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The BSE, Asias oldest stock exchange, has penalised 530 firms for not appointing women on their boards. Similarly, the National Stock Exchange ( NSE) has sent notices to 260 companies, an NSE spokesperson said. Metropolitan Stock Exchange of India ( MSEI), formerly known as MCX Stock Exchange, has sent notices to three companies, its spokesperson said. The Securities and Exchange Board of India ( Sebi), the capital markets regulator, had asked all listed companies to make these appointments by March 31, 2015. Sebi had prescribed an escalating penal structure for those not meeting the deadline. Those complying between April 1 and June 30, were to pay a fine of Rs.50,000. The BSE has 5,711 companies listed on it, while the NSE has about 1,300. MSEI has 108. Sebi had ordered a daily penalty of Rs.1,000, in addition to Rs.50,000 fine, on those who miss the June deadline. Business Standard, New Delhi, 14th July 2015 

The Securities and Exchange Board of India, in a circular on its website, said it had raised the minimum size of equity derivatives contracts to Rs.5 lakh, from Rs.2 lakh at present. The revision will be made effective from the next trading day after expiry of October 2015 contracts. Business Standard, New Delhi, 14th July 2015

1.  CBDT released notification No. 2/2015 Dated 13-July-2015 on Electronic verification Code (EVC) for verification of ITR's. On the basis of – a) internet banking , b) AADHAR authentication , c) Bank ATM card and d) email and mobile number (where income is below Rs 5 lakhs). 2.  File TDS return for the quarter ended on 30th June, 2015 by 15th July, 2015 and Avoid inconvenience and fine. 3.  Input Credit is admissible even if Inputs are discarded during manufacturing process. [Union of India v/s. Asahi India Safety Glass Ltd [(2015) 58  taxmann.com  237 (Supreme Court)]. 4.  SSI exemption available to job worker on goods manufactured under brand name of principal manufacturer [Vir Rubber Products P. Ltd. v/s. CCE (Supreme Court)]. 5.  RBI introduces 2 new annual return forms NBS8 and NBS9 for NBFC- ND with assets size of Rs100-500 Crore and with assets size below Rs 100 Crore Respectively Notification of 09.07.2015. 6.  NIRC of ICAI is organising Seminar on Ban

Income Tax Update : Electronic verification code notification is available at it website now no need to send ITR-V at bangalore use said system refer it website. Notification No. 2/2015 regarding Electronic Verification Code (EVC) for electronically filed Income Tax Return as an alternative mode of verification released. [Refer Notification No. 2/2015 dated 13/07/2015.  To read Complete Text , Link of Notification - https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/EVC_notification.pdf ] Regards, Webecreator!

RBI introduces 2 new Annual return Forms NBS8 & NBS9 for NBFCs-ND with assets size of Rs100-500Cr & with assets size below Rs100Cr Resp.Notification of 09.07.15 Regards, Webecreator!

An arbitrator is bound by the terms of the contract so far as award of interest from the date of cause of action to date of the award is concerned. Therefore, where the parties agree that no interest shall be payable, the arbitral tribunal cannot award interest. Supreme Court stated so case, Union of India vs Bright Power Projects. In this case, the government and the firm entered into a contract to erect certain structures. Disputes arose between them and they were referred to arbitration. The award was granted in favour of the firm, and it even included interest on the amount awarded. The government moved the high court arguing that interest was excluded in the contract. However, the high court dismissed the contention invoking Section 37 ( 7) of the Arbitration and Conciliation Act dealing with payment of interest. Supreme Court allowed the appeal of the government accepting its contention that the contract had specifically excluded interest. According to Section 37, if the terms

Dont be intimidated by the long form if you have a small turnover and limited clients. Here’s how to go about it: The new income tax return form, ITR- 4, for professionals can be intimidating. The 30- page form, also meant for Hindu Undivided Families and those owning proprietary business, mostly tries to capture business information and goods- related information such as cess, taxes, freight on goods, cost of raw material and finished goods, and so on. If you are a professional with a small turnover or gross receipts such as artist, photographer, interior decorator, fashion designer or atutor, there are only a few areas you need to focus on. Here’s a brief guide to calculating your tax liability and filing returns. Salaried & professional If you are salaried and also work as aprofessional for extra income, you might also need to file ITR- 4. “ If a person regularly works through the year as a freelancer, along with a job, he or she would be called a professional,” says T