Amendment of item no. (ix) in the Schedule VII of the Companies Act, 2013 - MCA
Posted Date : 27-Aug-2020 , 10:16:19 am | Posted By: CASANSAAR
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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Companies Act |
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Interest in GST to be levied on Net Tax liability w.e.f 01-09-2020
Posted Date : 26-Aug-2020 , 10:15:59 am | Posted By: CASANSAAR
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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GST |
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Ad-hoc/Short Review/Renewal of Credit Facilities - RBI
Posted Date : 22-Aug-2020 , 10:05:49 am | Posted By: CASANSAAR
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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RBI |
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New Definition of Micro, Small and Medium Enterprises – Clarifications by RBI
Posted Date : 22-Aug-2020 , 10:04:01 am | Posted By: CASANSAAR
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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RBI |
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RBI releases framework for authorisation of pan-India Umbrella Entity for Retail Payments
Posted Date : 20-Aug-2020 , 10:14:01 am | Posted By: CASANSAAR
Reserve Bank has today placed on its website, the‘framework for authorisation of pan-India Umbrella Entity for Retail Payments’. The framework has been released after due deliberations on the comments / feedback received on the ‘draft framework for authorisation of a pan-India New Umbrella Entity for Retail Payment Systems’ which was placed on Reserve Bank’s website on February 10, 2020 inviting public comments.
The Reserve Bank invites applic...
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RBI |
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Clarification on Extension of Annual General Meeting (AGM) for the financial year ended as at 31.03.2020
Posted Date : 19-Aug-2020 , 10:20:12 am | Posted By: CASANSAAR
General Circular No. 28/2020
F. No. 2/4/2020-CL-V
Government of India
Ministry of Corporate Affairs
5th Floor, ‘A’ Wing, Shastri Bhawan,
Dr. R. P. Road, New Delhi
Dated: 17th August, 2020
To
All Regional Directors,
All Registrar of Companies, All Stakeholders.
Subject: Clarification on Extension of Annual General Meeting (AGM) for the financial year ended as at 31.03.2020- Companies Act, 2013-reg.
Sir/Madam,
Several representations have been received...
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Companies Act |
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Amendment of Income-tax Rules for providing conditions and guidelines for Pension Funds u/s 10(23FE) of the Income-tax Act
Posted Date : 19-Aug-2020 , 10:10:57 am | Posted By: CASANSAAR
G.S.R. 508(E).—In exercise of the powers conferred by sub-clause (iii) of clause (c) of Explanation to the clause (23FE) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-...
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Income Tax |
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Review of Guidelines for Core Investment Companies - RBI
Posted Date : 14-Aug-2020 , 10:48:55 am | Posted By: CASANSAAR
RBI/2020-21/24
DoR (NBFC) (PD) CC. No.117/03.10.001/2020-21
August 13, 2020
All Core Investment Companies (CICs)
Madam/Dear Sir,
Review of Guidelines for Core Investment Companies
Please refer to the report of the Working Group (WG) to Review the Regulatory and Supervisory Framework for Core Investment Companies (CICs), constituted under the Chairmanship of Shri Tapan Ray, former Secretary, Ministry of Corporate Affairs, Government of India. The report of the WG was placed in pub...
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RBI |
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CBDT notifies Faceless Assessment procedure
Posted Date : 14-Aug-2020 , 10:45:37 am | Posted By: CASANSAAR
S.O. 2746(E). —In exercise of the powers conferred by sub-section (3B) of section 143 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, vide number S.O 3265 (E) dated the 12th September, 2019, namely: —...
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CBDT |
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CBDT notifies Procedure for assessment under Faceless Assessment
Posted Date : 14-Aug-2020 , 10:44:27 am | Posted By: CASANSAAR
S.O. 2745 (E). —In exercise of the powers conferred by sub-section (3A) of section 143 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the E-assessment Scheme, 2019 published vide notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, in the Gazette of India, Extraordinary, vide number S.O 3264 (E) dated the 12th September, 2019, namely: —...
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CBDT |
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System-based asset classification - UCBs
Posted Date : 13-Aug-2020 , 10:33:51 am | Posted By: CASANSAAR
The Chief Executive Officer
All Primary (Urban) Co-operative Banks
Madam / Dear Sir,
System-based asset classification - UCBs
Please refer to theMaster Circular DCBR.BPD. (PCB) MC No.12/09.14.000/2015-16 dated July 1, 2015containing consolidated instructions on income recognition, asset classification, provisioning and other related matters.
2. In order to improve the efficiency, transparency and integrity of the asset classification process, it has been decided to implement system-...
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RBI |
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CBDT Releases Guidance on Mutual Agreement Procedure (MAP)
Posted Date : 08-Aug-2020 , 09:41:42 am | Posted By: CASANSAAR
India has a large network of Double Taxation Avoidance Agreements (‘DTAAs’ or ‘Tax Treaties’, hereinafter) with various countries. The DTAAs, interalia, provide rules and mechanisms for allocation of taxing rights amongst the treaty partners; avoidance of economic and juridical double taxation; and resolution of taxation not in accordance with the treaty through the Mutual Agreement Procedure (‘MAP’, hereinafter)....
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Income Tax |
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Offline Retail Payments using Cards / Wallets / Mobile Devices – Pilot
Posted Date : 07-Aug-2020 , 10:17:14 am | Posted By: CASANSAAR
RBI/2020-21/22
DPSS.CO.PD.No.115/02.14.003/2020-21
August 06, 2020
The Chairman / Managing Director / Chief Executive Officer
Authorised Payment System Operators (Banks and Non-banks)
Madam / Dear Sir,
Offline Retail Payments using Cards / Wallets / Mobile Devices – Pilot
Please refer to theStatement on Developmental and Regulatory policiesissued as part ofMonetary Policy statement da...
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RBI |
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Online Dispute Resolution (ODR) System for Digital Payments
Posted Date : 07-Aug-2020 , 10:15:56 am | Posted By: CASANSAAR
RBI/2020-21/21
DPSS.CO.PD No.116/02.12.004/2020-21
August 6, 2020
The Chairman / Managing Director / Chief Executive Officer
Authorised Payment System Operators and Participants (Banks and Non-banks)
Madam / Dear Sir,
Online Dispute Resolution (ODR) System for Digital Payments
Please refer to theStatement on Developmental and Regulatory Policies dated August 6, 2020wherein the Reserve Bank ...
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RBI |
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Opening of Current Accounts by Banks - Need for Discipline
Posted Date : 07-Aug-2020 , 10:15:12 am | Posted By: CASANSAAR
RBI/2020-21/20
DOR.No.BP.BC/7/21.04.048/2020-21
August 6, 2020
All Scheduled Commercial Banks
All Payments Banks
Madam/Dear Sir,
Opening of Current Accounts by Banks - Need for Discipline
Please refer to thecircular DBR.Leg.BC.25./09.07.005/2015-16 dated July 2, 2015on the subject. The instructions on opening of current accounts by banks have been reviewed and the revised instructions are as under:
i. No bank shall open current accounts for customers who have availed credit f...
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RBI |
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Loans against Gold Ornaments and Jewellery for Non-Agricultural End-uses
Posted Date : 07-Aug-2020 , 10:14:28 am | Posted By: CASANSAAR
RBI/2020-21/19
DoR.No.BP.BC/6/21.04.048/2020-21
August 6, 2020
All Scheduled Commercial Banks
(Including Regional Rural Banks)
Madam/Dear Sir,
Loans against Gold Ornaments and Jewellery for Non-Agricultural End-uses
Please refer to thecirculars DBOD.No.BP.BC.27/21.04.048/2014-15 July 22, 2014andDBR.RRB.BC.No.53/31.01.001/2016-17 dated February 16, 2017. Under the extant guidelines, loans sanctioned by banks against pledge of gold ornaments and jewellery should not exceed 75 per ...
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RBI |
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Basel III Capital Regulations – Treatment of debt mutual funds/ETFs
Posted Date : 07-Aug-2020 , 10:13:46 am | Posted By: CASANSAAR
RBI/2020-21/18
DOR.No.BP.BC/5/21.04.201/2020-21
August 6, 2020
All Scheduled Commercial Banks
(Excluding Local Area Banks
and Regional Rural Banks)
Dear Sir/Madam
Basel III Capital Regulations – Treatment of debt mutual funds/ETFs
Please refer to ourcircular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015, on Basel III capital regulations.
2. In terms of para 8.4.1...
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RBI |
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Micro, Small and Medium Enterprises (MSME) sector – Restructuring of Advances
Posted Date : 07-Aug-2020 , 10:12:59 am | Posted By: CASANSAAR
RBI/2020-21/17
DOR.No.BP.BC/4/21.04.048/2020-21
August 6, 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
Dear Sir/ Madam,
Micro, Small and Medium Enterprises (M...
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RBI |
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Resolution Framework for COVID-19-related Stress
Posted Date : 07-Aug-2020 , 10:12:14 am | Posted By: CASANSAAR
RBI/2020-21/16
DOR.No.BP.BC/3/21.04.048/2020-21
August 6, 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,
...
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RBI |
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E-Invoice under GST for turnover above 500 crore, SEZ excluded
Posted Date : 31-Jul-2020 , 10:00:33 am | Posted By: CASANSAAR
G.S.R.....(E).—In exercise of the powers conferred by sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017, the Government, on the recommendations of the Council, hereby makes the following amendments in notification of the Government of India in the Ministry of Finance (Department of Revenue), No.13/2020 – Central Tax, dated the 21st March, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 196(E), dat...
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GST |
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CBIC notifies revised Format/Schema for e-Invoice under GST
Posted Date : 31-Jul-2020 , 09:57:39 am | Posted By: CASANSAAR
G.S.R…(E). - In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely: -...
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GST |
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Extension of due date for Income Tax Returns for FY 2018-19 - CBDT
Posted Date : 30-Jul-2020 , 09:04:29 am | Posted By: CASANSAAR
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi
Notification No. 56/2020-Income Tax
Dated: 29th July, 2020
TAXATION AND OTHER LAWS
S.O. 2512(E).– In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (2 of 2020), the Central Government hereby makes the following amendment in the notification of the Government of India, Ministry of Finance, Dep...
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CBDT |
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Implementation of Indian Accounting Standards - RBI
Posted Date : 25-Jul-2020 , 10:19:03 am | Posted By: CASANSAAR
RBI/2020-21/15
DOR (NBFC).CC.PD.No.116/22.10.106/2020-21
July 24, 2020
To
Non-Banking Financial Companies
and Asset Reconstruction Companies
implementing Indian Accounting Standards
Madam / Sir,
Implementation of Indian Accounting Standards
Please refer to paragraph 3 of the Annex to ourcircular DOR (NBFC).CC.PD.No.109/22.10.106/2019-20 dated March 13, 2020, on the captioned subject, in terms of which any net unrealised gains arising on fair valuation of financial instrument...
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RBI |
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RBI releases the Financial Stability Report, July 2020
Posted Date : 25-Jul-2020 , 10:18:20 am | Posted By: CASANSAAR
Today, the Reserve Bank released the 21st Issue of theFinancial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, and the resilience of the financial system in the context of contemporaneous issues relating to development and regulation of the financial sector.
Highlights:
In response to COVID-19, a combination of fiscal, monetary and regulatory interventions...
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RBI |
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CBDT Signs MOU with Ministry of MSME for sharing of data
Posted Date : 21-Jul-2020 , 08:35:48 am | Posted By: CASANSAAR
A formal Memorandum of Understanding (MOU) was signed today between the Central Board of Direct Taxes (CBDT) and the Ministry of Micro, Small and Medium Enterprises, Government of India (MoMSME) for sharing of data by CBDT to MoMSME. The MoU was signed by Smt. Anu J. Singh, Principal Director General of Income Tax (Systems), CBDT and Shri. Devendra Kumar Singh, Additional Secretary & Development Commissioner, MoMSME.
The MoU will facilitate seamless sharing of certain Income-tax Return (I...
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Category :
Income Tax |
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Clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act
Posted Date : 21-Jul-2020 , 08:32:31 am | Posted By: CASANSAAR
Section 194N of the Act as inserted by Finance (No.2) Act 2019 provided for deduction of tax at source on payment made by a banking company, a cooperative society engaged in the business of banking or post office, in cash to a recipient exceeding Rs. I crore in aggregate during a financial year from one or more account maintained by such recipient. Clause (v) of proviso to the said section had empowered the Central Government, in consultation with the Reserve Bank of India (RBI), to exempt by wa...
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Income Tax |
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Fair Practices Code for Asset Reconstruction Companies - RBI
Posted Date : 17-Jul-2020 , 09:41:31 am | Posted By: CASANSAAR
RBI/2020-21/13
DOR.NBFC(ARC) CC. No. 9/26.03.001/2020-21
July 16, 2020
All Asset Reconstruction Companies
Madam/Dear Sir,
Fair Practices Code for Asset Reconstruction Companies
In exercise of the powers conferred by Section 9 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002, Asset Reconstruction Companies registered with the Bank are adv...
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RBI |
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GSTR-4 due date extended to 31st August 2020 for FY 2019-20
Posted Date : 15-Jul-2020 , 10:06:44 am | Posted By: CASANSAAR
G.S.R.....(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 |
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One-time relaxation for Verification of Income tax-returns - CBDT
Posted Date : 14-Jul-2020 , 09:00:54 am | Posted By: CASANSAAR
Circular No. 13/2020
F. No. 225/59/2020/ITA-II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, dated the 13th of July, 2020
Subject: – One-time relaxation for Verification of tax-returns for the Assessment years2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 which are pending due to non-filing of ITR-V form and processing of such returns–reg.
In respect of an Income-tax Return (ITR) which is filed electronically wi...
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CBDT |
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Exemption from Registration as NBFC – Alternative Investment Fund (AIF)
Posted Date : 11-Jul-2020 , 09:54:12 am | Posted By: CASANSAAR
RBI/2020-21/12
DOR (NBFC).CC.PD.No.115/03.10.001/2020-21
July 10, 2020
All Non-Banking Financial Companies (NBFCs)
Madam/ Dear Sir,
Exemption from Registration as NBFC – Alternative Investment Fund (AIF)
A reference is invited to para 5 ofMaster Directions on Exemptions from the provisions of RBI Act, 1934 dated August 25, 2016. Venture capital fund companies, holding a certificate of registra...
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RBI |
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