2 CHILD POLICY

YESTERDAY, WHEN I WAS TRAVELLING IN THE METRO I SAW THIS AND THOUGHT WHAT WILL BE HAPPENED AFTER 20 OR 30 YEARS

  

PARLIAMENT PASSES DELHI HIGH COURT (AMENDMENT) BILL

 A bill to reduce the workload of the Delhi High Court by enhancing the pecuniary jurisdiction of civil suits from the existing Rs 20 lakh to Rs 2 crore was passed by Parliament.

The Delhi High Court (Amendment) Bill, 2015, earlier passed by Rajya Sabha, was adopted by a voice vote by the Lower House in the absence of most of the opposition members who are boycotting proceedings to protest the suspension of 25 Congress members for five days by the Speaker.

Once implemented, the measure would allow transferring of civil suits, valued up to Rs 2 crore, to the nine district courts in Delhi from the high court. The bill was introduced by the UPA government in Rajya Sabha in February 2014 and referred to the Standing Committee on Law and Personnel, which cleared it.

The NDA government approved the measure without any changes and the measure was passed by the Upper House in the Budget Session.

Sebi Releases Faq’s on Delisting Of Securities

                                  

1. What is meant by delisting of securities?

Ø         The term “delisting” of securities means permanent removal of securities of a listed company from a stock exchange. As a consequence of delisting, the securities of that company would no longer be traded at that stock exchange.

2. What is the difference between Voluntary delisting and Compulsory delisting?

Ø         Compulsory delisting refers to permanent removal of securities of a listed company from a stock exchange as a penalizing measure at the behest of the stock exchange for not making submissions/comply with various requirements set out in the Listing agreement within the time frames prescribed. In voluntary delisting, a listed company decides on its own to permanently remove its securities from a stock exchange.

3. What is the exit opportunity available for investors in case a company gets delisted?

Ø         SEBI (Delisting of Securities) Guidelines, 2003 provide an exit mechanism, whereby the exit price for voluntary delisting of securities is determined by the promoter of the concerned company which desires to get delisted, in accordance to book building process. The offer price has a floor price, which is average of 26 weeks average of traded price quoted on the stock exchange where the shares of the company are most frequently traded preceding 26 weeks from the date public announcement is made. There is no ceiling on the maximum price.

In case of infrequently traded securities, the offer price is as per Regulation 20 (5) of SEBI (Substantial Acquisition and Takeover) Regulations. For this purpose, in frequently traded securities is determined in the manner as provided in Regulation 20 (5) of SEBI (Substantial Acquisition and Takeover) Regulations.

4.    Does a company listed at BSE/NSE have to provide exit offer to shareholders in case it delists from stock exchanges other than BSE and NSE?

Ø         No, the company does not have to provide exit offer to shareholders because it continues to be listed on the BSE / NSE which have nationwide reach and shareholders can exit any time they decide to so by way of selling shares in NSE/ BSE.

RATE OF LUXURY TAX INCREASES FROM 10 TO 15 PER CENT IN DELHI

Going to spa, gymnasium and living in expensive rooms in hotels will become costlier, as the Government of Delhi hikes luxury tax.

The Delhi Govt. has notifies Vide NOTIFICATION No. F. 12(2)/Fin(Rev- I)/2015-16/ds-vi/594 Dated July 30, 2015, the rate of luxury tax from 10 per cent to 15 per cent w.e.f. August 1, 2015. The rate of tax shall be levied on the turnover of receipt of a proprietor of hotels. 

NEW ITR FORMS 3, 4 5, 6 & 7 NOTIFIED BY CBDT

The Central Board of Direct Taxes (“CBDT”) has notified the New ITR Forms i.e., ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 vide Notification No. 61/2015, F.No.142/1/2015-TPL dated 29th July, 2015. E-filing of these ITRs form will be enabled shortly.

Income Tax return Forms as stated above are as follows:

• ITR 3- (For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship under rule 12 of the Income-tax Rules, 1962)
• ITR 4- (For individuals and HUFs having income from a proprietary business or profession under rule 12 of the Income-tax Rules, 1962)
• ITR 5- (For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7)
• ITR 6- (For Companies other than companies claiming exemption under section 11) 
•  ITR 7- (For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) under rule 12 of the Income-tax Rules, 1962)

(Source: http://www.incometaxindia.gov.in/Pages/communications/notifications.aspx)