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Archive: 11 June 2020

Posts in 11 June 2020

DGFT notifies Annual SCOMET Updates – 2020

June 11, 2020 1728 Views 0 comment Print

Annual SCOMET Updates – 2020 has been notified to amend Appendix 3 (SCOMET Items) to Schedule – 2 of ITC (HS) Classification of Export and Import Items, 2018.

Accounting aspects of Taxation Laws (Amendment) Ordinance, 2019

June 11, 2020 1383 Views 1 comment Print

The Taxation Laws (Amendment) Ordinance, 2019 (or ’the Ordinance’)  was passed by Lok Sabha on December 2, 2019. The Ordinance provides significant tax cuts to Domestic companies.  This article specifically enlightens the treatment of the same in Books of Account of the assessee taking benefit of the ordinance.

Colgate Palmolive: Detained goods released on deposit of Tax & 10% penalty

June 11, 2020 942 Views 0 comment Print

The issue under consideration is regarding the show cause notice issued by GST department to Colgate Palmolive India Ltd for detention of goods.

Impact of Amendments in Residential Status Provisions by Finance Act 2020

June 11, 2020 3618 Views 0 comment Print

Introduction Finance Act 2020, as passed in Lok Sabha, brought up some significant changes to the provisions of determining the residential status of an individual in India. Finance Minister Shree Nirmala Seetharaman tried to narrow down the means by which an individual avoids taxes in India by becoming a non-resident in India. These changes have […]

Health Insurance Policy- IRDAI issues Standard Terms & Clauses

June 11, 2020 3525 Views 0 comment Print

The Objective of these guidelines is to standardize the general terms and clauses incorporated in indemnity based Health Insurance [excluding Personal Accident (hereinafter called as PA) and Domestic / Overseas Travel] products by simplifying the wordings of general terms and clauses of the policy contracts and ensure uniformity across the industry.

Health Insurance -Revised Norms on Proportionate Deductions

June 11, 2020 2862 Views 0 comment Print

Where as part of product design insurers propose proportionate deduction of the ‘associated medical expenses’ when a policyholder chooses a higher room category than the category that is eligible as per terms and conditions of the policy, insurers shall define ‘associate medical expenses’ in the terms and conditions of policy contract.

Allow telemedicine as part of claim settlement of policy: IRDAI

June 11, 2020 354 Views 0 comment Print

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Ref. No: IRDAI/HLT/REG/CIR/149/06/2020 Date:11-06-2020 To All General and Health Insurers (except ECGC, AIC) Re: Guidelines on Telemedicine: 1. Medical Council of India has issued ‘Tele Medicine practice guidelines’ on 25th of March 2020, enabling registered Medical Practitioners to provide Healthcare using Tele Medicine. 2. In the above background, […]

GST Payable on remuneration to directors who are not employees

June 11, 2020 2037 Views 1 comment Print

Various references have been received from trade and industry seeking clarification whether the GST is leviable on Director’s remuneration paid by companies to their directors. Accordingly the same has been clarified via Circular No: 140/10/2020 – GST dated 10/06/2020 Before going directly to the clarification its better to read the following for better understanding. Schedule […]

CS for banks | RBI Discussion paper on ‘Governance in Commercial Banks in India’

June 11, 2020 5835 Views 0 comment Print

RBI has released a discussion paper today i.e. 12th June 2020, on ‘Governance in Commercial Banks in India’ for public comments To align the current regulatory framework with global best practices while being mindful of the context of domestic financial system. Major Key Highlights – From Company Secretary (CS) Prospective: 1. Appointment of Company Secretary […]

Capital Gains of Cyprus Co not taxable in India as per DTAA prevailing at that time

June 11, 2020 2352 Views 0 comment Print

The issue under consideration is whether the sale of shares by a Cyprus company to the assessee of an Indian company, who was holding a technology Park [immovable property] as only asset, is taxable in India in view of the Double Taxation Avoidance Agreement between India and Cyprus?

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