• To increase awareness about the activities of  the Bank amongst faculty members and student community, and
• To provide exposure to faculty members teaching economics and/or finance in different areas/activities in the Reserve Bank.

• Full-time faculty teaching economics and/or finance in any UGC-recognized Universities/Colleges in India.
• Indian nationals.
• Age below 55 years.

• The application, complete in all respect, should reach the Bank latest by June 25, 2015.
• Commencement of the scholarship scheme would be from August 1, 2015.

• The exact theme of research for the scholars will be decided by RBI.

• Restricted economy class domestic air-fare ticket during visits to RBI Central Office, Mumbai from place of residence/work in India.
• Monthly allowance of Rs. 25,000/- (Rupees twenty five thousand only) to be paid for the duration of the project (not more than three months).
• In addition to the monthly remuneration, on completion of the Project/ Research paper and on acceptance of the same by RBI, payment of Rs.1 lakh as honorarium would be made.

• The scholar would be required to submit a research paper/project report that contributes to RBI research activities.
• The scholar should make a presentation of his/her work in a Seminar at Reserve Bank, Mumbai.
• The scholar, if he/she desires to publish his/her research work elsewhere, may do so with prior permission of the Reserve Bank.

• The aggregate results of the select NGNF public limited companies in 2013-14 revealed moderation in growth rates of major parameters as compared to those in 2012-13.
• The ‘construction’ sector, ‘cement and cement products’, ‘motor vehicles and other transport equipment’ industries in manufacturing sector and ‘transportation and storage’ and ‘real estate’ industries in services sector were the worst affected in terms of sales growth.
• Growth in earnings before interest, tax, depreciation and amortisation (EBITDA) declined in 2013-14. The net profit also contracted in 2013-14.
• Profit margin and return on equity declined in most segments in 2013-14.
• Leverage ratios of the select companies continued to increase while interest coverage ratios declined in the study period. ‘Transportation’ industry was highly leveraged with its interest coverage ratio being below one. Companies in ‘sugar’ industry experienced high leverage ratio and steep fall in interest coverage ratio in 2013-14.
• There was increase in funds raised through external sources by the companies in 2013-14.
• Share of funds used for fixed assets formation was lower whereas that for non-current investment was higher as compared to the previous year.

• Export growth decelerated from 6.6 per cent in April-December 2013 to 4.0 per cent in April-December 2014.
• In terms of relative weighted contribution, engineering goods and readymade garments were the top contributors to export growth; iron ore, oil meals and electronic goods were negative contributors.
• Although demand from the US and the UAE improved, exports destined for European Union, China and a few gulf countries contracted considerably.
• During April-December 2014, helped by a decline in international commodity prices, imports recorded only a modest increase of 3.6 per cent as compared to a decline of 7.0 per cent in the corresponding period of the preceding year.
• While the import demand for both non-oil non-gold and gold imports increased, POL imports were lower in April-December 2014 as compared with April-December 2013.
• China remained the top source of India’s imports, followed by Saudi Arabia, the UAE, Switzerland and the US.
• With imports outpacing exports in April-December 2014, India’s trade deficit widened modestly to US$ 110.1 billion as compared with US$ 107.1 billion during April-December 2013.

• These rules may be called the Income-tax (Third Amendment) Rules, 2015.
• They shall come into force on the date of their publication in the Official Gazette.

• after clause (b), the following clause shall be inserted, namely :- “(ba) “applicant” means a person who has made an application;”; 
• after clause (h), the following clause shall be inserted, namely :- “(ha) “rollback year” means any previous year, falling within the period not exceeding four previous years, preceding the first of the previous years referred to in sub-section (4) of section 92CC;”;

• for the word “Every” the word “Any” shall be substituted; 
• for the word “shall” the word “may” shall be substituted; 

• the international transaction is same as the international transaction to which the agreement (other than the rollback provision) applies; 
• the return of income for the relevant rollback year has been or is furnished by the applicant before the due date specified in Explanation 2 to sub-section (1) of section 139; 
• the report in respect of the international transaction had been furnished in accordance with section 92E; 
• the applicability of rollback provision, in respect of an international transaction, has been requested by the applicant for all the rollback years in which the said international transaction has been undertaken by the applicant; and 
• the applicant has made an application seeking rollback in Form 3CEDA in accordance with sub-rule (5); 

• the determination of arm’s length price of the said international transaction for the said year has been subject matter of an appeal before the Appellate Tribunal and the Appellate Tribunal has passed an order disposing of such appeal at any time before signing of the agreement; or 
• the application of rollback provision has the effect of reducing the total income or increasing the loss, as the case may be, of the applicant as declared in the return of income of the said year. 

1. Particulars of the applicant:

(a) Full name of the applicant:
(b) Permanent Account Number:
(c) Address of the applicant:
(d) Address for communication:
(e) Location(s) of the business enterprises
in India:
(f) Email id and the contact numbers of the
person with whom correspondence is
required to be made:
(g) Names and designation of the
authorised representatives who would
be appearing before the authorities for
negotiations of the APA:

2.Whether pre-filing discussions in respect of
rollback were sought by the applicant? If yes,
please furnish:

(a) Date of application for pre-filing meeting:
(b) Date of pre-filing meeting(s) with the APA Team:

3.Whether application in Form 3CED is being
filed simultaneously:

4.Details of international transaction(s) including
Name(s) of the Associated Enterprises in
respect of which rollback is requested for:

5.Whether the international transaction(s) is the
same as that in respect of which APA request
is being made in Form 3CED by the applicant:

6.Particulars of additional Fee paid by the applicant:          Amount in Rs.
                                                                                        Challan No: Dated:

7.The details of previous years for which rollback
is being sought:

8.Has the same international transaction been undertaken
in any other year for which rollback is permissible but the
same is not being requested for. If yes, the reasons for the
same be provided:

9.Period of APA proposed along with the date
from which APA is sought to be made applicable
in the application in Form 3CED:

10.Whether return of income for all the previous
years mentioned in 7 above have been furnished
on or before the due date:                                                              Yes/No

11.If yes, provide details including acknowledgement No.,
date of furnishing etc.

12.Whether audit report under section 92 E in respect of the
international transaction referred to in 4 above for all the
previous years mentioned in 7 above have been furnished on or
before the due date:                                                                          Yes/No


13. If yes, provide details including date of furnishing etc.

14. Details of pending proceedings including appeals for
the years mentioned in 7 above in respect of international
transaction(s) mentioned in 4 above :

15. Whether Appellate Tribunal has disposed of
any appeal in respect of international
transaction mentioned in 4 above for any of the
years mentioned in 7 above? if yes, then details
may be provided:

I declare that the information furnished in the application is correct and truly stated.



Notes:

1. The Form shall be filed along with an application in Form 3CED for entering into an APA. 
2. If the space provided for answering any item in the application is found insufficient, separate enclosures may be used for the purpose. These enclosures should be signed by the person authorised to sign the application in Form 3CED. 
3. The Form shall be accompanied with proof of having paid fee of five lakh rupees. This fee is in addition to any fee payable along with Form 3CED. 
4. The application shall be accompanied by all the relevant documents.”

• outside the State; or
• in the course of the import of the goods into, or export of the goods out of, the territory of India.

• a tax on the sale or purchase of goods declared by Parliament by law to be of special importance in inter-State trade or commerce; or
• a tax on the sale or purchase of goods, being a tax of the nature referred to in sub-clause  (b), sub-clause (c) or sub clause (d) of clause (29A) of article 366,

MCA NOTIFICATION DT: 19.01.2015:

• These rules may be called the companies (Appointment and Qualification of Directors) Amendment Rules, 2015.
• They shall come into force on the date of their publication in the official Gazette.

• GDP growth in the 1st half of the current fiscal(2014-15) increased to 5.5% from 4.9% realized in corresponding period of the previous year. This is mainly due to 3.5% growth in Agriculture, 3.2% growth in Industry and 7% growth in Services. Industrial growth is yet to pick-up, and much would depend on revival of manufacturing sector. I urge the corporates to make the "Make in India" campaign a success by proving their mettle in bolstering  manufacturing  growth.
• The Ministry of Corporate Affairs made rapid strides during the year in improving the legal framework and simplifying procedures for 'ease of doing business'. For removing doubts and facilitating smooth implementation of the Companies Act, 2013, 15 amendments to various Companies Rules were notified and 45 clarifications issued.
• I am happy to note that the Companies Amendment Bill, 2014 has been passed by the Lok Sabha. The Bill proposes to make, inter alia, approval for related party transactions simpler, retain the stringent bail provision only for the serious offences of fraud, and rationalize procedural aspects to deal with frauds detected during the course of audit. Once the Bill is enacted, it will bring substantial ease to the business community.
• Serious Fraud Investigation Office (SFIO) completed the investigations in the affairs of 17 so-called 'Chit Fund Companies' unravelling their modus operandi. Apart from prosecuting such companies for non-compliance of relevant provisions of Companies Act, evidence gathered has been shared with the CBI which is looking into criminal offences of such companies. We have moved a step forward in investors' protection through proactive disclosure of the list of companies, which are under alert, defaulted in statutory filing, remained dormant etc. on Ministry's website.

• New third proviso proposed to be inserted in section 188(1) to clarify that  consent of non-related shareholders not required for transactions between a holding company and WOS whose accounts are consolidated with the holding company and placed before the shareholders in general meeting for approval

• Section 212(6) proposed to be amended to  omit references to 14 offences and replace it with reference to offence of fraud u/s 447 so that bail restrictions apply only to offence of fraud
• Section 419(4) as originally enacted provided  for winding up matters to be heard by three-member benches of NCLT. Provision proposed to be amended to provide  for winding up matters to be heard by 2-member benches
• Sections 435 & 436 as originally enacted provided for trial of all offences under the 2013 Act by Special Courts. Provisions proposed to be amended to provide that  Special Courts to try only offences carrying imprisonment of two years or more. (To let magistrate try minor violations)

S No.	Clause	Clause No.	Requirements
1	Whether the assessee is liable to pay indirect tax like excise duty, service tax, sales tax, customs duty,etc. if yes, please furnish the registration number or any other identification number allotted for the same	New Clause -4	As per revised 3CD report, Assessee is required to furnish registration number allotted by the concern authority of other Indirect Tax law under which he is liable to pay tax.
2	Indicate the relevant clause of section 44AB under which the audit has been conducted	New Clause -8	As per revised 3CD report Assessee is required to give details of relevant clause (a),(b,)(c) or(d) of Section 44AB, under which the assessee is liable to cover under Tax Audit ·         clause(a) of Section 44AB every person, carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees* in any previous year; or ·         Clause (b) of Section 44AB every person, carrying on profession shall, if his gross receipts in profession exceed twenty-five lakh rupees* in any previous year; or ·         Clause (c)’ of section 44AB  every person, carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AE or section 44BB or section 44BBB, as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any previous year; or ·         Clause (d) of section 44AB every person, carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year.
3	List of books of account maintained and the address at which the books of accounts are kept.	Clause-11 (b)	As per revised 3CD report, if books of accounts are maintained more then one location assessee is required to furnish the address of location along with details of books of accounts are maintained at each location.
4	Whether the profit and loss account includes any profits and gains assessable on presumptive basis, if yes, indicate the amount and the relevant section (44AD, 44AE, 44AF, 44B, 44BB, 44BBA, 44BBB, Chapter XII-G, First Schedule or any other relevant section.)	Clause-12	As per revised 3CD addition made to presumptive income, Assessee covered under Chapter XII-G i.e.  Special provision for presumptive income of Shipping Companies is required to be given if same is applicable to the Assesee.
5	Where any land or building or both is transferred during the previous year for a consideration less than value adopted or assessed or assessable by any authority of a State Government referred to in section 43CA or 50C, please furnish:	New Clause-17	A new clause is inserted, under which Assessee is require to furnish details of any land or building or both is transferred during the previous year for a consideration less than value adopted or assessed or assessable by any authority of a State Government referred to in Section 43CA or 50C for the purpose of deriving sale consideration for computation of capital gain tax. Details of Property Consideration accrued & Received Value adopted or assessed or assessable
6	Amounts inadmissible under section 40(a)	Clause-21(b)	As per revised 3CD discloser requirements are enhanced for amounts inadmissible under 40(a) details. For details refer below
7	Disallowance/deemed income under section 40A(3):	Clause-21(d)	Disallowance/ Deemed income under section 40A(3) is replaced with new clause.  For details refer  below.
8	Amount of Central Value Added Tax credits availed of or utilised during the previous year and its treatment in the profit and loss account and treatment of outstanding Central Value Added Tax credits in the accounts. (b) Particulars of income or expenditure of prior period credited or debited to the profit and loss account.	Clause-27(a)	As per revised clause, Modified Value Added Tax credits availed of or utilized during the previous year and its treatment in the profit and loss account and treatment of outstanding Modified Value Added Tax credits in the accounts. The word Modified Value Added Tax is replaced by Central Value Added Tax.
9	Whether during the previous year the assessee has received any property, being share of a company not being a company in which the public are substantially interested, without consideration or for inadequate consideration as referred to in section 56(2)(viia), if yes, please furnish the details of the same.	New Clause-28	A new inserted clause, Assessee is required to furnish details of any property, being share of a company not being a company in which the public are substantially interested, without consideration or for inadequate consideration as referred to in section 56(2)(viia) received during the previous year. ·         As per  Section 56(2)(viia) of Income Tax Act,1961, where a firm or a company not being a company in which the public are substantially interested, receives, in any previous year, from any person or persons, any property, being shares of a company not being a company in which the public are substantially interested,     (i) without consideration, the aggregate fair                market value of which exceeds fifty            thousand rupees, the whole of the           aggregate fair market value of such           property;      (ii) for a consideration which is less than the           aggregate fair market value of the           property by an amount exceeding fifty           thousand rupees, the aggregate fair           market value of such property as exceeds           such consideration: ·         Therefore any receipt of shares of a closely-held company, without consideration or for inadequate consideration, is taxable in the hands of the recipient. ·         For the purpose of this section, consideration would be deemed to be inadequate, if the difference between the actual consideration and the FMV (to be determined as per prescribed Valuation Rules) of the property exceeds Rs.50,000. The Assessee is required furnish details for any share received during the previous year by the company from the closely held company.
10	Whether during the previous year the assessee received any consideration for issue of shares which exceeds the fair market value of the shares as referred to in section 56(2)(viib), if yes, please furnish the details of the same.	New clause-29	As per new inserted clause, Assessee is required to furnish details of any consideration  received for issue of shares which exceeds the fair market value of the shares as referred to in section 56(2)(viib), if any. ·         Section 56(2)(viib) { introduced by Finance Act 2012 w.e.f 01-04-2013 } r.w.s. 2(24)(xvi), of the Income tax Act ('the Act') provides that where a closely held company issues shares to a resident, for an amount received in excess of the fair market value of the shares, then the said excess portion will be regarded as income of the Company and charged to tax under the head ‘Income from other sources’. The said fair market value is defined as higher of the value arrived at on the basis of the method prescribed under Rule 11UA of the Income-tax Rules, 1962 (‘the Rules’) or the value as substantiated by the Company to the satisfaction of the Assessing Officer under Explanation to section 56(2)(viib), if assessee (closely held company ) has issued any share to a resident shall furnish the details for the same.
11	Whether the taking or accepting loan or deposit, or repayment of the same were made by account payee cheque drawn on a bank or account payee bank draft based on the examination of books of account and other relevant documents	Clause-31(c)’	As per earlier sub clause (c)  of clause 24 Whether a certificate has been obtained from the assessee regarding taking or accepting loan or deposit, or repayment of the same through an account payee cheque or an account payee bank draft. [Yes/No]. The statement has been replaced.
12	Details of brought forward loss or depreciation allowance, in the following manner, to the extent available :	Clause-32	Three additional points are added for discloser requirements relating to speculative loss details for the same are given below. ·     Whether the assessee has incurred any speculation loss referred to in section 73 during the previous year, If yes, please furnish the details of the same. ·     Whether the assessee has incurred any loss referred to in section 73A in respect of any specified business during the previous year, if yes, please furnish details of the same. ·      In case of a company, please state that whether the company is deemed to be carrying on a speculation business as referred in explanation to section 73, if yes, please furnish the details of speculation loss if any incurred during the previous year.
13	Section-wise details of deductions, if any, admissible under Chapter VIA or Chapter III (Section 10A, Section 10AA).	Clause-33	Discloser requirements for Section-wise details of deductions, if any, admissible under Chapter VIA or Chapter III (Section 10A, Section 10AA) has been enhanced. Section under which deduction is claimed Amounts admissible as per the provision of the Income Tax Act, 1961 and fulfils the conditions, if any, specified under the relevant provisions of Income Tax Act, 1961 or Income Tax Rules,1962 or any other guidelines, circular, etc, issued in this behalf. The Assessee is required to furnish details of each claim availed under Chapter VIA or Chapter III of Income Tax Act,1961.
14	Whether the assessee is required to deduct or collect tax as per the provisions of Chapter XVII-B or Chapter XVII-BB, if yes please furnish:	Clause-34	The discloser requirement for Tax deducted & Collected as per the provisions of   Chapter XVII-B or Chapter XVII-BB has been enhanced for reporting purpose, details for the same are given below.
15	In the case of a domestic company, details of tax on distributed profits under section 115-O in the following form :-	Clause-36	Two Additional discloser requirements  have been inserted  in case of  a domestic company  received dividend from its subsidiary  company, details of tax on distributed profits under section 115-O (Dividend Distribution Tax) ·        amount of reduction as referred to in section 115-O(1A)(i); ·        amount of reduction as referred to in section 115-O(1A)(ii); As per Section 115-O(1A)  as amended by Finance Act 2012, If any holding company receives dividend from its subsidiary on which the subsidiary company has paid the DDT payable on such dividend, then, the amount of dividend declared, distributed or paid by the holding company by way of dividends, whether interim or otherwise shall be reduced by the amount of dividend, if any, received from the subsidiary company during the financial year, Provided that the same amount of dividend shall not be taken into account for reduction more than once.
16	Whether any cost audit was carried out, if yes, give the details, if any, of disqualification or disagreement on any matter/item/value/quantity as may be reported/identified by the cost auditor.	Clause-37	Under this clause the statement is replaced from earlier statement of Whether any cost audit was carried out, if yes, enclose a copy of the report of such audit [see section 139(9)].
17	Whether any audit was conducted under the Central Excise Act, 1944, if yes, give the details, if any, of disqualification or disagreement on any matter/item/value/quantity as may be reported/identified by the auditor.	Clause-38	Under this clause the statement is replaced from earlier statement of Whether any audit was conducted under the Central Excise Act, 1944, if yes, enclose a copy of the report of such audit.
18	Whether any audit was conducted under section 72A of the Finance Act,1994 in relation to valuation of taxable services, Finance Act,1994 in relation to valuation of taxable services, if yes, give the details, if any, of disqualification or disagreement on any matter/item/value/quantity as may be reported/identified by the auditor	Clause-39	The Assessee is required to furnish details of  Special Audit conducted under section 72A of Finance Act,1994 ,if any during the previous year, for valuation of taxable services. If such audit was conducted by the department then such report is required to be furnish by assessee to the auditor.
19	Details regarding turnover, gross profit, etc., for the previous year and preceding previous year:	Clause-40	As per revised 3CD report Assessee is required to furnish accounting ratios for previous year as well as preceding previous year. Sr.No. Particulars Previous  Year Preceding Previous Year 1 Total turnover of the assessee 2 Gross profit/turnover 3 Net profit/turnover 4 Stock-in-trade/turnover 5 Material consumed/finished goods produced
20	Please furnish the details of demand raised or refund issued during the previous year under any tax laws other than Income Tax Act, 1961 and Wealth tax Act, 1957 along with details of relevant proceedings.	New Clause-41	A new Clauses inserted in revised 3CD report in which assessee is required to furnish the details of demand raised or refund issued during the previous year under any tax laws other than Income Tax Act, 1961 and Wealth tax Act, 1957 such as Excise Law, Service Tax, Sales Tax, Customs Law and any other laws if any.

Tax deduction and collection Account Number (TAN)	Amount of interest under section 201(1A)/206C(7) is payable	Amount paid out of column (2) along with date of payment.