Dena…
DetailsPartnership Firm For the Assessment Year 2014-15 and 2015-16, a partnership firm (including LLP) is taxable at 30%. Add: (a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief…
DetailsThe Reserve Bank of India have cancelled the certificate of registration of the following non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr. No. Company’s Name Address of Registered Office Certificate of Registration No. & Date Date of cancellation…
DetailsThe Government of India has announced the sale (re-issue) of four dated securities as per the following details: Sr. No. Security Notified Amount (₹ Crore) Auction Date Settlement date 1. 8.27% GS 2020 3,000 April 30, 2015 (Thursday) May 05, 2015 (Tuesday) 2. 8.40% GS 2024 7,000 3. 7.95% GS 2032 3,000 4. 8.17% GS…
DetailsPlease note the following due date for the month of May-15: 7 May 2015 Due date for deposit of Tax deducted/collected for the month of April, 2015 15 May 2015 Quarterly statement of TDS/TCS deposited for the quarter ending March 31, 2015 22 May 2015 Due date for issue of TDS Certificate for tax deducted…
DetailsLabour Ministry has notified new investement pattern for EPF funds. Now, EPFO is required to invest from 5% to 15% of EPF funds into share market. This investment needs to be done in ETF (Exchange Traded Funds). Now, starting Apr, 1% of EPF funds will be invested in ETF which will increase to 5% by…
DetailsRBI released a notification on 23rd Apr-15 directing bank to include ‘third gender’ field in all forms, applications, etc. This notification was released when RBI noticed the difficulty transgender are facing in the account opening form. Full text of notification is given below and available here for download. RBI/2014-15/572DBR.No.Leg.BC.91/09.07.005/2014-15 April 23, 2015 All Scheduled Commercial…
DetailsHere comes the Secretarial Standards. After the standards notified by Companies Act for financial accounting and Income Tax Department for Tax Accounting, ICSI has notified following standards: SECRETARIAL STANDARD ON MEETINGS OF THE BOARD OF DIRECTORS (SS-1) SECRETARIAL STANDARD ON GENERAL MEETINGS (SS-2) These standards have been notified as per the Power given to ICSI…
DetailsS.No. Financial Year CII S.No. Financial Year CII S.No. Financial Year CII S.No. Financial Year CII 1 Before 01-04-1981 100 11 1990-91 182 21 2000-01 406 31 2010-11 711 2 1981-82 100 12 1991-92 199 22 2001-02 426 32 2011-12 785 3 1982-83 109 13 1992-93 223 23 2002-03 447 33 2012-13 852 4 1983-84…
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