"09 August 2020" Archive - Page 2

Refund of ‘Input Services’ along with Inputs under Inverted Duty Structure

It has been almost an eternity since the manufacturing sector is suffering from being burdened with higher rate of taxes paid on availed services which are used significantly for supply of goods with lower rate of taxes. Much to the relief of these manufacturers now, the High Court of Gujarat in the case of VKC […]...

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RBI New Guidelines on Opening of Current Accounts by Banks

Reserve Bank of India (RBI) on August 6, 2020 vide circular no. RBI/2020-21/20 DOR. No. BP.BC/7/21.04.048/2020-21, Issued revised Guidelines on Opening Current Account with Banks, key points of which are as follows: 1. No Current Account, where Customer Availing Credit Facilities (CC/OD) from banking System 2. In Case, customer not availe...

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Future of Retail payments in United States – An instantaneous exhilarating experience

Governor Lael Brainard, the distinguished Governor of Federal Bank, United States of India unveiled the acceptance by Federal Reserve Board of Fed Now Service’s proposal, a revolutionary one for enabling banks of every size and in every community in America to provide safe and efficient instant payment services around the clock, every d...

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Food Safety and Standards (Food Products Standards and Food Additives) Second Amendment Regulations, 2020

F. No. Stds/CPL & CP/Notification/01/FSSAI-2018 09/07/2020

These regulations may be called the Food Safety and Standards (Food Products Standards and Food Additives) Second Amendment Regulations, 2020. They shall come into force on the date of their publication in the Official Gazette and Food Business Operator shall comply with all the provisions of these regulations by 1st July, 2021....

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ICAI President’s Message – August 2020

Dear Professional Colleagues, The mammoth world with all its beautiful bounties, geographical riches, scientific innovations, exotic cultures and vast army of extraordinary human capital is one large family interconnected with the common goal for global health, peace, prosperity and progress. The present global challenges emanating from p...

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Shri Girish Chandra Murmu Takes over as C&AG of India

Shri Girish Chandra Murmu assumed office as the Comptroller and Auditor General of India here today. He belongs to Indian Administrative Service of Gujrat cadre (1985 batch). Shri Murmu succeeds Shri Rajiv Mehrishi, who demitted office on Friday. Prior to this, Shri Murmu was the first Lieutenant Governor of Union Territory of Jammu & Kas...

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History & Evolution of Income Tax Act in India

In India, the system of direct taxation as it is known today has been in force in one form or another even from ancient times. In this article, we are discussing how the Income Tax evolved over the time in India....

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PAN Deactivation by Income Tax Departament

The income tax department in its latest drive has started de-activating PAN of all income tax assesses who were allotted more than one PAN at anytime in the past. ...

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Valuation of Unquoted Equity Shares

Computation of Fair Market Value [FMV] of Unquoted Equity Shares as per Income-tax (20th Amendment), Rules, 2017 notified vide Notification No. 61/2017, dated 12.07.2017. Sale is applicable With Effec From 01.04.2018 and shall apply to assessment year 2018-19 & subsequent years....

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Statement of Financial transactions – Form 61A filing & Submitting ‘SFT Preliminary Response’

Income tax department is sending bulk emails to all assesse, for filing of preliminary response and form 61A. We have summarized the SFT filing of preliminary response and form 61A, as under:...

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