Banking and Finacial Services

2910, 2015

co. law date stands extended

By |October 29th, 2015|Banking and Finacial Services, Manufacturing Industries, Notices, Others|0 Comments

the due date for uploading audited financial statements for the year ending March 31, 2015 has been extended from 31th October 2015 to 30th November 2015.
thus no additional fees etc.
As compared to income tax department, Ministry of Corporate Affairs has almost taken pro-active stand.
for income tax, writs were concurrently lying across 10 different high courts.
ITD […]

2608, 2015

2nd & 4th Saturday = banker’s holiday

By |August 26th, 2015|Banking and Finacial Services, Blog|0 Comments

MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 20th August, 2015 S.O. 2285(E).—
In exercise of the powers conferred by section 25 of the Negotiable Instruments Act, 1881 (26 of 1881), the Central Government hereby declares the second and the fourth Saturday of every month as public holiday for banks in India, whether or not such […]

2407, 2015

Indian Financial Code, 2015 – what is this new buzz !!!

By |July 24th, 2015|Banking and Finacial Services, Blog|0 Comments

 Vide a press release dated 23-July-2015, the Ministry of Finance has put the revised (so when did the original came, can’t remember ? even I did not) draft of the bill i.e. proposed the Indian Financial Code, 2015 into public domain for comments / suggestions.
Before we understand the basics, let’s put in context thereof-:
Example 1
 

I […]

1907, 2015

whether your hotelier is recovering from you under disguise of service tax ?

By |July 19th, 2015|Banking and Finacial Services, Manufacturing Industries, Notices, Others|0 Comments

Press Information Bureau
Government of India
Ministry of Finance
July 14, 2015

Service Charges Collected by Restaurants/Hotels/Eateries Retained by the Restaurants/Hotels/Eateries and are Not ‘Service Tax’ Imposed by the Government.
Some restaurants/hotels/eateries besides charging for the food and beverages are also charging ‘service charges’ in their bills.
The proceeds of the ‘service charges’ are retained by the restaurants/hotels/eateries.
Some of the consumers have a […]

2906, 2015

Basics of Black Money Law

By |June 29th, 2015|Banking and Finacial Services, Manufacturing Industries, Non Government Organization, Notices, Others, Services Sectors|0 Comments

Basics of the Black Money Law

Background-:

a) Like any other country, India has a sovereign right to levy tax on income in terms of aspect / nexus theory with India.

b) It has been codified by the Income Tax Act, 1961 and to be specific, section 4, 5, 6 and 9 of the Act.

c) It is a […]

1305, 2015

Taxing Subsidy

By |May 13th, 2015|Banking and Finacial Services, Blog, Manufacturing Industries, Non Government Organization, Notices, Others, Services Sectors|0 Comments

In a run up to Finance Act, 2015, the finance bill, 2015 has been amended on various counts and one of them is an amendment in definition of Income by inserting clause (xviii) in section 2(24), which read as under:-

“assistance in the form of subsidy or grant or cash incentive or duty drawback or […]

2712, 2014

India getting techno savvy

By |December 27th, 2014|Banking and Finacial Services, Manufacturing Industries, Non Government Organization, Others, Services Sectors|0 Comments

High-speed internet to be ‘core utility’ as Digital India gets Cabinet nod: Business Standard Each Indian citizen will also get a unique ‘cradle to grave’ digital identity The Cabinet on Wednesday approved a blueprint for the Digital India programme, which envisages all government services be delivered electronically by 2018. It also seeks to provide unique identities to all citizens.

The programme aims […]

2712, 2014

RTGS New timing – 8 am to 8 pm.

By |December 27th, 2014|Banking and Finacial Services, Manufacturing Industries, Non Government Organization, Others, Services Sectors|0 Comments

Ladies and Gentlemen,

RTGS new timing – 8 am to 8 pm.
________________________
Financial and Legal Doctor

S. A. Limaye & Co.