Relaxation in provisions relating to levy of MAT in case of companies against whom an application for corporate insolvency resolution process has been admitted under Insolvency and Bankruptcy Code, 2016

The existing provisions of Section 115JB of the Income-tax Act, 1961 (‘the Act’), inter alia, provide, that, for the purposes of levy of Minimum Alternate Tax (MAT) in case of a company, the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account shall be reduced from the book […]

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Prevention of Money Laundering (Maintenance of Records) Rules, 2005 amended in the light of Aadhaar linkage date extension

On 12.12.2017, Central Government, in consulation with the Reserve Bank of India, made the Prevention of Money Laundering (Maintenance of Records) Seventh Amendment Rules, 2017, thereby replacing the requirement of submitting “the Aadhaar number and Permanent Account Number by December 31, 2017” under proviso (a) to Rule 9 (17) of the Prevention of Money Laundering (Maintenance of Records) […]

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SEBI issues guideline on appointment of Auditors of Mutual Fund

CIRCULAR SEBI/HO/IMD/DF2/CIR/P/2017/125 Sub: Enhancing fund governance for Mutual Funds In order to strengthen the governance structure for Mutual Funds (MFs), it has been decided to implement the following: A. Tenure of independent trustees and independent directors: 1. Regulation 16 (5) and Regulation 21 (1) (d) of SEBI (Mutual Funds) Regulations, 1996 mandate appointment of independent […]

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Constitution of Fifteenth Finance Commission notified

The Government of India, with the approval President of India, has constituted Fifteenth Finance Commission in pursuance of clause (1) of Article 280 of the Constitution, read with the provisions of the Finance Commission (Miscellaneous Provisions) Act, 1951 w.e.f. 27th November, 2017. The Commission will make recommendations for the five years commencing on April 1, […]

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Aadhaar as an identity document for NRIs, PIOs & OCIs

CIRCULAR Subject: Applicability of Aadhaar as an identity document for Non-Resident Indians (NRIs)/Person of Indian Origin (PI0s) and Overseas Citizen of India (OCIs) – Reg. In the recent past several representations have been received from individuals such as Non-Resident Indians (NRIs), Person of Indian Origin (PIOs) and Overseas Citizen of India (OCIs) informing about difficulties […]

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Updated Harmonized Master List of Infrastructure Sub-sectors notified

NOTIFICATION F. No. 13/1/2017-INF.—With the approval of the Competent Authority, an updated Harmonized Master List of Infrastructure Sub-sectors (Annexure-I) is hereby notified. The new list incorporates the following change to the notification dated 17th October, 2017: 1. Widening the Category at serial no.1 which currently reads “Transport” to “Transport and Logistics”. Further, “Logistics Infrastructure” is […]

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Comments sought on Draft Guidelines for Ground Water Extraction

The Central Grounder Water Authority (CGWA) has sent Draft guidelines for “issuance of NOC” for ground water withdrawal and draft “Public Notice” to the Chief Secretaries of all the State and Administrators of Union Territories for their comments within 60 days. Due to the increasing number of litigations in the National Green Tribunal, various branches […]

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