"December, 2019" Archive - Page 4

Tariff Notification No. 92/2019-Customs (N.T.), Dated: 31.12.2019

Notification No. 92/2019-Customs (N.T.) [S.O. 4723 (E).] 31/12/2019

Tariff Notification No. 92/2019-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seed, Areca nut, Gold & Silver – reg. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 92/2019-Customs (N.T.) New Delhi, 31st Decem...

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CBDT appoints 150 IRS officers to the grade of ACIT

Notification No. 09 31/12/2019

Notification No. 9 of 2019 – Appointment of 150 IRS officers to the grade of Assistant Commissioner of Income Tax (ACIT) -reg Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 31st December, 2019 10 Pausha, 1941 (SAKA) NOTIFICATION No. 09: Consequent upon successful completion...

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Say no to Cash Transactions- Income Tax Dept. Advises

Certain types of Cash transactions have serious consequences. 1. Taking or Accepting Certain Loans, Deposits and Specified Sum: No person is permitted to accept Rs. 20.000 or more in cash a) for any loan or deposit or b) any amount in relation to transfer of any immovable property (even if transfer does not take place). […]...

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Posted Under: Custom Duty | ,

RBI Guidelines on constituting Board of Management in Primary UCBs

Circular No. RBI/2019-20/128 DoR (PCB).BPD.Cir.No.8/12.05.002/2019-20- Press Release: 2019-2020/1565 31/12/2019

UCBs with deposit size of ₹100 crore and above shall constitute BoM which will also be a mandatory requirement for allowing such banks to expand their area of operation and open new branches. UCBs with a deposit size less than ₹100 crore and Salary Earners’ Banks are exempted from constituting BoM. However, for having good governanc...

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CBDT Appoints 149 ACIT to officiate as DCIT

Notification No. 10 31/12/2019

Notification No. 10 of 2019 – Appointment of Assistant Commissioner of Income Tax (ACIT) to officiate as Deputy Commissioner of Income Tax (DCIT)-reg Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) New Delhi, the 31st December, 2019 10 Pausha, 1941 (SAKA) NOTIFICATION No. 10: The followi...

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Sec. 197 How to apply for non/lower deduction certificate in Form 13

The provisions of Income- tax act impose an obligation on customer (i.e., recipient of service) to withhold certain portion of payment as tax deduction at source. Accordingly, the customer deducts such portion and releases the balance amount. Assuming TDS rate is 10% and bill value is Rs. 50,000/-, service provider would get Rs. 45,000/- ...

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Posted Under: Custom Duty |

How to Register on Specified Financial Transaction Reporting Portal

The Reporting Portal allows reporting entities to register themselves with the Income Tax Department (ITD). To access the portal, visit the URL: https://report.insight.gov.in...

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Posted Under: Custom Duty |

Contributions to National Pension System (NPS) u/s 80CCD(1B)

As the Financial Year 2017-18 is nearing completion, individual tax payers are having hardly one month time to save tax. For individual assessees whose Rs.1.5 lakh savings limit as available u/s 80C, 80CCC and 80CCD(1) are exhausted the only option left is contribution to NPS....

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Posted Under: Custom Duty |

Accounting treatment of increase in liability due to enhancement of gratuity ceiling

This FAQ on accounting treatment of increase in liability on account of enhancement of the gratuity ceiling from Rs. 10 lakhs to Rs. 20 Lakhs due to Payment of Gratuity (Amendment) Act 2018 (vide notification no. S.O. 1420 (E) dated March 29, 2018) has been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accou...

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Posted Under: Custom Duty |

Implementation of Matharoo judgment – clarification regarding

F. No. C-18012/19/2012-Ad.II B 31/01/2020

By Speed Post F. No. C-18012/19/2012-Ad.II B Government of India Ministry of Finance Department of Revenue CBIC ***** New Delhi, the 31st December, 2019 To All Cadre Controlling Authorities under CBIC Sub: Implementation of CAT, Chandigarh Bench Order dt. 03.08.2012 in OA No. 338/PB/2012 filed by Shri Balwinder Singh Matharoo and Ors. The...

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