"11 September 2020" Archive

Furnishing of First Return – Section 40 of CGST Act 2017

GST SERIES – PART 30 1. The individual shall obtain GST registration within 30 days of becoming liable to obtain registration. On grant of registration, a taxable person is required to file his first return. 2. The effective date of Registration: Rule 10(2) The registration shall be effective from the date on which the person […]...

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Keyman Insurance Policy | Practical issues | Income Tax Act

a) Whether the assignee is liable to pay tax on surrender value of Keyman Insurance Policy at the time of assignment or not ? If answer is affirmative then what is the TDS liability on the Company ? b) Whether assignee is liable to pay tax on maturity proceeds of Keyman Insurance Policy or not […]...

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Applicability of deeming provisions of Section 56(2)(x) of IT Act to buyer of undertaking under Slump Sale u/s 50B of IT Act

Applicability of deeming provisions of Section 56(2)(x) of Income Tax Act to buyer of undertaking under Slump Sale under section 50B of Income Tax Act, 1961 There were lots of controversies about taxation of such a sale of business as a going concern due to period of holding of the assets etc. To resolve the […]...

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Taxability of monthly financial assistance to legal heir of deceased government employee

In the light of the various judicial decisions of the higher authorities as mentioned below, it is observed that Top of Form Income received by widow of deceased person who died while in Government service) as Monthly Financial Assistance from Government is not chargeable to tax whether it is received on monthly basis or lumps […]...

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Covid-19 Relief Measures in Insolvency Resolution Process

Relief Measures Introduced in Insolvency Resolution Process in Country Due to Outbreak of Covid-19 Pandemic Message The outbreak of COVID-19 pandemic and the subsequent restrictions due to lockdowns have severely affected the wellbeing of economies across the world. It has completely jeopardized everyone’s life and the normal operation ...

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No GST on Transportation charges recovered from employees

In re Tata Motors Limited (GST AAR Maharashtra)

Whether GST is applicable on nominal amount recovered by Applicants from their employees for usage of employee bus transportation facility in non-air conditioned bus....

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Transfer/postings of 164 officers in the grade of Principal CIT

Office Order No. 171 of 2020 (11/09/2020)

Office Order No. 171 of 2020 Consequent upon diversion of posts for implementation of the Faceless Assessment Scheme, the transfer/postings of the following officers in the grade of Principal Commissioner of Income Tax, are hereby ordered with immediate effect and until further orders:...

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Transfer/postings of 41 officers in the grade of Chief CIT

Office Order No. 170 of 2020 (11/09/2020)

Office Order No. 170 of 2020 Consequent upon diversion of posts for implementation of the Faceless Assessment Scheme, the transfer/postings of the following officers in the grade of Chief Commissioner of Income Tax, are hereby ordered with immediate effect and until further orders:...

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Transfer/postings of 6 officers in the grade of Pr. CIT

Office Order No. 169 of 2020 (11/09/2020)

Office Order No. 169 of 2020 On promotion, the transfer/postings of the following officers in the grade of Pr. Chief Commissioner of Income Tax/Pr. Director General of Income Tax, are hereby ordered with immediate effect and until further orders:...

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IFRS -15 Revenue From Contracts with Customers

> Earlier, there were many IAS and guidance notes (IFRIC) dealing with revenue recognition but this IFRS brought all IAS & guidance notes at one place to deal with revenue recognition including customer loyalty point which was earlier dealt by IFRIC. Before new IFRS – 15 After IFRS -15 IAS 18 Revenue from Sale of […]...

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Annual Compliance under Corporate and Securities Laws

In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations....

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TCS on foreign remittances WEF 1st October 2020

Those making foreign remittances need to pay attention to their tax collected at source (TCS) liability from next month as a key tax provision kicks in from 1st October 2020. As per the Finance Act 2020, funds sent abroad under the RBI’s liberalised remittance scheme is subject to a 5% TCS subject to certain riders. […]...

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SEBI modifies scheme characteristics of Multi Cap Fund

Circular No. SEBI/HO/IMD/DF3/CIR/P/2020/172 (11/09/2020)

In order to diversify the underlying investments of Multi Cap Funds across the large, mid and small cap companies and be true to label, it has been decided to partially modify the scheme characteristics of Multi Cap Fund...

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Section 10(47) L&T Infra Debt Fund notified as Infrastructure Debt Fund

Notification No. 74/2020-Income Tax [S.O. 3122(E)] (11/09/2020)

CBDT notifies L&T Infra Debt Fund as Infrastructure Debt Fund under section 10(47) of Income Tax Act, 1961  for the assessment year 2018-2019 and subsequent years. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 74/2020-Income Tax New Delhi, the 11th September, 2020 S.O. 3122(E).—In exer...

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Ombudsman under NPS & Atal Pension Yojana

Pension Fund Regulatory and Development Authority (PFRDA) has appointed Shri Arnab Roy as Stipendiary Ombudsman in terms of PFRDA (Redressal of Subscriber Grievance) Regulations, 2015 for resolving NPS/APY subscriber grievances....

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Compliance functions in banks and Role of CCO

RBI/2020-21/35 Ref. No. DoS.CO.PPG./SEC.02/11.01.005/2020-21 (11/09/2020)

The following guidelines are meant to bring uniformity in approach followed by banks, as also to align the supervisory expectations on CCOs with best practices....

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All India roll-out of Faceless Assessment by CBIC- reg

Standing Order No. 30/2020-DGFT (11/09/2020)

CBIC Circular No. 40/2020 dated 04.09.2020 has been issued for All India roll-out of faceless assessment at all ports of import for all imported goods for which implementation phases are described in Annexure I with said Circular...

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CBIC promotes 38 Officers to the grade of Principal Commissioner Grade

Office Order No. 104/2020 (11/09/2020)

The President of India is pleased to empanel and promote the following officers to the grade of Principal Commissioner of Customs and Central Excise in the Indian Revenue Services (Customs & Central Excise), in Level 15 of the Pay Matrix (Rs. 182200 - 224100/-), against the panel years 2019 (Supplementary) and 2020 (Regular) on in situ ba...

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Assignment cannot be accepted as Voluntary Liquidator without holding a valid AFA

No. IBBI/DC/29/2020 (11/09/2020)

In the matter of Mr. Ravi Sharma, Insolvency Professional (IP) under Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016 In the present matter, Mr. Sharma accepted the assignment of voluntary liquidation in matter of Indian Transelectric Company Limited on 2nd March 2020 and A.B.S. Ent...

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Extension for a period of 3 months for holding of AGM

Extension for a period of 3 months for holding of Annual General Meeting (AGM) for the financial year ended March 31, 2020. As per Section 96 (1) of the Companies Act, 2013 every company other than a One Person Company shall in each year hold an Annual General Meeting, and a gap between the 2 […]...

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SEBI Amendments on Assets Allocation of Multi Cap Funds

As per the existing circular of SEBI on assets allocations under the category of Multi-Cap Funds category, the fund manager was free to choose the asset allocation as per his wisdom, the fund managers of Multi-Cap Funds were running these schemes more or less akin to the large-cap funds....

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Board Resolution format for Increase In Authorized Share Capital

CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE MEETING OF BOARD OF DIRECTORS OF (THE COMPANY) HELD ON ————THE ——–DAY OF ——, ——- AT ———— AT ON. (Address of the Company). INCREASE IN AUTHORIZED SHARE CAPITAL OF THE COMPANY “RESOLVED THAT pursuan...

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Indian Boiler (Second Amendment) Regulations, 2020

Notification No. G.S.R. 551(E). (11/09/2020)

(1) These regulations may be called the Indian Boiler (Second Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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U S Taxation: Economic Impact payments for tax payers- Did you receive your check?

U.S. citizens and U.S. resident aliens will receive the Economic Impact Payment of $1,200 or $2,400 if they filed married filing jointly and if they are not a dependent of another taxpayer and have a work-eligible Social Security number with adjusted gross income up to: -$150,000 for married couples filing joint returns -$112,500 for head...

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What is a technical service, Kenya tax?

The definition of a technical service under Kenya tax is a bit complex. This is for a number of reasons. First, technical services overlap in many instances with payments for royalties. This would arise where someone supplies software installation services, user training services and similar services. You may read more about this possible...

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Searching Name by PAN Number without any other details

It happens many times that we need to know the name by using PAN Number, but for that we require other details like Date of Birth, Address etc. I will provide you one other way to find the name by using PAN No. only. Follow the below process to know the Name by PAN No. […]...

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AGM extension- Is it valid till 31.12.2020 for all companies?

Whether extension of AGM for financial year 2019-20 is valid up to 31st December, 2020 in each case and for all companies? Due to the outbreak of COVID-19 disease all over the world, holding an Annual General Meeting (AGM) physically is risky, therefore, if the Company is holding AGM physically then the same shall be […]...

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Review of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

NA (11/09/2020)

Securities and Exchange Board of India Consultation Paper dated 11th September 2020 on review of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015 for Public Comments Review of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 A. Objective To solicit public comments / views on the proposed amen...

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GST on Transportation Services Provided To Employees

GST On Transportation Services Provided To Employees 1. It is held by AAR Maharashtra in re of Tata Motors Limited [ 2020] that Input Tax Credit (ITC) is available on GST charged by the service provider on the hiring of bus/motor vehicle having a seating capacity of more than thirteen person for transportation of employees […]...

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UP RERA issued 5036 Refund & 7242 Possession Orders in last 2 years

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued 1,985 Recovery Notices to builders in last 2 years. This is to pay Rs 595.25 Crores as compensation to the homebuyers. The Judicial work started on 4th September 2018 after the formation of UP RERA and a total of 28,020 complaints have been registered […]...

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AGM Due date Extension- Download Order of Your region

Registrar of Companies of various regions have extended the time for holding of Annual General Meeting (AGM) for the financial year ended on 2019-20 by three months from the due date. During the challenging time for everyone, companies are no exception. Preparation of the financials and submission for audit is challenging. Derailment in t...

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IFRS-10 Consolidated Financial Statement

International Financial Reporting Standard (IFRS) – 10 CONSOLIDATED FINANCIAL STATEMENTS 1. Scope of IFRS 10 IFRS 10 addresses the scope of consolidated financials statements and the procedures for their preparations. The scope of IFRS 10 covers: 1. The reporting entities (investor / parent entities) that are required to assess control ...

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SEBI- Changes in Investment Advisers business practice w.e.f. 01.10.2020

Changes in Investment Advisers business practise purusant to SEBI amendment w.e.f. 01 Octoebr 2020 As you all are aware that SEBI has come out with amendment in IA regulation through notification dated July 03, 2020 which require great amount of shift in existing IA business practice. The new IA amendment regulation talks about enhanced q...

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GST Registration Process for Partnership firms

Hello, readers here am going to write about GST Registration process for a Partnership firm of My friends Mr Hari and Mr Satish and their Firm name is ‘HS &C0.’ Mr Hari is Authorised signatory. Documents required : 1. PAN Card of HS & Co., and Both partners 2. Aadhar cards of both Partners 3. […]...

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Motor Vehicle Compensation can also be Granted to Children & Parents

The New India Assurance Company Limited Vs. Smt. Somwati And Others (Supreme Court)

Supreme Court in a recent ruling has observed that in the Motor Accident Compensation Claims, that the children and family would also be authorized for compensation under 'Loss of consortium' in claims of Motor Accident under the Act....

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Extend Filing Date of Annual GST returns GSTR-9 & GSTR-9C

Representation to The Worthy  Finance Minister of India for extension of date for submission of Annual return form GSTR-9 and GSTR-9C for next three months....

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Tax Implication on Re-Development of Co-Operative Housing Society

GST on Redevelopment of Co-operative Housing Society Any Re-development Project may comprise of following types of transaction associated with it: 1. Supply of Transfer of Development Rights (TDR) /Floor Space Index (FSI) by the Society to a Developer 2. Supply of Residential units by the Developer to the Society in lieu of supply of TDR/...

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