"January, 2021" Archive

Formulation of Principles for Determining a Supply for Levy of GST

Constitution of India (hereinafter referred to as the Constitution) defines the expression ‘goods and services tax’ as any tax on supply of goods or services or both, except tax on supply of alcoholic liquor for human consumption. The Constitution provides that Legislature of each State can make goods and services tax (hereina...

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Canteen charges recovered from employees liable to GST

It is seen that often business entities provide working lunch or canteen services during office hours to employees / workers free of cost or at subsidized rates or against recovery of charges towards canteen services by way of receiving payment  from employees or deduction of such amount from salary of employees. Whether such provision o...

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Detection of any undisclosed income subsequent to final order of ITSC

Income Tax Search and Seizure & Income Tax Settlement Commission (ITSC)- Detection of any undisclosed income subsequent to the final order of ITSC Introduction:- Chapter XIX – A of Income Tax Act, 1961 provides for settlement of cases. Income Tax Settlement Commission was set up in the year 1976 on the recommendation of Direct T...

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RBI releases Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach

Press Release: 2020-2021/984 (22/01/2020)

Reserve Bank of India has released today, the Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach. Comments on the Discussion Paper are invited from NBFCs, market participants and other stakeholders within one month from this date....

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Steps to be taken for rescue, protection & rehabilitation of a transgender person

F. No. 15011/191/2020—SC/ST-W (21/01/2021)

F. No. 15011/191/2020—SC/ST-W Government of India Ministry of Home Affairs (Women Safety Division) 2nd Floor, MDC National Stadium, New Delhi — 110001, Date: 21st January, 2021 To, Chief Secretaries/ Advisors to Administrators (All States and UTs) Subject: Transgender Persons (Protection of Rights) Act 2019 and the Transgender Persons...

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IRDAI Guidelines on Cross Border Re-insurers

Ref. No:IRDA/RI/GDL/MISC/015/01/2021 (22/01/2021)

a.  All Cross Border Reinsurers (CBR) shall necessarily comply with the eligibility criteria as stipulated in Reg. 4 (1) of the IRDAI (Re-insurance) Regulations, 2018. b. Filing of application for allotment of FRN to CBR shall be commensurate with Re-insurance programme of the insurer, as submitted with the Authority in terms of the IRDA...

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ICSI elects its New President and Vice President for year 2021

CS Nagendra D Rao, elected as President and CS Devendra V Deshpande, elected as Vice-President of the Institute of Company Secretaries of India for the year 2021 w.e.f. 19th January, 2021....

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Extend timelines for filings by LLPs: ICSI

On account of practical difficulties faced by LLPs during the pandemic ICSI requested MCA to consider providing extension of the timelines for filing of e-form 8 and e-form 11 pertaining to financial year 2019-20 till 31st March, 2021. THE INSTITUTE OF Company Secretaries of India IN PURSUIT OF PROFESSIONAL EXCELLENCE Statutory body under...

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Comparison of Companies (CSR Policy) Amendment Rules, 2021 with CSR Rule 2014

MCA has notified Companies (CSR Policy) Amendment Rules, 2021 Notification No. G.S.R. 40(E) dated 22/01/2021 and also notified Amendment to Section 135 of Companies Act, 2013 wef 22.01.2021. Articles compares changes to Companies (Corporate Social Responsibility Policy) Rules, 2014 with Companies (CSR Policy) Amendment Rules, 2021....

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GST शास्त्र-Redevelopment agreements – Taxability & other aspects (Part 1)

In the real estate industry, redevelopment agreements are often observed model. Societies, after few years of constructions, undergo redevelopment of the property. In such type of model, generally 3 parties are involved viz. society, developers and existing society members. In this article, we are going to discuss the flow of transactions...

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January 2021