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Archive: 17 November 2020

Posts in 17 November 2020

Amendments to guidelines for preferential issue and institutional placement of units by a listed InvIT

November 17, 2020 486 Views 0 comment Print

Securities and Exchange Broad of India CIRCULAR SEBI/HO/DDHS/DDHS/CIR/P/2020/232 November 17, 2020 To, All Infrastructure Investment Trusts (“InvITs”) All Parties to InvITs All Stock Exchanges All Merchant Bankers and other Intermediaries Madam/Sir, Sub: Amendments to guidelines for preferential issue and institutional placement of units by a listed InvIT 1. SEBI issued circular SEBI/HO/DDHS/DDHS/CIR/P/2019/143 dated November 27, […]

Notification No. 58/2020-Customs (N.T./CAA/DRI), Dated: 17.11.2020

November 17, 2020 729 Views 0 comment Print

Notification No. 58/2020-Customs (N.T./CAA/DRI), Dated: 17.11.2020- Appointment of common adjudicating authority by Principal Director General, Revenue Intelligence.

Sales against Opening stock accepted by department cannot be treated as unexplained income

November 17, 2020 1959 Views 0 comment Print

PCIT Vs Akshit Kumar (Delhi High Court) ITAT observed that in the impugned AY 2014-15, the audited balance-sheet reflected an opening stock of Rs. 19,53,29,660/- which stood accepted by the Department either under the scrutiny proceedings or by not selecting the return for scrutiny or by not taking any action to disturb such returned income. […]

Appeal to Secretary MCA for Directions u/s 30C for conduct of CA Exams

November 17, 2020 13500 Views 16 comments Print

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.

Analysis of Provisions of Rectification of Error under GST

November 17, 2020 68868 Views 4 comments Print

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 application of registered person, […]

One Person Company (OPC) Incorporation

November 17, 2020 5037 Views 3 comments Print

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 […]

Buying your dream home becomes cheaper this Diwali!

November 17, 2020 3897 Views 1 comment Print

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 for residential units up to Rs. 2 Cr. and will be effective till 30th June 2021. Let’s discuss about this relief in detail.

Declaration & Tax Treatment of Interim Dividend

November 17, 2020 13881 Views 0 comment Print

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 declared in the middle or before the […]

Thank You FM for the Income Tax Relief to Real Estate Sector BUT enlargement of scope of Relief is necessary

November 17, 2020 13962 Views 4 comments Print

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.

RBI: NBFC Regulation- Looking ahead

November 17, 2020 1989 Views 0 comment Print

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.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1101 Though […]

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