"05 June 2020" Archive - Page 2

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...

Posted Under: Company Law |

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 ...

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 […]...

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...

Posted Under: Company Law |

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...

Posted Under: Company Law |

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 ...

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...

Closure of Branch irrelevant for Determination of Tax Liability under KVAT on Compounding basis

Assistant Commissioner (KVAT) Vs Kunnathukalathil Jewellers (Kerala High Court)

Assistant Commissioner (KVAT) Vs Kunnathukalathil Jewellers (Kerala High Court) Explanation 8 ot Section 8(f) of Kerala Value Added Tax Act, 2003 provided for deduction of the business of a branch which had remained closed during the whole of the year 2009-10. There is no absurdity in the provision nor can it be found unworkable. Hardship...

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...

Posted Under: Company Law |

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....

Posted Under: Company Law |

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