May 16th- 31st, 2017
CBDT Issues clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response
Section 285BA of the Income-tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A was 31st May 2017. However, in view of the representations received by the Central Board of Direct Taxes (hereinafter referred as Board) requesting for extension of the date of filing of the said statement of financial transactions on account of the teething problems arising and the volume of data to be compiled, the Board has extended the date of furnishing of the statement of financial transactions from 31st May 2017 to 30th June 2017 in case of persons throughout India who are liable to furnish the said statement. Further the Board has clarified that the registration of reporting person (ITDREIN registration) is mandatory only when at least one of the Transaction Type is reportable.
Publishing of rate of exchange for conversion of the foreign currency
The Central Board of Excise and Customs (CBEC) vide Notification No. 49 /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 19th May 2017. The Notification is appended below for reference:
Amendment to Karnataka Labour Welfare Fund Contributions
The Karnataka Government has issued a notification revising the Labour Welfare Fund Contributions of employee, employer and State government. As per the notification, every employer, employee and state government have to now contribute INR 20, INR 40 and INR 20 respectively for the month of December every year as per the employee register of an establishment as on 31st December.
The employer’s and employee’s contribution has to be paid by the employer to the Labour Welfare Fund Board on or before the 15th of the following calendar year.
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