"27 July 2018" Archive

Time & cost involved in tax compliance to reduce dramatically: CBIC Chairman

D.O.No.5/CH(IC)/ 2018 27/07/2018

The 28th meeting of the GST Council was held on 21st July, 2018. Several important and consumer friendly decisions have been taken in the meeting. The time and cost involved in tax compliance has also been dramatically reduced by enabling businesses with an annual turnover of up to Rs. 5 Crore to file quarterly returns, in lieu of monthly...

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MCA notifies 2 more sections of Companies (Amendment) Act, 2017

Notification No. S.O. 3684(E) 27/07/2018

MCA has issued Companies (Incorporation) Third Amendment Rules, 2018 and amended Companies (Incorporation) Rules, 2014 for Substitution of Explanation to Rule 3(1) relating to the meaning of the term ‘Resident in India’ and Rule 15 pertaining to Affidavit from Subscribers and First Directors. to give effect to such rules MCA has notif...

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Companies (Incorporation) Third Amendment Rules, 2018

Notification No. G.S.R. 708(E) 27/07/2018

MCA has notified vide notification dated 27th July, 2018 Companies (Incorporation) Third Amendment Rules, 2018 to amend the Companies (Incorporation) Rules, 2014. GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi 27 July, 2018 G.S.R. 708(E)._ In exercise of the powers conferred by section 3, sub-section (1) of secti...

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CG constitutes National Company Law Tribunal, Kochi Bench at Kochi

Notification No. S.O. 3683(E) 27/07/2018

Central Government hereby constitutes the National Company Law Tribunal, Kochi Bench at Kochi and for the said purpose hereby makes the following further amendments in the notification of the Government of India, Ministry of Corporate Affairs number S.O. 1935 (E), dated the 1st June, 2016, namely:—...

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TDS on Salary – Section 192 – FAQ & Important Circulars

Article presents Questions and Answers on Section 192 of Income Tax Act, 1961 related to TDS on Salary. Q.1. Who is responsible to deduct tax on Salary under Section 192 of Income Tax Act, 1961? A.1. All persons paying salary are responsible to deduct TDS on income chargeable under the head “Salary”. In other words […]...

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GST rate reduction & passage of Prevention of Corruption (Amendment) Bill, 2013

All household items stand reduced from 28 percent to 18 percent and 12 percent. All items of construction except cement stands reduced. Most white goods stand reduced. ...

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Due date of Filing TDS statement

To bring Uniformity and to give deductors sufficient time in filing of TDS Statement CBDT has vide Notification No. 30/2016 Dated: 29.04.2016 has revised due date for filing above referred TDS statements for Government and non-governemnt deductors wef 01.06.2016 to as follows :-...

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Derivatives – Meaning, Type & Taxation

A derivative is nothing but a bet. We in our daily lives enter into a derivative contract (place a bet) without even knowing about it, say while watching a cricket match. To make you familiar with one of the derivative contract let me give you an example. Let’s say you have to buy a cable connection for your televison....

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HFCs to seek approval from NHB for the 10-26 criteria

National Housing Bank (NHB) came out with a notification on 19th July, 2018, amending the Housing Finance Companies (National Housing Bank) Directions, 2010 with respect to change in control of housing finance companies....

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Indian Securitisation market opens big in FY 2019

The financial year 2017-18 witnessed one of the major reforms in the country, that is, the exordium of Goods and Services Tax (GST). GST replaced the erstwhile central excise duty, sales tax and service tax laws, thereby changing the indirect tax regime entirely. ...

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