"05 November 2020" Archive

Fare bands for domestic flights extended upto 24th February 2021

Ministry of Civil Aviation Fare bands for domestic flights extended upto 24th February, 2021 Daily passenger traffic reached over 2 lakhs Posted On: 05 NOV 2020 The fare bands within which the airlines have to operate have been extended upto 24th February, 2021 by the Ministry of Civil Aviation. These fare bands came into force […]...

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Posted Under: Corporate Law |

Rajasthan opts Option-1 to meet GST implementation shortfall

Release ID: 1670379 (05/11/2020)

The Government of Rajasthan has communicated its acceptance for Option-1 out of the two options suggested by the Ministry of Finance to meet the shortfall in revenue arising out of GST implementation.  The State has now joined 21 other States and 3 Union Territories (Delhi, Jammu & Kashmir and Puducherry) who have opted for Option-1. ...

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MSME Ministry Letter Granting Loan & Requesting Rs 1000 as Processing Fee is Fake

An approval letter allegedly issued by the Ministry of MSME is granting a loan and requesting a payment of ₹ 1000 on the pretext of processing fee. This letter is Fake. Ministry of MSME does not directly deal with individual beneficiaries for any of its credit schemes....

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Posted Under: Corporate Law |

CBI Arrests A Deputy Commissioner & A Superintendent of Customs

CBI Arrests Four Accused Including A Deputy Commissioner of Customs; A Superintendent & Private Persons In An on-Going Investigation of Two Separate Cases...

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Posted Under: Corporate Law |

No section 14A disallowance if no exempt income is received during relevant year

ACIT Vs Him Urja Pvt. Ltd. (ITAT Delhi)

ACIT Vs Him Urja Pvt. Ltd. (ITAT Delhi) The assessee has also submitted before the Ld. CIT(A) that as there was no exempt income earned by assessee during the relevant previous year, no disallowance under section 14A could be made. The assessee relied upon Judgment of the Hon’ble Delhi High Court in the case of […]...

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Policy & Guidelines for setting up of ICDs, CFSs & AFSs

Circular No. 50/2020-Customs (05/11/2020)

Circular No. 50/2020-Customs Policy and Guidelines for setting up of Inland Container Depots (ICDs), Container Freight Stations (CFSs) and Air Freight Stations (AFSs)-Reg....

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Notice in Form GST REG-23 proposing rejection of revocation application

On being dis-satisfied with the revocation application filed by the taxable person, the proper officer will issue a show cause notice in Form GST REG-23. The proper officer is required to mention the reasons based on which he believes that the revocation application so filed is liable to be rejected. The present article briefs the [&helli...

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Posted Under: Corporate Law |

Essential Features of Co-Lending Model between Banks & NBFCs

Notification No. RBI/2020-21/63 FIDD.CO.Plan.BC.No.8/04.09.01/2020-21 (05/11/2020)

The Master Agreement entered into by the banks and NBFCs for implementing the CLM may provide either for the bank to mandatorily take their share of the individual loans as originated by the NBFC in their books or retain the discretion to reject certain loans subject to its due diligence....

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Determination of Compensation to Shareholders on Merger of Insurer

Ref. No: IRDA/F&A/2020-21/ED/437 (05/11/2020)

Exposure draft of IRDAI (Manner of Determination of Compensation to Shareholders on Merger of an Insurer under a Scheme Prepared under Section 37A) Regulations, 2020...

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TCS on GST Value and vis a vis

Ever since TCS on receipt of sale consideration came to existence, there has be a debate on two questions 1. Whether GST will be charged on TCS Value? 2. Whether TCS be collected on GST Value? Answer to 1st question is very clear as CBIC itself had issued a circular in Dec 2018, which was […]...

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Posted Under: Corporate Law |

TCS Calculator – Section 206C(1H)- Sale of goods- FY 2020-21

TCS calculator under section 206C(1H) of Income Tax Act, 1961 – TCS on Receipt on sale of Goods for the period 1st October 2020 to 31st March 2021 Please find herewith Excel Utility developed by our office for calculation of TCS U/s 206C(1H) of the Income Tax Act which may be useful to you. In […]...

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Posted Under: Corporate Law |

YES MEANS YES BUT NO MEANS NO

Recently, the country was gripped with controversy surrounding the due parliamentary procedures to be followed for passing of the Farm bills and Labour bills in the Upper House of the Parliament....

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Posted Under: Corporate Law |

Taxation of Capital Gains on Sale of Equity Shares- FAQs

Taxation of Capital Gains on Sale of Equity Shares [SECTION 112A] TAX ON LONG TERM CAPITAL GAINS ON CERTAIN ASSETS  Q.1 What type of assets are covered? Ans:  an equity share in a company or a unit of an equity oriented fund or Q.2 What is the rate of tax under this section? Ans: A […]...

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Posted Under: Corporate Law |

HC upheld constitutional validity of Regulation 7A of IP Regulations

V.Venkata Sivakumar Vs IBBI (Madras High Court)

V. Venkata Sivakumar Vs IBBI (Madras High Court) In this writ petition, the Petitioner challenges the constitutional validity of Regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (the IP Regulations) read with Bye-Law 12A of the Insolvency and Bankruptcy Board of India (IBBI) (Model...

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No Change in CA Exam Schedule- SC satisfied with ICAI clarification

Amit Jain & Ors. Vs Union of India & Anr. (Supreme Court)

During the course of hearing, ICAI informed the Hon'ble Court that it had verified the position from the concerned examination centres and was informed by the said examination centres that they are not falling in any containment zones....

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