"05 June 2020" Archive

Jurisdiction of Commissioner (Appeals) to assessment orders passed by Faceless Assessment Groups

Notification No. 51/2020-Customs (N.T.) [G.S.R. 353(E)] (05/06/2020)

Notification No. 51/2020-Customs (N.T.) – Notification to amend Notification No.92/2017-Customs (NT), dated 28.09.2017 to specify the jurisdiction of Commissioner (Appeals) to assessment orders passed by Faceless Assessment Groups- Reg. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES ...

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ITR-4 | Key Insertions | Available for E-Filing for FY 2019-20

ITR-4 | Key Insertions in the Income Tax Return form Now Available for E-Filing at Income Tax Portal for Assessment Year (AY) 2020-21 / Financial Year (FY) 2019-20 Recently, the government (CBDT) notified the revised Income Tax Return Forms (ITR) for the financial year 2019-20 (AY 2020-21) including ITR-4. Today i.e. on the 5th of [&helli...

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Transitional Credit if not claimed in Tran-1, lost forever!!

1. Upon introduction of the new tax regime of Goods &Service Tax [GST] w.e.f 01.07.2017, all the suppliers/service providers/ manufacturers/dealers etc., were migrated from erstwhile regime of indirect taxation to the new regime i.e. GST. Under the GST regime, every registered person was required to file electronically FORM GST TRAN-1...

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Posted Under: Custom Duty |

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020

No. 9 of 2020 (05/06/2020)

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 5th June, 2020/Jyaishtha 15, 1942 (Saka) THE INSOLVENCY AND BANKRUPTCY CODE (AMENDMENT) ORDINANCE, 2020 NO. 9 OF 2020 Promulgated by the President in the Seventy-first Year of the Republic of India. An Ordinance further to amend the insolvency and Bankruptcy Code, 2016. W...

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1st phase of All India roll-out of Faceless Assessment by CBIC

Circular No. 28/2020-Customs (05/06/2020)

In order to introduce Phase 1 of Faceless Assessment at Bengaluru and Chennai from 8th June 2020 for imports primarily made under Chapters 84 and 85 of the Customs Tariff Act, 1975 at these Customs stations, Board has issued two notifications, as follows:...

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Taxation of Unexplained Incomes

Background To begin with, the unexplained income simply means any income for which assessee do not have valid explanation about the nature and / or source or the assessing officer is not satisfied with the explanation provided by the assessee. Under the provisions of Income-tax Act, 1961 (the Act) broadly, the term ‘unexplained income...

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Posted Under: Custom Duty |

Insights into Prohibition of Benami Property Transaction Act, 1988

Generally,due to following reasons, people enter into benami transactions: a) To invest unaccounted money. b) To invest money earned from illegal means, that is, through corruption, etc. c) To hide the ownership of the property from banks or creditors....

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Posted Under: Custom Duty |

Trade Mark Registration Process

Trade Mark Registration Process Step 1: ♣ Click on the following link to start the registration procedure https://ipindiaonline.gov.in/trademarkefiling/user/frmLoginNew.aspx ♣ Then register yourself by clicking on “New User? Sign Up” ♣ Then proceed for Registration, if you fulfil the following two requirements: ♣ Class II or I...

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Posted Under: Custom Duty |

Board Meeting through video conferencing or audio-visual means

BOARD MEETING THROUGH VIDEO CONFERENCING OR OTHER AUDIO VIDEO MEANS Companies (Meetings of Board and its Powers) Rules, 2014 issued various procedure for convening and conducting the Board meetings through video conferencing or other audio-visual means. Some of the procedures are as follows: – Necessary arrangements to be made to av...

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Posted Under: Custom Duty |

Declaration & Payment of Dividend to Non- Resident Shareholder

PROCEDURE FOR DECLARATION OF FINAL DIVIDEND: Board Meeting: Dividend shall be declared only on the recommendation of the Board, made at a meeting of the Board. Where a company has an Audit Committee, this Committee shall consider the annual financial statements before submission to the Board. Dividend shall be recommended by the Board aft...

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Posted Under: Custom Duty |

Guidelines on settlement of Life Insurance Claims of Cyclone Nisarga victims

Ref. No: IRDA/LIFE/GDL/MISC/140/06/2020 (05/06/2020)

As a result of Cyclone 'Nisarga’, there are reports of loss of human lives and loss of belongings in the affected Districts of primarily the states of Maharashtra and Gujarat. In order to extend every possible facilitation in quick and timely settlement of life insurance claims, you are advised to take the following actions immediately ...

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Minutes of Monetary Policy Committee Meeting May 20 to 22, 2020

Press Release : 2019-2020/2459 (05/06/2020)

Reserve Bank of India Minutes of the Monetary Policy Committee Meeting May 20 to 22, 2020 [Under Section 45ZL of the Reserve Bank of India Act, 1934] Date : Jun 05, 2020 The twenty third meeting of the Monetary Policy Committee (MPC), constituted under section 45ZB of the Reserve Bank of India Act, 1934, was held […]...

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MSME – Benefits and Package

Q1. What is MSME? Ans: ♥ MICRO SMALL and MEDIUM ENTERPRISES (Under MSMED Act 2006) ♥ Engaging Manufacturing or Production of goods as well as enterprises engaging in providing or rendering of services other than: 02 Forestry and Logging 03 Fishing and Aquaculture 45 Wholesale and retail trade and repair of Motor Vehicle and Motorcycle...

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Posted Under: Custom Duty |

COVID-19 Impact On IBC

COVID-19 (coronavirus) is significantly impacting businesses and the economy worldwide. In the middle of the ongoing crisis, every regulator authority, be it the Reserve Bank of India, the Securities and Exchange Board of India, the Ministry of Corporate Affairs or the courts, has made efforts to ease the burden on businesses,creditors an...

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Posted Under: Custom Duty |

Companies (Share Capital and Debentures Amendment Rules, 2020

Notification No. G.S.R. 372(E). (05/06/2020)

Companies (Share Capital and Debentures Amendment Rules, 2020 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, 5th June, 2020 G.S.R. 372(E).– In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to ...

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Customs officers empowered to conduct faceless assessment of Bills of Entry

Notification No. 50/2020-Customs (N.T.) [G.S.R. 352(E)] (05/06/2020)

Notification to empower Customs officers as ‘proper officers’ to conduct faceless or remote assessment of Bills of Entry filed under Section 46 of the Customs Act, 1962 for import in another Customs station- Reg. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notif...

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GST on Education Service

Introduction :- Taxing the Education Sector has always been a sensitive issue, as education is seen more as a social activity than a business one. The government has a constitutional obligation to provide free and compulsory elementary education to every child. Thus, to promote education, it would be beneficial if educational services are...

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Posted Under: Custom Duty |

Residential Status of individual and it’s Tax Impact

In this article, we have discussed about how the residential status of an individual taxpayer can be determined for the Previous Year i.e 2019-2020 or Assessment Year 2020-2021....

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Posted Under: Custom Duty |

Types of Account Maintained By Non-Resident In India (Part-2)

In the continuance of the Types of Account Maintained By Non-Resident (Part-1) FOREIGN CURRENCY (NON-RESIDENT) ACCOUNT (BANKS) SCHEME [FCNR (B) A/C]: Q 1. Who can open FCNR (B) A/C? Ans: 1. Any Non-Resident Indian (NRI) & Person of Indian Origin (PIO) without any approval of the RBI with Authorised Bank. 2. Individuals/Entities of Pa...

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Posted Under: Custom Duty |

Use Flash Fill In Excel and Feel Fresh

Microsoft Excel is undoubtedly most user friendly tool and being extensively used all over the world. We might be using it daily or maybe casually, but probably always wished that we knew more about this dynamic program. Most of us don’t use even 5% of its capabilities. While most of us know use of VLOOKUP, […]...

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Posted Under: Custom Duty |

Eligibility of ITC on COVID 19 related Expenses – Potential Bone of Contention Between Assessee& Department

Whether the expenses related to the preventive measures eligible for ITC? The above regulations require business to shell out money on various items like Sanitizers, Masks, Social distancing apps, Medical insurance of workers, Buses for transportation, disinfection of office spaces etc....

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Posted Under: Custom Duty |

CSR | Section 135 | Companies Act, 2013 | CSR Rules, 2014

Corporate Social Responsibility (CSR) | Section 135 of The Companies Act,2013 | The Companies (Corporate Social Responsibility Policy) Rules, 2014 Corporate Social Responsibility (CSR) aims to contribute to the well being of the society in which an entity operates. CSR can also be considered as corporate ethic strategy that helps the Comp...

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Posted Under: Custom Duty |

Holding of AGM Through VC by A Private Limited Company

Given the difficulties faced by the stakeholders on account of the threat posed by COVID-19, the Ministry of Corporate Affairs (MCA) have issued a circular (No.20/2020) on 5th May 2020 for allowing the conduct of Annual General meeting through video conferencing (VC) or other audio visual means (OAVM). The Companies Act, 2013 (Act) does n...

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Posted Under: Custom Duty |

Points to consider before picking up stock for investment

I am writing this post regarding what are the points to be considered before investing and same includes General Observation, News, economy Trend, Sectoral Trend, Analysis from Various Stock Screeners, Certain Extraordinary Situations, Your Area of Expertise, Competitive Edge, Fundamental and Technical Analysis and The Sense....

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Posted Under: Custom Duty |

The Essential Commodities (Amendment) Ordinance, 2020

No. 8 of 2020 (05/06/2020)

The Essential Commodities (Amendment) Ordinance, 2020 passed for the purposes of increasing the competitiveness in the agriculture sector and enhancing the income of the farmers...

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All about Women Directors under Companies Act, 2013

The concept of Women Directors came up with Companies Act, 2013, where the government added an ordinance and made it mandatory to appoint a women director in the board of directors of Company meeting specific criteria. (a) As per second Proviso to Section 149(1) read with Rule 3 of the Companies(Appointment and Qualification of directors)...

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Posted Under: Custom Duty |

Farmers (Empowerment and Protection) Agreement On Price Assurance and Farm Services Ordinance, 2020

Notification No. 11 of 2020 (05/06/2020)

Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Ordinance, 2020 is passed to provide for a national framework on farming agreements that protects and empowers farmers to engage with agri-business firms, processors, wholesalers, exporters or large retailers for farm services and sale of future farming pr...

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Things to know when buying Home by taking Home Loan

1. Credit Score: Credit score is a number which calculated by various Credit Rating Agencies. Try to Improve your credit score by not defaulting any credit card payment or any EMI payment. If you delay the credit card payment, it impacts your credit card. Do not apply loan again & again. It affects your Credit […]...

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Posted Under: Custom Duty |

Are you creating a Dependent PE taxable in India by appointing a sales agent in India ?

A foreign entity in Japan is appointing an sales agent in India to market and sell their products. They are not setting up an Indian entity, not hiring an employee in India but only appointing a full time agent in India. Can such a person be construed as a permanent establishment (PE) for the Japanese […]...

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Posted Under: Custom Duty |

Equity funding in Indian SMEs: Problem Areas

There are numerous advantages of equity funding over debt funding for a business. It available in any difficult financial situation, in any amount with no requirement fixed, guaranteed, periodic repayments or no requirement of any security! They are based on the growth potential & merit of business!! ...

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Posted Under: Custom Duty |

Formation of An Approved & Registered Gratuity Trust

Indian and Multinational Companies form Gratuity Trust in terms of Part C of Fourth Schedule of IT Act, 1961 for getting tax benefits available under Section 36 (1) (v) & Section 10 (25) (iv) of the Income Tax Act, 1961. These 2 Tax Benefits Are Not Available To Companies, If They Make The Provision Of […]...

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Posted Under: Custom Duty |

Development Commissioner under SEZ cannot demand excise duty

DLF Utilities Ltd. Vs Union of India (Madras High Court)

As such the Development Commissioner appointed under section 11 of the Special Economic Zones Act, 2005 is neither a proper officer within the meaning of Section 2(34) the Customs Act, 1962 nor a Central Excise Officer for the purpose of Section 11A of the Central Excise Act, 1944, to demand excise duty vide impugned show cause notice....

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ill-health of responsible person is genuine reason for delay in appeal filing

RS India Infrapower Pvt Ltd. Vs ITO (ITAT Delhi)

The issue under consideration is whether condonation of delay in filing of the appeal granted for the reason of ill-health of director responsible for decision making?...

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SC explains distinction between ‘retirement of a partner’ & ‘dissolution of a partnership firm

Gurunanak Industries Vs Amar Singh (Dead) Through LRS (Supreme Court)

Supreme court held that there is a clear distinction between ‘retirement of a partner’ and ‘dissolution of a partnership firm’. On retirement of the partner, the reconstituted firm continues and the retiring partner is to be paid his dues in terms of Section 37 of the Partnership Act....

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Section 10AA deduction eligible on voluntary transfer pricing adjustment

DCIT Vs EYBGS India Pvt. Ltd. (ITAT Bangalore)

The issue under consideration is whether the officer is correct in rejecting claim for deduction u/s 10AA of the Act on the amount of transfer pricing adjustment voluntarily made by the assessee?...

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Electricity bill paid on behalf of client is not ‘Business Auxiliary Service’

Ninan Jacob Associates Vs Commissioner Of Central Tax & Central Excise (CESTAT Bangalore)

The issue under consideration is regarding classification of services, whether electricity bill paid on behalf of client can be classified as ‘Business Auxiliary Service’?...

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Checklist of GST Compliance for Freight Forwarding Industry

GST compliance for Freight Forwarding has always been challenging the industry enters into many complicated transactions. Therefore, GTA, ITC Reversals, LUT, etc. has to be appropriately in compliance with GST Laws. This is a basic checklist for FF Industry which should be followed in order for FF Companies to be compliant with GST Laws....

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Posted Under: Custom Duty |

Various types of supply under GST- Decoding Definitions (Part II)

Introduction The definition of the ‘chargeable event’ in Tax laws is the most important point of litigation, as it determines whether a transaction would attract levy of taxes in the first place, even though all the other requirements are met. Having briefly understood what constitutes ‘Supply’ from Part I of this Article, in the ...

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Posted Under: Custom Duty |

Decoding Definition Sections in GST (Part I)

Introduction The Goods and Services Tax Act, 2017 as a concept is a destination-oriented tax law. It brought about major reforms in the Indirect Tax regime and it seeks to align the same with internationally accepted principles. The various concepts which are defined and used in the Acts i.e., both the CGST Act and IGST […]...

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Posted Under: Custom Duty |

Admissibility of ITC under RCM | Section 16(4) limitation

Admissibility of Input Tax Credit (ITC) for taxes paid under RCM even after limitation mentioned under Section 16(4) of Central Goods & Services Tax Act, 2017 (CGST Act, 2017). There are lots of controversies rumored among the taxpayers in respect of admissibility of the Input Tax Credit for the amount of taxes paid under RCM [&hellip...

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Posted Under: Custom Duty |

1st phase of All India roll-out of Faceless Assessment- Arrangements

Instruction No. 09/2020-Customs (05/06/2020)

A Faceless Assessment Group would consist of Appraisers!Superintendents and Assistant Commissioners!Deputy Commissioners for verification of assessment of any bill of entry that is assigned to this group in the Customs Automated System....

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No Service Tax if no monetary consideration charged for Services

Moti Talkies Vs Commissioner of Service Tax (CESTAT Delhi)

Whether department is correct in charging service tax on various services provided to film distributors by assessee  without charging any consideration....

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Sunset date for claiming Income Tax exemption for SEZs – Extension Needed

Sunset date for claiming Income Tax exemption for SEZs – Time to further extend the sunset date mentioned under Section 10AA of the Income Tax Act, 1961 considering difficulties faced by SEZ Units to commence the production due to restriction placed for controlling pandemic Covid-19. Article explains Sunset date for claiming Income ...

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Posted Under: Custom Duty |

Types of Account Maintained By Non-Resident (Part-1)

If any person who is Non-Resident wants to do bona fide transactions in India, then they have to open some special kind of accounts according to the procedure prescribed by Reserve Bank of India (RBI). Types of account which can be opened by a Non-Resident in India:- 1. Non-Resident (External) Rupee Account Scheme [NRE A/c] […]...

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Posted Under: Custom Duty |

Statutory And Tax Compliance Calendar – June, 2020

Article lists out the few important dates of Compliance for Income Tax, GST, PF, PT & ESIC, and Company & LLP compliance filings which fall due in June,2020 and those extended due dates by various circulars, notifications updated till May 31,2020. Please note list of compliances mentioned may not be exhaustive list....

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Posted Under: Custom Duty |

Exchange fluctuation loss on Business Advances Allowable

Sitae Re Pvt. Ltd. Vs ITO (ITAT Delhi)

Whether the exchange fluctuation loss on Business Advance on Balance Sheet considered as business loss by Appellant are allowable under Section 37(1) of Income Tax Act, 1961?...

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Analysis of Exemptions Under Capital Gains

Profit on transfer of a capital asset is chargeable under the head Capital Gains. Section 45 makes the gains arising out of the transfer of a capital asset chargeable to tax under the provisions of the Income Tax Act, 1961. However, the chargeability has been subjected to the provisions of sections 54, 54B, 54D, 54E, […]...

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Posted Under: Custom Duty |

Assam Excise Officials can Seize consignments routed through their State

Renaissance Traders Vs State of Assam (Gauhati High Court)

The issue under consideration is whether the Seizure of consignments by Assam Excise Officers in a process of transaction of export from Arunachal Pradesh and imported to Nagaland via Assam route is justified in law?...

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Exposure Draft on Covid-19-Related Rent Concessions

Exposure Draft on Covid-19-Related Rent Concessions (Proposed amendment to Ind AS 116, Leases) corresponding to Amendments in IFRS 16 issued by the International Accounting Standards Board (IASB) The implementation of high quality Indian Accounting Standards (Ind ASs) by Indian Companies is a monumental step in the accounting history of...

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Posted Under: Custom Duty |

Guideline for appointment of IP as IRP, Liquidators, RP & Bankruptcy Trustees

Insolvency Professionals to act as Interim Resolution Professionals (IRPs), Liquidators, Resolution Professionals (RPs) and Bankruptcy Trustees (Recommendation) Guidelines, 2020 2nd June, 2020 Corporate Insolvency The Insolvency and Bankruptcy Board of India (Board) is required under the Insolvency and Bankruptcy Code, 2016 (Code) to reco...

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Posted Under: Custom Duty |

Recent Changes & Issues in Income Tax & International Taxation

Article explains guidelines for Mutually Agreed Procedure (MAP), Changes in Tax Residency Rules, Changes in equalization levy, Amendments w.r.t. Dividend Distribution Tax (DDT), Applicability of S 269 SU to B2B Businesses, Deferment for Approval/ Registration of Charitable Trusts & Exempt Institutions, Reduction in TDS/TCS Rates, TDS ...

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Posted Under: Custom Duty |

Jurisdiction of NCLT under the Companies Act, 2013

The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues of Indian Companies. NCLT was established underneath the Companies Act 2013 and was set up in June 2016  and is founded on the advice of the V. Balakrishna Eradi committee on law relating to the insolvency and the winding up […]...

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Posted Under: Custom Duty |

IRDA notifies requirement to obtain Legal Entity Identifier (LEI)

Ref. No: IRDAI/F&A/CIR/MISC/134/06/2020 (05/06/2020)

IRDAI examined the requirement to obtain LEI by its regulated entities and the entities dealing with the regulated entities and notifies who needs to obtain this. Insurance Regulatory and Development Authority of India Circular Ref. No: IRDAI/F&A/CIR/MISC/134/06/2020 Date:05-06-2020 Legal Entity Identifier (LEI) code To All the insure...

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SEBI guidelines on functioning of Regulatory Sandbox

SEBI/HO/MRD-1/CIR/P/2020/95 (05/06/2020)

SEBI now has decided to introduce a framework for Regulatory Sandbox. Under this sandbox framework, entities regulated by SEBI shall be granted certain facilities and flexibilities to experiment with FinTech solutions in a live environment and on limited set of real customers for a limited time frame. These features shall be fortified wit...

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Mutual Funds not allowed to invest in Physical Goods except Gold

Circular No. SEBI/HO/IMD/DF2/CIR/P/2020/96 (05/06/2020)

No Mutual fund schemes shall invest in physical goods except in ‘gold’ through Gold ETFs. However, as mutual fund schemes participating in ETCDs may hold the underlying goods in case of physical settlement of contracts, in that case mutual funds shall dispose of such goods from the books of the scheme, at the earliest, not exceeding t...

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A Comprehensive Guide to Income Tax E-Assessment

A Comprehensive Guide to E-Assessment- A Faceless, Nameless and Jurisdictionless Assessment. Article explains Historical Development related to Income Tax E-Assessment, E-proceedings v/s E-Assessment, Assessment through E-proceeding – Recent Past, Prime Objective of Income Tax E-Assessment, Expected Benefits of Income Tax E-Assessment, ...

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Posted Under: Custom Duty |

NPS withdrawal process during Covid-19 pandemic situation

CIR No.: PFRDA/2020/19/SUP-CRA/8 (05/06/2020)

NPS withdrawals including partial withdrawal are allowed as defined under NPS exit regulations. NPS Subscribers who intend to withdraw are required to submit the duly filled-up withdrawal forms along with the Supporting documents to the associated Nodal officers/ Points of Presence (POP) for processing their request....

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Review of Form ITR-1 SAHAJ (AY 2020-2021)

Article explains list of IT Forms notified for FY 2019-20, Applicability of ITR-1 Sahaj for FY 2019-20, Illustrative list of assessees who are not allowed to submit Form ITR-1 Sahaj for FY 2019-20, Significant changes in ITR-1 (SAHAJ) for FY 2019-20 and Summary of stringent disclosure requirements in ITR-1 (SAHAJ) for FY 2019-20. The Cent...

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Posted Under: Custom Duty |

Rule 86A | Blocking of Electronic Credit Ledger- Taxpayers beware

Rule 86A (2) prescribes that the Officer so authorised have to reasons to believe , such reasons to be recorded in writing and not allow debit of an amount equivalent to such credit in electronic credit ledger for discharge of any output tax liability under section 49 or for claim of any refund of any unutilized amount...

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