Prompt investigation in fresh series of cases pertaining to Panama Papers

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 21st June, 2018 PRESS RELEASE   Prompt investigation in fresh series of cases pertaining to ‘Panama Papers’ The fresh release made in the media today under ‘Panama Paper Leaks’ is being promptly looked into by the law enforcement agencies … Read more

Transfer of Shares from Non-residents to Residents

Under Indian foreign exchange regulations, general permission is available for transfer of shares / convertible debentures between non-residents (“NR”) and Indian residents (“IR”) by way of gift or sale under private arrangement. Further, a non resident (other than non-resident Indian (“NRI”) and overseas corporate bodies (“OCB”) may also transfer, by way of sale or gift, … Read more

New system of monitoring of foreign investment limits in listed Indian companies

In terms of Foreign Exchange Management (Transfer or Issue of Security by a person Resident outside India) Regulations, 2017 notified vide Notification No. FEMA 20(R)/2017-RB dated November 07, 2017 the onus of compliance with the sectoral/ statutory caps on foreign investment lies with the Indian investee company. Currently, Reserve Bank of India receives data on … Read more

Issue related to taxability of ‘tenancy rights’ under GST

  Circular No.44/18/2018-CGST 341/28/2017-TRU Government of India Ministry of Finance Department of Revenue Tax Research Unit ***** New Delhi, the 2nd May, 2018   To,   The Principal Chief Commissioner/Chief Commissioners/ Principal Commissioner/ Commissioner of Central Tax (All) / The Principal Director Generals/ Director Generals (All)   Madam/Sir, Subject: Issue related to taxability of ‘tenancy … Read more

Cross border merger – A reality Now

Finally in April, 2017 a new era began in India with the introduction of provisions relating to Cross border merger in the Companies Act, 2013. On 13th April 2017, Ministry of Corporate Affairs (“MCA”) notified Section 234 of the Companies Act, 2013 (“the Act”) and Companies (Compromise, Arrangements and Amalgamation) Amendment Rules, 2017 which enabled … Read more

GST Council approves principles for filing of new return

GST Council approves principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification GST Council today in its 27th meeting approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification. The key elements of the new return … Read more

ICAI compliments Union Cabinet for Approving MOU with The South Africa Institute of Chartered Accountants (SAICA)

The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi has approved the Mutual Recognition Agreement between the Institute of Chartered Accountants of India (ICAI) and The South African Institute of Chartered Accountants (SAICA) to establish a mutual co-operation framework for the advancement of accounting knowledge, professional and intellectual development, advancing the interests of … Read more