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Archive: 02 December 2020

Posts in 02 December 2020

Keep membership statue live to generate UDIN, Article Registration etc.: ICAI

December 2, 2020 501 Views 0 comment Print

Attention of the members is also drawn to linkage of live membership status as a pre-requisite for all certification courses and access to DLH and other benefits including article registration in addition to generation of UDIN on all documents issued by Chartered Accountants for assignments related to audit, attestation and certification which has been made mandatory by ICAI.

ICAI advised CA Students to Observe Code of Conduct

December 2, 2020 3051 Views 0 comment Print

CA Students are advised to observe Code of Conduct for CA students in letter and spirit so as to maintain the highest standards of this esteemed profession. In case of any violation of the same by the students, disciplinary action will be taken against them.

Section 272A(2)(k) Penalty based on non–existing grounds is unsustainable

December 2, 2020 1845 Views 0 comment Print

District Mining Officer Vs JCIT (TDS) (ITAT Allahabad) It is noted that the Assessing Officer has initiated the penalty proceedings u/s 272A(2)(k) of the Income Tax Act for the alleged default of delivering the statement of TDS in Form 26Q within the time specified in section 200(3) read with proviso to section 206(3). In the […]

HC denies bail to accused in wrongful ITC availment case

December 2, 2020 1107 Views 0 comment Print

Learned Public Prosecutor and counsel for Union of India have opposed the bail application. It is contended that petitioner has created 26 firms to facilitate availment and utilization of input Tax Credit to the tune of Rs. 108.36 crores.

Operational guidelines for Transfer & Dematerialization of re-lodged physical shares

December 2, 2020 1803 Views 0 comment Print

Subsequent to processing of the re-lodged transfer request, the RTA shall retain the physical shares and intimate the investor (transferee) about the execution of transfer through Letter of Confirmation. This letter shall be sent through Registered / Speed Post or through email with digitally signed letter and shall, inter-alia, contain details of endorsement, shares, folio of investor (required on Demat request form) as available on the physical shares.

Anti-dumping duty on imports of Toluene Di-isocyanate (TDI)

December 2, 2020 1728 Views 0 comment Print

Seeks to impose provisional anti-dumping duty on imports of Toluene Di-isocyanate (TDI) having isomer content in the ratio of 80:20, originating in or exported from European Union, Saudi Arabia, Chinese Taipei and UAE, for a period of six months. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 43/2020-CUSTOMS (ADD) New Delhi, the […]

Revocation of suspended OOC of Bill of Entry & LEO of Shipping Bill in ICES system

December 2, 2020 4599 Views 0 comment Print

In all the cases, when OOC officer notices the message-OOC can’t be given, contact to System Manager in ICES system at time of OOC of Bill of Entry, following procedure will be adopted by Import Docks/Groups/EDI for revocation of suspended OOC of Bill of Entry in the ICES system:-

Guidelines on Insurance claims of victims of Cyclone Nivar

December 2, 2020 294 Views 0 comment Print

As you are aware, cyclone Nivar (Nov,2020) has caused loss to property in some parts of the country. The General Insurers may have issued policies for protection of lives and property located in the affected areas. There is an urgent need for the insurance industry to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims.

Guidelines for all General Insurance Companies for submission of Reports

December 2, 2020 588 Views 0 comment Print

1. This has reference to Notification of IRDAI (Insurance Surveyors and Loss Assessors) (Amendment) Regulations, 2020 whereby a. Vide Regulation 21(3) insurer are required to file with the Authority report on misconduct of licensed surveyors annually b. Vide Regulation 21(4) Insurers are required to maintain half yearly data in the prescribed format.

Guidelines for Practical Training for Surveyors & Loss Assessors

December 2, 2020 8628 Views 6 comments Print

These guidelines set out the detailed procedure for practical training for obtaining fresh / renewal licence to act as a surveyor and loss assessor. These guidelines are being issued in terms of Sec.14 of IRDAI Act, 1999 and in terms of Regulation 28 of Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) Regulations, 2015 and amendments thereof.

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