Release ID: 1673501 -
(17/11/2020) -
The Government of Telangana 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 22 other States and 3 Union Territories (Delhi, Jammu & Kashmir and Puducherry) who have opted for Option-1. ...
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It has been more than 3 years that GST has been implemented and it has been a system driven legislature. The GST portal is the back bone of functioning of GST and to make GST law a success a robust GST portal and infrastructure should be in place. However, the GST portal has been disappointing in last 3 years with respect to its performan...
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Press Release: 2020-2021/647 -
(17/11/2020) -
Reserve Bank of India has today placed in public domain a draft scheme of amalgamation of The Lakshmi Vilas Bank Ltd. (LVB) with DBS Bank India Ltd. (DBIL), a banking company incorporated in India under Companies Act, 2013, and having its Registered Office at New Delhi....
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Press Release: 2020-2021/646, Order No. DOR.PSBD.No. 1407/16.01.067/2020-2021, Order No. DOR.PSBD No.1408/16.01.067/2020-2021 -
(17/11/2020) -
RBI superseded the Board of Directors of The Lakshmi Vilas Bank Ltd. for a period of 30 days owing to serious deterioration in the financial position of the bank. This has been done to protect the depositors’ interest....
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Press Release: 2020-2021/645, Notification No. S.O. 4127(E), Order No. DOR/PSBD.No.1406/16.01.067/2020-21 -
(17/11/2020) -
Reserve Bank of India Date : Nov 17, 2020 The Lakshmi Vilas Bank Ltd. placed under Moratorium The financial position of The Lakshmi Vilas Bank Ltd. (the bank) has undergone a steady decline with the bank incurring continuous losses over the last three years, eroding its net-worth. In absence of any viable strategic plan, declining [&helli...
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RBI/2020-21/68 DPSS.CO.PD.No.660/02.14.008/2020-21 -
(17/11/2020) -
An authorised PPI Issuer or a PA is required to maintain an escrow account with a scheduled commercial bank on an ongoing basis. With a view to diversify risk and address business continuity concerns, it has been decided to allow one additional escrow account in a different scheduled commercial bank....
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RBI/2020-21/67 A.P. (DIR Series) Circular No. 06 -
(17/11/2020) -
On a review and in partial modification of earlier instructions it has been decided that in respect of the Compounding Orders passed on or after March 01, 2020 a summary information, instead of the Compounding Orders, shall be published on the Bank’s website in the following format:...
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In order to make available a standard Vector Borne Disease specific health insurance product addressing the needs of insuring public for getting health insurance coverage to specified Vector Borne Diseases, an exposure draft on 'Standard Vector Borne Disease Health Policy' along with standard terms and conditions (Annexure -1), Customer I...
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In re IZ Kartex (GST AAAR West Bengal) -
In re IZ Kartex (GST AAAR West Bengal) From the facts of the case, it is seen that the IZ-Kartex named after Korobkov, the Russian company has entered into the MARC with BCCL. They have deployed DDP-N, an Indian company as the subcontractor. DDP-N in turn, issues invoice to the Russian company. Again, the Russian […]...
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All pensioners of Employees’ Pension Scheme 1995 (EPS’95) are required to submit Jeevan Pramaan Patra (JPP) / Digital Life certificate (DLC) each year to continue drawing pension. In the current scenario of COVID-19 pandemic, the Employees’ Provident Fund Organization (EPFO) has facilitated multiple options for EPS pensioners to sub...
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Dear Professional Colleagues, Prudent corporate governance practices are always the backbone of development and progress of economic ecosystem of any country. After globalisation and liberalisation were introduced to the largest democracy of the world, international businesses looked at India with a new perspective and exploited untapped ...
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Dear All, Happy to present before all of you my another article on Guns N Roses – Digital Synchronisation Income Tax vis-a-vis GST 👆. This article has penned after the reporting of GSTR 3B data started in Form 26AS of the Assessee on 12th November 2020. Article briefly discusses what needs to be done in […]...
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In one of the recent Advance Rulings, the Authority for Advance Rulings, Andhra Pradesh, has opined that GST will be levied on supply of food and accommodation services for coaching services and no exemption is available to such services. [In Re: Master Minds (2020) 7 TMI 348; (2020) 117 taxmann.com 824 (AAR, Andhra Pradesh)]. In [&hellip...
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Change of certain Examination Centre / minor correction in the address for November 2020 CA Exams. It is hereby informed that due to unavoidable circumstances, certain examination centre(s), as per details give below has been changed....
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The Council of the Institute of Chartered Accountants of India considers it a privilege to submit this Pre-Budget Memorandum - 2021 on Direct Taxes and International Tax to the Government. The memorandum contains suggestions for the consideration of the Government while formulating the tax proposals for the year 2021-22....
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You have set up your office in Maharashtra and you are not displaying your GST number on your board outside your office? Then be aware because you might get penalty notice from the department if anyone complaints against you. You are thinking why? In this article we are answering the most important but ignorant question […]...
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Equalization levy was introduced by the Finance Act,2016 on certain non resident companies and related activities. The levy was applied @6% on certain 'specified services' such as online advertisement, any provision for digital advertising space or any other facility or services for the purpose of online advertisement if the aggregate amo...
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REQUEST TO PASS DIRECTIONS u/s 30 C of the Chartered Accountants Act for adopting tough measures for the safe and smooth conduct of the CA Examinations going to be held from 21st November. Urgent attention is requested as there are only ten days to implement the suggestions to be made by you....
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Under GST act various provisions has been made such as, levy and collection of tax, registration, returns, Input Tax Credit, payment of tax, refund, assessment, audits, determination of tax liability, demand and recovery, appeal etc. Accordingly, appropriate proceedings are initiated by the proper officers either on his own motion or on a...
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In year 2014, with the applicability of The Companies Act, 2013 many new concepts have been introduced in the law and change has been brought in way of running the company in India. One such concept is One Person Company (OPC). As the name suggest One Person Company (OPC) is a company where there is […]...
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As a part of the AatmaNirbhar Bharat Package 3.0, announced on 12th November 2020 our Hon. Finance Minister Smt. Nirmala Sitharaman – a relief has been provided to real estate developers and buyers, by increasing the percentage of safe harbor to 20%. One can now buy a house at a rate of 20% lower than the circle rate. This new norm is f...
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As per Section- 2(35) ‘dividend includes interim dividend’ signifies that the provisions of Companies Act 2013, applicable to the final dividend to the extent possible, shall also applicable on interim dividend. As the word “interim” means “relating to less than a full year’s business activity” so the dividend de...
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On the occasion of Dhanteras, FM has announced an Atmanirbhar Bharat Package 3 for over Rs. 2.65 lakh crores. A Demand Booster has been announced for the Real Estate Sector by giving Tax relief for the Developers & Home Buyers under the Income Tax Act....
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Based on the brilliant lecture on the above subject by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India – November 6, 2020 – at the ‘National E-Summit on Non-Banking Finance Companies’ organized by ASSOCHAM, the following article traces its origin. It has been drawn from the RBI web site as under: https://www....
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