Circular No. 17 of 2020 F. No. 370133/22/2020-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) **** Dated: 29th September, 2020 Sub.: Guidelines under section 194-O (4) and section 206C (1-I) of the Income-tax Act, 1961 —reg. Finance Act, 2020 inserted a new section 194-0 in the Income-tax Act 1961 (hereinafter referred to as “the Act-) which mandates that with effect from 1st day of October, 2020, an e-c...

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In continuation to this Ministry’s General Circulars No.14/2020 dated 8th April, 2020, No.17/2020 dated 13th April, 2020 and No.22/2020 dated 15.06.2020 and after due examination and it: has been decided to allow companies to conduct their EGMs through VC or OAVM or transact. items through postal ballot in accordance with the framework provided in the aforesaid Circulars upto 31st December, 2020. All other requirements provided in the said Circulars shall remain unchanged....

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In continuation to this Ministry’s General Circular No. 23/2020 dated 17.06.2020 [G.C.] and after clue examination and it has been decided to extend scheme till 31.12.2020. Accordingly, the figures “30.09.2020” and “01.10.2020” wherever they appear in the G.C. shalt be substituted with figures “31.12.2020” and “01.01.2021” respectively....

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In continuation to this Ministry’s General Circular No. 13/2020 dated 30.03.2020, in view of large scale disruption caused by the COVID-19 pandemic and after due examination, it has been decided to extend aforesaid scheme till 31st December, 2020. All other requirements provided in the said circular shall remain unchanged....

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In continuation to this Ministry’s General Circular No.12/2020 dated 30.03.2020, in view of the large scale disruption caused by the COVID-19 Pandemic and after due examination, it has been decided to extend aforesaid scheme till 31st December, 2020. All other requirements provided in the said circular shall remain unchanged....

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RBI/2020-21/41 DPSS.CO.RPPD.No.309/04.07.005/2020-21 September 25, 2020 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Local Area Banks / Payment Banks / Small Finance Banks / National Payments Corporation of India Madam / Dear Sir, Positive Pay System for Cheque Truncation System Please refer to theStatement...

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Ministry Of Finance (Department of Revenue) (Central Board Of Indirect Taxes And Customs) Notification No. 68/2020 – Central Tax New Delhi, the 21st September, 2020 G.S.R. 573(E).—In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Government, on the recommendations of the Council, hereby waives the amount of late fee payable under section 47 of...

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Ministry Of Finance (Department of Revenue) (Central Board Of Indirect Taxes And Customs) Notification No. 67/2020 – Central Tax New Delhi, the 21st September, 2020 G.S.R. 572(E).—In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with section 148 of the said Act, the Government, on the recommendations of the Council, hereby makes the followin...

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Ministry Of Finance (Department of Revenue) (Central Board Of Indirect Taxes And Customs) Notification No. 66/2020 – Central Tax New Delhi, the 21st September, 2020 G.S.R. 571(E).—In exercise of the powers conferred by section 168A of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), and section 21 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017), the ...

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Category : GST | Comments : 0 | Hits : 1169

Today, the Reserve Bank released its annual publication titled “Handbook of Statistics on the Indian Economy, 2019-20” (HBS). This publication, the 22nd in the series, disseminates time series data on various economic and financial indicators relating to the Indian economy. The current volume contains 240 statistical tables covering national income aggregates, output, prices, money, banking, financial markets, public finances, foreign trade and balance of payments and select socio-ec...

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Category : RBI | Comments : 0 | Hits : 1054

Based on the recommendations of the 35th meeting of the GST Council held on 21st June, 2019, the provision of section 50 was amended vide section 100 of the Finance (No. 2) Act, 2019 to provide for charging interest on the net cash tax liability. The said amendment was to be made effective from a date to be notified by the Government. Accordingly, the said provision was made effective vide notification No. 63/2020 — Central Tax dated the 25th August. 2020, w.e.f. 01.09.2020....

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THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) BILL, 2020...

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Category : Income Tax | Comments : 0 | Hits : 1171

Keeping in view of the Faceless Assessment Scheme,2020 implemented by the Department and the difficulties being faced amid COVID-19 pandemic, the parameters for compulsory selection of returns for Complete Scrutiny during Financial Year 2020-21 and conduct of assessment proceedings in such cases are prescribed as under:...

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Category : Income Tax | Comments : 1 | Hits : 12860

RBI/2020-21/37 Ref. No. DoS.CO.PPG./SEC.03/11.01.005/2020-21 September 14, 2020 The Chairman / Managing Director / Chief Executive Officer All Scheduled Commercial Banks (Excluding RRBs) and All Small Finance Banks Madam / Dear Sir, Automation of Income Recognition, Asset Classification and Provisioning processes in banks We invite a reference to our circular DBS.CO.PPD.No.1950/11.01.005/2011-12 dated August 04, 2011, in terms of which banks were advised, inter alia, to have ap...

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RBI/2020-21/35 Ref. No. DoS.CO.PPG./SEC.02/11.01.005/2020-21 September 11, 2020 The Chairman / Managing Director & Chief Executive Officer All Scheduled Commercial Banks (Excluding RRBs) All Local Area Banks and All Small Finance Banks and Payment Banks Madam / Dear Sir, Compliance functions in banks and Role of Chief Compliance Officer (CCO) Please refer to the guidelines on compliance functions vide ourcirculars DBS.CO.PP.BC.6/11.01.005/2006-07 dated April 20, 2007andDBS...

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Relaxation of additional fees and extension of last date of filing of CRA-4 (form for filing of cost audit report) for FY 2019-20 under the Companies Act, 2013 -reg....

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Category : Companies Act | Comments : 0 | Hits : 1138

A big Relief given by Ministry of Corporate Affairs (MCA) to around 12 lakhs companies today by extending the timeline for holding Annual General Meeting till December 31st from September 30th. MCA issued directions to RoCs to issue orders without filing of formal application and payment of fee. Even applications already filed but not approved or rejected are also covered for this relief. MCA is extending this timeline due to #COVID19 and Meeting the demand from various associations for ex...

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RBI/2020-21/34 DOR.No.BP.BC/13/21.04.048/2020-21 September 7, 2020 All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) All Primary (Urban) Co-operative Banks/State Co-operative Banks/District Central Co-operative Banks All All-India Financial Institutions All Non-Banking Financial Companies (including Housing Finance Companies) Madam / Dear Sir, Resolution Framework for COVID-19-related Stress – Financial Parameters Please refe...

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RBI/2020-21/33 Ref.No.DOS.CO.PPG./SEC.01/11.01.005/2020-21 September 05, 2020 The Chairman / Managing Director / Chief Executive Officer All Scheduled Commercial Banks (Excluding RRBs) All Local Area Banks All Small Finance Banks and All Payment Banks Madam /Dear Sir, Long Form Audit Report (LFAR) - Review Please refer to RBI circular No. DBS.CO.PP.BC.11/11.01.005/2001-2002 dated April 17, 2002 on revision of Long Form Audit Report (LFAR). 2. Keeping in view the large scal...

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Reserve Bank of India has comprehensively reviewed thePriority Sector Lending (PSL) Guidelinesto align it with emerging national priorities and bring sharper focus on inclusive development, after having wide ranging discussions with all stakeholders. Revised PSL guidelines will enable better credit penetration to credit deficient areas; increase the lending to small and marginal farmers and weaker sections; boost credit to renewable energy, and health infrastructure. Bank finance to start-...

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The Priority Sector Lending (PSL) guidelines issued by Reserve Bank of India were last reviewed for Commercial Banks in April 2015 and for UCBs in May 2018 respectively. With an objective to harmonise various instructions issued to Commercial Banks, SFBs, RRBs, UCBs and LABs; align these guidelines with emerging national priorities and bring sharper focus on inclusive development, it was decided to comprehensively review the PSL guidelines. The revised guidelines also aim to encourage and suppor...

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G.S.R.....(E).– In exercise of the powers conferred by section 168A of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), and section 21 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017), the Government, on the recommendations of the Council, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Reve...

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RBI/2020-21/29 DoR.No.BP.BC.9/21.04.141/2020-21 September 1, 2020 All Commercial Banks Dear Sir, SLR holdings in HTM category Please refer to ourcirculars DBR.No.BP.BC.6/21.04.141/2015-16 dated July 1, 2015read withDBR.No.BP.BC.65/21.04.141/2015-16 dated December 10, 2015andDBR.No.Ret.BC.90/12.02.001/2017-18 dated October 4, 2017on the subject. 2. Currently, banks are permitted to exceed the limit of 25 per cent of the total investments under Held to Maturity (HTM) category, p...

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G.S.R. 539(E).—In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Government, on the recommendations of the Council, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2019- Central Tax, dated the 23rd April, 2019, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 322(E), ...

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Category : GST | Comments : 0 | Hits : 1013

RBI/2020-21/28 DoR (PCB).BPD.Cir.No.2/12.05.001/2020-21 August 26, 2020 The Chief Executive Officer All Primary (Urban) Co-operative Banks Madam / Dear Sir, Submission of returns under Section 31 of the Banking Regulation Act, 1949 (AACS) – Extension of time In terms of section 31 of the Banking Regulation Act, 1949 (“the Act”) read with Section 56 the Act [as amended by the Banking Regulation (Amendment) Ordinance, 2020], accounts and balance-sheet referre...

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G.S.R. 526(E).—In exercise of the powers conferred by section 135 and sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Corporate Social Responsibility Policy) Rules, 2014, namely:-...

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Category : Companies Act | Comments : 0 | Hits : 1121

G.S.R. 525(E).—In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendments in Schedule VII to the said Act, namely:- ...

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Category : Companies Act | Comments : 0 | Hits : 1129

G.S.R. 527(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of September, 2020, as the date on which the provisions of section 100 of the Finance (No. 2) Act, 2019 (23 of 2019), shall come into force....

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Category : GST | Comments : 0 | Hits : 1239

RBI/2020-21/27 DoS.CO.PPG.BC.1/11.01.005/2020-21 August 21, 2020 All Scheduled Commercial Banks (excluding RRBs) All Small Finance Banks All Urban Cooperative Banks Madam/Dear Sir, Ad-hoc/Short Review/Renewal of Credit Facilities In terms ofcircular DBOD.No.BP.(SC).BC.98/21.04.103/99 dated October 7, 1999on Risk Management System in Banks, Scheduled Commercial Banks (SCBs) are required to put in place a board approved credit policy, which, inter alia, should prescribe the perio...

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Category : RBI | Comments : 0 | Hits : 1139

The Chairman/ Managing Director/Chief Executive Officer All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) All Primary (Urban) Co-operative Banks/State Co-operative Banks / District Central Co-operative Banks All-India Financial Institutions All Non-Banking Financial Companies Dear Sir / Madam, New Definition of Micro, Small and Medium Enterprises...

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Category : RBI | Comments : 0 | Hits : 1175