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MCA has exempted the Government Companies producing Defense Equipment including the Space Research subject to fulfillment of conditions prescribed relating to Additional information of the General Instruction for preparation of Statement of Profit and Loss in Schedule III of the Companies Act, 2013.
The Board of Directors of such Company must give their consent with regard to non-disclosure of information relating to para 5(ii)(a)(1), 5(ii)(a)(2), 5(il)(e), 5(iii), s(viii)(a), 5(viii)(b), 5(viii)(c) and s(viii)(e), as may be applicable and the Company shall disclose in the Notes forming part of the balance sheet and profit and loss account, the fact of grant of exemption under this notification.
all such companies shall comply with the prescribed Accounting Standards and shall ensure that its financial statements represent a true and fair state of affairs of its finances.
This notification shall be applicable in respect of financial statement prepared in respect of the financial years ending on or after the 31’t March, 20-t6.
The MCA has released the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015, which shall come into force from the date of their publication in the Official Gazette. Through these Rules, applicability of Extensible Business Reporting Language (XBRL) and its Taxonomy has been prescribed.
Accordingly, all listed companies and their Indian subsidiaries, Companies having paid-up capital of rupees five crore or above or turnover of rupees hundred crores or above shall file their financial statement and other documents under section 137 of the Act, with the Registrar in e-form AOC-4 XBRL for the financial years commencing on or after 1st April 2014.
Further, all companies which were hitherto covered under the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011 shall continue to file their financials in XBRL mode and exemptions have been provided for Banking, insurance, Power Sector and Non-Banking Financial companies are exempted from XBRL filing.
A MCA has released the Form CRA-4 (Form for filing Cost Audit Report with the Central Government) is available for filing w.e.f11th Sep 2015. A company required to furnish a cost audit report and other documents to the Central Government under sub-section (6) of section 148 of the Act and rules made thereunder, shall file such report and other documents using the XBRL taxonomy for the financial years commencing on or after 1st April, 2014 in e-Form CRA-4 specified under the Companies (Cost Records and Audit) Rules, 2014.
A Committee on Direct Tax matters chaired by Justice A. P. Shah was constituted with the initial mandate to examine the matter relating to levy of MAT on FIIs/FPIs for the period prior to 01.04.2015.
The Committee has submitted its final report on applicability of MAT on FIIs/FPIs for the period prior to 01.04.2015 to the Government on 25.08.2015.
Committee has recommended that section 115JB of the Income-tax Act may be amended to clarify the in-applicability of MAT provisions to FIIs/FPIs.
The government has accepted the recommendation of the Committee to clarify the in-applicability of MAT to FIIs/FPIs and has decided that an appropriate amendment to the Income-tax Act will be carried out. Pending such amendment, CBDT will convey to the field formations the decision of the Government to accept the recommendation.
Ministry of Finance has clarified through a press release that No Extension of Date for Filing of Returns due by 30th September for Assessment Year 2015-16 for Certain Categories of Assessees including Companies, and Firms and, Individuals Engaged in Proprietary Business/Profession etcwhose Accounts are required to be Audited shall be granted.
The audit report is also required to be filed by the said date. The Government has received representations from various stakeholders seeking extension of date for filing of returns and tax audit reports beyond 30th September 2015.
reasons cited are delay in notifying the returns and related delay in availability of forms on the e-filing website.
After consideration of all facts, it has been decided that the last date for filing of returns due by 30th September 2015 will not be extended. Taxpayers are advised to file their returns well in time to avoid last minute rush.
DVAT Authorities have designed and developed a new simplified online form namely Form Delhi Sugam-2 (in short ‘DS2,) in place of Form T-2 for providing information to the Department in respect of goods purchased or received as stock transfer or received on consignment agreement from outside by the registered dealers of Delhi.
All dealers are now instructed that the details of Invoices and Goods Receipt (GR) Notes in respect of all goods purchased or received as stock transfer or received on consignment agreement basis from outside Delhi shall be submitted online, in Form Delhi Sugam-2 (DS2), before physical entry of the goods in Delhi.
This Notification shall come into force with effect from the 15th September, 2015 in supersession of all previous notifications on this subject.
NCLT / NCLAT
In continuation of the Ministry’s circular dated 10-08-2015, the MCA has extended the last date of receipt of applications for the post of Technical Member (2 Post) in NCLAT, Judicial Member (18 Post) in NCLT and Technical Member (10 Post) in NCLT from 01-09-2015 to 28-09-2015.
Those who have already applied earlier are need not required to apply again and other terms and conditions will remain the same.
RBI
RBI has decided to grant “in-principle” approval to the 10 applicants to set up small finance banks under the “Guidelines for Licensing of Small Finance Banks in the private sector” (Guidelines) issued on November 27, 2014.
The “in-principle” approval granted will be valid for 18 months to enable the applicants to comply with the requirements under the Guidelines and fulfill other conditions as may be stipulated by the RBI.
On being satisfied that the applicants have complied with the requisite conditions laid down by it as part of “in-principle” approval, the RBI would consider granting them a license for commencement of banking business under Section 22(1) of the Banking Regulation Act, 1949.
Until a regular license is issued, the applicants cannot undertake any banking business.
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