"23 December 2019" Archive

RBI amends Master Directions-NBFC – Peer to Peer Lending Platform

RBI/2019-20/121 DOR.NBFC(PD) CC.No.106/03.10.124/2019-20 23/12/2019

On a review, it has been decided that (i) The aggregate exposure of a lender to all borrowers at any point of time, across all P2P platforms, shall be subject to a cap of ₹ 50,00,000 provided that such investments of the lenders on P2P platforms are consistent with their net-worth....

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Setting up of IFSC Banking Units – Permissible Activities amended

RBI/2019-20/122 DOR.IBD.BC.26/23.13.004/2019-20 23/12/2019

IBUs are not allowed to open savings accounts. They can open foreign currency current accounts of units operating in IFSC and of non-resident institutional investors to facilitate their investment transactions. They can also open foreign currency current accounts (including escrow accounts) of their corporate borrowers subject to the prov...

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Implications of GST on Passenger Transportation Services

1. Background and our understanding: 1.1 Zolo Traveltech Private Limited (hereafter referred as ‘The Company’). The Company has a place of business at Haryana in India. The Company is mainly engaged in the business of “Passenger Transportation Services” via Offline booking mode and Online booking mode through Electronic Commerce O...

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Posted Under: Fema / RBI |

Computation of Income From House Property

1. WHAT IS TAXED? Under the Income Tax Act what is taxed under the head ‘Income from house Property’ is the inherent capacity of the property to earn income called the Annual Value of the property. This is taxed in the hands of the owner of the property. 2. COMPUTATION OF ANNUAL VALUE This is […]...

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Posted Under: Fema / RBI |

Interest Payable and Receivable by Tax Payer under Income Tax

INTEREST PAYABLE & RECEIVABLE BY THE TAXPAYER Do you know? The Income-tax Act requires that Income tax returns be filed in time, Advance tax and regular tax are paid correctly within the time prescribed. In case the assessee fails to do so, interest is chargeable under various provisions and there is no tax benefit on […]...

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Posted Under: Fema / RBI |

CBIC reaches out to BSE members on SABKA VISHWAS Scheme

Directorate General of Taxpayer Services, Mumbai Zonal Unit, Central Board of Indirect Taxes and Customs organized a Symposium on SABKA VISHWAS (Legacy Dispute Resolution) Scheme, (SVLDRS) 2019 on 23rd December, 2019 at 4.00 pm to 5.00 pm at BSE Auditorium, 1st Floor, BSE, Fort, Mumbai, for the members of Bombay Stock Exchange....

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Posted Under: Fema / RBI |

38th GST Council Meeting Decisions Held on 18th December 2019

Article explains Extension in Due Date of GST Returns , Decisions regarding restriction on availment of Provisional ITC in GSTR-3B, Late fee waiver on GSTR-1, Formation of Grievance Redressal Committees (GRC) and GST Rate revision as per 38th GST Council Meeting Decisions Held on 18th December 2019. 1. Extension in Due Date of GST Returns...

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Posted Under: Fema / RBI |

Acceptance of Loan before filing of Form No. INC-20A Allowed or not?

MCA has come with New Section 10A inserted after Section 10 by Companies (Amendment) Ordinance, 2018 dated 02.11.2018 and same has been inserted in Companies (Amendment) Act, 2019 Extract of law: As per section 10A, a company having SHARE CAPITAL incorporated after ordinance i.e. after 02.11.2018 shall not commence its business or exercis...

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Posted Under: Fema / RBI |

Penalty can be imposed for default/delay in payment of Service Tax under both Section 76 & 78

Sagar Enterprises Vs Commissioner of Service Tax (CESTAT Mumbai)

Penalty under Section 76 of the Finance Act, 1994 can be imposed for mere default/delay in payment of Service Tax in addition to the penalty under Section 78 and these penalties are mutually exclusive and even if offences are committed in the course of same transaction or arise out of same act, penalty is imposable for ingredients of both...

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TDS credit allowable irrespective of deposit by deductor

Aricent Technologies Holdings Ltd. Vs ACIT (ITAT Delhi)

Aricent Technologies Holdings Ltd. Vs ACIT (ITAT Delhi) Conclusion: Credit for tax deducted at source, which was deducted from the account of the deductee, by the deductor, was to be allowed as taxes paid in the hands of the deductee, irrespective of the fact whether the same had been deposited by the deductor to the […]...

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