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Archive: 13 November 2020

Posts in 13 November 2020

IBBI (Liquidation Process) (Fourth Amendment) Regulations, 2020

November 13, 2020 2217 Views 0 comment Print

(1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette.

IBBI (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020

November 13, 2020 399 Views 0 comment Print

These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020.They shall come into force on the date of their publication in the Official Gazette.

IBBI (Information Utilities) (Amendment) Regulations, 2020

November 13, 2020 483 Views 0 comment Print

(1) These regulations may be called the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette.

DGFT Update | MEIS for 2019-20 & 2020-21 | New DGFT Policy & Portal

November 13, 2020 30831 Views 7 comments Print

Please find below synopsis of recent important updates issued by DGFT for your quick reference: ​​Office Memorandum: F. No. 605/58/2015-DBK (Pt. II) dated 12 Nov 2020: The MEIS, introduced in April 2015, will be wound up by 31 December 2020. The government has already announced the Remission of Duty or Taxes on Export Products (RoDTEP) […]

IBBI amends Regulations relating to corporate insolvency proceedings

November 13, 2020 450 Views 0 comment Print

The resolution plan usually provides payment of debts to the creditors of the CD. In the interest of transparency, the IBBI amended the Regulations to require the RP to intimate each claimant the principle or formulae for payment of debts under a resolution plan, within 15 days of the order of the AA approving such resolution plan.

Required Information/Documents for Company Incorporation

November 13, 2020 7296 Views 0 comment Print

Following details/information are required of all the subscribers. 1. Requirements to get DSC For Indian Applicant PAN-Self attested Address Proof (either Passport, Voter ID, Aadhar card, bank statement or copy of utility bill-not older than two month) – Self attested Email IDs & Mobile Numbers Two Physical Photograph of the person applying for DSC 2. […]

Tax provisions relating to receipt and forfeiture of earnest money

November 13, 2020 47649 Views 3 comments Print

Introduction The provisions of section 51 of the Income-tax Act deal with advance money received for transfer of a capital asset. As per the old provisions where any capital asset was on any previous occasion the subject of negotiations for its transfer, any advance or other money received and retained by the assessee in respect […]

Draft Code on Social Security (Central) Rules, 2020

November 13, 2020 6405 Views 0 comment Print

The following Draft Code on Social Security (Central) Rules, 2020, which the Central Government proposes to make in exercise of the powers conferred by sections 154, 155 and 158 of the Code on Social Security, 2020 (36 of 2020) read with section 24 of the General Clauses Act, 1897 (10 of 1897) and in supersession of the –

SVLDRS 2019 due date extended for UT of J&K & Ladakh

November 13, 2020 1083 Views 0 comment Print

Last date for filing applications under Sabka Vishwas (Legacy Dispute Resolution) Scheme extended to 31st December, 2020 for UT of Jammu & Kashmir and UT of Ladakh

Section 68 Addition for Share Capital unjustified if Creditworthiness Proved

November 13, 2020 6768 Views 0 comment Print

Sanmin Trading & Holding Pvt. Ltd. Vs ITO (ITAT Kolkata) The issue under consideration is whether addition made u/s 68 on the ground that the share capital received is seen not a genuine credit is justified in law? ITAT states that section 68 of the Act provides that if any sum found credited in the […]

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