TITLE: Expl to s. 73: Speculation loss on transactions in derivatives can be set off against the gains of delivery shares CASE: CIT vs. Baljeet Securities Pvt. Ltd (Calcutta High Court)

TITLE: Expl to s. 73: Speculation loss on transactions in derivatives can be set off against the gains of delivery shares CASE: CIT vs. Baljeet Securities Pvt. Ltd (Calcutta High Court) In AY 2005-06, the assessee, a share broker, entered into derivatives in which it suffered losses. The said losses constituted “speculation loss” (prior to the exclusion of derivatives from the ambit of speculative transactions under clause (d) of s. 43 (5) w.e.f. AY 2006-07). The assessee claimed that the said speculation loss was eligible to be...

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Introduction of Information System(IS) Audit for Urban Cooperative Banks

RBI/2013-14/638UBD.BPD.Cir.No. 71/12.09.000/2013-14 Introduction of Information System(IS) Audit for Urban Cooperative Banks Please refer to our circular UBD No.POT.PCB.30/09.96.00/2001-02 dated February 12, 2002 advising UCBs to introduce EDP audit system on perpetual basis. It is observed that since then some of the UCBs have adopted technology and have been offering electronic banking, tele banking, electronic clearing/funds transfer, electronic money, smart cards etc to its customers. With a view to integrating the range of services...

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Appointment of Company Secretaries

MINISTRY OF CORPORATE AFFAIRS  NOTIFICATION  New Delhi, the 9th June, 2014  G.S.R. 390(E).—In exercise of the powers conferred by sub-section (1) of Section 203 of the Companies Act, 2013 (18 of 2013) read with clause (51) of Section 2 and Section 469 of the said Act, the Central Government hereby makes the following rules to amend the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, namely:—  1. (1) These rules may be called the Companies (Appointment and Remuneration of Managerial Personnel)...

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REGISTERS UNDER THE COMPANIES ACT, 2013

(For Excel File, CLICK HERE) SN FORM NAME OF REGISTER CHAPTER SECTION & RULE 1 SH-2 Renewed and Duplicate Share Certificate IV  Section 46 (3) and Rule 6 (3)(a) of Share Cap. & Deb. Rules, 2014 2 SH-3 Sweat Equity Shares IV Section 54 and Rule 8 (14)  of Share Cap. & Deb. Rules, 2014 3 SH-6 Employee Stock Option IV Section 62 (1)(b) and Rule 12 (10)  of Share Cap. & Deb. Rules, 2014 4 SH-10 Shares/Other Securities Bought...

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Stock Data

BSE Sensex (09.06.14) 25580.21 (183.75) NSE Nifty (09.06.14) 7654.60 (71.20) Dow Jones (06.06.14) 16924.28 (88.17) Nikkei-225 (06.06.14) 15077.24 (-2.13) ...

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RBI Rates

PARTICULAR RATES PARTICULAR RATES Bank Rate 9.0% Repo Rate 8.0% Reverse Repo 7.0% Marginal Standing Facility 9.0% CRR 4.0% SLR 23.0% Base Rate 10-10.25% Saving Deposit Rate* 4.0% Term Deposit 8.0-9.25% * relates to five major banks EXCHANGE RATES (Base currency: INR) 1USD 59.0605 1 EURO 80.6160 100Japan...

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One Documentary Proof of Address - RBI further simplifies KYC Norms for Bank Accounts

One Documentary Proof of Address - RBI further simplifies KYC Norms for Bank Accounts RBI/2013-14/634 DBOD.AML.BC. No. 119/14.01.001/2013-14 Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT) /Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 – Clarification on Proof of Address Please refer to paragraph 2.4 (h), (i), (j) (l), (m) and Annex I of Reserve Bank’s Master Circular on Know Your Customer (KYC) Norms/Anti-Money Laundering...

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Pledge of shares for business purposes in favour of NBFCs

RBI/2013-14/633 A.P. (DIR Series) Circular No.141 Pledge of shares for business purposes in favour of NBFCs Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the provisions of Para. 2 (i) of A. P. (DIR Series) Circular No. 57 dated May 2, 2011, in terms of which shares of an Indian company held by the non-resident investor can be pledged in favour of a bank in India to secure the credit facilities being extended to the resident investee company for bonafide business purposes subject to the conditions...

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Companies Act, 2013 SECTIONS

Companies Act, 2013 SECTIONS (For .pdf, CLICK HERE) CHAPTER I - PRELIMINARY Section 1 - Short title, extent, commencement and application Section 2 - Definitions CHAPTER II - INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO Section 3 - Formation of company Section 4 - Memorandum Section 5 - Articles Section 6 - Act to override memorandum, articles etc. Section 7 - Incorporation of company Section 8 - Formation of companies with charitable objects etc. Section 9 - Effect of registration Section 10 - Effect of memorandum...

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