QUICK UPDATES JUNE 2016
- Firms with a turnover of over Rs. 10 lakh who go in for arbitration proceedings will be liable to pay service tax at the rate of 14 per cent.
- Cenvat credit in respect of Krishi Kalyan Cess on taxable services shall be utilised only towards payment of Krishi Kalyan Cess on taxable services.
- Corrupt individuals will not be eligible to declare their black money under compliance window.
- The Income Tax department notified four new forms for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window.
- CBDT clarified that Publishing houses would be eligible to claim additional depreciation on plant and machinery deployed by them.
- RBI allows up to 100% FDI in credit information firms
- SEBI made it mandatory for the top 500 listed companies to have a policy for declaring dividends to investors.
- Capital market regulator SEBI is planning to tweak the rules to make it easier for corporates to settle cases related to breach of securities laws.
- SEBI has proposed to ban key management personnel and relatives of warehouse service providers from trading on the exchange that has availed its services.
- The government has broadened the ambit of its Merchandise Exports from India Scheme (MEIS) and scrapped a requirement for exporters to submit landing certificates of goods to avail of benefits under the MEIS.
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