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.
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
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 […]
The issue under consideration is whether in SVLDR scheme we need to show the amount mentioned in the show cause-cum-demand notice or the amount determined by the adjudicating authority in the original order?
CBIC notifies Rate of Exchange of Foreign Currencies against India Rupees wef 6th November, 2020, vide Notification No. 105/2020-Customs (N.T.), Dated: 5th November, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 105/2020-Customs (N.T.) New Delhi, dated the 5th November, 2020 14 Kartika 1942 (SAKA) […]
Deepak Kumar Khurana Vs Sattva Developers Pvt. Ltd. (NAA) Section 112 of the Finance Act, 2019 specific penalty provisions have been added for violation of the provisions of Section 171(1) which have come in to force w.e.f. 01.01.2020, by inserting Section 171(3A). Since no penalty provisions were in existence between the period w.e.f. 01.07.2017 to […]
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 […]
Mutual Funds can make overseas investments subject to a maximum of US $ 600 million per Mutual Fund, within the overall industry limit of US $ 7 billion. Mutual Funds can make investments in overseas Exchange Traded Fund (ETF(s)) subject to a maximum of US $ 200 million per Mutual Fund, within the overall industry limit of US $ 1 billion.
In re State Examination Board (GST AAR Gujarat) The applicant has stated that the State Examination Board is a State Educational Board and are therefore covered under the above mentioned clause(iv) and would therefore be eligible for the exemption under Entry No.66(a) and 66(aa) of Notification No.12/2017-central Tax(Rate) dated 28.06.2017, as amended. In this regard, […]
In re Apsara Co-operative Housing Society Ltd. (GST AAAR Maharashtra) The Maharasthra Appellate Authority for Advance Ruling upheld the Ruling passed by the Maharashtra Advance Ruling Authority, vide their Order No. GST-ARA-21/2019-20/B-34 dated 17.03.2020 and stated that the activities carried out by the Appellant would amount to supply in terms of Section 7(1)(a) of the […]
