"07 April 2020" Archive

Identification of NPA in Bank Audit

The Statutory Auditors may consider the following exercise to dig out the hidden accounts which are shown as Standard but are required to be classified as NPAs....

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Posted Under: Fema / RBI |

GSTIN Advisory on Composition Scheme, GSTR-1/GSTR-3B/GST ITC-03

Normal and registered taxpayers who want to opt in for Composition in FY 2020-21 can apply in Form GST CMP02 till 30th June 2020. The taxpayers SHOULD NOT file any GSTR-1/GSTR-3B, for any tax period of FY 2020-21, from any of the GSTIN on the associated PAN, or else they will not be able to […]...

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Posted Under: Fema / RBI |

Responsibilities of Accountants under Transfer Pricing Regulations

Section 92E does not stipulate that only the statutory auditor appointed under the Companies Act or other similar statute should perform the examination. The examination can, therefore, be conducted either by the statutory auditor or by any other chartered accountant in practice having certificate of practice....

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Posted Under: Fema / RBI |

Reprint of PAN Card – Revised Guidelines, Instructions, Procedure

This application should be used when PAN has already been allotted to the applicant but applicant requires a PAN card. A new PAN card bearing the same PAN is issued to applicant. While filling this form, applicant should not select any of the check boxes on the left margin of the form. However, the check box for Item no. 7. Address for co...

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Posted Under: Fema / RBI |

Reopening Based on change of opinion and in absence of any adverse tangible material was invalid

DCIT Vs Surat Urban Development Authority (SUDA) (ITAT Ahmedabad)

In such cases, assessments can be reopened only if an income assessable to tax has escaped on account of failure of the assessee to disclose all the material facts fully and truly. In other words, the AO has to demonstrate that income of the assessee has escaped assessment on account of its failure to disclose all material facts of the as...

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Section 271(1)(c) Penalty leviable as revised return filed only after issuance of notice u/s 143(2)/142(1)

Bhavesh Pravinchandra Sheth Vs ACIT (ITAT Mumbai)

Since assessee had no intention to make a full and true disclosure of its income as it would not have filed a revised return of income showing higher income before issuance of the notice 143(2)/142(1) by AO, therefore, AO  rightly held that assessee had deliberately and consciously failed to furnish full and true particulars of income an...

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Embassy property developments Pvt Ltd vs State of Karnataka- Need for a broader interpretation of Moratorium under Section 14?

Recently, the Supreme Court in the decision of Embassy Developments vs. State of Karnataka had held that a Corporate Debtor could not avail the benefit of Mortarium under Section 14 of the Code to seek for deemed extension of lease agreement....

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Posted Under: Fema / RBI |

Assignment of Copyrights

WHAT ARE INTELLECTUAL PROPERTY RIGHTS; Intellectual property is the product of the human intellect including creativity concepts, inventions, industrial models, trademarks, songs, literature, symbols, names, brands, etc. Intellectual Property Rights do not differ from other property rights. They allow their owner to completely benefit fro...

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Posted Under: Fema / RBI |

Revised LLP Settlement Scheme 2020–7 Key Take-Aways

Ministry of Corporate Affairs (MCA), regulatory body of corporate sector in India, vide its General Circular No 06/2020 dated March 04, 2020 and further modified vide General Circular No. 13/2020 dated 30th March, 2020, launched a one-time settlement scheme for the LLPs to grant one time immunity from additional fees and prosecution agai...

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Posted Under: Fema / RBI |

8 Simple ways to save taxes

Everyone is looking out for ways to legally save taxes. Tax savings tips helps you plan your taxes effectively. Are you the one looking for ways and means to save taxes? I do understand it is complicated to understand taxes but here I share some awesome and easy tax saving tips. Investment in Life Insurance: […]...

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Posted Under: Fema / RBI |

Trade discounts / Incentives in sale cannot be treated as “Sale”

Tata Motors Ltd Vs State of Jharkhand (Jharkhand High Court)

Liability to pay any VAT on the trade discounts / incentives pursuant to bringing in Section 9(5) in JVAT Act was beyond the legislative competence of the State Legislature, and the same was ultra vires Article 246(1) of the Constitution of India, and could not be sustained in the eyes of law and accordingly, it had to be treated as if ne...

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No Section 271AAB penalty In absence of mechanism to report investment in tax return

Gauri Shankar Kandoi Vs DCIT (ITAT Jaipur)

Where assessee was not required to maintain any books of account and there was no mechanism to report the investment in the tax return, the said investment could not be held as undisclosed investment and more so, undisclosed income so defined in section 271AAB, therefore, investment so found in purchase of Villa could not be termed as und...

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Starting Business in India- Know the right structure & Tax Implications

There has always been a confusion among people when they want to start a business. I should go for Proprietorship, Partnership, LLP or Company. You definitely ask your friends, family members and co colleagues. You are very serious about your new venture, you have already validated your idea, done the right market research, but selection ...

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Posted Under: Fema / RBI |

Provisional GST attachment order validity ends automatically after 1 Year: HC

Mono Steel (India) Ltd Vs State of Gujarat (Gujarat High Court)

Mono Steel (India) Ltd Vs State of Gujarat (Gujarat High Court) The plain reading of the order passed by a Coordinate Bench of this Court dated 17th January, 2019 would indicate that the attachment of the bank accounts was ordered to be released subject to the writ applicant maintaining an amount of Rs.4 Crore in […]...

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Complete Guide on GST Refund

There is no ambiguity that for every taxpayer provision related to refunds are always most favourite under any Act and GST Act is no different. In fact, every organization designs their business process in such a manner so as to make optimum utilization of the refund provisions With the help of this article, we shall […]...

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Posted Under: Fema / RBI |

Interview With GST Expert CA (Dr.) Arpit Haldia

INTERVIEW WITH GST EXPERT ‘CA (DR.) ARPIT HALDIA’ BY  ‘CA SUDHIR HALAKHANDI’ Today we have with us CA (DR.) ARPIT HALDIA who has written several of Books of GST and attended Lot of Seminars as Speaker since inception of GST in India. Welcome Dr. Arpit. How are you? CA (DR.) ARPIT HALDIA Fine Sir and […]...

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Posted Under: Fema / RBI |

ITAT cannot condone delay in Filing Miscellaneous Applications

Daryapur Shetkari Sahakari Ginning & Pressing Factory Ltd. Vs ACIT (ITAT Nagpur)

Inordinate delay in filing of MAs is not a fit case for condonation, more so, because there is no specific provision in the realm of section 254(2) of the Act to provide for such condonation of delay in case of MAs....

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How to apply online for PF withdrawal due to COVID

The EPFO has released a set of frequently asked questions (FAQs) for the benefit of those who wish to avail the PF advance. Before applying, it’s important to know how much can be withdrawn, will your company be eligible and the amount be taxable? Being an advance, the employee need not have to put the […]...

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Posted Under: Fema / RBI |

Tax Authorities crying foul in Reliance Jio Demerger Deal

JCIT (OSD) Vs Reliance Jio Infocomm Ltd. & Ors. (NCLAT)

Facts of the Case Reliance Jio Infocom Limited (‘Reliance Jio’) is a Public Limited Company registered under Companies Act 2013. It is an Indian Telecommunication Company and a wholly-owned subsidiary of Reliance Industries, headquartered in Mumbai, Maharashtra, India. It operates a national LTE network with coverage across all 22 tel...

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Posted Under: Fema / RBI | |

Commissioner (A) has power to remand the matter to Adjudicating Authority

Commissioner of Central Excise & ST Vs Adani Power Limited (CESTAT Ahmedabad)

Commissioner of Central Excise & ST Vs Adani Power Limited (CESTAT Ahmedabad) As regards the issue that whether Commissioner (Appeals) has power to remand the matter to Adjudicating Authority, we find that this being a case of refund of service tax, clearly covered by the ratio of Hon’ble Gujarat High Court judgment in the case [&he...

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Registration cannot be denied to trust maintaining ‘Gaushalas’ merely for Sale of Milk

Rajasthan Gau Seva Sangh Vs CIT Exemptions (ITAT Jaipur)

Rajasthan Gau Seva Sangh Vs CIT (ITAT Jaipur) It is pertinent to note that when the assessee is maintaining various Gaushalas then production of milk is bound to happen and dealing in purchase and sale of milk & milk products as well as cattle feed is nothing but the activity in furtherance of the objects […]...

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All about GST Composition Scheme – Updated with Recent Changes

Law relating to composition scheme under GST has undergone number of changes after its introduction in July 2017, which made even professionals in difficulty. In this article I made an attempt to consolidate all the provisions applicable to the scheme as on 3rd April 2020....

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Posted Under: Fema / RBI |

Disqualified by ROC to be a Director– How To Remove Disqualification

Disqualified By ROC under Section 164(2) of Companies Act, 2013 /Disqualification of Director– How To Become A Director Again/ How to Remove Disqualification? As per sec 164(2) (a) of the Companies Act, 2013, a Company not filed financial statements or annual returns for any three consecutive years, ROC has power to list the directors o...

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Posted Under: Fema / RBI |

IBA suggests Bank Branch Statutory Audit from a remote location

Furthermore, Branch Statutory Auditors should conduct the audit operations from a remote location primarily relying on the data available in CBS and they should physically visit the branches only for urgent and unavoidable matters....

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Posted Under: Fema / RBI |

Compliances based on threshold limits under the Companies Act, 2013

There are several provisions under the Companies Act, 2013 which are applicable based on threshold limits. This article gives a bird’s eye view on compliances based on several threshold limits under the Companies Act, 2013. Chart of Compliances based on threshold limits under the Companies Act, 2013 SR. NO. REFERENCE OF THE PROVISION UN...

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Posted Under: Fema / RBI |

Impact of Covid-19 on The Indian Economy

The impact of COVID-19 on customers is profound and the full impact on the economy is still unknown. While B2C and B2B organizations scramble to meet immediate and emergency needs, the pandemic has activated a new wave of commerce innovation....

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Posted Under: Fema / RBI |

Section 194N TDS on cash withdrawal above 20 lakhs

Do you know that if you have not filed your Income tax returns for three consecutive Financial years and you have withdrawn more than 20 lakh Rupees in the next financial year then TDS @ 2% would be deducted by the Bank? Yes, you heard it right. The new Finance Bill passed by the Lok […]...

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Posted Under: Fema / RBI |

COVID-19- Master Changes in GST Refund Process vide circular no. 135/05/2020

Article analyses Changes in Refund Process vide Circular No. 135/05/2020 dated 31-03-2020 issued by CBIC- 1. Bunching of refund claims across Financial Years: – The restriction on clubbing of tax periods across different financial years was put in vide para 11.2 of the Circular No. 37/11/2018-GST dated 15.03.2018. The said circular was...

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Posted Under: Fema / RBI |

Area based exemption under central excise available where new unit successor to previous unit and to adjacent units.

Spring Dells Vs Commissioner of Central Goods & Service Tax (CESTAT Delhi)

Spring Dells Vs Commissioner of Central Goods & Service Tax (CESTAT Delhi) Conclusion: Assessee was entitled to the area-based exemption for the reason that it was admittedly the successor of the previous unit entitled to the exemption and all the units/sheds were located in one private industrial complex which could be said to be adj...

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Deposit Provisions (Chapter V) Of Companies Act, 2013

Section 73 to 76 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014 made under Chapter V of the Act regulate the invitation and acceptance of deposits. It prohibits acceptance of deposits except from the members through ordinary resolution or acceptance deposits by ‘eligible company’ being a pu...

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Posted Under: Fema / RBI |

GST compliance of companies under IBC-2016

Responsibility and Liability of GST compliance (GST returns, make payment of tax and meet all other compliance as per the GST law) delegate to IRP/RP during the CIRP period. The IRP/RP must follow a prescribed procedure for compliance. Further, he must take a new registration under the GST Act within 30 days of the appointment of the IRP/...

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Posted Under: Fema / RBI |

When New Personal Tax Regime u/s 115BAC Beneficial?

When is the New Personal Tax Regime under Section 115BAC Beneficial? An In-depth Break-Even Point Analysis Friends, with the blessings of the Almighty, we will soon battle out and overcome this unfortunate COVID-19 outbreak and the current essential lock-down period will also pass shortly. 1. The new FY 2020-21 corresponding to the AY 202...

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Posted Under: Fema / RBI |

DID You Know these about ICSI Website?

The Institute of Company Secretaries of India (ICSI) is the only recognized professional body in India to develop and regulate the profession of Company Secretaries in India. It is a premier national professional body set up under an act of Parliament, the Company Secretaries Act, 1980. ICSI functions under the jurisdiction of the Ministr...

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Posted Under: Fema / RBI |

How a Non-Disclosure Agreement Term is different from the Non-Disclosure Agreement Protection Period?

During the course of entering into a business relationship or during the existence of a business relationship amid the parties – It is common for the parties to exchange certain confidential information with each other. Accordingly, the parties will execute a non-disclosure agreement (NDA) to protect the confidential nature of the i...

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Posted Under: Fema / RBI |

Acceptance Clause – Deal Facilitator

Each transaction of supply of goods/services will involve two aspects supply of goods/ services by the Supplier and acceptance of such goods/services by the Customer. Typically, the Supplier and the Customer will enter into a Master Service Agreement (MSA) for the provision of supply of certain goods/services. Pursuant to MSA, the Supplie...

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Posted Under: Fema / RBI |

SPICe +(Plus) -Web based Form for company Incorporation

SPICE+ (PLUS) FORM (New Web Based Form for Company Incorporation)  INTRODUCTION OF NEW WEB BASED SPICe+ FORM Keeping in view the ease of doing business, new form SPICe+ is notified for the incorporation of a company and incidental registrations. The form SPICe+ replaces the existing SPICe form. While SPICe is an E-form, SPICe+ is an in...

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Posted Under: Fema / RBI |

NCDs Compliance Checklist

Debentures are of two types, namely convertible debentures and non-convertible debentures (NCD). Non-convertible debentures (NCD) are fixed-income instruments, usually issued by high-rated companies in the form of a public issue to accumulate long-term capital appreciation. Article compiles Obligations of Listed Entity which has Listed it...

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Posted Under: Fema / RBI |

Repercussions for Non-Payment of Consideration within 180 Days in GST Mechanism

Goods & Service Tax Act was introduced with an objective to provide a simpler and transparent taxation system. GST is a path-breaking indirect tax reform that attempts to create a common national market. GST has subsumed multiple indirect taxesand the focus of the GST was to bring all assesses under a single tax structure and simplified r...

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Posted Under: Fema / RBI |

Collection by Society from Members- GST Implications

The AAAR has not considered that the concept of GST is based upon the value added tax. While collecting the reimbursement of expenses for the common facilities and services, there is no element of any value addition. Hence, any interpretation against the basic philosophy of the tax is not tenable....

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Posted Under: Fema / RBI |

Can a company give loan to director?

This is a question which is always in the mind of business owners. Whether there is any violation if my Company give loan to the director. Is there any penalty? Let me give you a detailed informed to solve your problem Can a company give loan to a director? Company (Private & Public whether small, […]...

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Posted Under: Fema / RBI |

Analysis of Companies Fresh Start Scheme, 2020

Companies Act, 2013 has decided to introduce a Scheme namely Companies Fresh Start Scheme, 2020 (CFSS-2020) condoning the delay in filing the above-mentioned documents with the Registrar...

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Posted Under: Fema / RBI |

GST collection may see a significant decline due to coronavirus

The lockdown and overall decline in consumption due to coronavirus outbreak might lead to a severe decline in the GST revenue mop-up for March and April 2020. Although there is no clear agreement as to what extent the GST collection will be hit, the pandemic’s impact will be seen in both current and the next […]...

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Posted Under: Fema / RBI |

Amended Provisions of Equalisation Levy

 Scope of Equalisation Levy Extended The Finance Act, 2016 introduced Equalisation Levy with effect from 01-06-2016. This levy is charged at the rate of 6% from the consideration paid or payable to a nonresident person for the online advertisement services. The Finance Bill, 2020, as passed by the Lok Sabha, has extended the scope of [&h...

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Posted Under: Fema / RBI |

Companies Fresh Start Scheme, 2020 – Highlights

The Central Government and Ministry of Corporate Affairs vide its General Circular No. 11/2020 dated 24.03.2020, has launched the Companies Fresh Start Scheme, 2020 in order to provide a one-time opportunity to the Companies to complete their pending compliances by filing necessary documents, annual returns, financial statements and other...

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Posted Under: Fema / RBI |

Start-up – Eligibility, Registration, Advantages, Tax Relief

Start-up means an entity, incorporated or registered in India not prior to ten years, with annual turnover not exceeding INR 100 crore in any preceding financial year, working towards innovation, development, deployment or commercialisation of new products processes or services driven by technology or intellectual property. Eligibility cr...

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Posted Under: Fema / RBI |

Additional relief to GST taxpayers for E-way bill & ITC during lockdown period

The government has thus provided various relief measures to curb the issues faced by taxpayers as discussed in the previous article as per press release. What additional relief measures has the government announced on 03.4.2020 by amending law?...

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Posted Under: Fema / RBI |

Companies Fresh Start Scheme, 2020 – Detailed Analysis

In wake of COVID1-9 pandemic, Ministry of Corporate Affairs, Government of India, with a view to provide relief to companies has introduced ‘Companies Fresh Start Scheme, 2020‘ (CFSS-2020). This Scheme offers an opportunity to companies to make good their non-filing related defaults, irrespective of duration of default, and to...

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Posted Under: Fema / RBI |

Ensure availability of essential goods- CG advises State/UT Govts

D.O. 40-3/2020-DM-I(A) (07/04/2020)

State/Union Territory Governments are advised to take urgent steps to ensure availability of these essential goods, by invoking provisions of the Essential Commodities (EC) Act 1955. These measures include fixing of stock limits, capping of prices, enhancing production, inspection of accounts of dealers and other such actions....

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Section 115BAA of Income Tax Act, 1961 | Finance Act, 2020

Salient features of section 115BAA of the Income tax Act. 1961 (status as on 30th March 2020) as amended by Finance Act 2020 and as approved by the President of India on 27th March 2020. Background: Inorder to promote growth and investment and to be competitive as a nation (especially with respect to tax rates), […]...

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Posted Under: Fema / RBI |

Synopsis of GST Notifications issued on 3rd April 2020

Basis of the Honourable Finance Minister Smt Nirmala Sitharaman on 24th March 2020 press conference for relief measures on account of complete lockdown for 21 days under various statues. An ordinance was issued for the same on 31st March 2020, and notifications for GST were released on 3rd April 2020, and there are some changes […]...

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Posted Under: Fema / RBI |

Procedure for assessment in cases of non submission of Original COOC

Public Notice No. 46/2020-JNCH (07/04/2020)

In the light of unprecedented situation caused by COVID-19 pandemic and due to lockdown resulting in temporary inability for receipt of physical copy of Country of Origin Certificate (COOC), the Trade / Importers have approached for clearance of goods against the photocopy of COOC which they have received electronically from the exporter ...

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Relaxed procedures for In-bonding of goods imported under warehouse Bills of Entry

Public Notice No. 45/2020-JNCH (07/04/2020)

On account of lockdown due to COVID-19, the physical submission of documents and undertaking is not possible. Therefore, the following procedures for In-bonding of the goods imported under warehouse Bills of Entry is laid down:...

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13 FAQs on Companies Fresh Start Scheme 2020

In order to support and enable companies to focus on taking necessary measures to address the COVID-19 threat, the Ministry of Corporate Affairs (MCA) has rolled out the Companies Fresh Start Scheme (Scheme) vide General Circular No. 12/2020 dated 30th March 2020 to provide one-time opportunity to all companies to complete their pending c...

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Posted Under: Fema / RBI |

Temporary provision for filing IGM/EGM without submission of hard copy

Public Notice No. 43/2020-JNCH (07/04/2020)

Representations have been received form Shipping Lines/Consol Agents that during the present COVID19 situation, as a temporary measure the practice of submission of hard copy of IGM/EGM to the import noting section be not insisted to minimize human interaction....

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Arogya Setu is not a surveillance APP

Claim: As per a prominent newspaper, Arogya Setu will be used for surveillance. Fact: This is baseless, the App does not link user location & data with any sensitive personal data. Also, it does not make users vulnerable to hacking....

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Posted Under: Fema / RBI |

All about 39th GST Council meeting

New GST returns postponed New GST Returns has been postponed to 01st October, 2020. Hence tax payers can continue with the old forms till the time new forms are launched. Interest on net GST liability Biggest amendment in GST that 18% interest rate on late payment of GST is now applicable on the next GST […]...

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Posted Under: Fema / RBI |

Clarification on Permitted Activities during Lockdown in Private Sector

No. F. 33(2)Horne/Gr.9/2019 (07/04/2020)

Clarification Regarding List of Permitted Activities during Lockdown in the Private Sector. The category of various permitted activities during Lockdown was stated in the Order dated 26th March, 2020. More such activities were included vide Order dated 4th April, 2020....

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Automated Form 15H Excel Utility

You can keep and generate 2000 parties Form 15H by using this utility with in seconds.Simple to generate as and when require Form 15H UIN (Unique Identification Number) will generate automatically as per the prescribed format....

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Posted Under: Fema / RBI |

Are Amendment and Addendum one and the same or different from each other?

In regular course of business companies/persons will enter into a contract to establish a legitimate business relationship amid the parties and to clearly define the legal/business terms and conditions of such business relationship. At times, the parties may need to add/alter certain terms and conditions of such business contract as a con...

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Posted Under: Fema / RBI |

Confidential Information definition – Data Saviour

Non-Disclosure Agreement (NDA) is all about the prospect of according confidentiality treatment and protection to the confidential information exchanged and shared amid the parties pursuant to the NDA. Confidential Information definition is heart of the NDA as the core aspect of NDA is to regulate and govern the usage of confidential info...

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Posted Under: Fema / RBI |

Why it is important to put a monetary limit on liability for direct damages in a contract?

Each party to a contract will be bound to observe the terms and conditions of the contract and will have to honor such party’s duties and obligations as stipulated in the contract. Any negligence in honoring the duties and obligations by a party will amount to breach of the contract and will land such party […]...

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Posted Under: Fema / RBI |

SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/09 (07/04/2020)

(1) These regulations may be called the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Filling & Issuance of Preferential CoO for India’s Exports-Reg.

Trade Notice No. 01/2020-2021-DGFT (07/04/2020)

Electronic filling and Issuance of Preferential Certificate of Origin for India’s Exports under various FTAs/PTAs w.e.f. 07th April 2020...

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Risk Management and Inter-bank Dealings – Hedging of foreign exchange risk

RBI/2019-20/210 A.P.(DIR Series) Circular No. 29 (07/04/2020)

i. Domestic non-retail corporates having an INR liability may, at their discretion, convert it into a foreign currency liability through a currency swap. ii. For derivative contracts involving INR, Authorised Dealers shall allow a user to book derivative contracts up to USD 10 million equivalent of notional value (outstanding at any point...

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One-time condonation under EPCG Scheme-Extension till 31.03.2021

Public Notice No. 01/2015-20-DGFT [F. No. 18/42/AM-18/P-5] (07/04/2020)

The time period to receive requests in RAs for block-wise extension; extension in Export Obligation Period and submission of installation certificate is further extended up to 31.03.2021....

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Govt reduces Salary of Members of Parliament by 30% for one year

No. 3 of 2020 (07/04/2020)

Salary payable to Members of Parliament under shall be reduced by thirty per cent for a period of one year commencing from the 1st April, 2020, to meet the exigencies arising out of Corona Virus (COVID-19) pandemic....

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