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Archive: 04 July 2020

Posts in 04 July 2020

Implication of Indian Accounting Standards (Ind AS) on Banks & Financial Sector

July 4, 2020 28944 Views 1 comment Print

Applicability of Ind AS on Banks & Financial Institutions The Ministry of Corporate Affairs (MCA), in January, 2016, had notified the roadmap for implementation of Indian Accounting Standards converged with International Financial Reporting Standards (IFRS) for Scheduled commercial banks (excluding RRBs), insurers/insurance companies and Non-Banking Financial Companies (NBFCs). NBFCs are required to prepare Ind AS […]

All about GST Refunds | A Reference Manual | Version 2.0 | 1st July 2020

July 4, 2020 14964 Views 3 comments Print

All about GST Refunds | A Reference Manual | Version 2.0 | 1st July 2020 is issed by DGTS – CBIC, Bengaluru & CGST (GST), Bengaluru Zone. The information in this Reference Manual is intended only to provide a general overview and is not intended to be treated as legal advice or opinion. For greater […]

DIR-3-KYC due date for financial year ending 31st March 2020

July 4, 2020 77307 Views 1 comment Print

First time in Companies Act, 2013 and rules thereto, the concept of Director KYC was introduced in the year 2018. The Ministry of Corporate Affairs (‘MCA’) vide its Notification No. 615(E) Dated July 05, 2018 has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 as the Companies (Appointment and Qualification of Directors) Fourth […]

RBI extends FLA 2020 due date to 31st July 2020

July 4, 2020 24582 Views 3 comments Print

Submission of annual return on FLA through the web-based FLAIR portal for financial year 2019-20 has been started. Entities which are filing FLA return for the first time/ with revised UIN (Unique identification number) are required to register themselves first for generating login credentials and they can file FLA return. However, the entities which have […]

RBI’s Updates Relating to Flair & Liquidity Scheme For NBFC/HFCs

July 4, 2020 1164 Views 0 comment Print

A. Special Liquidity Scheme for Non Banking Finance Companies and Housing Finance Companies Relevant Date: 01.07.2020 Relevant Notification: By RBI Notification No. RBI/2020-21/01- DoR (NBFC) (PD) CC.No.113/03.10.001/2020-21 What is New under the Notification? Purpose As per the notification dated 01.07.2020 the Government of India has approved a Scheme call ‘Special Liquidity Scheme, to improve the […]

SEBI Updates From 01.07.2020 To 03.07.2020

July 4, 2020 969 Views 0 comment Print

A. Notification of Amendments to SEBI (Investment Advisers), Regulation, 2013 Introduced by: SEBI Press Release PR No. 37/2020, Dated 03.07.2020 What are the announcements in press release regarding notifications of Amendments to SEBI (Investment Advisers) Regulation 2013 Purpose of the Amendment To strengthen the regulatory framework for investment advisers What are the Key changes? 1. […]

Recommendations of Insolvency Law Committee & subsequent Notifications & IBC (Amendment) Ordinance, 2020

July 4, 2020 1527 Views 0 comment Print

Recommendations of Insolvency Law Committee and subsequent Notifications and The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 All are aware that the Insolvency Law Committee (“Committee”), in third report dated 20th February, 2020 recommended certain amendments in the IBC Code mentioning the object of the amendments. The Committee’s recommendation for said amendment was for smoother […]

Subscription fees received from subscribers on sale of online product assessable as ‘Royalty’ 

July 4, 2020 3417 Views 0 comment Print

The issue under consideration is whether it is correct to treat the Subscription fees received from subscribers on sale of online product as Royalty income under Income Tax Act?

Steps to Streamline processes related to Bonds & First Check BEs

July 4, 2020 747 Views 1 comment Print

With the objective of further facilitating trade and streamlining procedures, particularly to overcome the scourge of Covid-19, following initiatives are being implemented in System w.e.f 6th July 2020:

Constitutional validity of clause (f) of Section 43B of Income Tax Act, 1961

July 4, 2020 4659 Views 0 comment Print

The real crux of the case is understanding of Section 43B of the Act and object of legislation behind inserting clause (f) to Section 43B of the Act which has been very clearly explained in detail. Court also stated that that mere inclusion of clause (f) to Section 43B of the Act will not put an embargo or restrictions on the assessee to have the autonomy in the selection of the method of accounting as governing by Section 145 of the Act.

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