February 1st - 15th , 2017
Application for allotment of PAN and TAN
The Ministry of Corporate Affairs has introduced a new common Form No. INC 32 (SPICe) for making an application for incorporation of a Company, allotment of DIN, Reservation of name of a Company, Appointment of Director , allotment of PAN and TAN. Accordingly, the CBDT has now amended the Income Tax rules to specify that an applicant may apply for allotment of permanent account number / Tax deduction account number / Tax collection account number through a common application form notified by the Central Government in the Official Gazette.
RBI and FEMA
Compounding of Contraventions under FEMA, 1999 – power to compound in certain cases delegated to Regional offices of RBI
The power to compound contraventions, with respect to delay in filing the Annual Return on Foreign Liabilities and Assets (FLA return), by all Indian companies which have received Foreign Direct investment in the previous year(s) including the current year, is now delegated to all Regional Offices of RBI (except Kochi and Panaji) without any limit on the amount of contravention. Kochi and Panaji regional offices can compound the above contraventions for an amount of contravention below Rupees 1 crore only. The contraventions of Rupees 1 crore or more under the jurisdiction of Kochi and Panaji Regional Offices will continue to be compounded at Central Office as hitherto
Publishing of rate of exchange for conversion of the foreign currency
The Central Board of Excise and Customs (CBEC) vide Notification No. 9 /2017 - Customs (N.T.) notified the rate of exchange for conversion of the foreign currency into Indian currency or vice versa for Export and Import of goods, with effect from 3rd of February 2017. The Notification is appended below for reference:
Provident Fund Compliances in respect of employees engaged by or through contractors
Under the Provident Fund (PF) regulations, the principal employer is responsible to pay both the provident fund contributions payable by himself in respect of the employees directly employed by him and also in respect of the employees employed by or through a contractor. In order to ensure that the persons employed through a contractor are covered under social security benefits like PF, the Employees Provident Fund Organization (EPFO) has issued a letter urging all the employers to extend the PF benefits to the persons employed through contractors either casual or contractual. EPFO has clarified that the PF regulations does not differentiate between causal, contractual and regular employees as far as PF compliance is concerned. Further EPFO has directed the principal employers to ensure that
a) The contractor is registered with EPFO before awarding any contract. After award of the contract, the contractor details should be entered in the EPFO Portal.
b) Payments due to the contractor should be made only after verifying that the statutory PF payments have been made to EPFO. This can be verified either directly from the EPFO Portal or insisting on a payment receipt obtained by the contractor from the EPFO portal while making payment.
It is further informed that even if the contractors are having separate PF code number, the overall responsibility of ensuring the compliance under the EPF& MP Act, 1952 for the employees working through the contractors by deposit of dues with the EPFO regularly, rests with the Principal employer. Principal employer can also deduct EPF dues from the contractors’ bill and deposit the same either against the contractors’ code number or their own code number. It is to further inform that there is a provision on the official website of EPFO under the “establishment search option” to verify whether the contractors are regularly depositing Provident Fund contribution in respect of their employees.
Invitation: Economic Substance Update - BVI and Cayman Islands
31 May 2019
The recent economic substance laws in major offshore jurisdictions have left many in our industry questioning how these new substance requirements may affect them. It is clear that there may be significant operational and structural impacts to businesses with entities in…
Global Trends in Stock Options and Other Equity Rewards - Webinar
30 May 2019
Invitation: Trends and developments in the VC space
29 May 2019
Why Malaysia Is the New Gateway to Southeast Asia - Webinar
21 May 2019
Guernsey Private Capital Structures
16 May 2019
Deal or No Deal - What does Brexit mean for UK Employers?
14 May 2019