Blog

Mar 18, 2019

Increase in threshold limit of aggregate turnover for availing Composition Scheme u/s 10 of the CGST Act, 2017

<!-- wp:paragraph --> <p>The Central Board of Indirect Taxes and Customs Vide Notification No 14/2019 – Central Tax dated 07th March 2019 has increased the threshold limit of aggregate turnover to opt for composition scheme from 1 Crore to 1.5 Crores.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-14-central-tax-english-2019.pdf;jsessionid=7A6BD4ADAEB327BC9D6401EBAFA17229">http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-14-central-tax-english-2019.pdf;jsessionid=7A6BD4ADAEB327BC9D6401EBAFA17229</a></p> <!-- /w.....

Mar 18, 2019

Nature of Supply of Priority Sector Lending Certificates (PSLC)

<!-- wp:paragraph --> <p>Earlier, Notification No. 11/2018-Central Tax (Rate) dated 28.05.2018 was issued to levy GST on trading of PSLC (Priority Sector Lending Certificates) on reverse charge basis from 28.05.2018 onwards to be paid by the buyer bank.The Central Board Of Indirect Taxes and Customs vide Circular No. 93/12/2019 - GST has clarified that nature of supply of PSLC<br> between banks may be treated as an inter-state supply of goods. Accordingly, IGST shall be payable on the supply of PSLC traded over e-Kuber portal of RBI for both periods i.e 01.07.2017 to 27.05.2018 and from 28.05......

Mar 18, 2019

Discontinuation of printing of Advance Authorisations / Export Promotion Capital Goods (EPCG) Authorisations on security paper by DGFT for authorisations issued with EDI ports as port of registration

<!-- wp:paragraph --> <p>In order to enhance the ease of doing business for exporters, DGFT vide Circular No. 07/2019 dated 21st February 2019 has decided to discontinue the issuance of Advance/EPCG Authorisations on security paper as was the practice so far. This shall come into effect for authorisations issued from 01.03.2019 onwards for cases where the port of registration is an EDI port. Advance/EPCG Authorisations shall continue to be transmitted electronically by DGFT to the Customs server. The details of the said authorisations would be visible in ICES to all officers involved in import.....

Mar 18, 2019

Revision in Haircut on Central Government Securities accepted as Collateral

<!-- wp:paragraph --> <p>Based on the feedback received from the Clearing Corporations and the recommendations of the Risk Management Review Committee of SEBI, SEBI vide Circular No. SEBI/HO/MRD/DRMNP/CIR/P/2019/33 dated 21st February 2019 has decided to revise the minimum haircuts applicable to the Central Government securities deposited by clearing members. The revised haircuts are as follows:</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>The classification of the Government of India Dated Securities, as above, shall be reviewed on 15th of every month. The revision in classification, .....

Mar 18, 2019

Re-categorization of IDBI Bank Ltd. as a Private Sector Bank

<!-- wp:paragraph --> <p>Reserve Bank Of India vide its Presss Release dated 14th March 2019 has categorized IDBI Bank Limited as a ‘Private Sector Bank’ for regulatory purposes with effect from January 21, 2019 consequent upon Life Insurance Corporation of India acquiring 51% of the total paid-up equity share capital of the bank.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=46552">https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=46552</a></p> <!-- /wp:paragraph -->.....

Mar 18, 2019

Interest Subvention Scheme for Short Term Crop Loans during the years 2018-19 and 2019-20

<!-- wp:paragraph --> <p>Reserve Bank of India vide Notification No RBI/2018-19/137 dated 07th March 2019 has announced that the Government of India has approved the implementation of the Interest Subvention Scheme with modifications for the years 2018-19 and 2019-20 for short term crop loans up to Rs. 3 lakh with the following stipulations:<br>  To provide short-term crop loans upto Rs. 3 lakh to farmers at an interest rate of 7% p.a. during the years 2018-19 and 2019-20, interest subvention of 2% p.a. will be provided to Public Sector Banks (PSBs) and Private Sector Commercial Banks.<br> .....

Mar 18, 2019

Notified provisions of 56(2)(viib)

<!-- wp:paragraph --> <p>Section 56(2)(viib) lays down that where a private limited company receives any consideration from any person being a resident, for issue of shares that exceeds the face value of such shares, the aggregate consideration received for such shares as exceeds the fair market value of the shares shall be chargeable to tax under the head Income from Other Sources. This clause shall not apply where the consideration for issue of shares is received - by a venture capital undertaking from a venture capital company or a venture capital fund; or by a company from a class or class.....

Mar 18, 2019

Where there was failure of assessee to establish credit worthiness of investor companies, Assessing Officer was justified in passing assessment order making additions under section 68 for share capital / premium received by assessee company - Vide decision of Supreme Court of India in Principal Commissioner of Income-tax v. NRA Iron & Steel (P.) Ltd.

<!-- wp:paragraph --> <p><u>Section 68 of the Income Tax Act, 1961</u>: Where any sum is found credited in the books of an assessee and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not satisfactory in the opinion of the Assessing Officer, the sum so credited may be charged to income-tax as the income of the assessee. Provided that where the assessee is private limited company and the sum so credited consists of share application money, share capital, share premium, any explanation offered by such assessee-company shall be deemed to.....

Mar 18, 2019

SLP dismissed against High Court ruling that where assessee educational society had utilised its income for purchase of land for further extension of school building, which was for educational purpose only, exemption under section 10(23C)(vi) could not be denied - Vide decision of Supreme Court Of India in Commissioner of Income-tax (Exemption) v. Managing Committee, Arya High School, Punjab

<!-- wp:paragraph --> <p>Facts of the case:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>The Assessee educational society filed an application for grant of registration under section 10(23C)(vi).</li><li>Commissioner (Exemptions) denied same on ground that there was no evidence that assessee had utilised its income for educational purpose.</li><li>The assessee further appealed to the Income Tax Appellate Tribunal. The Tribunal after examining records found that during relevant assessment year, assessee had utilised its income for purchase of land for further extension .....

Mar 18, 2019

Only companies other than subsidiary companies, associate companies and joint ventures are eligible for purpose of registeration as valuer under rule 3(2) of Companies (Registered Valuers and Valuation) Rules, 2017 - Vide decision of High Court of Delhi in Cushman and Wakefield India (P.) Ltd. v. Union of India

<!-- wp:paragraph --> <p>Facts of the case:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>The petitioners were engaged in the business of real estate consultancy services including provision of real estate valuation services.</li><li>The petitioner is a subsidiary of a reputed body corporate and is<br> universally recognized as a lauded leader in providing valuation service.</li><li>The petitioner filed writ petition for declaring rule 3(2) of the Companies (Registered Valuers and Valuation) Rules, 2017 as unconstitutional.</li><li>According to petitioner, rule 3(2) of .....

Apr 18, 2019

Decisions taken in 34th GST Council Meeting held on 19th March 2019

<!-- wp:paragraph --> <p>34th GST Council Meeting was held on 19th March 2019 in which decisions relating to GST Rates for Real Estate Sector were taken. Summary of Rates effective from 01-04-19 are as follows:<br><u>New Tax Rates and its Conditions</u><br>New GST rate @ 1% on the construction of affordable houses is available for the following:</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>In the case of new projects, houses which meet the definition of affordable houses as decided by GST Council (i.e. non-metros – area of 90 sqm and metros – area of 60 sqm and value up to INR 45 L.....

Apr 18, 2019

Extension of due date for furnishing ITC 04 till 30th June, 2019

<!-- wp:paragraph --> <p>ITC 04 is required to be filed by a tax payer by giving the details of goods dispatched to or received from job workers. Due date for filing the same is 25th of the month succeeding the quarter. The Central Board Of Indirect Taxes and Customs vide Notification No. 15/2019 – CT dated 28th March 2019 has extended the due date for furninshing ITC – 04 for the periods July 2017 to March 2019 till 30th June 2019.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-15-central-tax-english-2019.pdf;jsessio.....

Apr 18, 2019

Extension of due date for furnishing GSTR 1 of March 2019 till 13th April 2019

<!-- wp:paragraph --> <p>The Central Board of Indirect Taxes and Customs video Notification No. 17/2019 has extended the due date for filing GSTR 1 for the month of March<br>2019 from 10th April 2019 to 13th April 2019.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-17-central-tax-english-2019.pdf;jsessionid=D8AC075BF7E8C6CA3CFA1BC1E2529798">http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-17-central-tax-english-2019.pdf;jsessionid=D8AC075BF7E8C6CA3CFA1BC1E2529798</a></p> <!-- /wp:paragraph -->.....

Apr 18, 2019

Framework for Utilization of Regulatory fee foregone by SEBI

<!-- wp:paragraph --> <p>With a view to encourage the participation by Farmers / Farmer Producer Organizations(FPOs) in agricultural commodity derivatives markets, SEBI has reduced the regulatory fee on Stock Exchanges w.r.t turnover in agricultural commodity derivatives. In order to pass on the desired benefits from reduction of regulatory fees on agricultural commodity derivatives, SEBI vide Circular No. SEBI/HO/CDMRD/DMP/CIR/P/2019/40 dated 20th March 2019 has decided that the stock exchanges dealing with agricultural commodity derivatives shall create a separate fund earmarked for the bene.....

Apr 18, 2019

Revised Guidelines for System Audit for Mutual Funds / Asset Management Companies (AMCs)

<!-- wp:paragraph --> <p>Requirement of system audit for mutual funds was introduced vide SEBI Circular SEBI / IMD / CIR No.9 / 176988 / 2009 dated September 16, 2009. Considering the importance of systems audit in technology driven asset management activity and standardize the systems audit, SEBI vide Circular No. SEBI/HO/IMD/ DF2/CIR/P/2019/57 dated 11th April 2019 has issued revised guidelines which are detailed in the circular.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.sebi.gov.in/legal/circulars/apr-2019/system-audit-framework-for-mutual-funds-asset-managem.....

Apr 18, 2019

Deferral of Implementation of Indian Accounting Standards (Ind AS) by Banks

<!-- wp:paragraph --> <p>Reserve Bank Of India vide its Notification No. RBI/2018-2019/146 dated 22nd March 2019 has decided to defer the implementation of Ind AS till further notice by RBI.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11506&amp;Mode=0</p> <!-- /wp:paragraph -->.....

Apr 18, 2019

Establishment of Branch Office (BO) / Liaison Office (LO) / Project Office (PO) or any other place of business in India by foreign entities

<!-- wp:paragraph --> <p>Reserve Bank of India vide Notification No RBI/2018-19/154 dated 28th March 2019 has issued guidelines regarding opening of BO/LO/PO in India by foreign entities. For opening of a BO/LO/PO or any other place of business in India, where the principal business of the applicant falls in the Defence, Telecom, Private Security and Information and Broadcasting sector, no prior approval of the RBI shall be required, if Govt. approval or license / permission by the concerned Ministry / Regulator has already been granted. Further, in the case of proposal for opening a PO relati.....

Apr 18, 2019

Extension of due date for linking of Aadhar and PAN

<!-- wp:paragraph --> <p>The Central Board of Direct Taxes vide Notification No. 31/2019 dated 31st March 2019 has extended the last date for linking of PAN and Aadhar till 30th September 2019. However, after 01st April 2019, it is mandatory to quote Aadhar Number while filing the income tax return.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>https://www.incometaxindia.gov.in/communications/notification/notification_31_2019.pdf</p> <!-- /wp:paragraph -->.....

Apr 18, 2019

Where assessee had developed shopping mall and let out same by providing a variety of services and facilities in mall, it could be found that primary intention of assessee was commercial exploitation of property which constituted its main business, income so derived would be assessed as income from business and not as income from house property

<!-- wp:list --> <ul><li>Vide Decision of High Court Of Kerala in Commissioner of Income-tax v. Oberon Edifices &amp; Estates (P.) Ltd.</li><li></li></ul> <!-- /wp:list --> <!-- wp:paragraph --> <p><u>Facts of the case:</u> </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>1. Assessee is a company engaged in the business of construction and promotion of residential and commercial complexes. The assessee constructed a shopping mall by name 'Oberon Mall' in Kochi in the property owned by its sister concern and let out the shop rooms. For the Assessment Year 2009-10, the assessee has shown t.....

Apr 18, 2019

SLP dismissed against High Court ruling that where objects in original trust deed were sufficiently wide and covered range of charitable activities relatable to education, medical aid and help to poor in times of calamities, registration of assessee-trust could not be denied for amended objects clarifying running of diagnostic centre on no profit basis

<!-- wp:list --> <ul><li>Vide Decision of Supreme Court Of India in Commissioner of Income-tax (Exemptions) v. Paramount Charity Trust</li></ul> <!-- /wp:list --> <!-- wp:paragraph --> <p><u>Facts of the case:</u></p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>The assessee, a registered public trust, had applied for and was granted registration under Section 12A of the Income-tax Act, 1961. Initially, the object of the Trust had eleven clauses which inter alia included education purpose; research; relief to poor; medical aid in form of donations to the hospitals, dispen.....

Apr 18, 2019

Where assessee-hospital made payments for services rendered towards maintenance of its medical equipments for proper and long functioning, it was required to deduction TDS under section 194C, and not under section 194J

<!-- wp:list --> <ul><li>Vide Decision of High Court Of Bombay in Commissioner of Income-tax (TDS)-2 v. Saifee Hospital</li></ul> <!-- /wp:list --> <!-- wp:paragraph --> <p><u>Facts of the Case:</u></p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>The supplier of medical equipments to the assessee hospital had also rendered services of maintenance of these equipments. The assessee deducted TDS under section 194C while making payment for maintenance services. However, the revenue authorities sought deduction of TDS under section 194J.</li><li>Further, The Commissioner (App.....

May 16, 2019

Clarification regarding filing of application for revocation of cancellation of registration

<!-- wp:paragraph --> <p>Section 29 of CGST Act, 2017 empowers a proper officer to cancel the registration, including from a retrospective date, of a registered person on account of non-furnishing of returns in FORM GSTR-3B or FORM GSTR-4. Section 30 of the said Act provides an option for such persons to apply for revocation of cancellation of registration within 30 days of cancellation of registration. The Central Board of Indirect Taxes and Customs vide Circular No. 99/18/2019-GST dated 23/04/2019 has clarified the provisions regarding the filing of application for revocation of cancellation.....

May 16, 2019

Provisions of rule 138E of the CGST Rules notified – Restriction on generation of e-way bill

<!-- wp:paragraph --> <p>As per Rule 138E, if an assessee, who is a composition dealer has not filed GST returns for two consecutive tax periods, e-way bill cannot be generated for making supply to him. In case of assessees other than composition dealers, if they do not file their GST returns for a consecutive period of two months, e-way bill cannot be generated for making supply to him.The Central Board of Indirect Taxes and Customs vide Notification No. 22 /2019 – Central Tax dated 23/04/2019 has notified 21-06-2019 as the date from which Rule 138E shall come into force.</p> <!-- /wp:parag.....

May 16, 2019

Extension of due date for furnishing GSTR 1 and GTSR 3B for registered persons in specified districts in Odisha till 10th June and 20th June respectively

<!-- wp:paragraph --> <p>GSTR 1 and GSTR 3B for the month of April 2019 has to be filed by 10<sup>th</sup> May 2019 and 20<sup>th</sup> May 2019 respectively. The Central Board Of Indirect Taxes and Customs vide Notification No. 23/2019 – CT dated 11<sup>th</sup> May 2019 has extended the due date for furninshingGSTR 1 for April 2019 till 10<sup>th</sup> June 2019 for registered persons in specified districts in Odisha. Similarly, due date for furnishing GSTR 3B of April 2019 has been extended till 20<sup>th</sup> June 2019 forregistered persons in specified districts in Odisha.</p> <!-- /wp.....

May 16, 2019

Permitting Foreign Portfolio Investors (FPI) to invest in Municipal Bonds

<!-- wp:paragraph --> <p>RBI  vide  A.P. Circular  No.  33  dated25-04-2019 has permitted FPIsto invest in municipal bonds. SEBI vide Circular No. IMD/FPIC/CIR/P/2019/62 dated 08-05-2019 has decided to permit FPIs to invest in municipal bonds in  accordance  with  the  provisions  of  Regulation  21(1)(p)  of  SEBI (Foreign  Portfolio  Investors)  Regulations,  2014.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.sebi.gov.in/legal/circulars/may-2019/permitting-foreign-portfolio-investors-fpi-to-invest-in-municipal-bonds_42927.html">https://www.sebi......

May 16, 2019

Networth Requirements for Clearing Corporations inInternationalFinancial Services Centre(IFSC)

<!-- wp:paragraph --> <p>SEBI vide Circular No. SEBI/HO/MRD/DRMNP/CIR/P/2019/60 dated 26-04-2019 has specified the net worth requirements for Clearing Corporations operating in IFSC. The requirements are as follows –</p> <!-- /wp:paragraph --> <!-- wp:table --> <table class="wp-block-table"><tbody><tr><td> Applicant seeking recognition as Clearing Corporation </td><td> Rs. 50 Crores </td></tr><tr><td> Recognized Clearing Corporation on commencement of operations, at all times </td><td> Rs. 50 Crores&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (or) Capital as determined under reg.....

May 16, 2019

Legal Entity Identifier: Extension of deadline

<!-- wp:paragraph --> <p>Earlier, Reserve Bank Of India hasissued CircularNo.FMRD.FMID.No.10/11.01.007/2018-19dated 29-11-2018on requirement of Legal Entity Identifier (LEI) for participation in non-derivative markets.LEI is a 20-character unique code assigned to entities who are parties to a financial transaction. All participants, other than individuals, undertaking transactions in the markets regulated by RBI and non-derivative forex markets shall obtain LEI codes by the due date specified in that circular. RBIvide Notification No.RBI/2018-19/177dated 26-04-2019 extended the due dates to ap.....

May 16, 2019

Reporting requirements in Form 3CD

<!-- wp:paragraph --> <p>Section 44AB of the Income-tax Act, 1961 requires specified persons to furnish Tax AuditReport in Form No. 3CD. Form No.3CD was amended vide notification no. GSR 666(E) dated 20th July, 2018 w.e.f. 20th August, 2018. However, the reporting under clause 30C (Reporting on impermissible avoidance arrangements)and clause 44 (Break-up of total expenditure of entities registered or not registered under the GST) of the Tax Audit Report was kept in abeyance till 31st March, 2019 vide Circular dated 17-08-2018. The Central Board of Direct Taxes vide Circular No. 9/2019 dated 14.....

May 16, 2019

Tribunal being last Court of appeal on facts, its finding on question of fact is of significance, thus, where Tribunal did not correctly appreciate as to what Assessing Officer and Commissioner (Appeals) held and what was their reasoning which led to their respective conclusion, matter was to be remanded back for adjudication afresh

<!-- wp:list --> <ul><li>Vide Decision of Supreme Court Of India in Principal Commissioner of Income-tax v.Ballarpur Industries Ltd.</li><li></li></ul> <!-- /wp:list --> <!-- wp:paragraph --> <p>Facts of the case:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>The assessee is a Limited Company, which is engaged in the business of manufacturing of various kinds of papers. Case relates to AY 1993-94.</li><li>According to the assessee, Mr. G.R. Hada and the assessee were the joint promoters of one Company called M/s Andhra Pradesh Rayons Limited.</li><li>Since a dispute ar.....

May 16, 2019

Reimbursement of service tax, by ONGC to assessee not a part of aggregate amount specified in sub-section (2) of section 44BB

<!-- wp:list --> <ul><li>Vide Decision of High Court Of Uttarakhand in Director of Income-tax International Taxation v.Schlumberger Asia Services Ltd.</li></ul> <!-- /wp:list --> <!-- wp:paragraph --> <p>Facts of the case:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>Section 44BB of Income Tax Act, 1961 provides that in case of an assessee engaged in the business of providing services or facilities in connection with, or supplying plant and </li></ol> <!-- /wp:list --> <!-- wp:paragraph --> <p>machinery on hire used, or to be used, in the prospecting for, or extracti.....

May 16, 2019

Interest for late payment of GST payable on gross tax liability and not after set-off of Input Tax Credit

<!-- wp:list --> <ul><li>Vide Decision Of High Court Of Telangana in Megha Engineering and Infrastructures Ltd. v. Commissioner of Central Tax</li></ul> <!-- /wp:list --> <!-- wp:paragraph --> <p>Facts of the case: </p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>Case of the petitioner is that the GST portal is designed in such a manner that unless the entire tax liability is discharged, the system will not accept the return in Form GSTR-3B. For example, even if an assessee was entitled to set off to the extent of 95% by utilizing ITC, the return cannot be filed unless t.....

Jun 06, 2019

Article by our Partner M Siva Ram Prasad in ICAI Journal

<!-- wp:paragraph --> <p>Dear Sir/Madam,</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><br>We take immense pleasure in informing you that the article by our Partner Sri. M Siva Ram Prasad on <strong>"Loan Frauds and Forensic Audit"</strong> is published in Institute of Chartered Accountants of India Journal - June 2019.<br>We are attaching a copy for your perusal. Below is the link to the article.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://resource.cdn.icai.org/51943bosfinal-19-p7-cp7.pdf">https://resource.cdn.icai.org/51943bosfinal-19-p7-cp7.pdf</a></p> <!-.....

Jun 20, 2019

Amendment for Para 6 in Guidelines for launching of Prosecution in relation to offences punishable under the Customs Act, 1962-reg

<!-- wp:paragraph --> <p>Customs vide circular No. 12/2019-Customs dated 24-05-2019 amends para 6 of Circular no. 27/2015 which consists launching Prosecution immediately on completion of adjudication proceedings. But for some cases involving offences relating to items i.e. FCIN, arms, ammunitions and explosives, antiques, art treasures, wild life items and endangered species of flora and fauna may be preferably launched immediately after Issuance of Show Cause Notice (SCN). This Circular Includes that in case of involvement of Foreign National(s), Prosecution may be launched at the earliest, .....

Jun 21, 2019

Press Release on MoU between SEBI &MCA for Data Exchange

<!-- wp:paragraph --> <p>SEBI vide Press Release No. 15/2019 dated June 07, 2019prMou was signed between SEBI and Ministry of Corporate Affairs (MCA) on June 7, 2019 for data exchange.</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>MoU facilitate sharing of data and information on Automatic and regular basis which helps in Monitoring the happening corporate frauds.</li><li>MoU enables sharing of specific information like details of suspended companies, delisted companies, shareholding pattern from SEBI and Financial Statements filed with ROC, Return of Allotment of Shares and Audit Repor.....

Jun 21, 2019

Clarification on Transfer of Securities held in Physical form

<!-- wp:paragraph --> <p>SEBI vide Press Release No. 12/2019 declares that Transfer of shares held in physical form from April 01, 2019 shall be in Dematerialized form with a Depository. </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Investor can still hold shares in physical form even after April 01, 2019. The Regulation is only on transfer of Share.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.sebi.gov.in/media/press-releases/mar-2019/transfer-of-securities-held-in-physical-mode-clarification_42503.html">https://www.sebi.gov.in/media/press-releases/mar-201.....

Jun 21, 2019

Appointment of Chief Risk Officer (CRO) for NBFCs

<!-- wp:paragraph --> <p>RBI vide Notification No. RBI/2018-19/184 dated 16<sup>th</sup> May, 2019 has decided that NBFCs with Asset Size of more than Rs.50 Billion shall appoint a CRO with clearly specified Roles and Responsibilities with adequate Independence to ensure high levels of Risk Management.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Instructions for NBFCs in appointing a CRO and Roles of CRO are detailed in the circular.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT18493A8BC3E04424A89A29ED4D18C0B67FC.PD.....

Jun 21, 2019

Waiver of Charges on National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) Systems

<!-- wp:paragraph --> <p>RBI vide Notification No. RBI/2018-2019/2018 dated June 11, 2019, RBI has decided that with effect from 1<sup>st</sup> July,</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>2019 processing charges and Time Varying charges levied by RBI on banks for NEFT and RTGS transactions&nbsp;&nbsp; will be waived.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Banks are advised to pass on the benefits to their customers for NEFT and RTGS transactions with effect from 1<sup>st</sup> July, 2019.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://rbidocs.....

Jun 21, 2019

Extension of Due date for filing TDS Returns in the State of Odisha

<!-- wp:paragraph --> <p>CBDT vide Order under section 119 of Income-Tax Act,1961, CBDT extended,</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>Due date for depositing Tax Deducted at Source (TDS) for the month of April,2019 from 7<sup>th</sup> May,2019 to 20<sup>th</sup> May,2019.</li><li>Due date for Filing of Quarterly statement of TDS for the Last Quarter of FY 2018-19 from 31<sup>st</sup> may, 2019 to 30<sup>th</sup> June, 2019, and </li><li>Due date for Issue of TDS Certificates in form 16 and 16A from 15th of June, 2019 to 15<sup>th</sup> of July, 2019.</li></ul> <!-- /wp:list --.....

Jun 21, 2019

Extension of Due Date for filing of TDS statement in Form 24Q

<!-- wp:paragraph --> <p>CBDT Vide Order under Section 119 of Income Tax Act, 1961, CBDT Extended due date for filing of </p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>TDS statement in Form 24Q for FY 2018-19 from 31st May, 2019 to 30th June, 2019 and</li><li>TDS Certificate in Form 16 for FY 2018-19 from 15th June, 2019 to 10th of July, 2019.</li></ul> <!-- /wp:list --> <!-- wp:paragraph --> <p>It’s because of Revision of Form 24Q’s format and Consequent updating of the File Validation Utility for its online filing. <a href="https://www.incometaxindia.gov.in/Lists/Latest%20News/At.....

Jun 21, 2019

Belated Claim of Refund during the course of Assessment Proceedings which resulted into delay in granting of refund could not be a reason attributable to the assessee and couldn’t dismiss the payment of interest for the amount of refund delayed

<!-- wp:list --> <ul><li>Vide decision of High Court of Bombay in Commissioner of Income Tax V. Melstar Information Technologies Limited.<strong></strong></li></ul> <!-- /wp:list --> <!-- wp:paragraph --> <p>Facts of the Case:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>The Assessee (Melstar) had not claimed certain expenditure before the assessing officer but eventually raised that claim before the Tribunal.</li><li>Where the Tribunal remanded back the proceedings to CIT(A) and the additional benefit claimed by the assessee was granted. This result Refund and also q.....

Jun 21, 2019

Appeal on Income Tax Appellate Tribunal (ITAT) on remanding back to Commissioner (Exemptions) regarding rejection of Application under section 80G (5)

<!-- wp:list --> <ul><li>Vide Decision of High Court of Allahabad in People Cause Foundation v. Income Tax Appellate Tribunal.</li></ul> <!-- /wp:list --> <!-- wp:paragraph --> <p>Facts of the Case:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>The Appellant is a company registered under section 8 of Companies Act, 2013 and had obtained a certificate under section 12A of Income Tax act,1961 (the Act, 1961).</li><li>It also applied for Certificate Under Section 80G of the Act, 1961. The Application was dismissed, against which the Appellant preferred an appeal before IT.....

Sep 23, 2019

Waiving of to file FORM ITC-04 for Financial years 2017-18 & 2018-19

<!-- wp:paragraph --> <p>GST wide Notification no. 38/2019 dated 31st August, 2019 Waives to file FORM ITC-04 for period&nbsp; from July,2017 to march,2019.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Inputs, Semi finished goods or capital goods shall be sent to the job worker under the cover of a challan issued by the principal(Registered Person) including where such goods are sent directly to job worker.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>The Principal (Registered Person) is required to file FORM ITC-04 every quarter stating the said details.</p> <!-- /wp:paragraph.....

Sep 23, 2019

Section 103 of Finance (No. 2) Act, 2019 coming into Force

<!-- wp:paragraph --> <p>GST Wide Notification No.39/2019 dated 31st August, 2019 appoints 1st September, 2019 as the date from which Section 103 of Finance Act (NO.2), 2019 will come into force.<br> Section 103 inserts Section 54(8A) in CGST Act which states that the government may disburse the refund of the state tax in such a manner as may be prescribed.<br></p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>.<a href="http://www.cbic.gov.in/resources/htdocs-cbec/gst/notfctn-39-central-tax-english-2019.pdf;jsessionid=E8B5417A96760713EDF3D0C82C3388C2">http://www.cbic.gov.in/resources//htdo.....

Sep 23, 2019

Parking of funds in Short Term Deposits of Scheduled Commercial Banks by Mutual Funds – Pending Deployment.

<!-- wp:paragraph --> <p>SEBI vide Circular no. SEBI/HO/IMD/ DF4/CIR/P/2019/093 dated August 16<sup>th</sup>, 2019 it is clarified that Trustees/Asset&nbsp; Management Companies&nbsp; (AMCs)shall&nbsp; ensure&nbsp; that&nbsp; no funds of a scheme is parked in Short Term deposit (STD) of a bank which has invested in that scheme. Trustees/AMCsshall&nbsp; also&nbsp; ensure&nbsp; that&nbsp; the&nbsp; bank&nbsp; in&nbsp; which a scheme&nbsp; has STD do&nbsp; not&nbsp; invest in&nbsp; the&nbsp; said&nbsp; scheme&nbsp; until&nbsp; the&nbsp; scheme&nbsp; has STDwith such Bank.</p> <!-- /wp:paragraph -.....

Sep 23, 2019

Cash withdrawl at Point of Sale (PoS) Devices

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/50 dated August 29, 2019 reiterates the details regarding Cash withdrawl at PoSdeivces as the thing notified has not being implemented.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Cash can be withdrawn from PoS devices through all Debit Cards/Open loop prepaid Cards issued by banks which is limited to Rs.1,000 per day in Tier I and II centres and Rs.2000 per day in Tier III to VI Centres.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>It can be charged to customers not more than 1% on the transaction amount.</p> <!--.....

Sep 23, 2019

real Time Gross Settlement (RTGS) System – Increase in operating hours

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/46 dated August 21, 2019 decides to increase in operating hours of RTGS system.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>At present, the RTGS system is available for customer transactions from 8:00 am to 6:00 pm and for inter-bank transactions from 8:00 am to 7:45 pm. In order to increase the availability of the RTGS system, it has been decided to extend the operating hours of RTGS and commence operations for customers and banks <strong>from 7:00 am</strong>. </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a hre.....

Sep 23, 2019

Exception to monetary limits for filing appeals specified in any circular issued under section 268A of the Income tax Act, 1961-reg (Specially on the basis of merit incases involved in organized Tax Evasion)

<!-- wp:paragraph --> <p>Income Tax vide Circular no. 23/2019 dated 6<sup>th</sup> September,2019 gives exception to monetary limits for filing of departmental appeals before Income Tax Appellate Tribunal(ITAT), High Courts and SLPs/appeals before Supreme Court.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Board has decided not withstanding anything contained in any circular issued under section 268A specifying monetary limits for filing of departmental appeals before ITAT/HC/SLPs/SC, appeals may be filed on merits as an exception to said circular, where board, by way of special order .....

Sep 23, 2019

Consolidated circular for assessment of start-ups

<!-- wp:paragraph --> <p>Income Tax vide circular no.22/2019 dated 30<sup>th</sup>August, 2019 consolidates all circulars regarding Assessment of startups.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Assessment of Start-ups:</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Case-1: </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Companies recognized by&nbsp; Department for promotion of&nbsp; industry and&nbsp; international trade(DPIIT) which have filed&nbsp; FORM No.2 and&nbsp; whose cases are under “Limited Scrutiny” on the&nbsp; single issue of applicability of section.....

Sep 23, 2019

Rectification of mistakes/errors in GSTR-3B manually

<!-- wp:paragraph --> <p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vide Decision of High court of Andhra Pradesh in Panduranga Stone Crushers Vs. Union of India.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Facts of the case:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>Applicant (panduranga stone crushers)for the months of July, 2017 to march, 2018 the petitioner submitted GSTR-3B returns through GST portal as required under law.</li><li>The Petitioner while claiming IGST Input, the petitioner is inadvertently and by mistake reported IGST i.....

Sep 23, 2019

Determination of location of State bench of tribunal is in domain of central government; role of state government is confined to determine place of area benches

<!-- wp:paragraph --> <p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vide Decision of High court of Allahabad in Torque Pharmaceuticals (P.) Ltd. Vs Union of India.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Facts of the case:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>The assessee filed a writ petition in respect of constitution of a Bench of Appellate Tribunal in Uttar Pradesh and had drawn the attention of the Court to the provisions of section 109(6) of Central Goods and Service Tax Act, 2017.</li></ol> <!-- /wp:list --> <!-- wp:parag.....

Oct 16, 2019

Filing of Annual return is made optional for businesses having turnover less than Rs. 2 crores

<!-- wp:paragraph --> <p>GST wide notification No. 47/2019 dated 09<sup>th </sup>October 2019 on the recommendations of the council notifies that registered persons whose aggregate turnover in a financial year does not exceed two crore rupees in respect of financial years 2017-18 and 2018-19, are having the option to furnish the annual return.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-47-central-tax-english-2019.pdf;jsessionid=351C29506073E73E96266EFB7E2DB4A9">http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn.....

Oct 16, 2019

Prescribing the due date for filing return in FORM-GSTR-3B for the months from October 2019 to March 2020

<!-- wp:paragraph --> <p>GST wide Notification no. 44/2019 dated 09th October, 2019 prescribes the due date for furnishing FORM-GSTR-3B for the months from October, 2019 to March, 2020 shall be furnished electronically through common portal, <strong>on or before the 20th day</strong> of the month succeeding such month.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-44-central-tax-english-2019.pdf;jsessionid=92DCCE2341F99AB6331DC2C3BFF237D3">http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-44-central-tax-english-2.....

Oct 16, 2019

Prescribing the due date for filing return in FORM-GSTR-1 for the registered persons (aggregate turnover upto 1.5 crores) for months from October, 2019 to March,2020

<!-- wp:paragraph --> <p>GST Wide Notification  No. 45/2019 dated 09<sup>th</sup> October, 2019 prescribes the due date for furnishing FORM-GSTR-1 (details of outward supply of goods and/or services)  for the registered person having turnover upto 1.5 croresfor the months from October, 2019 to December 2019 shall be furnished with in 31<sup>st </sup>January,2020 and for the months from January, 2020 to march, 2020 shall be furnished with in 30<sup>th </sup>April, 2020.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-45-c.....

Oct 16, 2019

Prescribing the due date for filing return in FORM-GSTR-1 for the registered persons (aggregate turnover more than 1.5 crores) for months from October, 2019 to March,2020

<!-- wp:paragraph --> <p> GST Wide Notification  No. 46/2019 dated 09th OCtober, 2019 prescribes the due date for furnishing FORM-GSTR-1 (deails of outward supply of goods and/or services)  for registered persons having Turnover more than 1.5 crores for the months from October, 2019 to March, 2020 shall be furnished electronically through common portal till the eleventh day of the month succeeding such month. </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-46-central-tax-english-2019.pdf;jsessionid=188FA703E5BDB7F27E6.....

Oct 16, 2019

Change in Bank rate

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/77 dated October 04, 2019 it was announced as per the fourth Bi-monthly Monetary policy statement 2019-20 of October 04,2019 the bank rate is revised downwards by 25 basic points <strong>from 5.65% to 5.40%.</strong> </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11705&amp;Mode=0">https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11705&amp;Mode=0</a></p> <!-- /wp:paragraph -->.....

Oct 16, 2019

Changes in Liquidty Adjustment Facillity – Repo and Reverse Repo rates

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/75 dated October 04, 2019 it was announced as per the fourth Bi-monthly Monetary policy statement 2019-20 of October 04,2019. It has been decided by the Monetary Policy Committee (MPC) to reduce the policy <strong>Repo rate</strong> under the Liquidity Adjustment Facility (LAF) by 25 basis points <strong>from 5.40% to 5.15%</strong>. Consequently the <strong>Reverse Repo rate</strong> under the LAF stands adjusted to <strong>4.90%</strong>.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts.....

Oct 16, 2019

Bharat Bill Payment system– Expansion of biller categories

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/61 dated September 16, 2019 it was announced as per Statement on Developmental and regulatory policies released with third Bi-monthly monetary policy statement 2019-20 of August 07, 2019 it has been decided to expand the scope and coverage of BBPS to include all categories of billers who raise recurring bills (except prepaid recharges) as eligible participants, on a voluntary basis.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11686&amp;Mode=0">https://www.rbi.....

Oct 16, 2019

Clarification in respect of option exercised under section 115BAA of the income tax Act, 1961 inserted through the taxation laws (Amendment) Ordinance, 2019.

<!-- wp:paragraph --> <p>Income tax vide circular no. 29.2019 dated 2nd October, 2019.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Section 115BAA provides that,</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>A domestic company shall at its option to pay tax at a lower rale of 22 percent for any previous year relevant to the Assessment Year beginning on or after 1st April 2020, subject to certain conditions, including that the total income should be computed without claiming any deduction or exemption.</li><li>The option is required to be exercised by the company before the due d.....

Oct 16, 2019

Faceless Assessment for Income taxpayers launched

<!-- wp:paragraph --> <p>Income tax of India launched Faceless Assessment for taxpayers.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Centre Government had recently notified e-Assessment scheme to facilitate faceless assessment of income tax returns through completely electronic communication between tax officials and tax payers.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><strong>e-Assessment procedure:</strong></p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>Under the new system of faceless e-Assessment, tax payers will receive notices on their registered emails as well.....

Oct 16, 2019

Higher depreciation on certain motor cars, motor buses, motor lorries and motor taxies

<!-- wp:paragraph --> <p>Income Tax vide Notification no. 69/2019 dated 20<sup>th</sup> September, 2019 the Central Board of Direct Taxes, makes the following rules to further amend the Income-tax Rules, 1962 by changing Depreciation rates for &nbsp;motor cars, motor buses, motor lorries and motor taxies. Changed depreciation rates are as follows:</p> <!-- /wp:paragraph --> <!-- wp:table --> <table class="wp-block-table"><tbody><tr><td> <strong>Block of assets</strong> </td><td> <strong>Depreciation allowed as per %tage of WDV</strong> </td></tr><tr><td> (i) Motor cars, other than.....

Oct 16, 2019

Amendment in Rule 2F [infrastructure debt fund for the purpose of exemption under section 10(47)

<!-- wp:paragraph --> <p>Income tax vide Notification no. 66/2019 Central Board of Direct Taxes(CBDT) omitted Rule 2F(5) of Income tax Rules, 1962.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Section 10(47) of Income tax Act, 1961 exempts income of an Infrastructure debt fund, set-up in accordance with rules prescribed in Rule 2F of Income tax Rules, 1962.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Rule 2F(5) in which it says “ an investor in the bond issued by Infrastructure debt fund being a <strong>non-resident</strong>, the original or initial maturity of bond, at time.....

Oct 16, 2019

Extension of due date for linking of pan with aadhar

<!-- wp:paragraph --> <p>Income Tax vide Notification no. 75/2019 dated 28<sup>th</sup> September, 2019 extends due date for linking PAN with aadhar from 30<sup>th</sup> September, 2019 to 31<sup>st</sup> December,2019.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.incometaxindia.gov.in/communications/notification/notification_75_2019.pdf">https://www.incometaxindia.gov.in/communications/notification/notification_75_2019.pdf</a></p> <!-- /wp:paragraph -->.....

Oct 16, 2019

Extension of due date for filling of Income tax returns and tax audit reports for assesses covered under explanation(2) clause(a) to section 139(1) [companies and other than companies (firms)] Income tax vide order no. F.No. 225/157/2019/ITA.II Central Board of Direct Taxes extended due date for filing Income Tax Return and Tax audit report for Assessment Year 2019-20 for assesses covered under Explanation (2) (a) to section 139(1) [companies and other than companies (firms)] from 30th September, 2019 to 31st October, 2019.

<!-- wp:paragraph --> <p></p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Income tax vide order no. F.No. 225/157/2019/ITA.II Central Board of Direct Taxes extended due date for filing Income Tax Return and Tax audit report for Assessment Year 2019-20 for assesses covered under Explanation (2) (a) to section 139(1) [companies and other than companies (firms)] from 30<sup>th </sup>September, 2019 to 31<sup>st </sup>October, 2019.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>However there is no extension of due date for purpose of Explanation 1 to section 234A (interest for defaults.....

Oct 16, 2019

Show-cause notice issued under section 26(1) of Prohibition of Benami Property Transactions Act, 1988 is not appealable under the court of law.

<!-- wp:paragraph --> <p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vide Decision of High court of Delhi in Initiating officer Vs. Appellate tribunal under ther prohibition of Benami Property transactions.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Facts of the case:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>Instant writ petition was filed challenging the order of the Appellate Tribunal.</li><li>The challenge raised was that no appeal could have been filed before the Appellate Tribunal against show-cause notice issued by the Adjudicating Authority u.....

Oct 16, 2019

Not releasing the refund of income tax for the reason of technical glitch in the system is not tenable.

<!-- wp:list --> <ul><li>Vide Decision of High Court of Bombay in Vodafone Idea Limited Vs. Commissioner of Income-tax</li></ul> <!-- /wp:list --> <!-- wp:paragraph --> <p>Facts of the Case:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>This petition is filed for a direction to the respondents-the Income Tax authorities to refund an amount of Rs.149,98,21,407/- with statutory interest.</li><li>The petitioner is a public limited company and is engaged in providing telecommunication services. For the period relevant to assessment year 2014-15, the petitioner had suffered.....

Oct 16, 2019

Clubs cannot be treated as distinct from their members and there is no sale transaction between a club and its members. Hence, there can be no sales tax or service tax on supplies by club to its members

<!-- wp:list --> <ul><li>Vide decision of Supreme Court of India in State of West Bengal &nbsp;vs. Calcutta club Limited.</li></ul> <!-- /wp:list --> <!-- wp:paragraph --> <p>Facts of the case:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>The Assistant Commissioner of Commercial Taxes issued a notice to the respondent Club assessee apprising it that it had failed to make payment of sales tax on sale of food and drinks to the permanent members during the quarter ending 30-6-2002.</li><li>After the receipt of the notice, the respondent Club submitted a representation an.....

Jan 21, 2020

Reverse charge mechanism (RCM) on renting motor vehicles

<!-- wp:paragraph --> <p>GST vide Circular No. 130/2019 dated 31<sup>st </sup>December, 2019 Clarifies RCM on renting of motor vehicles.</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>GST applicability on renting of motor vehicles: Suppliers of service by way of renting of any motor vehicle designed to carry passengers where the cost of fuel is included in the consideration charged from the service recipient have an option to pay GST either at 5% with limited ITC (of input services in the same line of business) or 12% with full ITC. </li><li>By 37<sup>th </sup>GST council meeting, Sl.No......

Jan 21, 2020

Standard Operating Procedure to be followed in case of non-filers of returns

<!-- wp:paragraph --> <p>GST vide Circular No. 129/48/2019 dated 24<sup>th</sup> December 2019 clarifies the issue and to ensure uniformity in the implementation of the provisions of the law across field formations with respect to appropriate procedure to be followed in case of non-furnishing of return under section 39 (monthly returns) or 44 (annual return) or 45 (final return) of the CGST Act, 2017.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>The clarification is as follows,</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>As per section 46 of the CGST Act, 2017, It is required .....

Jan 21, 2020

Enhancing security of Card Transactions

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/142 dated January 15, 2020, Reserve Bank of India has issued a regulation that,</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>The issuers of the card shall provide the following to all cardholders,</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>Facility to switch on/off and set/modify transaction limits (within the overall card limit, if any, set by the issuer) for all types of transactions - domestic and international, at PoS/ATMs/online transactions/ contactless transactions, etc.</li><li>The above facility on a 24x7.....

Jan 21, 2020

Reporting of Large Exposures to Central Repository of Information on Large Credits (CRILC) – Urban Co-operative Banks(UCBs)

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/125 dated December 27, 2019, it has been decided that Primary (Urban) Co-operative Banks (UCBs) having total assets of ₹500 crore and above as on 31st March of the previous financial year shall report credit information, including classification of an account as Special Mention Account (SMA), on all borrowers having aggregate exposures of ₹5 crores and above with them to Central Repository of Information on Large Credits (CRILC) maintained by the Reserve Bank. Aggregate exposure shall include all fund-based and non-fund based e.....

Jan 21, 2020

Clarifications in respect of prescribed electronic modes under section 269SU of the Income-tax Act, 1961

<!-- wp:paragraph --> <p>Income tax vide Circular no. 32/2019 dated 30<sup>th</sup> December, 2019.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>A new provision namely Section 269SU was inserted in the Income-tax Act, 1961, vide the Finance (No. 2) Act 2019, which provides that every person having a business turnover of more than Rs 50 Crore shall mandatorily provide facilities for accepting payments through prescribed electronic modes.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Prescribed modes are as mentioned below which is in addition to the facility for other electronic .....

Jan 21, 2020

Relaxation of time-Compounding of Offences under Direct Tax Laws-One-time measure-Extension of Timeline up to 31.03.2020.

<!-- wp:paragraph --> <p>Income tax vide Circular No. 1/2020 dated 03<sup>rd </sup>January, 2020.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>The CBDT has received references from the field formation, including requests made by the ICAI chapters, wherein, it has been brought to the notice of CBDT that the taxpayers could not avail the benefit of the one-time relaxation window due to genuine hardships. </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>With a view to give a final opportunity to such taxpayers, and to reduce the pendency of existing prosecution cases before the court.....

Jan 21, 2020

Annual System audit for Market Infrastructure Institutions (MIIs)

<!-- wp:paragraph --> <p>SEBI vide Notification No. SEBI/HO/MRD1/ICC1/CIR/P/2020/03 dated 07<sup>th</sup>January, 2020 it provided, </p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>Framework to conduct Annual System Audit of Market Infrastructure Institutions  and </li><li>Terms of Reference (TOR) for System Audit Program</li><li>MIIs  are  also  advised  to  maintain  a  list  of  all  the  relevant  SEBI circulars/  directions/ advice,  etc.  pertaining  to  technology  and  compliance thereof,  as  per  format  enclosed in  the Circular,</li><li>MIIs are advise.....

Jan 21, 2020

Regulation of management and advisory services by Asset Management Companies to Foreign Portfolio Investors

<!-- wp:paragraph --> <p>SEBI vide circular No. SEBI/HO/IMD/DF2/CIR/P/2019/155 dated 16<sup>th</sup>December, 2019 it has been decided that,</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>AMCs&nbsp; may&nbsp; provide&nbsp; management&nbsp; and&nbsp; advisory&nbsp; services&nbsp; in&nbsp; terms&nbsp; of Regulation&nbsp; 24(b)&nbsp; of MF&nbsp; Regulations to FPIs&nbsp; falling&nbsp; under the&nbsp; following categories of FPIs as specified in FPI Regulations:</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>Government&nbsp; and&nbsp; Government&nbsp; related&nbsp; investors&nbsp; such.....

Jan 21, 2020

Stewardship Code with effect from 01.04.2020 for all Mutual Funds and all categories of AIFs, in relation to their investment in listed equities

<!-- wp:paragraph --> <p>SEBI vide circular No. CIR/CFD/CMD1/168/2019 dated 24th December 2019.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Previously, SEBI has already implemented principles on voting for Mutual  Funds,  which prescribed detailed mandatory requirements for Mutual Funds in  India to disclose their voting policies and actual voting by Mutual Funds on different resolutions of investee companies.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>SEBI along with the Insurance Regulatory and Development Authority of India (IRDAI) and Pension Fund Regulatory and Devel.....

Jan 21, 2020

SEBI signs Memorandum of Understanding on bilateral co-operation with the Astana Financial Services Authority, Kazakhstan

<!-- wp:paragraph --> <p>SEBI vide Press Release No. 30/2019 dated 23<sup>rd</sup> December 2019 it is published that the SEBI and the Astana Financial Services Authority (AFSA) have entered into a bilateral Memorandum of Understanding (MoU) for mutual co-operation and technical assistance.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>The objective of the bilateral MoU is to strengthen cross border co-operation in the area of securities regulation. This will facilitate mutual assistance, contribute towards the efficient performance of the supervisory functions, and enable effective enf.....

Jan 21, 2020

Revised Return of Income of companies to be accepted by the authorities which are in case of scheme of arrangement for amalgamation etc.

<!-- wp:paragraph --> <p><strong>It is incumbent upon Department to assess total income of successor in respect of previous assessment year after date of succession. Thus, where predecessor companies/transferor companies had been succeeded by appellants / transferee companies who had taken over their business along with all assets, liabilities, profits and losses etc. in the scheme of amalgamation, in view of provisions of section 170(1), Department was required to assess income of appellants after taking into account revised Returns filed after amalgamation of companies.</strong></p> <!-- /wp.....

Jan 21, 2020

Composite supply of goods and services and regular supply are differentiated.

<!-- wp:paragraph --> <p><strong>A finding as regards composite supply must take into account supplies as effected at a given point in time on 'as is where is' basis. In particular instances where same taxable person effects a continuous supply of services coupled with periodic supplies of goods/services to be used in conjunction therewith, one could possibly view periodic supply of goods/services as composite supplies along with service that is continuously supplied over a period of time. These, however, are matters that will have to be decided based on facts in a given case and not in abstra.....

Feb 11, 2020

Budget Highlights 2020-21 - Direct Taxes

<!-- wp:list --> <ul><li><strong>New and simplified personal income tax regime </strong>proposed wherein tax rates are as follows: </li></ul> <!-- /wp:list --> <!-- wp:table --> <table class="wp-block-table"><tbody><tr><td> <strong>Taxable Income (in Rs.)</strong> </td><td> <strong>Existing Tax Rates</strong> </td><td> <strong>New Tax Rates</strong> </td></tr><tr><td> 0 - 2,50,000 </td><td> Exempt </td><td> Exempt </td></tr><tr><td> 2,50,000 – 5,00,000 </td><td> 5% </td><td> 5% </td></tr><tr><td> 5,00,000 – 7,50,000 </td><td> 20% </td><td> 10%.....

Feb 12, 2020

Budget Highlights 2020-21 - Indirect Taxes

<!-- wp:list --> <ul><li>Simplified GST returns with features like <strong>SMS based filing for nil return</strong> and <strong>improved input tax credit flow</strong> to be implemented from 1st April 2020 as a pilot run.</li><li><strong>Customs duty raised on footwear</strong> to 35% from 25% and on furniture goods to 25% from 20%.</li><li><strong>5% health cess to be imposed on the imports of medical devices</strong>, except those exempts from Basic Customs Duty.</li><li><strong>Excise duty proposed to be raised on Cigarettes and other tobacco products</strong>. No change made in the duty ra.....

Feb 12, 2020

Budget Highlights 2020-21 - Fiscal Management

<!-- wp:list --> <ul><li>For the FY 2019-20:<ul><li>Revised Estimates of Expenditure: at Rs.26.99 lakh Crores.</li><li>Revised Estimates of Receipts: estimated at Rs.19.32 lakh Crores.</li></ul></li><li>For the year 2020-21:<ul><li><strong>Nominal growth of GDP estimated at 10%.</strong></li><li>Receipts: estimated at Rs.22.46 lakh Crores.</li><li> Expenditure: at Rs.30.42 lakh Crores.</li></ul></li><li> Fiscal deficit of <strong>3.8%</strong> estimated in Revised Estimate 2019-20 and <strong>3.5%</strong> for Budget Estimate 2020-21. </li></ul> <!-- /wp:list --> <!-- wp:image {"id":589} --> .....

Feb 12, 2020

Budget Highlights 2020-21 - Agriculture and Rural Economy

<!-- wp:list --> <ul><li>The government proposed an action plan to boost agriculture and farmers' welfare.</li><li><strong>Kisan Rail</strong> to be set up by Indian Railways through PPP: <ul><li> To build a <strong>seamless national cold supply chain for perishables</strong> (milk, meat, fish, etc.).</li><li><strong>Express and Freight trains</strong> to have <strong>refrigerated coaches.</strong></li></ul></li><li><strong>Krishi Udaan</strong> to be launched by the <strong>Ministry of Civil Aviation</strong>: <ul><li> Both international and national routes to be covered. </li><li> North-East.....

Feb 12, 2020

Budget Highlights 2020-21 - Education and skills

<!-- wp:list --> <ul><li><strong>National Police University</strong> and <strong>National Forensic Science University</strong> proposed for policing science, forensic science, and cyber-forensics.</li><li>Degree level full-fledged <strong>online education program</strong> by Top-100 institutions in the National Institutional Ranking Framework.</li><li>Up to <strong>1-year internship</strong> to fresh engineers to be provided by Urban Local Bodies.</li><li> The budget proposes to attach a <strong>medical college to an existing district hospital</strong> in Public-Private Partnership mode. .</li.....

Feb 12, 2020

Budget Highlights 2020-21 - Industry, Commerce and Investment

<!-- wp:list --> <ul><li><strong>National Technical Textiles Mission</strong>: <ul><li> With <strong>four-year implementation period</strong> from 2020-21 to 2023-24.</li><li>At an estimated <strong>outlay of Rs 1480 crore</strong>.</li><li> To position India as a <strong>global leader in Technical Textiles</strong>. </li></ul></li><li><strong>NIRVIKscheme</strong> for <strong>exporters to achieve higher export credit disbursement,</strong> which provides for:<ul><li> Higher insurance coverage. </li><li> Reduction in premium for small exporters. </li><li> Simplified procedure for claim settlem.....

Feb 12, 2020

Budget Highlights 2020-21 -Health

<!-- wp:list --> <ul><li><strong>PM Jan Arogya Yojana (PMJAY)</strong>: <ul><li> Viability Gap Funding (VGF) window (incentive scheme in which a certain percentage of the total capital cost is paid by the government) proposed for setting up hospitals in the <strong>Public-Private Partnership mode</strong>.</li><li> Aspirational Districts with no Ayushman empaneled hospitals to be covered in the first phase.</li></ul></li><li><strong>Jan Aushadhi Kendra Scheme</strong> to offer 2000 medicines and 300 surgical in all districts by 2024. </li><li><strong>TB Harega Desh Jeetega</strong> campaign la.....

Feb 12, 2020

Budget Highlights 2020-21 - Women Empowerment

<!-- wp:list --> <ul><li>Allocation of <strong>Rs. 35,600 crore</strong> for nutrition-related programs proposed for the FY 2020-21.</li><li><strong>Rs. 28,600 crores </strong>proposed <strong>for women-specific programs</strong>.</li><li><strong>The issue about the age of a girl entering motherhood</strong> – It is proposed to appoint a task force to present its recommendations in six months’ time. </li></ul> <!-- /wp:list -->.....

Feb 12, 2020

Budget highlights 2020-21 - Financial Sector

<!-- wp:list --> <ul><li>Deposit Insurance and Credit Guarantee Corporation <strong>(DICGC)</strong> permitted to <strong>increase Deposit Insurance Coverage to Rs. 5 lakh from Rs.1 lakh per depositor.</strong></li><li><strong>NBFCs eligibility limit for debt recovery</strong> reduced from:<ul><li>Rs. 500 crore to Rs 100 crore asset size.</li><li> Rs 1 crore to Rs 50 lakh loan size.</li></ul></li><li> <strong>Government</strong> <strong>to sell</strong> <strong>its balance holding in IDBI Bank</strong> to private, retail and institutional investors through the stock exchange.</li><li><strong>T.....

Feb 12, 2020

Budget Highlights 2020-21 - Infrastructure

<!-- wp:list --> <ul><li>A <strong>National Logistics Policy</strong> to be released soon to clarify roles of the Union Government, State Governments and key regulators.</li><li><strong>Single window e-logistics</strong> market to be created.</li><li><strong>Rs.1.7 lakh crore</strong> proposed for <strong>transport infrastructure</strong> in 2020-21.</li><li><strong>Delhi-Mumbai Expressway</strong> and two other packages to be completed by 2023. <strong>Chennai-Bengaluru Expressway </strong>to be started.</li><li><strong>Large solar power capacity</strong> to be set up alongside rail tracks, o.....

Feb 12, 2020

Budget Highlights 2020-21 - Culture and Tourism

<!-- wp:list --> <ul><li>An <strong>Indian Institute of Heritage and Conservation</strong> under Ministry of Culture proposed with the status of a deemed University.</li><li><strong>5 archaeological sites to be developed</strong> as iconic sites with on-site Museums:<ul><li> Rakhigarhi (Haryana) </li><li> Hastinapur (Uttar Pradesh)</li><li> Shivsagar (Assam)</li><li> Dholavira (Gujarat)</li><li> Adichanallur (Tamil Nadu)</li></ul></li><li><strong>Museum on Numismatics</strong> and Trade to be located in the historic Old Mint building in Kolkata.</li><li> Government to provide support for <str.....

Feb 12, 2020

Budget Highlights 2020-21 - Others

<!-- wp:list --> <ul><li><strong>Government to sell a part of its holding in LIC </strong>by way of<strong> Initial Public Offer (IPO).</strong></li><li><strong>Fiber to the Home</strong> (FTTH) connections <strong>through Bharatnet</strong> to link 100,000-gram panchayats this year. Rs.6000 crore proposed for the Bharatnet program in 2020-21.</li><li> For <strong>recruitment to Non-Gazetted posts in Government and Public sector banks</strong>, an independent, professional and <strong>specialist National Recruitment Agency</strong> (NRA) for conducting a <strong>computer-based online Common El.....

Feb 21, 2020

Introduction of Standard Operating Procedure (SOP) to be followed by exporters

<!-- wp:paragraph --> <p> GST vide Circular No. 131/2020 dated 23<sup>rd</sup> January 2020 directs a Standard Operating Procedure (SOP) to be followed by exporters to mitigate the risk of monetization of credit fraudulently obtained or ineligible credit through a refund of Integrated Goods &amp; Service Tax (IGST) on exports by creating fake invoices. </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="http://cbic.gov.in/resources//htdocs-cbec/gst/circular-cgst-131-new.pdf">http://cbic.gov.in/resources//htdocs-cbec/gst/circular-cgst-131-new.pdf</a></p> <!-- /wp:paragraph -->.....

Feb 21, 2020

Guidelines on Merchant Acquiring Business – Regional Rural Banks

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/156 dated February 06, 2020, Reserve Bank of India has been decided to allow RRBs to provide mobile banking services and to act as merchant acquiring banks using Aadhaar Pay – BHIM app and POS terminals.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>In this connection, the guidelines are as under:</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>The RRB should have permission for mobile banking from the Reserve Bank of India.</li></ul> <!-- /wp:list --> <!-- wp:paragraph --> <p>Additional conditions:</p> <!-- /wp:para.....

Feb 21, 2020

Guidelines for Restructuring of Advances in Micro, Small and Medium Enterprises (MSME) sector

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/160 dated February 11, 2020, it has been decided to extend the one-time restructuring of MSME advances.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Accordingly, a one-time restructuring of existing loans to MSMEs classified as 'standard' without a downgrade in the asset classification is permitted, subject to the following conditions:</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>The aggregate exposure, including non-fund based facilities, of banks and NBFCs to the borrower does not exceed ₹25 crores as on January.....

Feb 21, 2020

Modification of Guidelines of Interest Subvention Scheme for MSMEs and exempting Udhyog aadhar number (UAN)

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/155 it has been decided by the Government of India to bring modifications in the operational guidelines which are as follows:</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>Submission of statutory auditor certificate by June 30, 2020, and in the meantime, settle claims based on internal/concurrent auditor certificate.</li><li>Acceptance of claims in multiple lots for a given half-year by eligible institutions.</li><li>Requirement of Udyog Aadhar Number (UAN) may be dispensed with for units eligible for GST. For the Unit not r.....

Feb 21, 2020

The procedure of PAN allotment through Common Application Form (CAF) along with registration of Foreign Portfolio Investors (FPls) with SEBl under the Department of Economic Affairs and KYC for opening Bank and Demat Account.

<!-- wp:paragraph --> <p>Income tax vide Notification No. 11/2020 dated 7<sup>th</sup> February 2020 directed a procedure for allotment of PAN by Foreign portfolio Investors.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>A Common Application Form (CAF) for the purpose of registration, opening of bank and Demat accounts and application for Permanent Account Number (PAN) has been notified for the Foreign Portfolio Investors (FPls).</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Application for allotment of Permanent Account Number (PAN) will be uploaded in CAF as specified by the SE.....

Feb 21, 2020

Exemption from clubbing of investment limit for foreign Government agencies and its related entities regarding Foreign portfolio investors

<!-- wp:paragraph --> <p>SEBI vide Circular No. IMD/FPI&amp;C/CIR/P/2020/07 dated 16<sup>th</sup>January, 2020 it amended the that regarding “Foreign Portfolio Investors”, certain foreign Government agencies and its related entities are exempt from clubbing of investment limit requirements and other investment conditions either by way of an agreement or treaty with other sovereign governments or by an order of the Central Government.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.sebi.gov.in/legal/circulars/jan-2020/exemption-from-clubbing-of-investment-limit-for.....

Feb 21, 2020

Performance review of the commodity derivatives contracts by Recognised Stock Exchange

<!-- wp:paragraph --> <p>SEBI vide circular No. SEBI/HO/CDMRD/DNPMP/CIR/P/2020/21 dated 04<sup>th</sup>February, 2020 it has been decided to have a  framework to evaluate the performance of Derivative contracts based not merely on statistics regarding delivery and trade volumes but also on the strength of a  comprehensive empirical assessment after considering all relevant information,   pertaining   to the performance of a derivative contract during the relevant period of time.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Framework for performance review is as follows:</p> <!-- .....

Feb 21, 2020

Currency Future and Options Contracts (involving Indian Rupee) on Exchanges in International Financial Services Centres (IFSC)

<!-- wp:paragraph --> <p>SEBI vide circular No. SEBI/HO/MRD2/DCAP/CIR/P/2020/17 dated 03<sup>rd</sup> February 2020, it has been decided that   for  currency futures  and options contracts involving Indian Rupee (with settlement in foreign currency), the position limits for eligible market participants, per currency pair per stock exchange, shall be as follows:</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>Trading Members (positions on proprietary basis as well as clients’ position) - Gross open position across all contracts not to exceed 15% of the total open interest or USD 1 bi.....

Feb 21, 2020

SEBI develops an online system for detecting misuse of clients’ securities by brokers

<!-- wp:paragraph --> <p>SEBI vide Press Release No. 05/2020 dated 13<sup>th</sup> February 2020 it is published that the SEBI has developed an in – house online system by which it would be able to prepare client level securities holding register of the brokers.</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>SEBI collects the details of the clients’ securities submitted in weekly report filed by brokers with the Exchanges and updates the same with trades conducted in the accounts of said clients using the data available with SEBI in Data Warehousing and Business Intelligence System (.....

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