"27 September 2019" Archive

CBDT clarifies on delay in filing of Form no. 10B for AY 2016-17 & AY 2017-18

Circular No. 28/2019-Income Tax (27/09/2019)

Clarification on delay in filing of Form no. 10B for AY 2016-17 and AY 2017-18 -Board’s order under section 119(2) of the Income-tax Act, 1961 – In supersession of this office Circular No. 10 dated 22.05.2019 on the above mentioned subject, the date mentioned in sub para (ii) of para 4 may be read as 31.03.2020 instead of 30.09.2019....

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CBDT extends due date for filing of Tax Audit Reports & Relevant ITRs

F. No. 225/157/2019/ITA.II (27/09/2019)

On consideration of representations recd from across the country, CBDT has decided to extend the due date for filing of ITRs & Tax Audit Reports from 30th Sep, 2019 to 31st of Oct, 2019 in respect of persons whose accounts are required to be audited....

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Value Addition Norms to avail duty exemption in Gem & Jewellery

Policy Circular No. 28/2019-2020-DGFT (27/09/2019)

It is clarified that for the purpose of value addition, inputs in 'B' in para 4.38 mean duty free (either on advance or replenishment basis)gold/silver/platinum content in the export product plus the admissible wastage....

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Extension of validity of Pre-shipment Inspection Agencies to 31.12.2019

Public Notice No. 37/2015-2020-DGFT (27/09/2019)

Validity of recognition of the Pre-shipment Inspection Agencies (PSIAs) included in the Appendix 20 of Appendices and Aayat Niryat Forms (A&ANF) of Foreign Trade Policy (2015-20) whose validity/extended validity is up to 30.12.2019 is extended up to 31.12.2019....

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SEBI (Issue and Listing of Debt Securities by Municipalities) (Amendment) Regulations, 2019

Notification No. SEBI/LAD-NRO/GN/2019/40 (27/09/2019)

These regulations may be called the Securities and Exchange Board of India (Issue and Listing of Debt Securities by Municipalities) (Amendment) Regulations, 2019....

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Corrigendum to SEBI (Buy-Back of Securities) (Second Amendment) Regulations, 2019

CORRIGENDUM TO NOTIFICATION S.O. NO. 4875 (E) (27/09/2019)

Corrigendum to Securities and Exchange Board of India (Buy-Back of Securities) (Second Amendment) Regulations, 2019 SECURITIES AND EXCHANGE BOARD OF INDIA CORRIGENDUM Mumbai, the 27th September 2019 CORRIGENDUM TO NOTIFICATION S.O. NO. 4875 (E) DATED SEPTEMBER 19, 2019 No. SEBI/LAD-NRO/GN/2019/39 – In the notification of the Securit...

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Circular on Travel Insurance Products and operational matters

Ref: IRDAI/HLT/CIR/MISC/174/09/2019 (27/09/2019)

Premium shall not be received more than 90 days in advance to the date of commencement of the risk covered in case of domestic travel or along with the ticket while purchasing the travel tickets, whichever is earlier....

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Guidelines on Standardization of Exclusions in Health Insurance Contracts

Ref: IRDAI/HLT/REG/CIR/177/09/2019 (27/09/2019)

The objective of these Guidelines are to rationalise and standardize the exclusions in health Insurance Contracts that every Insurer shall comply with. Health Insurance has undergone various changes and improvements over the years....

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Modification Guidelines on Standardization in Health Insurance

Ref: IRDAI/HLT/REG/CIR/176/09/2019 (27/09/2019)

Pre-existing Disease means any condition, ailment, injury or disease: a) That is/are diagnosed by a physician within 48 months prior to the effective date of the policy issued by the insurer or b) For which medical advice or treatment was recommended by, or received from, a physician within 48 months prior to the effective date of the pol...

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Modification Guidelines on Product Filing in Health Insurance Business

Ref: IRDAI/HLT/REG/CIR/175/09/2019 (27/09/2019)

Every Health Insurance product shall cover all Pre Existing Diseases disclosed by the persons to be insured immediately after the expiry of the forty-eight months waiting period or such lower period as stipulated in the product....

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Section 194N TDS Credit to be available in year of deduction: CBDT

Notification No. 74/2019-Income Tax [G.S.R. 694(E)] (27/09/2019)

Notification No. 74/2019-Income Tax- CBDT inserted a new sub-rule (3A) in rule 37BA to provide that for the purposes of section 194N, credit for tax deducted at source shall be given to the person from whose account tax is deducted and paid to the Central Government account for the assessment year relevant to the previous […]...

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Authorization for export of imported SCOMET items for repair/ replacement

Public Notice No. 36/2015-20-DGFT (27/09/2019)

Paragraph 2.79C of Handbook of Procedures of FTP 2015-20 has been amended to lay down the procedure for export of SCOMET items imported for repair / replacement in the repair facilities set up in the country....

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Amtek Auto Case: The new rulings in offing for IBC

The Supreme Court has granted the Resolution Professional of Amtek Auto 21 days to invite fresh bids. This need to invite fresh bids has been necessitated because of backtracking of Liberty House, a London based Business House which amongst other Resolution Applicants had submitted its resolution plan where it offered Rs.4025 crore, which...

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Posted Under: Income Tax |

Checklist for Scheme of Compromise, Arrangements and Amalgamations

Section 230 and 232 of Companies Act 2103 read with rules Companies (Compromise, Arrangements and Amalgamation) Rules, 2016  Step: 1 AUTHORISATION IN MOA AOA Step: 2 DRAFT SCHEME OF MERGER Step: 3 CALL BOARD MEETING ⇓  Call Board Meeting and approve following resolutions: a. Approve the draft scheme of Merger. b. Authorization to fili...

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Posted Under: Income Tax |

Notification No. 51/2019-Customs (N.T./CAA/Extension/DRI), Dated: 27.09.2019

Notification No. 51/2019-Customs (N.T./CAA/DRI) (27/09/2019)

Appointment of CAA by DGRI -reg – Notification No. 51/2019-Customs (N.T./CAA/DRI) Dated 27th September, 2019 Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 51/2019-Customs (N.T./CAA/DRI) New Delhi, dated the 27th Septe...

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Services provided to KRIDL being a Government Entity exempt from GST

In re Sri Roopesh Kumar (GST AAR Karnataka)

M/s KRIDL is established by the Government of Karnataka and the State Government has full control over the organisation and hence the KRIDL is a Government Entity and hence the second condition is also satisfied. Hence the services provided by the applicant to KRIDL are covered under the entry no.3 of Notification No. 12/2017- Central Tax...

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12% GST on supply of printed, centre pinned and hand numbered answer booklet to KSEEB

In re Datacon Technologies (GST AAR Karnataka)

In re Datacon Technologies (GST AAR Karnataka) The supply of printed, centre pinned and hand numbered answer booklet to the Karnataka State Secondary Education Board (KSEEB) constitutes supply of goods falling under the Heading 4802 of entry 112 of the Schedule 11 to the Notification 01/2017 central tax (Rate) dated 28/06/2017 and taxable...

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Depositing timber with Govt. Timber depot for disposal amounts to supply

In re Tata Coffee Limited (GST AAR Karnataka)

In re Tata Coffee Limited (GST AAR Karnataka) a) Whether the legally binding and prescribed activity of depositing the timber / wood by the applicant with the Government Timber Depot for disposal as per the provision of Section 104 of the Karnataka Forest Act will constitute a ‘supply’ and therefore subject to payment of GST [...

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A Registered GTA can also hire vehicles to another GTA

In re Saravana Perumal (GST AAR Karnataka)

In re Saravana Perumal (GST AAR Karnataka) The applicant is a registered GTA, as per the Notification No.12/2017 – Central Tax (Rate) dated 28.06.2017. Can applicant hire vehicles to another GTA? The registered person can be a Goods Transport Agency and also a supplier of goods vehicles to another GTA on hire basis at the […]...

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IGST under RCM on ocean freight in case of CIF basis contract

M/s M. K. Agro Tech Pvt. Ltd. (GST AAR Karnataka)

M/s M. K. Agro Tech Pvt. Ltd. (GST AAR Karnataka) Whether under Reverse Charge Mechanism, IGST should be paid by the importer on ocean freight on the case of CIF basis contract? In the instant case, the importer in India is liable to pay the tax under RCM as they are deemed to be the […]...

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GST on delivery of spares by JNSIPL, Karnataka to consumer of JNSIPL, Maharashtra

In re Juniper Networks Solution Private Limited (GST AAR Karnataka)

In re Juniper Networks Solution Private Limited (GST AAR Karnataka) Whether delivery of spares by JNSIPL, Karnataka (i.e. the applicant) would constitute a supply under Schedule I of the CGST Act, 2017, by the applicant to JNSIPL, Maharashtra? The delivery of spares by the applicant to the ultimate consumer on account of M/s. JNSIPL, Maha...

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Extend last date of filing of Income tax returns in Tax Audit case

Representation regarding extension of last date of filing of Income tax returns in Audit case and Audit Reports from 30-09-2019 to 30-11-2019 by District taxation Bar Association, Karnal to Hon Smt Nirmala Sitharaman, Hon. Union Minister of Finance, Ministry of Finance, Government of India’. DISTRICT TAXTATION BAR ASSOCIATION (REGD.) RE...

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Posted Under: Income Tax |

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