The Chief Minister’s Relief Fund or the Lieutenant Governor’s Relief Fund, referred at sub-clause (iiihf) of clause (a) of sub-section (2) of section 80G, which is of the same nature at the level of state or the Union Territory as is the Prime Minister’s National Relief Fund at the national level, is not exempted under the said clause.
It is hence proposed to amend the provisions of sub-section (5) of section 139 to provide that the time for furnishing of revised return shall be available upto the end of the relevant assessment year or before the completion of assessment, whichever is earlier.
New definition of ‘Account’ has been inserted which refers to bank account. It seems that interest may be exempted from payment of GST. Earlier this definition was not there. It’s main use will be in the determination of time of supply and place of supply.
According to section 270 of Companies Act, 2013, there are two ways in which a company can be wound up : either by the tribunal or voluntarily. The sections pertaining to Winding up by the Tribunal have been notified and put into force. The procedure for the same is given hereunder:
Article compares differences between Companies Act 2013 and Companies Act, 1956 in respect of wound up of a Company by National Company Law Tribunal. Article Compares Section recently notified Section 271, 273, 274, 275, 277, 280, 281,287,302,332,336,337,338, 339(3), 342, 344, 348(7), 352, vide notification no. S.O. 3677(E) dated 07.12.2016 with effect from 15.12.2016.
It is hereby informed that sale and submission of physical i.e. OMR examination application forms have been discontinued with effect from May 2017 examination onwards
Government is contemplating to revise the tax treaties with partner countries to enable the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) to use the data for prosecution of those who have stashed black money abroad.
GST Council agreed that all entities exempted from payment of indirect tax under any existing tax incentive scheme shall pay tax in the GST regime and that in case the Central or State Government decided to continue any existing exemption/incentive/deferral scheme, then it shall be administered by way of a reimbursement mechanism through the budgetary route.
Banks have reported 14 cases (branches) where bank employees have been found involved in ‘irregular exchange transaction’ of Specified Bank Note (SBN) during the phase of Demonetisation,
RBI has deregulated interest rates on credit card dues. Interest rates are determined by banks with the approval of their respective Board of Directors subject to regulatory guidelines on interest rate on advances issued by RBI from time to time. RBI does not maintain information on the rate of commission charged.
