"04 July 2019" Archive - Page 3

Economy expected to grow at 6.8 per cent in 2018-19 

Economic Survey 2018-19: General Government (Centre plus States) has been on the path of fiscal consolidation. Economy expected to grow at 6.8 per cent in 2018-19. Fiscal Deficit of 3% of GDP by FY2020-21 & Central Government debt to 40% of GDP by 2024-25 Targeted. Improving Quality of Expenditure is key Priority; Broadening ...

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Posted Under: Finance |

Debt recovery mechanism strengthened with enactment of IBC, 2016

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....

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Posted Under: Finance |

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

Public Notice No. 17/2015-2020-DGFT 04/07/2019

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 DIREC...

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

Public Notice No. 16/2015-2020-DGFT 04/07/2019

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 ...

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Receipt of share application money not taxable in case of non-resident

M/s. Shreenath Heritage Liquor Pvt Ltd. Vs ACIT (ITAT Jaipur)

Addition under section 68 on account of share application money received from non-resident was not justified as money brought into India by non-residents for investment or other purposes was not liable to Indian Income Tax....

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How to determine whether SBO exist?

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 mor...

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Posted Under: Finance |

Economic Survey recommends Investment in Well-Functioning Legal System

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....

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Posted Under: Finance |

CBIC notifies Rate of Exchange of Foreign Currencies wef 05.07.2019

Notification No. 48/2019-Customs (N.T.) 04/07/2019

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....

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

Notification No. 52/2019-Income Tax [S.O. 2378(E)] 04/07/2019

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 Reven...

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

Notification No. 51/2019-Income Tax [S.O. 2377(E)] 04/07/2019

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) N...

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