"06 March 2020" Archive - Page 4

State is employer under Gratuity Act for teachers/employees of aided educational institutions

Ambika Mission Boys Middle School Vs State of Chhattisgarh (Chhattisgarh High Court)

Ambika Mission Boys Middle School Vs State of Chhattisgarh (Chhattisgarh High Court) (i) The State would be employer within the definition of Payment of Gratuity Act, 1972 for the teachers/employees of aided educational institutions. (ii) There cannot be unjustified classification between the two classes of teachers/employees for payment ...

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Deduction of not contingent warrant expenses allowable from book profit

Lenovo India Pvt. Ltd. Vs ITO (ITAT Bangalore)

Provision for warrant expenses was not contingent and had to be allowed as deduction while computing income under the head Income from Business & Profession. Thus, the addition made to the book profits under section 115JB was to be deleted because the liability could not be said to be contingent. ...

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Yes Bank Ltd.: RBI announces Scheme of Reconstruction

Press Release: 2019-2020/2028 (06/03/2020)

he Reserve Bank of India has today placed in public domain a draft scheme of reconstruction of the Yes Bank Ltd. The Reserve Bank invites suggestions and comments from members of public, including the banks' shareholders, depositors and creditors on the draft scheme. The draft scheme has also been sent to Yes Bank Ltd. and State Bank of I...

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6th Report on Insolvency and Bankruptcy (Second Amendment) Bill, 2019

6th Report of Standing Committee on Finance on the Insolvency and Bankruptcy (Second Amendment) Bill, 2019 STANDING COMMITTEE ON FINANCE (2019-2020) SEVENTEENTH LOK SABHA THE INSOLVENCY AND BANKRUPTCY (SECOND AMENDMENT) BILL, 2019 (MINISTRY OF CORPORATE AFFAIRS) SIXTH REPORT LOK SABHA SECRETARIAT NEW DELHI March, 2020/Phalguna, 1941 (Saka...

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Posted Under: Corporate Law |

Appointment of Concurrent Auditor of SITB of Bank of Baroda

Bank of Baroda- Request for Proposal- Appointment of Concurrent Auditor for carrying out Concurrent Audit of Specialized Integrated Treasury Branch (SITB) Mumbai, Treasury of erstwhile Vijaya Bank & Treasury of erstwhile Dena Bank for period of -12- months from 01.04.2020 to 31.03.2021 ...

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Posted Under: Corporate Law |

Whether FCRA, 2010 allows Govt to decide political Status of an organisation?

Indian Social Action Forum (INSAF) Vs. Union of India (Supreme Court)

Whether Foreign Contribution (Regulation) Act 2010 (FCRA, 2010) (read with rules) allows Central Government to freely decide whether an organisation is political or not? What is Foreign Contribution (Regulation) Act 2010? The Foreign Contribution (Regulation) Act 2010 and rules framed under it (the ‘FCRA’ or ‘Act’) regulate contri...

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CBT of EPFO recommends PF Interest Rate of 8.50% for 2019-20

he Central Board recommended crediting of 8.5% annual rate of interest on the EPF accumulations in the EPF members’ accounts for the year 2019-20. The Central Board ratified and appreciated restoration of normal pension after 15 years from the date of commutation, benefitting about 6.3 Lakh pensioners who had opted for commutation under...

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Posted Under: Corporate Law |

Clarifications on Point of Sales Products & Persons – Life Insurance

Circular No. IRDAI/LIFE/CIR/MISC/060/03/2020 (06/03/2020)

The existing Non-POS products which meet the parameters of the allowed categories of POS Life Insurance products may be filed, subject to the boundary conditions as applicable to POS Life products, under existing provisions of minor modification, enclosing KFD....

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GST Audit Checklist and Working sheet

Article contains GST Audit Checklist and Working sheet in Excel Format for the benefit of our readers. GST Audit Working sheet have Sheets to Maintain Master Records of Client, For Important Notes related to Client and sheets for GST on Receipt, ITC Availed, Ineligible Credits, Creditor Older than 180 days, RCM Payable, Working of Interes...

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Posted Under: Corporate Law |

Interest part of Cost of Property & eligible for indexation & deduction

Parwati Devi Totlani Vs ITO (ITAT Jaipur)

Interest paid  on the borrowing made for acquiring Capital Asset (House Property)  is part of the cost of acquisition and therefore eligible for indexation and deduction from the Sale Consideration  for computation of capital gains. ...

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