For Govt. Companies
- Exempted from the limits pertaining to managerial remuneration.
- Modification in the provisions relating to loan to directors, loan and investments by companies, related party transaction and place of holding general meeting.
Wait until the above notifications are gazetted ! will be effective only after that. |
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Due to non–availability of the revised e forms in MCA, filing period of Form CRA-2 for appointment of Cost Auditor (FY 2015–16) and Form CRA–4 for filing of cost audit report (FY 2014–15) has been extended.
Revised Form CRA–2 and CRA–4 is now available on MCA portal. |
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Due date for filing return of income for the FY 2015–16 has been extended from 31st July, 2015 to 31st August, 2015 for assesses other than companies, partnership firms and whose accounts required to be audited. |
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RBI has increased the limit of remittances by resident individuals under the LRS (Liberalised Remittance Scheme) from USD 125,000 to USD 250,000 for capital or current account transactions in a financial year. Some of the permitted transactions are opening of foreign currency account abroad with a bank, purchase of property, making investments abroad, setting up wholly owned subsidiaries/Joint Ventures abroad etc. It also specified remittance facilities for persons other than individuals. |
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Scheme of raising External Commercial Borrowings (ECB) for low cost affordable housing projects and working capital for Civil Aviation Sector will continue till 31st March, 2016 with same terms and conditions. |
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RBI has allowed Non-Resident Indians (NRIs) to invest in chit funds on non-repatriation basis without any limit. Earlier it was prohibited. |
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Service tax on Restaurants, Eating joints or Mess, having the facility of Air-conditioning or Central Air-heating in any part of the establishment will be 5.6% as against 4.9% of the total bill i.e. 14% on 40% of the value of service (abatement value). |
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DGFT has announced certain changes in the FTP 2015-20 with retrospective effect i.e. from 1st April, 2015 onwards.
- Mandatory export & import document includes Lorry Receipt / Railway Receipt /Postal Receipt.
- All applications to DGFT shall be made online. Processing and communication by DGFT is also online. However in certain cases, manual mode is permitted up to 30th September, 2015.
- Entitlement of Status Holders to export freely exportable items on free of cost basis has been limited to Rs. 10 lakh or 2% of average annual export realisation during last 3 years export.
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Note: The contents of this
Newsletter are only a summary and has not dealt with any issue in detail. Any action
taken or proposed to be taken must be in consultation with professionals and not
merely based on the articles / news updates. Lex Valorem disclaims all liability on action taken without professional advice. |
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