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Showing posts from August 18, 2015

#‎FASTTRACKEXIT‬ (FTE) FOR DEFUNCT COMPANIES

(Sec 560 of 1956 Act now Sec 248 of 2013 Act) CONDITIONS FOR FTE The defunct company should have “Nil” Assets & Liabilities and has not commenced any business activity or operation since incorporation; or is not carrying over any business activity or operation for last one year before making application and Company which has “Active” status or identified as “Dormant” by the MCA COMPANIES NOT ELIGIBLE FOR FTE Listed Companies/ De-listed Companies/Section 8 Co/ Vanishing Companies/ Companies under Inspection/Investigation pending in any Court/ Companies where order under Section 234 has been issued and reply thereto or prosecution, if any, is pending in the court/ Companies against which prosecution for a non-compoundable offence is pending in court/Companies which have accepted public deposits and has made defaults in repayment of the same/Companies having secured loans/Companies having management disputes/Companies whose filing of documents has been stayed by Court or CLB or CG / …

Govt hikes tariff value on imported gold silver

The government on Monday raised the import tariff value on gold to $ 363 per 10g and silver to $499 per kg, taking strong cues from the global market. For the first fortnight of this month, the import tariff value of gold and silver stood at $ 354 per 10g and $498 per kg, respectively. Business Standard, New Delhi, 18th August 2015

Finmin Begins Budget Exercise Ahead of Schedule

The government has kick-started the budget exercise almost two months ahead of schedule in order to hold wider stakeholder consultations. The circular marking the beginning of the budgetmaking exercise is being issued, the finance ministry said in a statement on Monday. Last year, the circular was issued on October 10. The FY17 budget will be the third to be presented by the Narendra Modi-headed National Democratic Alliance government. “In consonance with the objective of the Government of India to have wider consultations with various stakeholders as well as to provide more time for planners, it has been decided to start the budget exercise by middle of August 2015 for the forthcoming financial year 201617,“ the ministry said in the statement. The circular lays down the timelines for the completion of various budget processes and the instructions that departments and ministries have to follow while submitting their proposals and expenditure estimates. The Economic Times, New Delhi, 18th …

Two Dedicated Verticals to Implement GST

Move to ensure policy formulation & implementation under new tax regime respond urgently to GST needs to boost ease of doing business India has pressed the pedal on the administrative groundwork needed for the goods and services tax (GST) -even after the opposition blocked crucial legislation in this regard -signalling that it is confident of rolling out the ambitious indirect tax reform on time. The Central Board of Excise & Customs is creating two dedicated verticals that will deal with the policy and implementation of the new tax. “Work is going on full steam...Sub-groups under our officials and that from states are working on the law and procedures...directorate for service tax will make way for a directorate for GST with two verticals,“ VS Krishnan, member, CBEC, told ET. The GST will incorporate a plethora of state and central taxes with a single levy and is proposed to be introduced on April 1, 2016. The single-rate GST will replace central excise, service tax, state value…

GST Rollout Cos May Face Operational Issues with ERP

Companies may face op erational issues with enterprise softwares at least initially when Goods and Services Tax (GST) is rolled out in the country. “The companies will face operational issues after GST while adjusting with the enterprise solutions. It is to be seen how GST is rolled out. Most companies are ready with the module and waiting for final regulations,“ Singapore-based Winspire Solutions CEO Jitendra Kulkarni said here on Monday. Speaking at MCCI Chamber of Commerce, he said “You don't know it could be old wine in a new bottle.“ If GST is rolled out properly it would help companies in creating infrastructure and warehouses closer to their markets.Kulkarni said use of cloud service help small and medium enterprises in adopting new technologies at lower capex. The Economic Times, New Delhi, 18th Augsut 2015

Updates of the day

1. Circular no. 14 has been issued by CBDT pertaining to approval and exemption u/s 10(23c)(vi) of Income Tax Act, 1961.

2. Transfer u/s 2(47) of the Income Tax Act completes only when conditions of Sec 53A of Transfer of Property Act gets fulfilled. [C.S. Atwal vs CIT (Punjab and Haryana High Court)],

3. Commissioner VAT has extended the time for filing Vat return for Ist Quarter of 2015-2016 till 24.08.2015.

4. Commissioner VAT has cleared the file providing that seeking of stay for the demand pertaining to the period upto 30.09.2011 is not required for issuance of Central Forms.

5. SEBI has amended the delisting guidelines and released the Securities and Exchange Board of India (Delisting of Equity Shares) (Second Amendment) Regulations, 2015.