"09 August 2019" Archive

Interest awarded in motor accident claim cases not exigible to tax

Shri Rupesh Rashmikant Shah Vs Union of India & Ors. (Bombay High Court)

Shri Rupesh Rashmikant Shah Vs Union of India & Ors. (Bombay High Court) In the context of interest, there are three crucial dates. The date of the accident is a date in reference to which the entire compensation is calculated. The date of filing of the claim petition is the date from which the claimant […]...

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Ind AS – Common Control Business Combinations

Business organisations enter into a bunch of restructuring transactions which satisfy the definition of business combinations as per Ind AS 103. There is also a requirement to understand the accounting, tax, presentation and reporting requirements in the case of common control transactions. ...

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Posted Under: Income Tax |

FDI in Retail Trading sector in India

The retail sector in India is one of the biggest contributors to the economy in terms of revenue and contributes about 10% towards its GDP. It provides the second highest rate of employment after agriculture. The retail sales in India are growing at a compounded annual rate of 15% since the year 2014....

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Posted Under: Income Tax | ,

Registration of Creation/Modification and Satisfaction of Charges

As per Section 2(16) of the Companies Act,2013 ‘charge’ means an interest or lien created on the property or assets of a company or any of its undertakings or both as security and includes a mortgage; Applicable Section 77 to 87 of Companies Act, 2013. Applicable Rules The Companies (Registration of Charges) Rules, 2014 CHARG...

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Posted Under: Income Tax |

Budget 2018 – Proposed Changes in Customs Law

Changes in Budget ♠ Changes in Customs tariff ( Rates) -Make in India theme -Reduction in duty on raw materials -Increase in duty on finished goods ♠ Significant Changes in Legislative Changes in Customs Act, 1962 ♠ Changes in Customs tariff Act, 1975 Budgetary Changes Customs Duty Rates Customs Tariff: Notification No. 6/2018-Custo...

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Posted Under: Income Tax |

Govt notifies Part I, IV, VI & VII of Chapter VI of Finance Act, 2019

S.O. 2899(E), S.O. 2900(E), S.O. 2901(E), S.O. 2902(E) (09/08/2019)

Government hereby appoints the 9th day of August, 2019, as the date on which the provisions of Part I, IV, VI & VII of Chapter VI of the Finance (No. 2) Act, 2019 (23 of 2019), shall come into force. PUBLISHED BY AUTHORITY MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 9th […]...

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Angel Tax relaxation to Startups even if addition was made before 19.02.2019

F.No.173/354/2019-ITA-1 (09/08/2019)

Notification no. G.S.R. 127 (E) dated 19.02.2019 will be applicable to those Startup Companies also where addition u/s 56(2)(viib) has been made in an assessment order under the IT Act before 19thFebruary, 2019 provided the assessee has subsequently submitted the declaration in Form-2 that it fulfils the conditions mentioned in Para-4 of ...

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Amendment to Master Direction (MD) on KYC

RBI/2019-20/37 DBR.AML.BC.No.11/14.01.001/2019-20 (09/08/2019)

A proviso has been added to condition (b) of Section 23 of the Master Direction to the effect that, where the individual is a prisoner in a jail, the signature or thumb print shall be affixed in presence of the officer in-charge of the jail and the said officer shall certify the same under his signature and the account shall remain operat...

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Permissible investments by AIFs operating in IFSC

Circular No. SEBI/HO/IFSC/CIR/P/2019/91 (09/08/2019)

AIFs incorporated in IFSC shall be permitted to make investments as per the provisions of the SEBI (Alternative Investment Fund) Regulations, 2012, and the guidelines and circulars issued thereunder, including the operating guidelines for AIFs in IFSC....

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Guidelines on Insurance Claims of victims of recent floods in Maharashtra & Karnataka

IRDAI/NL/GDL/MISC/131/08/2019 (09/08/2019)

As you are aware, the recent floods, have caused immense loss to property in the state of Maharashtra and Karnataka. There is an urgent need for the insurance industry to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims....

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Motor Vehicles (Amendment) Act, 2019

No. 32 of 2019 (09/08/2019)

(1) This Act may be called the Motor Vehicles (Amendment) Act, 2019. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act ...

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Arbitration and Conciliation (Amendment) Act, 2019

Notification No. 33 of 2019 (09/08/2019)

(1) This Act may be called the Arbitration and Conciliation (Amendment) Act, 2019. (2) Save as otherwise provided in this Act, it shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act and any reference ...

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Public Premises (Eviction of Unauthorised Occupants) Amendment Act, 2019

F. NO. 36 of 2019 (09/08/2019)

(1) This Act may be called the Public Premises (Eviction of Unauthorised Occupants) Amendment Act, 2019. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint....

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Jammu And Kashmir Reorganisation Act, 2019

F. No. 34 of 2019 [S.O. 2889(E).] (09/08/2019)

Jammu and Kashmir Reorganisation Act, 2019- An Act to provide for the reorganisation of the existing State of Jammu and Kashmir and for matters connected therewith or incidental thereto....

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Consumer Protection Act, 2019

Notification No. 35 of 2019 (09/08/2019)

THE CONSUMER PROTECTION ACT, 2019 received the assent of the President on the 9th August, 2019, and is hereby published for general information:—...

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Initiation of Sunset review investigation | Imports of Flexible Slabstock Polyol

F.No. 7/1 2/2019-DGTR (09/08/2019)

Case No. SSR 05/2019- Sub: - Initiation of Sunset review investigation concerning imports of Flexible Slabstock Polyol originating in or exported from Singapore....

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Additional Disclosure on Pledge of Shares by Promoters (Along With PACs)

SEBI vide its circular dated August 07, 2019 have asked for additional disclosure w.r.t. encumbrance of shares by promoter of listed companies along with PAC, the detailed reason to be specified. The said circular will come into effective from October 1, 2019. Applicability: Combined encumbrance by Promoter + PAC is equal or exceeds 50% o...

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Posted Under: Income Tax |

CSR : A Journey from Voluntary to Forced Contribution

Corporate Social Responsibility (CSR) Under Section 135 Of Companies Act, 2013 As Amended Vide The Companies (Amendment) Act, 2019 Read With Companies (Corporate Social Responsibility Policy) Rules, 2014: A Journey From Voluntary To Forced Contribution. 1 Applicability as per Section 135(1) Every company including its holding or subsidiar...

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Posted Under: Income Tax |

Employers! Do not miss PF Contribution on allowances

Supreme Court’s ruling on Provident Fund on February 28,2019 stated that employers can’t segregate special allowances from basic salary rather it is to be included for Provident Fund deduction under the Employees Provident Fund and Miscellaneous Provisions Act, 1952. The court held that variable earning which may vary from individual ...

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Posted Under: Income Tax |

Check list for Cash deposited during demonetisation

F.No.225/145/2019-ITA-II (09/08/2019)

Board has earlier issued above referred SOPs/Instruction/Internal Guidance Note regarding handling of cases related to demonetisation. In continuation of the same, a Verification Checklist-cash deposits is enclosed herewith for providing assistance to AOs for verification of cash deposits and framing of assessment in demonetisation relate...

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Promoters of Listed Companies to disclose reasons for encumbrance

SEBI issues a circular on 07th August 2019 on Disclosure of reasons for encumbrance by Promoters of Listed Companies to to bring greater transparency regarding reasons for encumbrance, particularly when significant shareholding by promoter along with persons acting in concert (PACs) with him is encumbered. The provisions of this circular ...

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Posted Under: Income Tax |

Key Points of Companies (Amendment) Act, 2019

MAJOR AMENDMENTS IN THE COMPANIES ACT, 2013 BROUGHT ABOUT BY THE COMPANIES (AMENDMENT) ACT, 2019 The Companies (Amendment) Act, 2019 which came into force on the 31st July, 2019 has brought about major amendments in The Companies Act, 2013. Some of the highlights are as under – 1. SECTION 2: APPROVAL OF CENTRAL GOVERNMENT REQUIRED [...

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Posted Under: Income Tax |

Applying NP rate of 2% based on earlier rates on suppressed receipts justified

Indus Holidays & Tours India (P) Ltd. Vs DCIT (ITAT Indore)

AO was not justified in adding the entire suppressed receipts after rejection of books of accounts while making assessment u/s 153A as CIT(A) was fair enough to apply 2% of net profit rate on the alleged suppressed receipts by taking basis of net profit rate disclosed by the assessee for various assessment years which ranges from 0.5% to ...

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Govt notifies Multilateral Convention to implement Measures to Prevent BEPS

Notification No. 57/2019-Income Tax [S.O. 2887(E)] (09/08/2019)

Whereas the Multilateral Convention to Implement Tax Treaty related Measures to Prevent Base Erosion and Profit Shifting (hereinafter referred to as the “the said Convention”) was signed by India at Paris, France on the 7th day of June, 2017;...

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Applicability & Statutory Records under Different Labour Laws

Labour & Employment laws are enacted & enforced by both the Central as well as State Governments. Labour Laws fall within Concurrent List (Sl. No. 22, 24) of the Constitution of India. Labour Laws Compliance Management is both significant & monetarily advantageous to the corporate sector....

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Posted Under: Income Tax |

Strategy for Investing your Retirement Corpus

What should be the strategy to invest your retirement funds The investment strategy at each stage in life has to have different consideration and must change according to peculiar circumstance. For example a person at the initial stage of his career can take risks with his money and invest substantial portion of his savings in […]...

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Posted Under: Income Tax |

Time to Revisit Section 50C/43CA/56(2) – Adoption of Circle Rates

Time to Revisit Section 50C/43CA/56(2) of Income Tax Act concerning Adoption of Circle Rates for Computation of Capital Gain/Business Profits/Income from Other Sources on Land & Building!! The Finance Act 2002 has introduced a new section 50C with effect from 1-4-2003, for the purpose of computation of capital gains in real estate tra...

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Posted Under: Income Tax |

Draft Information Memorandum points for private placement of NCDs

Points to be considered while drafting Information Memorandum in case of Issue of NCDs on private placement basis Serial No. Addressed to: INFORMATION MEMORANDUM ABC LTD A private limited company incorporated under Companies Act, 1956/2013 Date of Incorporation: ……………… Registered Office…………………………………...

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Posted Under: Income Tax |

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