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Archive: 06 November 2020

Posts in 06 November 2020

Introduction of ‘Flexi Cap Fund’ as a new category under Equity Schemes

November 6, 2020 498 Views 0 comment Print

In order to give more flexibility to the mutual funds and taking into account the recommendations of Mutual Fund Advisory Committee (MFAC), a new category named Flexi Cap Fund under Equity Schemes will be available with the following scheme characteristics.

Framework governing Clearing Corporations for BCP & DR, Cyber Security & outsourcing activities by LPCC

November 6, 2020 459 Views 0 comment Print

LPCC has been permitted to enter into outsourcing agreements with existing Clearing Corporations for the purpose of using their core and critical IT support infrastructure / activities for running the core activities (transaction process, clearing and settlement) of the LPCC and related operations.

Investor Grievance Redressal Mechanism

November 6, 2020 11187 Views 0 comment Print

Securities and Exchange Board of India SEBI/HO/MIRSD/DOC/CIR/P/2020/226 November 06, 2020 To, The Managing Director/Executive Director, All Stock Exchanges Dear Madam/Sir, Subject: Investor Grievance Redressal Mechanism 1. In order to further strengthen the Investor Grievance Redressal Mechanism, based on feedback received from market participants and Working Group constituted for the purpose, the following are issued as […]

Revision of deceased claim sanction limit in National (Small) Savings Schemes where no nomination exists or no legal evidence is available

November 6, 2020 10893 Views 0 comment Print

SB Order No. 36/2020 e.F.No.113-02/2019-SB Government of India Ministry of Communications Department of Posts Dak Bhawan, Sansad Marg, New Delhi-110001 Date: 06.11.2020 To, All Head of Circles/Regions Subject: – Regarding revision of deceased claim sanction limit in National (Small) Savings Schemes where no nomination exists or no legal evidence is available. Sir / Madam, Kindly […]

Revenue to establish proximate relationship between expenditure & exempt income for section 14A disallowance

November 6, 2020 1179 Views 0 comment Print

CIT Vs Sociedade De Fomento Industrial Pvt. Ltd (Bombay High Court) Here, on facts, the Tribunal noted that the AO only discussed the provisions of section 14A(l) but has not justified how the expenditure the Assessee incurred during the relevant year related to the income not forming part of its total income. The AO, according […]

Filing of reply under GST in Form GST REG-24

November 6, 2020 9861 Views 0 comment Print

The taxable person who has received a show cause notice in Form GST REG-23 is required to file a defence reply in Form GST REG-24. Such a defence reply in Form GST REG-24 is to be filed within a period of seven working days. The present article explains the receipt of notice by the taxable […]

Vijaya Bank can claim Section 36(1)(viii) deduction as Financial Corporation

November 6, 2020 3312 Views 0 comment Print

CIT Vs Vijaya Bank (Karnataka High Court) Learned counsel for the revenue submitted that prior to amendment with effect from 01.04.2008, benefit of Section 36(1)(viii) of the Act was not available to a Banking Company and therefore, the assessee is not entitled to claim deduction under Section 36(1)(viii) of the Act. It is further submitted […]

Addition for Cash seized during search allegedly belonging to other persons valid if Assessee not furnishes any explanation/Evidence

November 6, 2020 1974 Views 0 comment Print

Where assessee did not produce any material, despite opportunity being afforded to show that the amount seized during the search, did not belong to it but belonged to some other person as claimed by it; the addition made in the hands of the assessee on account of cash seized during the search would be sustainable.

Faceless asseseement under income tax

November 6, 2020 2091 Views 0 comment Print

Extract from budget speech of Hon’ble union finance minister on 5th July 2019 “Para 124. The existing system of scrutiny assessments in the Income-tax Department involves a high level of personal interaction between the taxpayer and the Department, which leads to certain undesirable practices on the part of tax officials.  To eliminate such instances, and […]

Fundamental of reverse charge under GST

November 6, 2020 6696 Views 0 comment Print

Meaning of reverse charge:  As per Section 2(98) of the CGST Act ‘reverse charge’ means the liability to pay tax by the recipient of supply of services  or goods instead of supplier of such services or goods under sub-section (3) or sub-section (4) or under sub-section (3) or sub-section (4) of section 5 of IGST […]

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