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Maharashtra Lockdown guideline dated 31st August 2020

August 31, 2020 7722 Views 0 comment Print

1) Schools, colleges, educational and coaching institutions will remain closed till 30th September, 2020. Online / distance learning shall continue to be permitted and shall be encouraged. 2) Cinema halls, swimming pools, entertainment parks, theatres (including that in malls and market complexes), bars, auditoriums, assembly halls and similar places.

Tariff Notification No. 83/2020-Customs (N.T.) dated 31.08.2020

August 31, 2020 669 Views 0 comment Print

Tariff Notification No. 83/2020-Customs (N.T.) dated 31st August, 2020 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 83/2020-CUSTOMS (N.T.) New Delhi, 31st August, 2020 9 Bhadrapada, […]

Digitisation of records important for combating tax evasion: CBIC Chairman

August 31, 2020 972 Views 0 comment Print

cross-border crimes. While the DIGIT platform is already in place for the DRI and Customs formations to capture Customs related offences, the DG Systems (Bengaluru Zonal Unit) has come out with an investigation (enforcement) sub-module under the Dispute Settlement and Resolution module of ACES­GST application that covers all activities starting from initiation of a case till issuance of the investigation report

Spot delivery of bullion & dealing in bullion depository receipt notified

August 31, 2020 2268 Views 0 comment Print

Spot delivery of bullion and dealing in bullion depository receipt notified. Bullion financing etc also notified MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 31st August, 2020 S.O. 2957(E).—In exercise of the powers conferred by sub-clause (vi) of clause (d)and sub-clause (xiv) of clause (e) of sub-section (1)of section 3 and clause […]

How Is MoneyTap Driving the Fintech Revolution in the Indian Lending Space

August 30, 2020 708 Views 0 comment Print

In 2015, entrepreneurs Kunal Varma, Bala Parthasarathy, and Anuj Kacker founded MoneyTap to address the loopholes in the traditional lending space. They introduced India’s first app-based credit line that isn’t tied to any collateral.

No exemption on corpus donation by exempt entity to other exempt entity

August 29, 2020 37242 Views 0 comment Print

As per the existing provisions of the Act, donations made by a trust to any other trust or institution registered under section 1 2AA or to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via)

Assistance Scheme for Indirect Tax Department officials/staff for death/permanent disability or injuries sustained in performance of duties

August 28, 2020 396 Views 0 comment Print

REVISED CONSOLIDATED GUIDELINES FOR GRANT OF EX-GRATIA FINANCIAL ASSISTANCE TO DEPARTMENTAL OFFICIALS/STAFF FROM THE CUSTOMS AND CENTRAL EXCISE WELFARE FUND IN CASE OF DEATH/PERMANENT DISABILITY OR INJURIES SUSTAINED IN PERFORMANCE OF DUTIES A) Death attributable to performance of enforcement functions under the Customs/GST/NDPS Act or any other Act of the Government of India/State(s), including anti-smuggling, […]

ITAT deletes addition for share premium as Assessee establishes identity, genuineness & creditworthiness of investor

August 28, 2020 807 Views 0 comment Print

ITO Vs M/s Heckyl Technologies Pvt.Ltd. (ITAT Mumbai) Firstly, the AO has clearly mentioned at paragraph no. 5 on page no’s, 6 and 7 of his order that he had made two references to the tax authorities in Mauritius and the UK. These references had been made under section 90 of the Act and had […]

Rebate allowable under Section 87A of Income Tax Act

August 28, 2020 119253 Views 13 comments Print

It is proposed to amend section 87A so as to reduce the maximum amount of rebate available under this section from existing Rs. 5000 to Rs. 2500. It is also proposed to provide that this rebate shall be available to only resident individuals whose total income does not exceed Rs. 3,50,000.

LIBOR based interest rate cannot be applied to benchmark a financial transaction which is not denominated in foreign currency

August 28, 2020 2955 Views 0 comment Print

Ld. AO/ Ld. TPO/ Ld. DRP erred in using a LIBOR based interest rate to benchmark the international transaction of payment of interest on FCCDs denominated in Indian Rupees

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