Reserve Bank of India (RBI) is in talks with the Central govt to set up a financial resolution authority (FRA). “We really need a financial resolution authority so that we can close financial institutions in trouble, without necessarily merging those and taking…
RBI to issue guidelines for small finance banks application soon
In the next few weeks, RBI will put out guidelines inviting applications for small finance banks. Small Finance Banks are banks that will cater to smaller customers across the country. The detailed guidelines will also be put out announced by…
Form ADT‑1 to be filed separately & should not be filed as attachment to Form GNL‑2
Form ADT‑1 is available for filing w.e.f 20th Oct 2014. ADT‑1 should not be filed as attachment to Form GNL‑2. Versions of forms 21A and INC‑2 have been modified w.e.f 20th Oct. You are requested to plan accordingly. ADT1 Requires the following…
Corporate Social Responsibility (CSR) — A Commitment be a Better Tommorrow
MCA on February 27, 2014 notified section 135 of the Companies Act, 2013 and the schedule thereto, being Schedule VII to become effective from 1st April, 2014 to mandate Companies cover under the section 135 of Companies Act, 2013 are…
Home Loan upto 90% of the value of the property
NHB (National Housing Board, a 100% Subsidiary of RBI & Regulator of Housing Finance Companies in India) has allowed HFC’s to lend upto 90% of the value of the property in case of Loan above Rs. 20 lakhs. You may…
Days Payable Outstanding — DPO
A company’s average payable period. Days payable outstanding tells how long it takes that company to pay its trade creditors, such as suppliers on an average. Days payable Outstanding is typically calculated either quarterly or yearly. The formula to calculate…
Track Govt Employees attendance Online
An electronic surveillance system to keep track of punctuality of government officials will become fully operational by the month end. Online trial run of the live biometric attendance system (BAS) have begun and attendance of over 50,000 employees from 148 departments…
Service Tax Officer Does not have the power to conduct Audit
Honorable Delhi High Court in case of M/s Travelite (India) (2014-TIOL-1304-HC-DEL-ST) has held that the powers to conduct audit as envisaged in rule 5A (2) of the Service Tax Rules, 1994, does not have appropriate statutory backing and therefore quashed…
Department clarification by Circular on Audit by Central Excise officer
Honorable Delhi High Court in case of M/s Travelite (India) (2014-TIOL-1304-HC-DEL-ST) has held that the powers to conduct audit as envisaged in rule 5A (2) of the Service Tax Rules, 1994, does not have appropriate statutory backing and therefore quashed…
last date of TDS/TCS return extended in 4 states
Last date of filing of the TDS/TCS Statements for the 2nd Quarter of Financial year 2014–15 for the deductors/collectors in the States of Andhra Pradesh, Jammu & Kashmir, Odisha & Telangana extended. In view of the recent natural calamities in…
Bank has preferential right to recover Dues over Indirect Tax dues
The honorable Allahabad High Court in case of State Bank of India v Assistant Commissioner of Central Excise & Service Tax (2014) 49 303 Allahabad has held that Rights of a bank to recover its dues under SARFAESI Act have first preferential…