"10 November 2019" Archive

Mortgage Guarantee Companies (Reserve Bank) Directions, 2016

RBI/DNBR/2016-17/50 Master Direction DNBR.(PD-MGC) No. 01/23.11.001/2016-17 (10/11/2016)

Mortgage Guarantee Companies (Reserve Bank) Directions, 2016 applies to every Mortgage Guarantee Company which has been granted Certificate of Registration under scheme of Registration of Mortgage Guarantee Companies by RBI...

Read More

5 Recent Important Income Tax Changes we must know

Union Finance Minister Nirmala Sitharaman in her maiden budget speech announced some income tax-related changes which will come into effect from September 1, 2019. Cash withdrawals exceeding INR 1 crore in aggregate in a year from finance institutions will attract TDS while in case of property transactions, the definition of immovable pro...

Read More
Posted Under: Fema / RBI |

Margin Valuation scheme in GST – Valuation on Second hand goods

Generally, the GST has to be discharged on transaction value i.e. the value which has to be paid by the recipient to supplier if the following conditions are satisfied. 1. The recipient should not be a related person 2. The value is the sole consideration for the supplier However, there is an exception for the […]...

Read More
Posted Under: Fema / RBI |

Faceless Assessments, Income Tax 2019 Rate & Developments

Faceless Assessments Authorities – A ‘National e-Assessment Centre’ to facilitate and centrally control the e-assessment. ‘Regional e-Assessment Centres’ under the jurisdiction of the regional Principal Chief Commissioner for making assessment. ‘Assessment units’ for identifying points or issues, material for the determi...

Read More
Posted Under: Fema / RBI |

GST: Restriction of ITC to 120% of GSTR 2A

Rule 36(4) of CGST Rules Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37, shall not exceed 20 per cent of the eligible credit available in respect of invoices or debit notes […]...

Read More
Posted Under: Fema / RBI |

Effective Remedy against Non Payment of Invoices by Customer

When you do business with a client, you expect to be paid for your product or services within stipulated time. But what happens when those payments are late – or don't come at all? Sometimes, no matter what you do to prevent the issue, even then you're still left empty-handed and you feels like being cheated. There are a few questions t...

Read More
Posted Under: Fema / RBI | ,

P&H HC allows filing or revising TRAN-01, not filed/ wrongly filed

Punjab & Haryana High Court provided relief to 102 petitioners who have not filed or wrongly filed their TRAN-01 form by directing the revenue to allow such petitioners to file their TRAN-01 forms by November 30th, 2019 holding that accumulated unutilized credits of pre-GST regime are a vested right of the taxpayers....

Read More
Posted Under: Fema / RBI |

MCA Unleashes – Compliance Monitoring System

MCACMS is the online portal invented by MCA for issuance of electronic SCN to the company or director or any officer in default regarding any non-compliance of any provisions of the Act. Also it mandates recipient of the SCN to submit reply through the same portal electronically....

Read More
Posted Under: Fema / RBI |

Criminalisation of Indian Politics

Recently one of the leading English Dailies published the statistic pertaining to the criminal cases being faced by the sitting legislators of Madya Pradesh Vidhan Sabha which has given a glimpse of what is the reality of the political scenario of the Indian electoral system. As per the statistic, out of the total 230 sitting […]...

Read More
Posted Under: Fema / RBI |

Section 35D of Income Tax Act

Section 35D of Income Tax Act provides for Amortisation of preliminary expenses. As per Section 35D, any capital expenditure did before the commencement of operation of specified business then such expenditure is allowable as a deduction under the income tax in 5 equal annual installments subject to the fulfilment of different conditions ...

Read More
Posted Under: Fema / RBI |