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Showing posts from April 13, 2017

SC: Third Arbitrator in Global Dispute must be from Neutral Nation

The Supreme Court has said the third arbitrator in any international rift involving a foreign company should always be from a neutral country for a sense of fairness and to promote India as an arbitration hub. A bench led by Chief Justice of India JS Khehar made this observation on Wednesday during a hearing in a case involving IIRF Realty XVI and Aria Hotels and Consultancy Services Pvt.

The CJI said both parties should agree on some names to act as the third arbitrator, failing which the court would appoint an arbitrator. “We have always appointed neutral arbitrators,“ said Khehar, sitting alongside Justices DY Chandrachud and Sanjay Kishan Kaul.

The observations may have ramifications for several cases that have been held up because both sides could not agree on a neutral third arbitrator.

One such case involves Reliance Industries' row with the government of India on the KG-D6 basin, which has been held up, with RIL insisting that the third arbitrator be experienced in Indian la…

EPFO extends deadline for submitting Aadhaar to April 30

The Employees´ Provident Fund Organisation (EPFO) has extended the deadline for submitting Aadhaar number to April 30, 2017, for its over 40 million members.

The Employees´ Provident Fund Organisation (EPFO) had set March 31, 2017 as the deadline for submitting Aadhaar number earlier.

EPFO has also extended the deadline for submitting digital life certificates for its over 5 million pensioners till April 30 to link pension accounts with Aadhaar.

“We have extended the deadline for submission of Aadhaar by subscribers to April 30, 2017.Besides, pensioners can also submit their life certificates till April 30,” EPFO´s Central Provident Fund Commissioner VP Joy said.

The EPFO had extended the deadline several times in the past. It has also done away with the system of accepting life certificate manually through banks.Pensioners are required to provide life certificates digitally either through their mobile phones or at common service centres or bank branches providing such facility.

The lates…

Rent receipts are not enough for HRA claim

You need to have housing rent agreement and proof of money paid

When submitting house rent allowance (HRA) receipts, claiming you pay rent to a close relative like parents, siblings or spouse, ensure you have supporting documents to substantiate it.

A recent Income Tax Appellate Tribunal (ITAT), Mumbai, judgment has opened a can of worms. A taxpayer claimed Rs 2.52 lakh HRA stating she gives rent to her mother. When supporting documents such as rent agreement and bank statement were sought, she could not give any and lost the case.“An individual needs to satisfy only two conditions when claiming HRA. One, he is actually occupying the property.Two, the landlord actually receives the rent,” says Suresh Surana, founder, RSM Astute Consulting Group.

So, ensure you have a notarised leave-and-licence agreement. It also makes sense to inform the society. And, there should be a record for transfer of funds and therefore, use a banking channel to pay money to the property owner. If you pay in ca…

BSE asks firms to file financial results via XBRL mode

Leading exchange BSE has directed all entities listed with it to make filings of financial results in XBRL mode within 24 hours of submission of results in the PDF mode.XBRL (eXtensible Business Reporting Language) is an electronic format for communication of business and financial data.It is a computer readable language having its own grammar and framework of rules."It has been decided
that with effect from April 1, 2017 onwards, all listed entities with BSE, would be required to make their filings in respect of financial results...in XBRL mode within 24 hours of submission of results in PDF mode," the exchange said in a release.

13TH APRIL,2017,BUSINESS STANDARD,NEW-DELHI

ESIC launches AAA mobile app

ESIC launched a mobile application ‘Ask An Appointment  (AAA)’ for the ESI patients with the support of its System Integrator. The Secretary, Ministry of Labour and Employment, Govt. of India, M. Sathiyavathy launched the application at ESIC Dispensary, Sarojini Nagar, New Delhi. Now, Beneficiaries can seek prior appointment for OPD Registration in their stipulated dispensary through this app and avail priority services avoiding long queue. Use of  “AAA+” shall not only save time but also prevent hardship faced by patients. This facility shall be available in all 32 ESIC dispensaries in Delhi and shall be gradually extended to other dispensaries. Appointments upto seven days can be booked in advance. The application is made available through Google Play Store free of cost to the beneficiaries and has user interface both in English and Hindi. The Hindustan Times New Delhi, 13th April 2017

Accounts used to get remittances to be blocked if full details not given

Bank accounts used for transfer of funds to and from other nations will have to provide additional details of transactions and identity by April 30 or get blocked, the income tax department said on Wednesday. Non-Resident Indians (NRIs) and their spouses or parents are among those affected by the directive, and will need to make a self-declaration with information such as residence status and purpose of transactions, or risk having their accounts frozen. “I am in panic. I will be back from my vacation on April 25. We had no idea about this new rule. I hope I have time to do the needful before my account is blocked,” said a management consultant, whose husband routinely sends money from United States where he works. For privacy, the woman requested her identity not be disclosed. Several banks have been caught unawares as well, and they will now need to rush to comply with the guideline before the month ends. The directive is a consequence of a bilateral agreement with the United States for…