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18% GST on Prepared Laboratory Reagents which are not diagnostic reagents

September 23, 2019 21060 Views 0 comment Print

In re M/ s Chromachemie Laboratory Private Limited (GST AAR Karnataka) The Prepared Laboratory Reagents or Pharmaceutical Reference standards (HSN 3822 00 90) which are not diagnostic reagents are not covered under Entry No.80 of Schedule II of Notification No.1/2017 – Integrated Tax (Rate) dated 28.06.2017 and is covered under entry no.453 of Schedule III […]

SEBI (Mutual Funds) (Second Amendment) Regulations, 2019

September 23, 2019 1893 Views 0 comment Print

1. These Regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2019. 2. They shall come into force on the date of their publication in the Official Gazette: Provided that the amendments to regulation 24 shall come into force with effect from October 15, 2019.

Initiation of Safeguard Investigation concerning imports of Single Mode Optical Fibre into India

September 23, 2019 534 Views 0 comment Print

Product under Consideration: The product concerned is Single-mode Optical Fibre which refers to the Optical Fibre used to facilitate transmission of a single spatial mode of light as a carrier and is used for signal transmissions within certain bands.

Taxation of Salaries earned abroad by Residents & Relief from Double Taxation

September 22, 2019 86370 Views 9 comments Print

1. Salary means all remuneration paid or due under an express or implied contract of employment except that received by a partner of a firm from the firm. It includes wages, annuity or pension, gratuity, fess, commission, perquisites or profits in lieu of or in addition to any salary or wages or any advance of […]

GST on royalty for Mining Lease including exploration & evaluation

September 21, 2019 21537 Views 0 comment Print

In re M/s N.M.D.C. Ltd (GST AAR Karnataka) 1. The royalty paid in respect of Mining Lease is a part of the consideration payable for the Licensing services for right to use minerals including exploration and evaluation falling under the Head 9973 which is taxable at the rate applicable on supply of like goods involving […]

Major Income Tax Form to be Filed Along with ITR- Due Date 30th September

September 20, 2019 39303 Views 0 comment Print

Major Income Tax Form To Be Filed Along With ITR- Due Date 30th September- Forms Are Commonly Used Forms, Forms To Claim Specific Eligible And Specific Forms. COMMONLY USED FORMS* Form No. Description Applicable to Form 3CA-3CD Audit report under section 44AB of the Income Tax Act,1961, in a case where the accounts of the business or […]

CBDT notifies Additional depreciation on Motor car & motor vehicles

September 20, 2019 130413 Views 19 comments Print

Income-tax (9th Amendment) Rules, 2019 – Additional depreciation on motor cars and motor vehicles shall be allowed in certain conditions- Notification No. 69/2019-Income Tax Dated 20th September, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 69/2019-Income Tax New Delhi, the 20th September, 2019 (Income-tax) G.S.R. 679 (E).—In exercise of […]

Risk management framework for liquid & overnight funds & norms of investment in short term deposits

September 20, 2019 924 Views 0 comment Print

SEBI Circular on Risk management framework for liquid and overnight funds and  Investment and advisory fees for parking of funds in short term deposits

Banks to pay compensation to customer for failed transactions

September 20, 2019 3246 Views 1 comment Print

Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems- a. If the transaction is a ‘credit-push’ funds transfer and the beneficiary account is not credited while the debit to originator has been effected, then credit is to be effected within the prescribed time period failing which the penalty has to be paid to the beneficiary;

Increase in Sanctioned Limit for classification of export credit under PSL

September 20, 2019 906 Views 0 comment Print

It has been decided to i. Enhance the sanctioned limit, for classification of export credit under PSL, from ₹ 250 million per borrower to ₹ 400 million per borrower. ii. Remove the existing criteria of ‘units having turnover of up to ₹ 1 billion’

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