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Archive: 04 July 2019

Posts in 04 July 2019

Debt recovery mechanism strengthened with enactment of IBC, 2016

July 4, 2019 699 Views 0 comment Print

Taking note of the recent successes in recovery of loans since the Insolvency and Bankruptcy Code, 2016 came into effect, the Survey proposes further strengthening of the National Company Law Tribunals (NCLT) and the appellate tribunal.

Issue of Advance Authorization where import item is ‘Pulses’ and/or ‘Peas’

July 4, 2019 942 Views 0 comment Print

Advance authorisations shall not be issued, where import item is ‘pulses’ and/or ‘Peas’ of any kind, which is under restricted/prohibited/State Trading Enterprises (STE) lists vide Public Notice No. 17/2015-2020 Dated: 04 JULY, 2019. GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE PUBLIC NOTICE NO. 17/2015-2020-DGFT NEW DELHI, […]

Implementation of Track & Trace system for export of Pharma & Drugs extended to 01.04.2020

July 4, 2019 1038 Views 0 comment Print

Implementation of the Track and Trace system for export of Pharmaceuticals and drug consignments alongwith maintaining the Parent-Child relationship in the levels of packaging and their movement in supply chain — Extension of date of implementation

How to determine whether SBO exist?

July 4, 2019 5922 Views 0 comment Print

A Reporting Company can follow the below mention steps in order to ascertain, whether any SBO exist or not: 1. Check whether you have shareholders in form of Body Corporate/HUF/Partnership/LLP/Trust/PIV (“Indirect Entities”)? 2. If answer is no, then no reporting required. 3. If answer to (1) is Yes, check whether they hold 10% or more? […]

Economic Survey recommends Investment in Well-Functioning Legal System

July 4, 2019 288 Views 0 comment Print

The Survey points-out that major hurdle to economic growth and social well-being can be stabilized through a relatively small investment in the legal system.

CBIC notifies Rate of Exchange of Foreign Currencies wef 05.07.2019

July 4, 2019 768 Views 0 comment Print

Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 05th July, 2019 notified vide Notification No. 48/2019–Customs (N.T.) dated 04th July, 2019.

CBDT notifies Chhattisgarh Building and Other Construction Workers Welfare Board for exemption U/s. 10(46)

July 4, 2019 1134 Views 0 comment Print

Notification No. 52/2019- Central Government notifies‘Chhattisgarh Building and Other Construction Workers’ Welfare Board’, a Board constituted by the Government of Chhattisgarh, in respect of the following specified income arising to that council under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 52/2019 New […]

CBDT notifies National Skill Development Corporation for exemption U/s. 10(46)

July 4, 2019 4305 Views 0 comment Print

Notification No. 51/2019-  Central Government notifies ‘National Skill Development Corporation’, a body constituted by the Central Government, in respect of the following specified income arising to that council under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 51/2019 New Delhi, the 4th July, […]

Central Excise / Service Tax NEFT – RTGS Payments Process on ICEGATE

July 4, 2019 42642 Views 6 comments Print

CBIC enables Central Excise and Service Tax Duties payment collection from ICEGATE via NEFT/RTGS The Central Board Indirect Taxes and Customs ( CBIC ) has enabled Central Excise and Service Tax Duties payment collection from ICEGATE via NEFT/RTGS. The CBIC has issued advisory and explained Steps for making and enabling payments through icegate portal. The […]

Response of Armed Forces on issue of taxability of disability pension

July 4, 2019 867 Views 1 comment Print

1. Some veterans have highlighted the case of Maj Gen Ian Cardozo (Retired) to express resentment against the recent directive to not allow tax exemption for disability pension. 2. Disability is granted to personnel who are disabled in combat or, during peace time and their disability is attributable to service conditions. The latter have some […]

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