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IPs to act as IRP, Liquidators, RP & Bankruptcy Trustees (Recommendation) Guidelines, 2022

June 8, 2022 1194 Views 0 comment Print

Insolvency and Bankruptcy Board of India Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2022 June 08, 2022 Corporate Insolvency The Insolvency and Bankruptcy Board of India (Board) is required under the Insolvency and Bankruptcy Code, 2016 (Code) to recommend name of an Insolvency Professional (IP) for […]

Income Tax on dividend received from company

June 4, 2022 429384 Views 18 comments Print

Navigate the changes in dividend taxation post-Finance Act 2020. Delve into the tax obligations for domestic companies, withholding tax, and the impact on shareholders. Stay informed on deductions, rates, and the implications for non-resident investors. Get comprehensive insights on the taxability of dividends under the Income Tax Act, 1961, and plan your financial strategies accordingly.

IRDAI eases capital requirement under PMJJBY

June 3, 2022 573 Views 0 comment Print

IRDAI has reduced the capital required to be held by insurers offering PMJJBY, by almost 50%. This move will enable life insurers to offer more policies under the scheme, and provide financial security to bottom of the pyramid of Indian population, through life insurance.

Clarification regarding Form No 10AC issued till the date of this Circular

June 3, 2022 18168 Views 0 comment Print

PCIT or CIT can examine if there is any specified violation by the trust or institution registered or provisionally registered under relevant clauses of sub-section (1) of section 12AB or sub¬section (1) of section 12AA.

IBBI celebrates ‘Azadi ka Amrit Mahotsav’

June 3, 2022 915 Views 0 comment Print

Azadi Ka Amrit Mahotsav (AKAM) is an initiative of the Government of India to celebrate and commemorate 75 years of progressive India and the glorious history of its people, culture and achievements.

Instructions to FSSAI & Customs Officers on testing of UHT Whipping Cream

June 3, 2022 762 Views 0 comment Print

FSSAI has stated that Commercial Sterility test as prescribed in Table-2B: Microbiological Standards for Milk and Milk Products – Food Safety Criteria, under FSS (Food Products Standards and Food Additives) Regulation, 2011, is not feasible for UHT Whipping Cream, given the nature of the product and its storage conditions that are conducive to give a negative test result, on evaluation.

IRDAI circular on Public Disclosures by FRBs/Lloyd’s India

June 3, 2022 969 Views 0 comment Print

IRDAI has received representations on the rationalization of compliance requirements on Public Disclosures of Foreign Reinsurance Branches (FRBs) and Lloyd’s India as they are not directly dealing with retail customers.

FAQs on Direct Tax Vivad Se Vishwas Act, 2020

May 30, 2022 29409 Views 1 comment Print

Get answers to commonly asked questions about the Direct Tax Vivad Se Vishwas Act, 2020. Learn which appeals and petitions are covered under this act.

Cancellation of GST registration & rejection of revocation application without hearing not sustainable

May 26, 2022 10650 Views 0 comment Print

Order of cancellation of registration and order rejecting application seeking revocation of cancellation are not sustainable as hearing was not granted and proper reasons were not assigned, violating principles of natural justice; Show cause notice issued is bereft of any material particulars and the same is quashed

GST payable on Sale of second hand or used Paintings

May 24, 2022 4884 Views 0 comment Print

In re Saffron Art Private Limited (GST AAR Maharashtra) Question 1:- Classification of second hand or used ‘Paintings’ [Section 97(2) (a)] Answer: – The ‘Paintings are classifiable under Heading 9701 of the GST Tariff. Question 2:- Whether for determination of the liability to pay tax on the sale of second hand or used ‘Paintings’, the applicant can apply […]

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