"25 October 2019" Archive

SEBI Master Circular for Depositories

Master Circular No. SEBI/HO/MRD/DP/CIR/P/118 (25/10/2019)

SEBI Master Circular for Depositories is a compilation of the relevant circulars/communications issued by SEBI up to March 31, 2019 and shall come into force from the date of its issue. References in the circular to the Statutes/Regulations which now stand repealed, have been suitably updated....

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Master Circular for Stock Exchange and Clearing Corporation

Master Circular No. SEBI/HO/MRD/DP/CIR/P/117 (25/10/2019)

Master Circular for Stock Exchange and Clearing Corporation is a compilation of the relevant circulars/communications issued by SEBI up to March 31, 2019 and shall come into force from the date of its issue....

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Examination for Confirmation of Enrollment of GST Practitioners

Examination for Confirmation of Enrollment of GST Practitioners will be a Computer Based Exam. The registration for the exam can be done by the eligible GSTPs on a registration portal, link of which will be provided on NACIN and CBIC websites. The registration portal for exam scheduled on 12.12 .2019 will be activated on 22nd November, 20...

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Posted Under: SEBI |

HC Quashes Non-Speaking Order for Detention of Goods under GST Law

India Logistics And Cargo Movers Vs State of Gujarat (Gujarat High Court)

India Logistics And Cargo Movers Vs The State of Gujarat (Gujarat High Court) It was incumbent upon the GST Department to give reasons in support of their conclusion that the goods in question and the conveyance are required to be confiscated. However, the impugned order is totally bereft of any reasons, in the absence of […]...

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Impact of 20% Input Tax credit Restrictions in GST

Recently, notification no 49/2019-central tax on 9th October, 2019 has come restricting the input tax credit to 120% of the eligible input tax credit on the basis of invoices actually uploaded by supplier under section 37(1). We have analyzed the notification in detail and below is the mechanism how to arrive at this 120% and […]...

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Posted Under: SEBI |

Accounting By Schools For Gratuity Benefit

1. Gratuity Benefit is payable by Schools to its employees. Furthermore, with amendment of ‘Payment of Gratuity Act’ in 2009, Gratuity is payable to teachers also. The amended act can be accessed from the gazette vide Notification S.O. 1080 by Ministry of Labour and Employment. 2. How Schools should do their accounting is explained by...

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Posted Under: SEBI |

Independent Directors to Pass Online MCA Test with 60% Marks

60% Marks To Pass Online Test…A Step To Curb Fake Appointments of Independent Directors..? Recently on October 22, 2019 the Ministry of Corporate Affairs has came out with a much awaited Notification Concerning Appointments and Qualification of Independent Directors and notified Companies (Appointment and Qualification of Directors)...

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Posted Under: SEBI |

Understanding Section 115JB of Income Tax Act (Minimum Alternate Tax)

Income Tax Act as well as Companies Act both governs companies, and company needs to provide their Income Statement (Profit and Loss Account) and Balance Sheet to the Income Tax department while Preparing Tax Returns and also Final accounts are to be audited and submitted as Annual Returns under Companies Act....

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Posted Under: SEBI |

Interest on Unutilized Funds which could not be used in development of Port Terminal is Capital Receipt

M/s. Karanja Terminal & Logistics Pvt. Ltd. Vs DCIT (ITAT Mumbai)

M/s. Karanja Terminal & Logistics Pvt. Ltd. Vs DCIT (ITAT Mumbai) Interest income received by the assessee from the FDRs/ICDs made out of funds are inextricably linked to the development of port terminal and other infrastructure at Karanja Creek which is yet to be completed and commissioned. We would like to add that the these [&helli...

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Motor Vehicles Act not bars Prosecuting an offenders under IPC: SC

The State of Arunachal Pradesh Vs Ramchandra Rabidas @ Ratan Rabidas & Anr. (Supreme Court)

State of Arunachal Pradesh Vs Ramchandra Rabidas @ Ratan Rabidas & Anr. (Supreme Court) A prosecution, if otherwise maintainable, would lie both under the IPC and the MV Act, since both the statutes operate with full vigour, in their own independent spheres. Even assuming that some of the provisions of the MV Act and IPC […]...

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