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Notifications/Circulars

CBIC notifies Vizinjham International Seaport & Muthalapozhi u/s 7(d) of Customs Act

December 2, 2019 999 Views 0 comment Print

Notification of Vizinjham International Seaport and Muthalapozhi u/s 7(d) of the Customs Act for unloading and loading of boulders for breakwater construction vide Notification No. 87/2019- Customs (N.T.) dated 02nd December, 2019 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 02nd December, 2019 11 Agrahayana, Saka 1941 Notification No. 87/2019- Customs […]

Master Circular on Point of Sales Products and Persons-Life Insurance

December 2, 2019 17211 Views 0 comment Print

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA MASTER CIRCULAR ON POINT OF SALES PRODUCTS AND PERSONS – LIFE INSURANCE IRDAI/LIFE/CIR/MISC/215/12/2019 2nd December, 2019 VER-01 2nd December, 2019 Master Circular on Point of Sales Products and Persons — Life Insurance 1. The Authority had issued the following Guidelines in order to give an added fillip in providing easy access to […]

SAP based filing of Appeal Applications under MVAT & CST Act

November 30, 2019 43500 Views 0 comment Print

The dealers who desire to file Appeal application against the orders passed by the Assessing Authorities under various Acts, apply manually to the Appropriate Authorities. These Appeal Applications are then decided by the Appellate Authorities as per the provisions of the Act.

Guidelines for scrutiny of invalid returns selected through CASS

November 29, 2019 16476 Views 0 comment Print

It has been brought to the notice of Board that notices under section 143(2) of the Income-tax Act, 1961 (‘Act’) were generated in respect of certain invalid returns of the assessees filed for the Assessment Year 2017-18 through CASS Cycle 2018. As the scrutiny of such returns will pose a challenge for the AO and is bad in law, I am directed to state that Assessing Officers shall drop the proceedings u/s 143(2) of the Act in such cases and reopen the same by issue of notice under section 148 of the Act.

Cut-off Time for Determining Minimum Threshold of Margins to be Collected from Clients

November 29, 2019 690 Views 0 comment Print

a. For the purpose of determining minimum threshold of margins to be collected by members from their clients, cut off time shall be kept as 5:00 b. Risk Parameter File (RPF) to be generated at cut-off time shall be applied on clients’ EOD portfolio for the purpose of determining minimum threshold of margin to be collected from clients by members.

Norms for Debt Exchange Traded Funds (ETFs)/Index Funds

November 29, 2019 789 Views 0 comment Print

The following norms are prescribed for Debt ETFs/Index Funds to be adopted by all AMCs: (a) The constituents of the index shall be aggregated at issuer level. (b) The index shall have a minimum of 8 issuers. (c) No single issuer shall have more than 15% weight in the index. (d) The rating of the constituents of the index shall be investment grade. (e) The constituents of the index shall have a defined credit rating and defined maturity as specified in the index methodology.

Transfer & Postings of 23 officers in Additional CIT/JCIT Grade

November 29, 2019 4317 Views 0 comment Print

Office Order No. 244 of 2019 – Transfer & Postings of the 23 officers in the grade of Additional Commissioner/Joint Commissioner of Income Tax vide Office Order No. 244 of 2019 dated 29.11.2019. F.No. A-22012/1/2019-Ad-VI Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes) North Block, New Delhi -110 001 […]

Govt. notifies GSTAT Benches for Mizoram, Rajasthan & Karnataka

November 29, 2019 2583 Views 0 comment Print

Govt notifies creation of the State Benches of the Goods and Services Tax Appellate Tribunal (GSTAT) for Mizoram and Rajasthan and Area Benches at Two Area Benches at Bengaluru and One Area Bench at Jodhpur. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 29th November, 2019 S.O. 4332(E).—In exercise of the powers conferred […]

Prohibition of Benami Property Transactions (1st Amendment), Rules, 2019

November 29, 2019 3342 Views 0 comment Print

(1) These rules may be called the Prohibition of Benami Property Transactions (1st Amendment), Rules, 2019. (2) They shall come into force from the date of their publication in the Official Gazette.

Requirement of mandatory uploading on e-Sanchit- Reg.

November 29, 2019 7233 Views 0 comment Print

Directorate of Systems have issued Advisory No. 25/2019 dated (web link) laying down requirement of mandatory uploading on e-Sanchit, the Invoice/ Invoice cum packing list and Bill of Lading/ Airway bill etc. for every Bill of Entry and subsequent declaration of document code and IRNs in the Bill of Entry. The coding scheme developed by Directorate of Systems is given under:

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