"29 July 2020" Archive

CBDT extends due date for Income Tax Returns for FY 2018-19

Notification No. 56/2020-Income Tax [S.O. 2512(E)] (29/07/2020)

In view of the constraints due to the Covid pandemic & to further ease compliances for taxpayers, CBDT extends the due date for filing of Income Tax Returns for FY 2018-19(AY 2019-20) from 31st July, 2020 to 30th September, 2020,vide Notification No. 56/2020-Income Tax dated 29th July, 2020. MINISTRY OF FINANCE (Department of Revenue)...

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MHA issues Unlock 3 Guidelines

No. 40-3/2020-DM-I(A) (29/07/2020)

MHA issues Unlock 3 Guidelines, opens up more activities outside Containment Zones, Strict enforcement of lockdown in Containment Zones till 31st August 2020. New MHA guidelines Ministry of Home Affairs (MHA) issued new guidelines today, for opening up of more activities in areas outside the Containment Zones. In Unlock 3, which will come...

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All about National Education Policy 2020 ((NEP 2020)

Cabinet Approves National Education Policy 2020 (NEP, 2020) paving way for transformational reforms in school and higher education systems in the country The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the National Education Policy 2020 today, making way for large scale, transformational reforms in both school ...

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Posted Under: Income Tax |

Taxability under GST of Freight on Agricultural Produce

Introduction The Goods and Services Tax (GST) law have created several complexities by triggering large number of disputes between the taxpayers and the revenue. Various disputes relating to interpretation of the terms and provisions under the GST are arising. As a result, it is of utter significance that such issues are discussed compreh...

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Posted Under: Income Tax |

VRS- A Complete Guide for Tax Planning

A Salaried man can receive VRS more than once in his lifetime. But he can plan his tax liability only once. VRS (Voluntary Retirement Scheme) – VRS is often offered by the corporates for retrenchment of its surplus work force and directly to cut short it’s one of the major operating expense in form of […]...

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Posted Under: Income Tax |

Transfer & Transmission of Securities under Companies Act, 2013

1. Section 56(1) For transfer of shares there shall be following conditions- a. Proper instrument of transfer of shares in physical form shall be in Form SH-4 i.e Share Transfer Deed. b. shall be duly stamped; c.  Shall be dated and executed by or on behalf of the Transferor and the Transferee, d. Share Transfer […]...

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Posted Under: Income Tax |

Modes of Payments under SEBI (SAST) Regulations 2011

1. Regulation 9(1) The payment of offer price shall be made in; a. Cash; b. by issue or transfer, or exchange of listed shares in the equity capital of the acquirer or PAC with him; c. by issue or transfer, or exchange of listed shares in the equity capital of the acquirer or PAC with […]...

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Posted Under: Income Tax |

List of 30 Initiatives of ICAI Committee for Members in Practice

We are pleased to inform you about the various initiatives of the Committee for Members in Practice for the benefits of the profession. Please find the appended brief details of the Initiatives of the Committee along with the web link of the initiatives for your reference & perusal....

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Posted Under: Income Tax |

Compensation paid to Earlier Buyer to Cancel Agreement is Deductible Expenses u/s 48 for Capital Gains

CIT Vs Shakuntala Kantilal (Bombay High Court)

The issue under consideration is Whether compensation paid to earlier buyer to cancel the agreement is deductible expenditure u/s 48 for calculation of Capital Gains?...

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SEBI to implement Pledge / Re-pledge mechanism in Depository System’ from August 01, 2020

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/143 (29/07/2020)

The mechanism of pledge / re-pledge shall be implemented with effect from August 01, 2020. Trading member (TM) / Clearing member (CM) shall endeavor to align their systems and accept client collateral and margin funded stocks by way of creation of pledge / re-pledge in the Depository system....

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