TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 34 /2014-Customs New Delhi, the 24th December, 2014 G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 25 of … Read more
Insurance Laws (Amendment) Ordinance, 2014 to Make Amendments to the Insurance Act, 1938, the General Insurance Business (Nationalization) Act, 1972 and the Insurance Regulatory and Development Authority Act, 1999 The Union Cabinet had approved the promulgation of the Insurance Laws (Amendment) Ordinance 2014 to amend the Insurance Act, 1938, the General Insurance Business (Nationalisation) Act, … Read more
1. Whole Time Member, SEBI, has passed an Order on December 26, 2014 providing the exit to Bangalore Stock Exchange Limited (“BgSE”). BgSE is the seventh Stock Exchange to exit under this policy. 2. SEBI vide Circular dated May 30, 2012 had issued the Guidelines for exit of stock exchanges. This contained details of the conditions for … Read more
To take part in the cleanliness drive to mark “Good Governance Day” the Prime Minister Shri Narendra Modi visited Varanasi on Dec 25’14. During the visit, Hon’ble Prime Minister nominated the Institute of Chartered Accountants of India (ICAI) for the Swachh Bharat Abhiyan in addition to other personalities and organisations. While announcing the Swachh Bharat … Read more
Whole Time Member, SEBI, has passed an Order on December 23, 2014 providing the exit to Cochin Stock Exchange Limited (“CoSE”). CoSE is the sixth Stock Exchange to exit under this policy. SEBI vide Circular dated May 30, 2012 had issued the Guidelines for exit of stock exchanges. This contained details of the conditions for … Read more
MVAT audit is applicable for following dealers for financial year 2013-2014: Sales and value of goods transferred outside the state other than by way of sales should exceed one crore (up to financial year 2012-13 limit was Rs.60 lakhs) Or Whose turnover of purchases has exceeded rupees one crore (up to financial year 2012-13 limit was … Read more
The provisions relating to the sale bill are contained in Section 86 of MVAT Act, read with Rule 77. The dealer who is sold the goods of amount of Rs.50 and above is required to issue the tax invoice to the customer. The registered dealer may issue to the purchaser a ‘Tax Invoice’ to its customer containing following details:- 1. … Read more
Chartered Accountant firms in India with at least one full time FCA (Partner/Sole Proprietor) can apply for empanelment with this office for allotment of audit of Public Sector Undertakings. The criteria for empanelment and selection of statutory auditors have been arrived at after due consultation with the Institute of Chartered Accountants of India. Selection of CA … Read more
Shri Rajeev Kumar Agarwal, Whole Time Member, SEBI, passed confirmatory order on December 10, 2014 in the matter of Wasankar Wealth Management Limited, Mr. Prashant Wasankar having Trade name – Wasankar Investments, Mr. Vinay Wasankar, Ms. Mithila Wasankar, Mr. Abhijeet Chaudhari and Ms. Bhagyashree Wasankar and confirmed the following directions issued vide order dated August 27, 2014. … Read more
In Union Budget 2014-15, certain amendments were proposed in the negative list and Service Tax Rules. These amendments were to come into force on when the Finance Act was enacted. Let us look at these amendments. 1. Services provided by radio taxis : As per Section 66D(o)(vi) of Finance Act, 1994, “metered cabs, radio taxis … Read more