"17 April 2020" Archive

E-Commerce Operator Under GST

In The World of Digitization and Automation, we are dealing with various E-Commerce Operator from Cab Services, Hotel Accommodation Services, Food Services, etc on constantly basis in our daily life. With Introduction of GST, Scope is widen on services provided through ECO. Will explain the Various Provision applicable to E-Commerce Opera...

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Taxation Scheme for Salaried Employees

As you all must be aware of the New Taxation Regime introduced by the Finance Act, 2020 by insertion of section 115BAC in the Income Tax Ac, 1961. Now, there is a lot of confusion going around regarding this and number of questions mentioned below remained unanswered as of now- (a) How to deduct withholding […]...

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Time Limit for taking ITC & Ledger Restrictions – An Analysis

1. The basic design of GST postulates that the input tax credit (ITC) shall be seamlessly granted to the registered businesses to avoid the cascading effect of tax and also to ensure that the entire tax burden is transparently transferred to the end consumer. Said design also found mention in the Statement of Objects and […]...

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GST: Amended Definition of Adjusted Total Turnover | Rule 89(4)

The Government vide Notification No. 39/2018–Central Tax dated 04/09/2018, amended Rule 89(4) which provides mechanism for calculation of refund amount of input tax credit in relation to zero-rated supply of goods or services or both without payment of tax under bond or letter of undertaking in accordance with provisions of sub-section ...

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Compulsory Aadhar/ Physical Verification Prior to GST Registration

Physical verification is not a new concept in tax laws.  Central Government has opened up new avenues for the Tax Officials for prior visit of premises whereby now the registering authority may undergo prior physical verification of the registered premises of the registrant prior to issuance of registration under GST Law. I. BACKGROUND: ...

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Cash Transaction Limit – When to Say No

Gradually, the Indian Economy is getting digitalized and ultimately moving towards a cashless economy. Electronic transactions ensure a clear money trail and make it very difficult for tax evaders. In a bid to curb black money as well as limit the number of cash transactions, the Government from time to time has introduced many new [&hell...

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ITR selected under Risk Management Process for pending Tax Refunds

Income Tax Department under its reminder campaign, sent email to around 1.74 Lakhs Taxpayers on 14/04/2020 with the Subject line regarding “Claim of Refund in your Income Tax Return for AY <Assessment Year> – <PAN> “. The said email states that “Your Income Tax Return has been selected under risk management process...

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Treatment of GST on Advances

Time of supply determines when the tax liability arises. Section 12 to 14 of CGST Act 2017 deals with time of supply provisions. Time of supply is different for goods and for services and it depends on different aspects to determine time of supply. General rule is time of supply is earlier of date of […]...

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Interview with GST expert CA Shaifali Girdharwal

INTERVIEW WITH GST EXPERT CA SHAIFALI GIRDHARWAL BY CA SUDHIR HALKHANDI Dear Friends, on 16th April I have interviewed GST Expert and Natural orator CA Shaifali Girdharwal. She is a girl from small town called Muzaffar Nagar, Near Meeruth (UP) and now turned into a a successful Professional in the National Capital, Delhi. She served [&hel...

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Analysis of Taxability Works Contract Transactions in GST

The Taxation of Works Contract was always a subject matter of dispute because both Service and Transfer of Property in Goods were involved in the very same transaction. In the case of Gannon Dunkerly, the Hon’ble Supreme Court had held that in case of a works contract, the dominant intention of the contract is the […]...

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TDS on Rent under section 194I- Confusion to Solution

TDS on payment of Rent falls under section 194I of Income Tax Act-1961. The plain reading of this section is very simple but very difficult to apply practically, specially when there is no clarity over simple definition of Rent and duration of Rent too. In this article, section 194I shall be critically analysed and confusion […]...

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GST Provisions for TDS-Detailed Analysis

GST Provisions for Tax Deducted at Source ( TDS ) have become applicable since 01-10-2018. Detailed analysis with section, rules, notifications and circulars is as under : 1. Who is liable to deduct TDS ? The persons specified under clauses (a), (b) and (c) of section 51 (1) and persons notified under clause (d) of section […]...

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What Actually is the due date for filing Monthly GSTR-3B return?

Form the point of view of revenue collections by the government, monthly return in form GSTR-3B has been major source of tax collections under the GST regime. However, it has been observed that the due dates for filing this return in form GSTR-3B has not provided in GST Acts, these have not even provided in […]...

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Relevance of Section 292BB in Assessment Proceedings

The section 292BB talks about ‘Notice deemed to be valid in certain circumstances’ was introduced by Finance Act 2008 & is reproduced below – [Notice deemed to be valid in certain circumstances. 292BB. Where an assessee has appeared in any proceeding or co-operated in any inquiry relating to an assessment or reassessmen...

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Additional relaxation in compliance with SEBI LODR Regulations, 2015

Additional Relaxations/Clarifications in Relation to Compliance With Certain Provisions of The SEBI LODR Regulations, 2015 Due to The COVID –19 Pandemic: SEBI vide its circular dated April 17, 2020, in continuation with its circular dated March 19, 2020 and March 26, 2020, has decided to grant the following further additional relaxation...

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Karnataka extends Due dates of Professional Tax, VAT, KTEG & Sales tax

Karnataka – Extension of Due dates for matters concerning Professional Tax, VAT, KTEG and Sales tax Due to the Pandemic Covid-19 outbreak and subsequent lockdown nationwide causing difficulties to various taxpayers adhering to the provisions of tax laws.  The Karnataka Government extends certain due dates concerning payment of taxe...

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Impact of COVID-19 on Pharma Sector

Pharmaceuticals  have  always  been  a  huge  component of  India’s ever-growing  trade  expansion strategy,  especially  since the  country has already stated  its goal of diversification  of exports  both in terms of the  products  that  are being  exported and the  countries  to which they are exported. India...

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Impact on MSMEs amidst COVID-19

Micro Small & Medium Enterprises MSMEs have played a vital role in our economy and with low investment, it is giving the maximum employment in the country providing wide area of products and services. During the lockdown, the MSMEs are suffering because of the sudden break in operations, thereby creating a situation of panic. Some [&h...

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Impact of Bank Moratorium- Is NBFC Pandemic to Indian Economy?

CoVID-19, better known as the novel coronavirus, hit the India. From the day 1 of lock down the Indian economy facing dilemma in various fields. The virus doesn’t leave the capital markets and Banking Industry. On 27th March, RBI reduced the repo rate by 75 bps and announced of three months on all term loan and credit card instalments d...

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Checklist -AAR Decision -GST on Directors Remuneration

Checklist with respect to Decision on applicability of GST on Directors Remuneration Applicability of GST on Remuneration to Directors Why it is a Wake-up call for many Preamble – After the decision on Applicability of GST on Remuneration to Directors rendered by Advance Ruling Authority in case of Clay Crafts India Pvt Ltd (AR no [...

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Can India leverage coronavirus crisis to its advantage ?

When the world is doomed by the pandemic of Coronavirus, at a time when the human race is faced by its biggest challenge that has forced us to self-isolate ourselves in our homes, I am reminded of one quote by Albert Einstein, “in the midst of every crisis, lies great opportunity”. While the world is […]...

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Crux of RBI Governor Press Conference dated 17.04.2020

RBI Governor Shaktikanta Das addressed a press briefing today. This was his second briefing since the COVID-19 outbreak. In his previous address on March 27, Das announced several relief measures approved by its Monetary Policy Committee (MPC) to counter the economic slowdown. RBI Governor thanked Corona Warriors forefront of the battle a...

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COVID-19 | Regulatory Package by RBI | Three month moratorium

The Reserve Bank of India vide circular RBI/2019-20/186 dated 27th  March, 2020 announced certain regulatory measures to mitigate the burden of of debt servicing brought about by disruptions on account of COVID-19 pandemic and to ensure the continuity of viable businesses. RBI has announced to  grant a moratorium of three months on paym...

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Board Meeting Rules amid Covid-19

To deal with the precarious situation due to outbreak of Covid-19 and the Ministry of Corporate Affairs have given major relaxations with respect to holding of Board meeting through physical presence of Directors by amending Rule 4 of Companies (Meeting of Board and its Powers) Rule, 2014. The Ministry of Corporate Affairs (MCA) vide its ...

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Income Tax Amendments in the wake of Covid-19- A Summary

Income Tax Amendments in the wake of Covid-19

i) Vivad Se Vishwas Scheme : – Time limit to avail Vivad Se Vishwas Scheme – extended to 30th June, 2020. – No additional 10% amount to be paid, if payment made by 30th June, 2020. ( The original date was 31st March 2020). ii) Reduced Rates of Interest : For delayed payments of : […]...

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SEBI LODR Relaxations due to Lockdown 2.0

Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/63 (17/04/2020)

SEBI vide Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/63 dated 17th April, 2020, published Additional relaxations / clarifications in relation to compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR’) due to the COVID – 19 pandemic Relaxations are given under: Regulat...

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Annual Return under Companies Act 2013 and Rules

ANNUAL RETURN [Section 92 of Companies Act, 2013 and Companies (Management and Administration) Rules, 2014] Annual return is significant document for the stake holders of the company as it provides very comprehensive information about various aspects of company. It gives disclosures and greater insight into the non-financial matters of th...

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Registrar and share transfer agent

Why Need Registrar and Share Transfer Agent? In the current fast-paced investment environment, mutual fund investors, publicly-traded companies, and financial institutions have multiple investors who perform a number of transactions in a day like buy, sell or switch of share units and also require accurate records or information regarding...

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GST on Remuneration Paid to Directors?

Recently, Rajasthan Authority for Advance Ruling in case of M/s. Clay Craft India P. Ltd. has held that GST is leviable under reverse charge mechanism on Salary paid to Directors. In its decision pronounced on 20.02.2020 it has held that notification no. 13/2017 dated 28.06.2017 has given distinct identity to the service provided by the [...

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Annual General Meeting Minutes FAQs

This article is in continuation of my last article on Board Meeting Minutes and I have covered the Frequently asked questions on Annual General Meeting Minutes. As Annual General Meeting have very important meeting of company and held in every Financial Year as per The Companies Act, 2013. I will brief you about General meeting […]...

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How to Raise Funds For NGO

Dear readers, as you all know activities related to Social Welfare are part of our Society. Some peoples from society take this initiative to do Social welfare activities to help needy peoples. In the Current situation of COVID -19, the whole economy is in lockdown and the NGO of India has taken the responsibility along […]...

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Synopsis of Companies Amendment Bill, 2020 – Part I

Synopsis of Companies Amendment Bill, 2020 – Part I With the objective of decriminalizing some more provisions of the Companies Act, 2013 and to provide further ease of living to law abiding corporate, a Company Law Committee (CLC) consisting of representatives from Ministry, industry chambers, professional institutes and legal frat...

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Institutional Framework needed to regulate & develop Valuation Professionals

Key Recommendations of CoE on Need for an Institutional Framework for Regulation and Development of Valuation Professionals in India In August 2019, the Ministry of Finance (MoF) had constituted Committee of Experts (CoE) to examine the need for an institutional framework for regulation and development of valuation professionals in India....

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Procedure for allocation of quota for import of Calcined Pet Coke & Raw Pet Coke

Public Notice No. 04/2015-20-DGFT-[F. No. 01/93/180/03/AM-10/PC-2(A) Part-I] (17/04/2020)

Procedure for allocation of quota for import of (i) Calcined Pet Coke for use as Calcined Pet coke (CPC) in Aluminium Industry and (ii) Raw Pet Coke for CPC manufacturing industry for the year 2020-2021 is notified. Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Public Not...

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Govt restricts FDI from Countries with which India share Land Border

Press Note No. 03 (2020 Series) (17/04/2020)

A non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited. However, an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under the Governmen...

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32 key highlights of RBI Governor Press conference dated 17.04.2020

1. RBI is acting proactively RBI governor said that the RBI is doing everything to fight the epidemiological challenge that the world is facing. 2. To ensure financial system, RBI staff is working, being staying away from family RBI governor started his address by thanking RBI staff that has been working away to keep the […]...

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Ind AS 109: Accounting treatment of Financial Guarantee Contract

Ind AS 109:Accounting treatment of Financial Guarantee Contract (on debt instrument) and Expected Credit Loss on financial guarantee contract Financial Guarantee Contract: A contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in...

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SEBI (Regulatory Sandbox) (Amendment) Regulations, 2020

No. SEBI/LAD-NRO/GN/2020/10. (17/04/2020)

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

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RBI Governor’s Statement, April 17 2020- Further relief- Covid 19

Governor’s Statement, April 17, 2020 Today, humanity faces perhaps the trial of its time as COVID-19 grips the world in its deadly embrace. Everywhere, as also in India, the mission is to do whatever it takes to prevent epidemiological curve from steepening any further. Human spirit is ignited by the resolve to overcome the pandemic. [&...

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4 Months’ Rental Waiver to IT Companies Operating from STPI

In view of the challenges thrown by COVID19 outbreak and consequent lockdown, the Government today took a major decision to provide relief from payment of rental to the small IT units operating out of the Software Technology Parks of India (STPI).  Most of these units are either Tech MSMEs or startups. ...

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IGST refund cannot be denied for clerical error in shipping bills; HC ask dept to look into the issue

Heavy Metal and Tubes (India) Pvt Ltd. Vs Principal Commissioner of Customs (Gujarat High Court)

उrievance of the writ-applicant is that -authorities are not responding to request with regard to the sanction of refund of IGST paid in connection with the goods exported,...

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During stay application pendency A.O. cannot ask banks to pay tax of taxpayer 

Pirna Urban Co-Oeprative Credit Society Ltd. Vs ITO (Bombay at Goa High Court)

Pirna Urban Co-Oeprative Credit Society Ltd. Vs ITO (Bombay at Goa High Court) The issue under consideration is the notice issued by the Income Tax Officer (ITO) to the petitioner’s bank i.e. Ratnakar Bank Ltd., requiring the bank to remit an amount of 2,33,42,040/- as dues towards the payment of income tax by the petitioner. [&hell...

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GST defaulter can be released on conditional bail on bond with sureties

Kamlesh Suvalal Soni Vs State of Gujarat (Gujarat High Court)

In the given case, the applicant is facing charges under Sections 132(1)(b) and 132(1)(c) of the Central Goods and Services Tax Act, 2017, for which maximum sentence is of five years. Hence the applicant wanted to apply for regular bail....

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De-notifying West Quay 6 Berth, Besides Nalco Tanks, Visakhapatnam Port Trust

Notification No. 01/2020 (Custom )(NT)(VSP) [S.O. 1461(E)] (17/04/2020)

OFFICE OF THE PRINCIPAL COMMISSIONER OF CUSTOMS NOTIFICATION No. 01/2020 (CUSTOMS)(NT)(VSP) Visakhapatnam, the 17th April, 2020 Sub: De-notifying West Quay 6 Berth, Besides Nalco Tanks, Visakhapatnam Port Trust, Visakhapatnam – reg. S.O. 1461(E).—Whereas West Quay 6 Berth, Visakhapatnam Port Trust, Visakhapatnam was approved in exerci...

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5% Tax applicable on slice under Haryana VAT: HC

Saluja and Company Vs State of Haryana and others (Punjab & Haryana High Court)

Saluja and Company Vs State of Haryana and others (Punjab & Haryana High Court) Issue- Whether in facts and circumstances of the case, the Tribunal was justified in holding that the Mango Drink under the brand name “Slice” sold by the appellant, does not fall under Entry 100D of Schedule-C of the HVAT Act and […]...

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In absence of Applicability of TDS, no Section 40(a)(ia) disallowance

ACIT Vs Alfran Construction Pvt. Ltd. (Bombay at Goa High Court)

Section 194 C of the IT Act deals with deduction of tax at source when it comes to payment to contractors. In the present case, since neither the Assessee nor M/s. Prabhu Construction can be styled as contractors, it is obvious that the provisions of Section 194C of the IT Act were not attracted. Hence Section 194C will not be invoked in ...

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HC restrains bank from declaring an account as NPA till further order- Covid 19

Shakuntla Educational & Welfare Society Vs Punjab & Sind Bank (Delhi High Court)

The issue under consideration is that the petitioner seeks a direction to the respondent not to declare its pending loan accounts as Non Performing Assets (NPA). The petitioner also seeks a direction to the respondent for grant of moratorium of three months to it in terms of circular issued by the Reserve Bank of India(RBI)....

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VCES benefit cannot be denied for mere Clerical error

Shivani Textiles Limited Vs Commissioner of Central Tax (CESTAT Delhi)

The issue in this appeal is whether the benefit of VCES-Voluntary Compliance encouragement Scheme, 2013 have been rightly denied to the appellant on the basis of clerical error in filing the declaration?...

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No reassessment after four years in absence of failure to disclosures by assessee

Jayesh T Kotak  Vs DCIT (Gujarat High Court)

In the absence of failure on the part of assesse to disclose fully and truly all material facts necessary for his assessment, the reopening of assessment beyond a period of four years from the end of relevant assessment year was without authority of law....

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Nil Book Profit – Section 234B & 234C Interest not applies

CIT Vs National Dairy Development Board (Gujarat High Court)

When its book profit was nil on the last date of the financial year then the assessee had no liability to pay advance tax and therefore, interest u/s 234B and section 234C of the Act will not be charged...

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Section 80P(2)(d) deduction allowable on Other Interest Income apart from 10% Net Profit Transferred to Reserved Fund

PCIT Vs Electro Urban Co-Operative Credit Society Ltd. (Calcutta High Court)

PCIT Vs Electro Urban Co-Operative Credit Society Ltd. (Calcutta High Court) The issue under consideration is whether interest on deposits/securities, which strictly speaking accrues to the members’ account, could be taxed as business income under section 28 of Income Tax Act, 1961? Supreme Court said, such interest income would com...

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Goods cannot be detained for mere Misclassification or Misbranding

Hindustan Coca Cola Pvt. Ltd. Vs Assistant State Tax Officer (Kerala High Court)

Hindustan Coca Cola Pvt. Ltd. Vs Assistant State Tax Officer (Kerala High Court) The petitioner a Private Limited Company engaged in manufacture and supply of fruit-based beverages/drinks registered in State of Kerala under GST Act. According to the petitioner, the product manufactured by them was classified under HSN 2202 9920 under GST ...

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COVID19 Regulatory Package – Resolution of Stressed Assets

RBI/2019-20/219 DOR.No.BP.BC.62/21.04.048/2019-20 (17/04/2020)

Reserve Bank of India RBI/2019-20/219 DOR.No.BP.BC.62/21.04.048/2019-20 April 17, 2020 All Scheduled Commercial Banks (excluding Regional Rural Banks); All India Financial Institutions (NABARD, NHB, EXIM Bank, and SIDBI); All Systemically Important Non-Deposit taking Non-Banking Financial Companies (NBFC-ND-SI) and Deposit taking Non-Bank...

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Projects under Implementation -Asset classification Norms for NBFCs

RBI/2019-20/216 DoR.NBFC (PD).CC.No.110/03.10.001/2019-20 (17/04/2020)

Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 on ‘Norms for restructuring of advances’. The Reserve Bank has issued guidelines to banks on deferment of date of commencement of commercial operations (DCCO) for projects in commercial real estate (CRE) sector vide circular number DOR.No.BP.BC.33/21.04.048/2019-20...

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RBI prohibits Declaration of dividends by banks for FY 2019-20

RBI/2019-20/218 DOR.BP.BC.No.64/21.02.067/2019-20 (17/04/2020)

it has been decided that all banks shall not make any further dividend payouts from the profits pertaining to the financial year ended March 31, 2020 until further instructions. This restriction shall be reassessed by the Reserve Bank based on the financial results of banks for the quarter ending September 30, 2020....

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RBI permits SLR-eligible assets to be reckoned as HQLAs for meeting LCR

RBI/2019-20/217 DOR.BP.BC.No.65/21.04.098/2019-20 (17/04/2020)

Given that SLR has now been reduced to 18 per cent of NDTL from April 11, 2020, and with increase in MSF from 2 per cent to 3 per cent of the banks’ NDTL (with effect from March 27, 2020 and applicable upto June 30, 2020), entire SLR-eligible assets held by banks are now permitted to be reckoned as HQLAs for meeting LCR....

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COVID19 Regulatory Package – Asset Classification & Provisioning

RBI/2019-20/220 DOR. No. BP. BC. 63/21.04.048/2019-20 (17/04/2020)

In respect of all accounts classified as standard as on February 29, 2020, even if overdue, the moratorium period, wherever granted, shall be excluded by the lending institutions from the number of days past-due for the purpose of asset classification under the IRAC norms....

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RBI reduces reverse repo rate by 25 basis points to 3.75 per cent

RBI/2019-2020/215 FMOD.MAOG.No.141/01.01.001/2019-20 (17/04/2020)

As announced in Governor’s Statement today, it has been decided to reduce the interest rate on fixed rate reverse repo under the Liquidity Adjustment Facility (LAF) by 25 basis points from 4.00 per cent to 3.75 per cent with immediate effect....

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Allocation of additional quantity for export of sugar to USA under TRQ

Public Notice No. 03 /2015-2020-DGFT [F.No. 01/91/180/879/AM08/EC/Vol. VIII] (17/04/2020)

Additional quantity of 745 MTRV (Seven Hundred and Forty-Five Metric Ton Raw Value) of raw cane sugar, for export to USA, under TRQ, up to 30.09.2020, has been notified....

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Amendment in Export Policy of formulations made from Paracetamol

Notification No. 03/2015-2020-DGFT [S.O. 1264(E)] (17/04/2020)

The Notification  No. 50/2015-20  dated 03.03.2020  is  further  amended  to the  extent  that  the formulations made from Paracetamol (including FDCs) under any ITCHS Code, including the ITCHS Code mentioned above, are made "Free" for export, with immediate effect. However, Paracetamol APIs will remain restricted for export....

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Accounting Treatment of Reverse Charge Mechanism (RCM) under GST

Concept of RCM is not new in Indirect Tax regime, it is similar to what was there in service tax, but in GST regime supply of goods is also covered under RCM. There is not any provision of partial RCM under GST, 100% need to be paid by receiver of service or Goods....

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Draft IBBI (Liquidation Process) (Second Amendment) Regulations, 2020

Notification No. IBBI/2020-21/GN/REG060 (17/04/2020)

1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020. (2) They shall come into force on the 17th April, 2020....

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Section 179: No Tax recovery from director if same can be recovered from Company

Sonal Nimish Patel Vs ACIT (Gujarat High Court)

In the show-cause notice, there is no whisper of any steps having been taken against the Company for recovery of the outstanding amount. Even in the impugned order, no such details or information has been staled....

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Opting of New or Old Tax Regime for TDS by Employee

Clarification in respect of option under Section 115BAC of the Income Tax Act, 1961 Income Tax Circular No C1 of 2020 dated 13th April 2020 Finance Minister in her Budget Speech, 2020 had introduced new tax regime with effect from Assessment Year 2021-22, inter alia provides that an Individual or HUF having income other than […]...

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Impact of COVID-19 (Corona Virus) on Indian Economy

INTRODUCTION It is said that everything comes with a cost and the ongoing Corona Virus Pandemic is the cost that the nations are bearing for Globalization. The Corona Virus has travelled from China to Europe to United States of Amercia to our country.  Corona Virus has not just rattled lives, but also economies across the […]...

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GST Amendments in the wake of COVID-19

i) Notification 30/2020 : 1)  The due date to file form CMP-02 {Rule 3(3)} and Form GST ITC-03 {Rule 44(4)} extended –  The last date to file form CMP -02 for any registered person who wanted to opt for composition scheme (section 10 as well as notification 2/2019 ) for the financial year 2020-21 was […]...

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Comparative Analysis of Mandatory Committees under SEBI ( LODR) Regulations, 2015 and Companies Act, 2013

Comparative Analysis of Mandatory Committees under SEBI (LODR) Regulations, 2015 and Companies Act, 2013 Introduction to Committees Committees can be said as a group of persons who work together for a common objective and perform a specific work requiring expertise knowledge.   With this Objective, Board Committees are formed to perform...

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Overview of Registration of Charges under Companies Act, 2013

While running business, whenever companies are short of capital and where there is a need to enhance the growth and to increase the capital, the simplest way is company borrows money from financial institutions or banks keeping its security as collateral. In this event charge is created for securing loans or debentures by way of […...

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Reservation of Company name- Changes wef 23.02.2020

Criteria for Reservation of name Before and After Amendment made MCA with effect from  23.02.2020 Reservation of Name of Company : As per the provisions of the Sub-Section (4) and (5) of Section 4 of  the Companies Act, 2013, read with Companies (Incorporation) Rules, 2014, as amended vide Companies (Incorporation) Amendment Rules, 2020...

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FAQs on conducting General Meeting through VC or OAVM

The Ministry of Corporate Affairs vide its General Circular No. 14/2020 dated 8th April, 2020 has clarified that the companies are allowed to conduct Extra Ordinary General Meeting (EGM) for passing ordinary and special resolutions of urgent nature requiring approval of members (except items of ordinary business and items where any person...

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How to work from home during Coronavirus Lockdown

Staying motivated, retaining work-life balance and video conference etiquette are just some of the challenges during work from home environment. Few tips listed below; 1. Work out to work well, Meditation or focus power; Start 10 minutes a day and move up to 30 minutes but do it on daily to see results in 2-3 […]...

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Section 68 applicability when sales receipt shown in P&L Accounts

Whether Provisions of Section 68 are applicable in case of sales receipt shown in trading and profit and loss account? It has been observed that while passing an order for scrutiny assessment for cash deposited by the assessee during demonetization period, various assessing officers have made addition under various sections of the Income ...

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Recent changes in residential status as per Income Tax Act – All you wanted to know in a nutshell

There is a change in the provisions for determining residential status, as per the amendment in Income tax act. The general rule will remain as same i.e. any person who is in India for more than 182 days will be treated as resident in India. OR, if he was in India for 60 days or more […]...

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Clarification regarding GST issues faced by taxpayers–COVID-19

The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No 137/07/2020-GST dated 13th April 2020, with respect to certain challenges faced by the registered persons in implementation of provisions of GST Laws for the notifications issued pursuant to outbreak of COVID -19. Circular No.136/06/2020-GST, dated 03.04.2020 wa...

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Mitigation Measures For Corporates By SEBI and MCA Owing to COVID-19 Outbreak

The COVID-19 epidemic which has affected almost entire world has been declared as ‘Pandemic’ by the World Health Organization (WHO). The effect of Covid-19 is so severe that almost entire world is now facing lockdown and everywhere it is encouraged to stay at home and avoid travelling and social distancing is the only known way [&hell...

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Admissible Evidence

What is admissible evidence? The admissible evidence is any report, declaration, or substantial proof utilized in an official courtroom. The evidence is commonly acquainted with an appointed authority or a jury to demonstrate a point or component for a situation. Criminal Law: In criminal law, the proof is utilized to demonstrate a r...

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Applicability of GST on Directors’ Remuneration & Payments

Any amount paid to Director which is in the nature of employment contract is not liable for payment of GST, whereas any amount paid to Directors who are not on the payroll of the company will be liable for Reverse Charge Mechanism....

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Importance of Website Policy

A website policy is an announcement or an authoritative report that uncovers a few or all the manners in which a gathering accumulates, utilizes, unveils, and deals with a client or customer’s information. It satisfies a lawful necessity to secure a guest’s or your customer’s protection. Kinds of website policy: 1. Acc...

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December 2020