"21 August 2019" Archive

Sabka Vishwas (Legacy Dispute Resolution) Scheme Rules, 2019

Notification No. 05/2019 Central Excise-NT (21/08/2019)

(1) These rules may be called the Sabka Vishwas (Legacy Dispute Resolution) Scheme Rules, 2019. (2) They shall come into force on the 1st day of September, 2019....

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Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 applicable w.e.f 1.9.2019

Notification No. 04/2019 Central Excise-NT (21/08/2019)

Notification No. 04/2019 Central Excise-NT dated 21st August, 2019 – central government notifies that the Sabka Vishwas (Legacy Dispute Resolution) Scheme (SVLDRS), 2019 will come into force w.e.f 1st of September, 2019 till 31st December, 2019. Government of India Ministry of Finance Department of Revenue Central Board of Indirect ...

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ICSI Announces 100% Fee Waiver for students of J&K & Ladakh

Government of India has taken major initiatives to bring development in the Union Territories of Jammu & Kashmir and Ladakh. The Institute of Company Secretaries of India aligning with the initiatives of the Government of India, and to achieve a growth process in which people from different walks of life can participate and benefit, has l...

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Delay in depositing tax under IDS, 2016 for personal reasons cannot be condoned

Sadhana R. Jain Vs CeBDT & Anr. (Bombay High Court)

Sadhana R. Jain Vs CBDT & Anr (Bombay High Court) Reading of the  CBDT Circular dt. 28-3-2017, it would clearly emerge that while providing for a limited window, in cases where payments were made through banking channels but the deposit was made by the bank in the Government revenue few days after 30-11-2016 to condone […]...

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How the new regulations will make the ULIP better

How the ULIP will become better with new regulations. The Insurance Regulator IRDA (Insurance Regulatory and Development Authority) has notified fresh rules for governing Linked Life insurance products on 8th July 2019. In this article I will discuss the major beneficial changes proposed in the new regulations for ULIP products, a  Linke...

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IBBI orders IP to work for six months under senior IP to improve his knowledge

No. IBBI/DC/14/2019-20 (21/08/2019)

(i) Vats shall work for at least six months as an intern with a senior insolvency professional, to improve his knowledge and understanding of the Code and the regulations made thereunder to appreciate the importance of time in a CIRP. (ii) Vats shall not seek or accept any assignment or render any services under the Code till he compli...

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Tax administration not expected to collect taxes based on ignorances of assessee

Shri Dilpreet Singh Vs ITO (ITAT Chandigarh)

Shri Dilpreet Singh Vs ITO (ITAT Chandigarh) Section 148 Conclusive proof as to escapement of income at notice stage not required At the stage of issue of notice under section 148 of Income Tax Act, 1961, the only question to be seen is whether there was relevant material, on the basis of which a reasonable […]...

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Expense on Valuation of Know-How allowable under section 37(1)

M/s. Theis Precision Steel India Private Limited Vs ITO (ITAT Mumbai)

M/s. Theis Precision Steel India Private Limited Vs ITO (ITAT Mumbai) From perusal of Section 37 of the Act, we find that all expenditure incurred in the course of business of the assessee is allowable except personal expenditure and capital expenditure. Admittedly, professional fee has been paid for valuation of know-how of business and,...

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MCA clarifies doubts in ‘appointed /acquisition date’ with respect to mergers/amalgamations

General Circular No. 09/2019 (21/08/2019)

MCA has issued a circular today clarifying the import of section 232(6) of the Companies Act, 2013, which deals with the requirement of indicating an appointed date in the scheme of mergers and amalgamations, which would also be the effective date of the merger/amalgamation coming into force....

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Real Time Gross Settlement (RTGS) System – Increase in operating hours

Notification No. RBI/2019-20/46 DPSS (CO) RTGS No.364/04.04.016/2019-20 (21/08/2019)

At present, the RTGS system is available for customer transactions from 8:00 am to 6:00 pm and for inter-bank transactions from 8:00 am to 7:45 pm. In order to increase the availability of the RTGS system, it has been decided to extend the operating hours of RTGS and commence operations for customers and banks from 7:00 am....

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