"31 December 2019" Archive

FM releases Task Force Report on National Infrastructure Pipeline for 2019-2025

To achieve the GDP of $5 trillion by 2024-25, India needs to spend about $1.4 trillion (Rs. 100 lakh crore) over these years on infrastructure. In the past decade (FY 2008-17), India invested about $1.1 trillion on infrastructure....

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Posted Under: Finance |

No Change in Threshold of 20 or more Employees under EPF & MP Act

Ministry of Labour and Employment denies the media reports published in some newspapers today that the applicability threshold has been brought down from present establishment with 20 or more employees to 10 or more employees for the purpose of application of Employees Provident Fund and Miscellaneous Provisions Act 1952 (EPF & MP Act)....

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Posted Under: Finance |

CBIC amends notification No. 11/2017-Central Excise dated 30-06-2017

Notification No. 09/2019-Central Excise [G.S.R. 980(E)] (31/12/2019)

Notification No. 9/2019-Central Excise- Seeks to amend notification No. 11/2017-Central Excise dated 30-06-2017, so as to align it with amended Fourth Schedule to Central Excise Act. MINISTRY OF FINANCE (Department of Revenue) Notification No. 9/2019-Central Excise New Delhi, the 31st December, 2019 G.S.R. 980(E).-In exercise of the power...

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CBIC amends Fourth Schedule to the Central Excise Act, 1944

Notification No. 08/2019-Central Excise (N.T.) [G.S.R. 978(E)] (31/12/2019)

CBIC amends Fourth Schedule to the Central Excise Act 1944 vide Notification No. 08/2019-Central Excise (T.) dated 1st December, 2019 to substitute tariff items 2710 12 11 to 2710 12 90, sub-heading 2710 19 and tariff items 2710 19 10 to 2710 20 00 and the entries relating thereto and add a new SUPPLEMENTARY NOTES […]...

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Govt extends SVLDRS 2019 scheme till 15.01.2020

Notification No. 07/2019-Central Excise (N.T.) [G.S.R. 979(E)] (31/12/2019)

Government has extended the SVLDRS as a one-time measure for a fortnight up to 15.01.2020 vide Notification No. 07/2019 Central Excise-NT dated 31st December, 2019....

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ICAI extends Last date for payment of Membership and COP fee

It has been decided to extend the last date for payment of Membership /COP fee for the year 2019-20 up to 31st January 2020. It has been further decided to waive off condonation fee on delay of filing of application forms related to Members, Firms and Students, if respective transaction date in application forms falls between 1st April 20...

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Posted Under: Finance |

ICAI President’s Message – January 2020

The Institute has been formulating accrual based Accounting Standards for Local Bodies (ASLBs) since March 2005 to improve financial reporting of Government at the third-tier of Government, i.e., Local Bodies that are moving towards accrual accounting. Moving forward in this direction, the Council has recently approved 12 new ASLBs in add...

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Posted Under: Finance |

Sabka Vishwas date extended upto 15 Jan, taxpayers commit Rs 30627 Cr

Keeping in view the response of the taxpayers to the Sabka Vishwas (Legacy Dispute Resolution) Scheme, the Central Government today extended it for a period of fifteen days, till 15th January, 2020. This is one-time and final extension in view of taxpayers’ response....

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Posted Under: Finance |

CBDT proposes to inset new Income Tax rule 29BA and Form 15E

F. No. 370142/24/2019-TPL (31/12/2019)

Public consultation on the proposal for amendment of Income-tax Rules 1962, to inset new rule 29BA and Form 15E, to give effect to the amendment in section 195 of the Income-tax Act, 1961 (the Act) vide Finance (No.2) Act 2019- reg....

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UTGST: RCM on renting of motor vehides – req

Notification No. 29/2019-Union Territory Tax (Rate) [G.S.R. 975(E).] (31/12/2019)

Notification No. 29/2019-Union Territory Tax (Rate)- To amend notification No. 13/ 2017- Union Territory Tax (Rate) so as to notify certain services under reverse charge mechanism (RCM) as recommended by GST Council in its 38th meeting held on 18.12.2019. Government of India Ministry of Finance (Department of Revenue) New Delhi Notificati...

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