"18 September 2019" Archive

RBI revises norms for concurrent audit system of banks

RBI/2019-20/64 DBS.CO.ARS.No.BC.01/08.91.021/2019-20 (18/09/2019)

As you are aware, concurrent audit aims at shortening the interval between a transaction and its independent examination. It is, therefore, integral to the establishment of sound internal accounting functions and effective controls and is regarded as part of a bank's early warning system to ensure timely detection of serious errors and ir...

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Direct Port Delivery (PDP) Scheme For Exim Clearances- Under Customs

CBIC has taken various steps which have had the impact of reducing the dwell time as well as bringing down the logistics cost of EXIM clearances. One of the flagship initiatives in this regard has been the Direct Port Delivery (DPD) of containers to the importers thus obviating the need of routing the clearance through […]...

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Posted Under: Fema / RBI |

Capital Gain- Movable and Immovable Property

In the today scenario, you must have noticed, every one is thinking/taking about buying and selling the asset. But the question arises that, ‘Is every transaction of sale or purchase are taxable and exigible for Capital Gain Tax’. Hence, as a common person by listening the word Tax first question comes to in the mind […...

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Posted Under: Fema / RBI |

UDIN for Company Secretaries – An Overview

Q. Why concept of UDIN is launched by an Institution? In an attempt to pursue heightened sense of self-governance and strengthen the practising side of the profession of Company Secretaries, The Institute of Company Secretaries of India has rolled out a unique initiative in the form of Unique Document Identification Number or UDIN. Aimed ...

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Posted Under: Fema / RBI |

All you need to know about the DIR-3-KYC

What is DIR3- KYC ? Every individual who has been allotted a Director Identification Number (DIN) as on 31st March of a financial year as per these rules shall, submit e-form DIR-3-KYC to the Central Government on or before 30th April of immediate next financial year. Since it’s a recent introduction, there has been a […]...

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Posted Under: Fema / RBI |

Cabinet approves Promulgation of Prohibition of E-Cigarettes Ordinance

Cabinet approves Promulgation of the Prohibition of Electronic Cigarettes Ordinance In a major health and wellness initiative for the country, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Promulgation of the Prohibition of Electronic Cigarettes (production, manufacture, import, export, transport, sal...

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Posted Under: Fema / RBI |

Government constitutes Company Law Committee

F. No. 2/1/2018-CL-V (18/09/2019)

Government constitutes Company Law Committee for examining and making recommendations on various provisions and issues pertaining to implementation of the Companies Act In line with the Government’s objective of promoting Ease of Living in the country by providing Ease of Doing Business to law abiding corporates, fostering improved corp...

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18% GST payable on construction of residential quarters for MPPGCL

In re M/s. Madhya Pradesh Power generating Company Limited (GST AAR Madhya Pradesh)

In re M/s. Madhya Pradesh Power generating Company Limited (GST AAR Madhya Pradesh) 1. Rate of GST on contract for construction of building and structure for colony at village Siveria at 2×660 MW Shree Singaji Thermal Power Project Stage -II Khandwa. As per Notification No. 11/2017 as amended by Notification No. 24/2017 further amend...

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All you need to know about Form 15G

Usually, banks deduct TDS (Tax Deducted at Source) when the interest which is earned by a taxpayer exceeds INR 10,000. However, in case the total income of such taxpayer doesn’t exceed the taxable limit, such taxpayer can submit Form 15G to his or her bank requesting not to deduct TDS on his or her interest which he/she has earned in th...

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Posted Under: Fema / RBI |

IGST payable under RCM on import of Service by Govt for business

In re M/s. Directorate of Skill Development (GST AAR Madhya Pradesh)

In re M/s. Directorate of Skill Development (GST AAR Madhya Pradesh) If the service is imported for the purpose of business or commerce even by the Govt then exemption would not be available and Govt need to pay GST under Reverse Charge. This can be further substantiated as per Q No 14 of GST Sectorial […]...

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