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Type Archives - Page 73 of 124 - All About Finance

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Corporate Social Responsibility under Companies Act 2013

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Corporate Social Responsibility Companies Act 2013 Applicability: For Companies whose: Net-worth exceeds Rs. 500 Cr OR Turnover exceeds Rs. 1000 Cr OR Net Profit exceeds Rs. 5 Cr. The Company shall spend minimum 2% of its average net profit during a block of three years. Net profit means Profit before tax. CSR Committee: A CSR … Read more

Forex Facilities including the Liberalised Remittance Scheme for Residents – FAQ

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Introduction : The legal framework for administration of foreign exchange transactions in India is provided by the Foreign Exchange Management Act, 1999. Under the Foreign Exchange Management Act, 1999 (FEMA), which came into force with effect from June 1, 2000, all transactions involving foreign exchange have been classified either as capital or current account transactions. … Read more

Electronic Verification Code (EVC) for electronically filed Income Tax Return

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2      In exercise of the powers delegated by the Central Board of Direct Taxes (‘Board’) under Explanation to sub rule 3 and sub-rule 4 of Rule 12 of the Income tax Rules 1962, the Principal Director General of Income-tax (Systems) lays down the procedures, data structure and standards for Electronic Verification Code as under: : … Read more

VAT can be levied on transfer of right to use goods of intangible nature even if it is transfered to multiple users

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8th floor, Vikrikar Bhavan, Mazgaon, Mumbai-400010 TRADE CIRCULAR (U/s.10 (10)of the MVAT Act, 2002) To, No.VAT/2015-16/0SD-VP/B-                                                                  Mumbai, dt. 13.07.2015 Trade Circular No. 11Tof 2015 Sub: Bombay High Court judgment in the case of Tata Sons Ltd, Writ Petition No.2818 of 2012 decided on 20.01.2015. Recently the Bombay High Court in the case of Tata Sons … Read more

RBI revised the guidelines of Concurrent Audit System in Commercial Banks

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RBI/2015-16/133DBS.CO.ARS.No. BC. 2/08.91.021/2015-16 July 16, 2015 The Chairman & Managing Director/Chief Executive Officers ofall Scheduled Commercial Banks(other than Regional Rural Banks) Dear Sir Concurrent Audit System in Commercial Banks – Revision of RBI’s Guidelines As you are aware, guidelines on ‘concurrent audit system in commercial banks’ were issued by us vide our circular DOS.No.BC.16/08.91.021/96 dated … Read more

ICAI filed a writ petition against OPJS University

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It was brought to the notice that OPJS University, Churu (Rajasthan), is offering/conducting certain programmes/courses under the nomenclature “Master in C.A.” and “Bachelor in C.A.” (under the School of Chartered Accountant). Conduct of such courses under the said nomenclature are in contravention of the provisions of the Chartered Accountants Act, 1949 (CA Act) and various … Read more

Result of the C A Final Examination held in May 2015 and CPT held in June, 2015 are likely to be declared on 16th July, 2015

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  http://www.caresults.nic.in Arrangements have also been made for the students of Final Examination and Common Proficiency Test (CPT) desirous of having results on their e-mail addresses to register their requests at the above website, i.e., http://www.caresults.nic. in from 10th July, 2015. All those registering their requests will be provided their results through e-mail on the … Read more

Indirect Tax Revenue collections during April-June 2015 increase by 37.4 % over the corresponding period

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Indirect Tax Revenue (Provisional) collections during April-June 2015 increase from Rs.1,12,094 crore to Rs 1,53,980 Registering an Increase of 37.4 % over the corresponding period ( April-June 2014) in the last financial year.   The overall growth in Indirect Tax Revenue (Provisional) collections during the first quarter of current fiscal  year ,ie April-June 2015 have increased … Read more

RBI imposes Directions on Jijamata Mahila Sahakari Bank Ltd, Satara – Only Rs.1000 withdrawal is allowed

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It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India has issued certain Directions to … Read more