"30 September 2020" Archive - Page 5

Playing Big Brother to Big Bosses: Assessing Responsibility of Auditors Under Indian Law

The auditors play a very important role in overseeing the company’s financial matters. As per S. 141 of the Companies Act, 2013 (‘Act’) only chartered accountants can be auditors. S. 143 provides that the auditor of a company shall have access to the books of accounts of the company at all times....

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Posted Under: Company Law |

Submission of ICLCs for export of Onions

Trade Notice No.: 28/2020-21-DGFT 30/09/2020

Exporters are requested to submit copies of ICLCs opened before 14.09.2020 (ICLC dated 13.09.2020 or before that) for export of Onions to their Jurisdictional DGFT Regional Authority (RA) by 7th October, 2020....

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Extension of period for Radiation Portal Monitors & Container Scanner in sea ports

Public Notice No. 21/2015-2020-DGFT 30/09/2020

The period for installation and operationalisation of Radiation Portal Monitors and Container Scanner in the designated sea ports is extended upto 31.12.2020 vide Public Notice No. 21/2015-2020 dated 30th September, 2020. Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan, New Delhi Public Notice N...

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Assessee can choose to follow either IT act provisions or DTAA

Goldman Sachs Investments (Mauritius) Limited Vs DCIT (ITAT Mumbai)

It is for the assessee to examine whether or not in the light of the applicable legal provisions and the precise factual position the provisions of the IT Act are beneficial to him or that of the applicable DTAA....

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Section 171(3A) profiteering Penalty cannot be imposed retrospectively: NAA

Shri Abhishek Vs Signature Global Developers Pvt. Ltd. (NAA)

Since, no penalty provisions were in existence between the period w.e.f. 01.07.2017 to 31.12.2018 when the Respondent had violated the provisions of Section 171 (1) of the CGST Act, 2017, the penalty prescribed under Section 171 (3A) cannot be imposed on the Respondent retrospectively....

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Govt notifies Time limit for Compliances under Excise, Custom & Service Tax

Notification No. G.S.R. 601(E) 30/09/2020

The 30th day of December, 2020 shall be the end date of the period during which the time limit specified in, or prescribed or notified under, the Central Excise Act, 1944 (1 of 1944), the Customs Act, 1962 (52 of 1962) (except sections 30, 30A, 41, 41A, 46 and 47), the Customs Tariff Act, 1975 (51 of 1975) or Chapter V of the Finance Act,...

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Renting of e-bikes/bicycles without operator cannot be classified under SAC 9973

In re Yulu Bikes Pvt. Ltd. (GST AAR Karnataka)

In re Yulu Bikes Pvt. Ltd. (GST AAR Karnataka) Renting of e-bikes/bicycles without operator cannot be classified under SAC 9973 – Leasing or rental services without operator and Sl.no. 17(viia) of Notification no. 11/2017 CT(R) dated 28th June 2017 as amended is not applicable to the instant case. Read AAAR Order- Renting of e-bikes...

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RBI excludes Syndicate Bank from Second Schedule to RBI Act, 1934

RBI/2020-21/47 DOR.No.Ret.BC.20/12.07.150/2020-21 30/09/2020

Syndicate Bank has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 with effect from April 01, 2020 since it has ceased to carry on banking business with effect from April 01, 2020 ...

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RBI excludes OBC & United Bank from Second Schedule to RBI Act, 1934

RBI/2020-21/46 DOR.No.Ret.BC.19/12.07.150/2020-21 30/09/2020

Exclusion of Oriental Bank of Commerce and United Bank of India from the Second Schedule to the Reserve Bank of India Act, 1934 and cessation as banking company...

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RBI excludes Andhra & Corporation Bank from Second Schedule to RBI Act, 1934

RBI/2020-21/45 DOR.No.Ret.BC.18/12.07.150/2020-21 30/09/2020

Exclusion of Andhra Bank and Corporation Bank from the Second Schedule to the Reserve Bank of India Act, 1934 and cessation as banking company...

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