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Shortfall due to GST implementation – Tamil Nadu goes for Option-1

October 14, 2020 447 Views 0 comment Print

Tamil Nadu goes for Option-1, gets permission to borrow an additional amount of Rs 9,627 crore. 21 States now allowed to mobilize Rs.78,452 crore in addition to Rs 1.1 lakh crore to meet the shortfall arising out of GST implementation

Mission Begin Again- Maharashtra Issues new Lockdown guideline

October 14, 2020 5238 Views 0 comment Print

Following activities will be permitted outside the Containment Zones:-In areas outside the Containment Zones, all activities will be permitted, except the following: i. International Air travel of passengers, except as permitted by MHA. ii. Schools. colleges, educational and coaching institutions will continue to remain closed for students and regular class activity up to 31s’ October, 2020.

Provisional Registration in CA Foundation Course after passing Class X Exam

October 13, 2020 549 Views 0 comment Print

Students after passing Class 10th examination conducted by an examining body constituted by law in India or an examination recognised by the Central Government or the State Government as equivalent thereto, may provisionally register in Foundation Course of ICAI.

Procedure for opening & operating designated FCRA Account

October 13, 2020 5142 Views 1 comment Print

Procedure for opening & operating the designated FCRA Account as provided under the amended Section 17(1) of The Foreign  Contribution (Regulation) Act , 2010

Section 12AA registration cannot be denied for mere non-spend of income for charitable activities

October 13, 2020 828 Views 0 comment Print

Dr. NT Ghatte Charitable Trust Vs. CIT (ITAT Pune) Merely because the trust has not spent any amount of its income for charitable activities and the fact that the trust has not spent any amount of income for charitable purpose does not amount to carrying on the activities contrary to its objects. The submission of […]

Acceptance of voluntary liquidation assignment without holding valid AFA contravenes IP Regulations

October 13, 2020 381 Views 0 comment Print

In the present matter, Mr. Kumar accepted the assignment of voluntary liquidation in matter of Sambodhi Healthcare Private Limited and Modern Cold Storage Limited without holding valid AFA after 31.12.2019 which is in express contravention of regulation 7A of IP Regulations, which is applicable to voluntary liquidation as well. In consequence, he also contravened code […]

Section 271E penalty cannot be imposed for Payment for purchases

October 13, 2020 2487 Views 0 comment Print

B. P. Patel and Co. Vs ITO (ITAT Ahmedabad) It is elementary to say that the ‘satisfaction’ can only be formed by the person who is competent to impose penalty and not a lower ranking authority. The law provides for imposition of penalty by an officer of the rank of the Joint Commissioner. Thus, the […]

RBI extends time for Submission of returns U/s. 31 for Co-Op Banks

October 13, 2020 1884 Views 0 comment Print

Reserve Bank hereby extends the period for furnishing of the returns under Section 31 of the Act for the financial year ended on March 31, 2020 by a further period of three months in terms of the first proviso to the above section. Accordingly, all State Co-operative Banks and Central Co-operative Banks shall ensure submission of the aforesaid returns to the Reserve Bank and NABARD on or before December 31, 2020.

Norms on Renewability, Portability & Migration of Standard COVID Health Policy

October 13, 2020 384 Views 0 comment Print

‘Corona Kavach’ and ‘Corona Rakshak’ policies of any tenure may be renewed for further terms of three and half months (3 ½ months), six and half months (6 ½ months) or nine and half months (9 ½ months) as per the option exercised by the policyholder. The renewal shall be subject to the underwriting policy of the insurer.

Weekly newsletter from Chairman, CBIC dated 12/10/2020

October 12, 2020 885 Views 0 comment Print

We are on the verge of a festival season while our fight against Covid-19 continues unabated even after almost eight months. Our Hon’ble Prime Minister has launched a campaign on 8th October 2020 for a Jan Andolan on Covid-19. It calls for appropriate behaviour from citizens, especially in view of the upcoming festivals in the winter season as well as the opening up of the economy.

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