"13 April 2020" Archive

Clubbing of income from assets transferred to Son’s Wife

In computing the gross total income of an individual after 31.05.1973, income arising whether directly or indirectly from the assets transferred to son’s wife for inadequate consideration shall be clubbed in the income of that individual....

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Posted Under: Income Tax |

Analysis of Pending GST Reliefs Amid Lockdown

Pending reliefs Non availability of DSCs Technical difficulty in Filing of GSTR 3Bs returns would be faced because of a sudden lockdown being announced with digital signature certificates (DSCs) locked in offices or not readily available. Filing of Gst returns is a mechanism, currently, wherein taxes can be paid through adjustments made i...

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Posted Under: Income Tax |

Logic behind not extending GST Returns due date

Reasons and Logic behind not extending the GST Returns due date but giving exemption from payment of Late Fee and Interest for February, March and April 2020 due to COVID-19 pandemic Whenever there are exceptional situations, the return filing due dates will be extended which we have seen many times in GST era also. Presently […]...

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Posted Under: Income Tax |

Re-Run of Classical System of Taxing Dividends Like Re-Run of “Ramayana”

Uptill the AY 2020-21, a domestic company was liable to pay the Dividend Distribution Tax (DDT) under section 115-O of the Income Tax Act, on any dividend distributed by it to the shareholders. Consequently, shareholders were exempt from paying tax on such dividend income by virtue of section 10(34)....

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Posted Under: Income Tax |

Section 10(10C) Exemption of amount received on voluntary retirement

Any amount received / receivable by a specified category of an employee under the voluntary retirement scheme or under the voluntary separation scheme is exempted under section 10(10C) of the Income Tax Act. Under the present article, exemption provisions of section 10(10C) are taken up and explained meticulously. Provisions of section 10...

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Posted Under: Income Tax |

Donation to PM CARES Fund by Corporates & its Employees under Consolidated Plan

There are two major benefits which are available under the Income Tax Act, 1961 and Companies Act, 2013, in respect of the consolidated amount of donation i.e. 1. U/s 80G, 100% deduction is available to the employees and employers on the part of their contribution. 2. The amount contributed by the employers is eligible for computati...

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Posted Under: Income Tax |

Principles of law governing re-assessment under Income Tax

Principles of law governing re-assessment under Income Tax Law (Section 147 and 148) (i) The Court should be guided by the reasons recorded for the reassessment and not by the reasons or explanation given by the Assessing Officer at a later stage in respect of the notice of reassessment. To put it in other words, […]...

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Posted Under: Income Tax |

Rules for Composition Scheme under GST

Article explains Rules for Composition Scheme under GST which includes Rule 3: Intimation For Composition Levy, Rule 4: Effective date of Composition levy, Rule 5: Conditions for Composition levy, Rule 6: Validity for Composition levy, Rule 7: Rate of Tax of the Composition levy, Rule 62 : Form & manner of statement and return, Rule [...

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Posted Under: Income Tax |

Challenges in implementation of GST provisions – CBIC clarifies

Circular No. 137/07/2020-GST (13/04/2020)

CBIC vide Circular No. 137/07/2020-GST has clarified on GST refund if GST has been paid but subsequently Service contract cancelled or goods supplied been returned, Date of TCS Payment, Submission Date of LUT for Financial Year 2020-21, Application for such refund of GST for which two years were expiring on 31.03.2020 etc. Circular No. 13...

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Section 80 IBA | Affordable Housing Scheme | Income Tax Deduction

Sub: Opinion on Section 80-IBA of Income Tax Act, 1961 (i.e Affordable Housing Scheme) (I) Facts of the Case: Brief Description on Section 80-IBA of Income Tax, 1961 (Housing For All) Scheme. (II) Analysis : Provisions of Section 80- IBA of Income Tax Act, 1961: (1) Deduction of 100% profits to Affordable Housing Projects: Where […...

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Posted Under: Income Tax |

Are our Fixed Deposits safer than Equity Investments?

Few weeks ago, RBI capped the cash withdrawal on Yes Bank Deposits due to alarming cash crunch in the bank. It dead stopped many of us to think – are our deposits safe ? Well let us take a very brief thinking of whether we are doing the right classification of our fixed deposits? Are […]...

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Posted Under: Income Tax |

ICAI members use electronic signature for signing audit reports

Members of ICAI may use electronic signature for signing audit reports, all reports issued pursuant to any attestation engagement and certificates. However, the members need to ensure compliance with all the requirements relating to signature prescribed in the relevant law or regulation, Standards on Auditing and relevant announcements/ c...

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Posted Under: Income Tax |

How to Download TDS Certificate for Section 194M

1. Important Information on Download 197 Certificate for Section 194M -Only TRACES Registered users can Download 197 Certificate for Section 194M from F.Y 2019-20 onwards. -Deductor (after login as a Taxpayer on TRACES) can download 197 certificate if request of Form-13 is approved by Assessing Officer. -Deductor can view or download 197 ...

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Posted Under: Income Tax |

DGFT relaxes Provision for submission of physical copy of application for TMA

Public Notices No. 02/2015-2020-DGFT (13/04/2020)

However, for the applications filed electronically on or after 01.2.2020 upto 30.09.2020, physical pdf copy of the print out of ANF-7(A)A along with prescribed documents can be filed manually with RA concerned upto 30.10.2020...

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Lockdown Extension- SEBI relaxation to get extended by Equal No. of days

Circular No. SEBI/HO/MIRSD/RTAMB/CIR/P/2020/59 (13/04/2020)

In the event of further extension in the lock down period as directed by Government of India / State Governments, additional relaxation in prescribed timelines for equal number of extended days in lock down is also being given to intermediaries / market participants....

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Conditions on Import of Refined Palm Oil

Trade Notices No. 2/2020-21-DGFT (13/04/2020)

Central Government vide Notification No. 39/2015-2020 dated 8th January, 2020 amended the Import Policy of refined palm oil under Exim code 151190 from 'Free' to 'Restricted'.Import of refined palm oil under the above mentioned Exim code will be permitted subject to the following conditions:...

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Tax Treatment of Co-operative Credit Society

Co operative Credit society providing banking or credit facility to its members is taxable under section 80P or not? Meaning and Definitions: 1) Meaning of Co operative Society: Section 2(19) of IT Act, 1961: ‘Cooperative Society’ means a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), o...

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Posted Under: Income Tax |

Suggested Industries which shall be allowed to operate during Lockdown

it is felt that certain more activities with reasonable safeguards should be allowed once a final decision regarding extension and nature of lockdown is taken by the Central Government. These new activities are essential to improve the economic activity and provide liquidity in the hands of the people...

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Posted Under: Income Tax |

GST Refund Applicability, Time Limit & Procedure

GST is an indirect tax which ultimately becomes the revenue of government when the product/service is consumed by the end consumer. Government allows the GST Refund to promote the exports and to make Indian exporters competent to the global market. So, except some exceptional circumstances GST refund is applicable on the exports. Any elig...

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Posted Under: Income Tax |

e-Communication of Gatepass & OoC Copy of BoE to Custom Brokers/Importers

Circular No. 19/2020-Customs (13/04/2020)

The Final eOoC copy of BoE and eGatepass copy will be emailed to the concerned Customs Broker and/or importer, if registered, once the Out of Charge is granted. The eGatepass copy will be used by the Gate Officer or the Custodian to allow physical exit of the imported goods from the Customs area....

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Interview With GST Expert Advocate Jatin Harjai

Dear Friends Namaskar! The Interview of Advocate Jatin Harjai, a renowned GST Expert has been taken by me on one of the Whats Group of 256 GST Professionals which includes some of the Top class GST Experts from the country also. A Native from Bayana (Bharatpur-Rajasthan). Advocate Jatin Harjai is a qualified Chartered Accountant (2004). [...

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Posted Under: Income Tax |

Understanding CTC/Payroll Components

Many a time, the terms like CTC derive a big question mark as to its understanding. Every individual has to find its way through such a dilemma, considering he/she is working in the corporate sector. We, in order to simplify the basic salary structure, have prepared an in-depth article into the world of COST TO […]...

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Posted Under: Income Tax |

Start-up Recognition | Section 80IAC Tax Deduction | FAQs

A startup is a company or project initiated by an entrepreneur to seek, effectively develop,and validate a scalable business model. STARTUP A startup is a company or project initiated by an entrepreneur to seek, effectively develop, and validate a scalable business model. While entrepreneurship refers to all new busines...

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Posted Under: Income Tax |

Extension of Due Dates of Filing GST Returns Due To COVID-19

Effects of the Notifications 30/2020-CT to 36/2020-CT all dated 3rd April, 2020 issued by the CBIC due to COVID-19 Pandemic For Tax Payers having Turnover more than 5 Crores Return Tax Period Original Due Date Extended Due Date GSTR-1 March-2020 11.04.2020 30.06.2020 April-2020 11.05.2020 30.06.2020 May-2020 11.06.2020 30.06.2020 GSTR-3B ...

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Posted Under: Income Tax |

Analysis of New TCS Section 206C(1H) effective from 01.10.2020

New TCS Section 206C(1H) is made effective from 01.10.2020 vide Finance Act, 2020 and it mandates that -A Seller of Goods is liable to collect TCS on Sale of Any Goods from Buyer -TCS to be collected if the Value/Aggregate Value of Goods is more than 50 Lakhs -TCS to be collected on [ Total […]...

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Posted Under: Income Tax |

Circular No.135/05/2020- Clarification on GST refund related issues

Summary of Clarification on refund related issues vide Circular No.135/05/2020 – GST dt. 31st March, 2020, explaining Bunching of Refund claims across Financial Years, Change in manner of refund of tax paid on supplies other than zero rated supplies, Guidelines for refunds of Input Tax Credit under Section 54(3) and New Requirement ...

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Posted Under: Income Tax |

Impact of Removal of Dividend Distribution Tax by Finance Act, 2020

Removal of DDT (Dividend Distribution Tax) by Finance Act, 2020 (FA 2020) and its impact on other provisions of Income Tax Act, 1961 Existing Provisions (before amendment): Section 115-O provides that, in addition to the income-tax chargeable in respect of the total income of a domestic company, any amount declared, distributed or paid by...

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Posted Under: Income Tax |

आयकर अधिनियम के अंतर्गत ह्रास की जानकारी

ह्रास  का अर्थ यदि कोई व्यापर या पेशा किया जाता है तो उसमें आयकर बचाने का सबसे अच्छा तरीका यह है कि  ह्रास के खर्चे को क्लेम किया जा...

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Posted Under: Income Tax |

A Webinar on Pandemic Legal Intelligence & Business Risk Assessment

PANDEMIC LEGAL INTELLIGENCE & BUSINESS RISK ASSESSMENT Join us for a Webinar on 16th April, 2020 (Thursday) 4.00 P.M. to 5.30 P.M. Register at below (No Charges) https:\\bit.ly/2XvkZjJ BEST STRATEGIES and an INFORMED DECISION matters the most! The pandemic crisis of COVID-19 has brought business houses and legal professionals on their...

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Posted Under: Income Tax |

Analysis of powers of Provisional attachment of property by GST Authorities

Hon’ble Calcutta HC, has held that a issuance of fresh order of provisional attachment will require a fresh review and assessment of the circumstances in hand. However, a fresh order should be issued in the garb of an extension of the earlier order without actually evaluating and analyzing the requirement of doing so....

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Posted Under: Income Tax |

COVID-19 and its effect on Global Economy

The world’s populations are witnessing their sleepless night due to the infection caused by Novel (New) Coronavirus transmitted wide across the world from the central Chinese city of Wuhan at Hubei Province, later named COVID-19 by the World Health Organization (WHO) and declared as pandemic, claimed more than 1 lakh lives and infected ...

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Posted Under: Income Tax |

GST Composition Scheme- Section 10- CGST Act, 2017

COMPOSITION LEVY SECTION 10 OF THE CGST ACT (1) This scheme offers to a registered person, who is required to pay tax at fixed rate on the value of outward supply, regardless of the actual rate of tax applicable on the said outward  SECTION 10(1) Following are the prescribed rate of tax : Rule 7 Rate of tax […]...

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Posted Under: Income Tax |

Recent Regulatory Update for March 2020

Facilitation measures undertaken by Regulatory Authorities In the wake of pandemonium caused by spread of the COVID-19 virus, temporary relaxations in compliance requirements and other facilitation measures are very much needed. The following measures have been undertaken by both, the Ministry of Corporate Affairs (MCA) and the Securities...

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Posted Under: Income Tax |

8 Ways To Build A Healthy Corporate Culture

Small businesses often overlook aspects like corporate culture or company culture that help keep the company stable. The focus of small businesses is to escalate the success ladder faster. But for the sustenance of this corporate culture, one needs to keep in mind building a conducive corporate culture. So how can SMEs build a good [&hell...

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Posted Under: Income Tax |

Impact of Covid-19 on Textile And Apparel Industry

Introduction: India’s textiles sector is one of the oldest industries in Indian economy dating back several centuries. India’s overall textile exports during FY 2017-18 stood at US$ 39.2 billion in FY18 and stood at US$ 38.70 billion in FY19 and is expected to increase to US$ 82.00 billion by 2021..The Indian textiles industry is ...

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Posted Under: Income Tax |

Audit under CFR regulations – Code of Federal Regulations

This Article talks about the overview for conducting audit as per Code of Federal Regulations CFR, standards for obtaining consistency and uniformity for the audit of Indian Government and Non-Government social bodies which are granted Aids by Government and Non-Government US agencies. In context to audits for projects executed by Healthc...

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Posted Under: Income Tax |

Steps for Company Formation in India

Effective from 23rd Feb, 2020, a new integrated Web Based form ‘SPICE+’ pursuant to the Companies (incorporation) Amendment Rules, 2020 has been introduced by Ministry of Corporate Affairs (MCA) which will facilitate: – > Allotment of Director’s Identification Number (DIN) of the directors > Approval of Name of t...

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Posted Under: Income Tax |

Format of Certificate/ Declaration Of Employer to Avail ESIC & EPF Relief Scheme Due to COVID 19

The Govt. of India on 26.03.2020 relief package under Pradhan Mantri Garib Kalyan Yojana (PMGKY) and the Central Govt. proposes to pay 24 % of the monthly wages into EPF accounts for next three months of Wage-earners below Rupees 15,000/- per month, who are employed in establishments having up to one hundred employees, with 90% […]...

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Posted Under: Income Tax |

5 Simple Ways To Manage Your Accounts

Bookkeeping or the books of accounts are the lungs of your business. It is advisable to streamline your accounts to keep your financial records sorted. Streamlining your bookkeeping makes sure that you save your time and money and reduce the last-minute anxiety and financial stress while not compromising on productivity. Here’s listing ...

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Posted Under: Income Tax |

MCA further clarifies on passing of ordinary & special resolutions- COVID-19

General Circular No 17/2020 / Press Relase ID No. 1614099 (13/04/2020)

Further Clarification vide General Circular No 17/2020 on passing of ordinary and special resolutions by companies under the Companies Act, 2013 and rules made thereunder on account of the threat posed by COVID-19...

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ESIC & EPF Relief Scheme guidelines 2020 due to COVID19

Pradhan Mantri Garib Kalyan Yojana : A Scheme to implement the PMGKY package for credit of employee’s & employer’s share of EPF & EPS contributions (24% of wages) for three months by Govt. of India. Overview: The Govt. of India on 26.03.2020 relief package under Pradhan Mantri Garib Kalyan Yojana (PMGKY) and the Central Govt. ...

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Posted Under: Income Tax |

Sovereign Gold Bond Scheme 2020-21

Press Release: 2019-2020/2213 / Notification No. G.S.R. G.S.R. 250(E). (13/04/2020)

The Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds. The Sovereign Gold Bonds will be issued in six tranches from April 2020 to September 2020 as per the calendar specified below:...

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Foreign Direct Investment in Limited Liability partnerships (FDI in LLPs)

Limited Liability Partnership are the best way other than companies where the investment made can be withdrawn by the Designated Partners/Investors which had been invested by them as Capital Contribution or by way of withdrawal of Profits. Since, in companies the capital contribution can be withdrawn by way of bye back of shares or by [&h...

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Posted Under: Income Tax |

No Cenvat Credit denial for Clerical Error in mentioning Vehicle Number

Cubex Tubings Ltd. Vs Commissioner of Customs, Central Excise Central Excise and Service Tax (CESTAT Hyderabad)

Cubex Tubings Ltd. Vs Commissioner of Customs, Central Excise Central Excise and Service Tax (CESTAT Hyderabad) The issue in dispute is whether the appellant assessee is entitled to CENVAT Credit on the disputed eight invoices or otherwise. It is the case of the Revenue that no material was received by the appellant against these invoices...

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Need of disaster recovery plan and business continuity plan in Indian business after COVID-19 Outbreak

As I know before COVID-19 outbreaks disaster recovery planning and business continuity planning was only part of curriculum in highly professional courses in India like Chartered Accountancy. Most of industries are not aware about these planning and also not bother themselves to learn about these plans. While studying my CA course I also ...

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Posted Under: Income Tax |

Fresh start over a Clean Slate – CFSS-2020

Fresh Start Covid-19 if taken positive then this Circular dated 30th March, 2020 from the Ministry of Corporate Affairs must be the first one to note down on a plain paper specially by every Defaulting Companies and those Companies whose name has been struck off by the Registrar of Companies due to non -filling of […]...

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Posted Under: Income Tax |

Analysis of RBI FAQs on Loan moratorium Scheme

RBI Governor vide Press Conference dated 27.03.2020 has discussed about various relaxation due to COVID-19 Pandemic. Reserve Bank of India has allowed Banks to declare a three-month moratorium on all term loans outstanding as on March 1, 2020, as well as on working capital facilities. The RBI announced a 3 month moratorium on all term [&h...

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Posted Under: Income Tax |

Incorporation / Formation of Limited Liability Partnership (LLP)

PROCEDURE FOR INCORPORATION OF LIMITED LIABILITY PARTNERSHIP (LLP) / FORMATION OF LLP LLP is hybrid form which incorporates benefits of both Partnership and Companies. Revised Process for Incorporation of limited liability partnership (LLP) after considering Limited Liability Partnership (Second Amendment) Rules, 2018 as applicable from...

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Posted Under: Income Tax |

Non reduction of price of ‘Fly Ash Blocks despite GST Rate reduction was Profiteering: NAA

Sh. Apoorve Talera Vs Litecon Industries Pvt. Ltd. (NAA)

Sh. Apoorve Talera Vs Litecon Industries Pvt. Ltd. (NAA) It is established that the Respondent has acted in contravention of the provisions of Section 171 of the CGST Act, 2017 and has not passed on the benefit of reduction in the rate of tax to his recipients by commensurate reduction in the prices. Accordingly, the […]...

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Reopening of Assessment after 4 years only if some new Tangible material

Arun Munshaw HUF Vs ITO (Gujarat High Court)

Arun Munshaw HUF Vs ITO (Gujarat High Court) Thus, having regard to the position of law and the materials emerging from the record of the case, it cannot be said that there was no full and true disclosure at the end of the assessee of the material facts. In such circumstances, it could be said […]...

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Govt terminates Safeguard investigation of Phenol import into India

Case No. (SG) 03/2019 (13/04/2020)

Director General, hereby, terminates the present Safeguard investigation concerning imports of Phenol into India initiated vide Notification No. 23/3/2019-DGTR dated 23rd August 2019....

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PML (Maintenance of Records) 2nd Amendment Rules, 2020

G.S.R. 251(E) (13/04/2020)

1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) 2nd Amendment Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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MCA allows filing of IEFF e-forms till 30.09.2020 without additional fees

General Circular No. 16/2020 (13/04/2020)

General Circular No. 16/2020 File No. 16/01/2018-IEPFA (Vol. II) Investor Education and Protection Fund Authority Ministry of Corporate Affairs Government of India Ground Floor, Jeevan Vihar Building, 3, Parliament Street, New Delhi-01, Dated: 13th April, 2020 To All Stakeholders, Nodal Officers (IEPF) of Companies, All Regional Directors...

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Prudent management of financial resources of insurers amid Covid-19

No: IRDA/F&A/CIR/MISC/089/04/2020 (13/04/2020)

The global macroeconomic outlook for current financial year 2020-21 has been adversely affected by COVID-19 pandemic which has impacted majority of countries in the world across the continents. The pandemic has cast its shadow across various economic activities with massive dislocation in global production, supply chains and trade....

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Sovereign Gold Bond Scheme-Procedural Guidelines – Consolidated

RBI/2019-20/213 IDMD.CDD.2730/14.04.050/2019-20 (13/04/2020)

Sovereign Gold Bond Scheme of Government of India-Procedural Guidelines-Consolidated- Sovereign Gold Bonds are issued by Government of India as Government of India Stock in accordance with Section 3 of Government Securities Act, 2006...

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Sovereign Gold Bond Scheme (SGB) 2020-21- Series I, II, III, IV, V, VI

RBI/2019-20/212 IDMD.CDD. No.2729/14.04.050/2019-20 (13/04/2020)

The Subscription of the Gold Bonds under this Scheme shall be open (Monday to Friday) on the dates specified above, provided that the Central Government may, with prior notice, close the Scheme at any time before the period specified above...

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CBIC issues ITC refund under GST of Rs. 2800 crore in 10 days

D.O.No. 10/CH(IC)/2020 (13/04/2020)

M. Ajit Kumar, Chairman Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs North Block, New Delhi-110 001 Tel. No. +91-11-23092849, Fax No. : +91-11-23092890 E-mail : ajit.m@gov.in Date: 13th April 2020 D.O.No. 10/CH(IC)/2020 Dear Colleague The past week has been one where the department has enhanced i...

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Alert for ISDs for data in SAVE stage in their Form GSTR 6

Changes are being made in the credit utilization criteria in Form GSTR-6, filed by Input Service Distributors (ISDs). These changes are likely to be implemented on the GST portal with effect from 14.04.2020....

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Posted Under: Income Tax |

Tax Rate Option exercise by Employee for TDS on Salary & by Business

Circular C1 of 2020 (13/04/2020)

An employee, having income other than the income under head profit and gains of business or profession and intending to opt for the concessional rate under section 115BAC of the Act, may intimate the deductor, being his employer, of such intention for each previous year and upon such intimation, the deductor shall compute his total income...

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Short deduction of TDS/TCS due to increase in rates of surcharge

Circular No. 08/2020-Income Tax (13/04/2020)

Several cases have come to the notice of the Central Government wherein deductors/ collectors were held to be an assessee in default for short deduction of TDS/short collection of TCS in cases where final transaction was done before laying of the Finance (No.2) Bill, 2019 in the Parliament, i.e. 5th July, 2019....

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ESI Due date of February 2020 further extended to 15th May, 2020

No.: P-11/14/Misc./1/2019-Rev. (13/04/2020)

The ESI Contribution for the Month of February, 2020, can be filed and paid upto 15th May, 2020 instead of earlier extended period of 15th April, 2020....

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