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Showing posts from August 17, 2015

Sebi notifies start up listing norms makes fund raising easier

Making it easier for start- ups to raise funds, the Securities and Exchange Board of India (Sebi) on Friday notified a new set of listing norms for such entities, including e- commerce ventures, on a separate platform of domestic stock exchanges. The new norms provide significant relaxations in the disclosure requirements, while Sebi has also relaxed its delisting, takeover and Alternative Investment Fund (AIF) regulations for such new- age entities engaged in information technology ( IT), data analytics, intellectual property, bio- technology or nanotechnology like activities. The extensive changes in Sebi regulations would allow such entities to get listed on the separate Institutional Trading Platform of the stock exchanges such as BSE and National Stock Exchange and are aimed to encourage the Indian start- ups and entrepreneurs to remain within the country rather than moving abroad for funds. However, the new platform would be open to only institutional investors and high net worth i…

Proposed labour policy moots minimum pay for domestic help

Those hiring a full- time domestic help might soon have to pay them a minimum salary of Rs.9,000 per month, compulsory paid leave of 15 days a year, and maternity leave to boot. To safeguard the interest of domestic workers, the National Democratic Alliance government is readying a national policy incorporating these features, besides a host of benefits, including social security cover and provisions against sexual harassment and bonded labour. The national policy for domestic workers is likely to be presented before the Union Cabinet soon. Domestic servants, who stare at an uncertain future will now have the cushion of a social security scheme under which the employer will have a mandatory contribution. The policy envisages the right to domestic helps to pursue education, a safe work environment and a mechanism for redress of their grievances. Workers and employers will also have the right to form groups and engage with each other for ‘ collective bargaining.’ A draft note in this regar…

PF withdrawal process eased

Retirement fund body Employees’ Provident Fund Organisation has done away with the mandatory requirement of affixing a one rupee revenue stamp on provident fund withdrawal claim forms,” Labour Minister Bandaru Dattatreya said. Almost 97 per cent of cases of settlements are made through national electronic fund transfer,” he said. Business Standard, New Delhi, 15th August 2015

Updates of the Day

1. CBDT vide Notification No. 2/2015 dated 13.07.2015 started to facilitate the tax payers and to provide end-to-end e-enabled services, the Income Tax Return for A.Y. 2015-2016 can now be verified electronically.

2. Penalty u/s 271 (1) (C) of the Income Tax Act can not be levied in succeeding year if on similar disallowance, no penalty was levied in preceding year. [ACIT vs Dhariwal Industries Ltd, ITAT]

3. Updated costing taxonomy 2015, business rules and MCA XBRL validation tool version 2.0(beta) has been released.

4. Power u/s 18 of Customs Act cannot be exercised arbitrarily without a good reason to subject goods to any test – Honrable Supreme Court in the case of Tata Chemicals Ltd.

5. Use modified Version of Form MR-2 (Approval of appointment, remuneration etc. of MD / WTD/Manager from CG) w.e.f. 14.08.2015.