Posts Tagged ‘Amendment’


Section 90 of the Income Tax Act, 1961- Double Taxation Agreement- Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries- Netherlands- Amendment in Notification No. GSR 382(E) dated 27.03.1989

Notification No. 2/2013, [F.NO.501/02/1983-FTD-I], dated 14.01.2013

WHEREAS a Protocol for amending the Convention between the Republic of India and the Kingdom of the Netherlands for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on Income and on Capital was signed at the Hague on the 10th day of May, 2012;

AND WHEREAS, the date of entry into force of the said Protocol is the 2nd day of November, 2012, being the date of later of the notifications of satisfaction of all legal requirements and procedures for entry into force of the Agreement, in accordance with Paragraph 2 of Article 3 of the said Protocol;

AND WHEREAS, Paragraph 2 of Article 3 of the said Protocol provides that the amending protocol, which shall form an integral part of the convention shall enter into force on the date of the later of the notifications referred to in paragraph 1 of said Article and its provisions shall have effect forthwith;

NOW, THEREFORE, in exercise of the powers conferred by section 90 of the Income-Tax Act, 1961 (43 of 1961), the Central Government hereby directs that all the provisions of the said Protocol, as set out in the Annexure hereto, shall be given effect to in the Union of India in respect of income and on Capital arising from the 2nd November, 2012.

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Source: Income Tax Department- India.

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Circular, CIR/CFD/DIL/3/2013, dated January 17, 2013

To

All Stock Exchanges

All Registered Merchant Bankers

1. SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 (“SEBI (ESOS & ESPS) Guidelines”) were issued to enable listed entities to reward their employees through stock option schemes and stock purchase schemes and to ensure that such schemes introduced by the companies are within the regulated framework.

2. It has come to the notice of SEBI that some listed entities have been framing their own employees benefit schemes wherein Trusts have been set up to deal in their own securities in the secondary market, which was not envisaged within the purview of SEBI (ESOS and ESPS) Guidelines 1999.

3. It is apprehended that some entities may frame such schemes with the purpose of dealing in its own securities with the object of inflating, depressing, maintaining or causing fluctuation in the price of the securities by engaging in fraudulent and unfair trade practices. Such dealing in the company’s shares by the Trusts may also raise regulatory concerns regarding compliance with SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations, 2003 and SEBI (Prohibition of Insider Trading) Regulations, 1992.

4. In order to address the concerns over acquisition of shares by employee welfare Trusts from the secondary market, it has been decided to prohibit the listed entities from framing any employee benefit schemes involving acquisition of own securities from the secondary market.

5. In order to implement the above decision, certain listing conditions are hereby specified by way of inserting Clause 35C in the Equity Listing Agreement as given in Annexure I.

6. In respect of those companies, which have already framed and implemented before the date of this circular any employee benefit schemes involving dealing in the securities of the company, which are not in accordance with SEBI (ESOS and ESPS) Guidelines, it has been decided that:-

(i) such companies will be required to inform the details of their schemes to the Stock Exchanges within 30 days from date of this circular, in the format provided in Annexure II to this circular and to disseminate the said information on their website.

(ii) such companies shall align any existing employee benefit schemes with SEBI (ESOS and ESPS) Guidelines on or before June 30, 2013.

7. In view of the above, it has also been decided to amend the SEBI (ESOS and ESPS) Guidelines 1999 as provided in Annexure III. The amendments made vide this circular shall come into force with immediate effect.

8. All stock exchanges are advised to ensure compliance with this circular, and carry out the necessary amendments in their Listing Agreement accordingly.

9. This circular is being issued in exercise of the powers under Section 11 read with Section 11A of the Securities and Exchange Board of India Act, 1992.

10. This circular is available on SEBI website at www.sebi.gov.in under the categories “Legal Framework” and “Issues and Listing”.

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Source: Securities and Exchange Board of India.


Notification No.49 /2012 – Service Tax, [F.No. 354 /190/ 2012-TRU], dated 24th December, 2012

G.S.R….(E)- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.25/2012-Service Tax, dated the 20th June, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), number G.S.R. 467 (E), dated the 20th June, 2012, namely:-

In the said notification, after entry 26, the following shall be inserted namely:-

“26A. Services of life insurance business provided under following schemes –

(a)    Janashree Bima Yojana (JBY); or

(b)   Aam Aadmi Bima Yojana (AABY);”.

Source: Directorate of Service Tax.


Notification, [F No 5/80/2012- CL V], dated 24th December, 2012

G.S.R. (E). – In exercise of the powers conferred by clause a and b of sub-section (1) of section 642 read with section 266A, 266B, 266D and 266E of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Directors Identification Number) Rules, 2006 namely: –

1. Short title and commencement.

(1) These rules may be called the Companies Directors Identification Number (Third Amendment) Rules, 2012.

(2) They shall some into force with effect from 25.12.2012.

2. In the Companies (Directors Identification Number) Rules, 2006, In Form DIN- 4, the certification column after serial no. 17, the following 2nd para of the certification in Form DIN-4 shall be substituted, namely:-

• I hereby verify that I have satisfied myself about the identity of the director/designated partner based on the perusal of the original of the attached documents.

• I also verify having attested the photograph of the said person

o Who is personally known to me, or

o Who met me in person along with the original of the attached documents.

• It is further certified that all required attachments have been completely attached to this application.

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Source: Ministry of Corporate Affairs.


Notification dated 24th December, 2012.

G.S.R._________(E). – In exercise of the powers conferred by clause a and b of sub-section (1) of section 642 read with section 266A, 266B, 266D and 266E of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Directors Identification Number) Rules. 2006 namely: –

1. Short title and commencement.

(1) These rules may be called the Companies Directors Identification Number (Third Amendment) Rules, 2012.

(2) They shall come into force with effect from 25.12.2012.

2. In the Companies (Directors Identification Number) Rules, 2006, in Annexure ‘A’ for Form DIN-1, the following Form of DIN-1 shall be substituted, namely:-.

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Click here to download the complete text of the above Notification in PDF Format.

Source: Ministry of Corporate Affairs.