Dear Professional Colleague,

Paint the canvas of the morning with bright colors, start a fresh day and trust me; a smiling face will not only make you happy but others too....!!! Wishes you a very Happy and Smiley Day…!!!

 

COMPANIES ACT, 2013

PRESENTATIONS:

1. PSU (Public Sector Undertakings) (CLICK HERE FOR DETAIL)

2. CSR (Corporate Social Responsibility) (CLICK HERE FOR DETAIL)

UPDATES

Amount received by private companies from their members, directors or their relatives before lst April, 2014 - Clarification regarding applicability of Companies (Acceptance of Deposits) Rules, 2014:  MCA vide its circular dated 30.03.2015 clarify that amounts received by private companies from their members, directors or their relatives prior to shall not be treated as 'deposits' under the Companies Act,2013 and Companies (Acceptance of Deposits) Rules, 2014 subject to the condition that relevant private company shall disclose, in the notes to its financial statement for the financial year commencing on or after 1^st April, 2014 the figure of such amounts and the accounting head in which such amounts have been shown in the financial statement.

 

RESERVE BANK OF INDIA

RBI RATES

Bank:	8.50%	Repo:	7.50%	Reverse Repo:	6.50%	MSF	8.50 %
CRR:	4.00 %	SLR:	21.50 %

EXCHANGE RATES (Base Currency INR)

$ 1 USD :

62.6305

€ 1 Euro:

68.0606

¥ 100 Japan:

52.5200

£ 1 Pound:

94.9437

UPDATES

UTILISATION OF FLOATING PROVISIONS/COUNTER CYCLICAL PROVISIONING BUFFER: Accordingly, in terms of our circular dated February 7, 2014, banks were allowed to utilise upto 33 per cent of countercyclical provisioning buffer/floating provisions held by them as on March 31, 2013, for making specific provisions for non-performing assets, as per the policy approved by their Board of Directors. (CLICK HERE FOR DETAIL)

INCOME TAX

ACIT (Agr. IT) vs. Netley ‘B’ Estate (Supreme Court)

TITLE: While an amendment to overrule a judgement is not valid, it is permissible to retrospectively alter the character of the levy so as to save it from illegality

The Supreme Court had to consider the validity of an Explanation added retrospectively to Section 26(4) of the Karnataka Agricultural Income Tax Act. The said Explanation was inserted to supercede the judgement in L. P. Cardoza and others v. Agricultural Income Tax Officer and others [(1997) 227 ITR 421. On the validity of the retrospective amendment, the High Court held, following the judgment in D. Cawasji and Co., Mysore v. State of Mysore and another [1984 (Supp) SCC 490], that the amending Act of 1997 suffered from the vice that was found in Cawasji’s case, namely that it interfered directly with the judgment of a High Court and would therefore, have to be struck down as unconstitutional on this score alone. This the Division Bench found, because in the statement of objects and reasons for the 1997 amendment, it was held that the object of the amendment was to undo the judgment of the High Court of Karnataka in Cardoza’s case. On appeal by the revenue to the Supreme Court HELD reversing the High Court.

 

GENERAL KNOWLEDGE UPDATE

1. Katsushi Inoue appointed as President & CEO of Honda Cars India Ltd
   
2. Madan Mohan Malviya conferred with Bharat Ratna posthumously
   
3. Adoor Gopalakrishnan honoured with Bishwaratna Dr Bhupen Hazarika International Solidarity Award
   
4. Aditi Arya from New Delhi has won the Femina Miss India 2015
   
5. Balbir Singh Senior awarded with Major Dhyan Chand Lifetime Achievement Award