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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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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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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CBIC directs all customs formations to set-up Turant Suvidha Kendras
Posted Date : 08-Jul-2020 , 10:27:49 am | Posted By: CASANSAAR
CBIC extends benefits underTurantCustomsby issuing Circular No. 32/2020-Customs providing setting up of Turant Suvidha Kendra in all Customs Formations and introducing other initiatives for Contactless Customs by 15 July 2020.
The relevant points of the circular are tabulated hereinbelow for ease of reference:
With the aim to provide a ‘Faceless, Contactless and Paperless’ Customs administration, CBIC instructs all Principal Chief Commissioners of Customs/Chief Commissioners of...
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Custom |
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Further Extension of the last date of filing of Form NFRA-2.
Posted Date : 08-Jul-2020 , 10:03:59 am | Posted By: CASANSAAR
ln continuation of the Ministry's General circular No. 19t2020 dated 30th April, 2020 and after due examination, it has been decided that the time limit for filing of Form NFRA2, for the reporting period FY 2018-19, will be 270 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA)....
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Corporate Laws |
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Extension of timeline for finalization of audited accounts - RBI
Posted Date : 07-Jul-2020 , 08:24:18 am | Posted By: CASANSAAR
RBI/2020-21/11
DoR (NBFC) (PD) CC. No. 114/03.10.001/2020-21
July 06, 2020
All Non-Banking Finance Companies (NBFCs)
Madam/ Dear Sir,
Extension of timeline for finalization of audited accounts
Please refer to para 18(2) of theMaster Direction on Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016andNon-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016, as per which every applicable NBFC shall...
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RBI |
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Credit flow to Micro, Small and Medium Enterprises Sector - RBI
Posted Date : 03-Jul-2020 , 10:21:29 am | Posted By: CASANSAAR
RBI/2020-2021/10
FIDD.MSME & NFS.BC.No.3/06.02.31/2020-21
July 2, 2020
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,
Credit flow to Micro, Small and Medium Enterprises Sector
Plea...
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RBI |
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Distressed Assets Fund - Subordinate Debt for Stressed MSMEs
Posted Date : 02-Jul-2020 , 10:11:26 am | Posted By: CASANSAAR
RBI/2020-21/09
DoR.BP.BC.No.01/21.04.048/2020-21
July 1, 2020
All Scheduled Commercial Banks (including Scheduled RRBs)
Dear Sir/Madam,
Distressed Assets Fund - Subordinate Debt for Stressed MSMEs
Please refer to the circular No.170/2020-21 dated June 24, 2020 issued by the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) regarding the captioned scheme. As the credit facilities extended under the above scheme are backed by a guarantee from CGTMSE, as a special...
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RBI |
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Master Circular – Scheme of Penalties for bank branches based on performance in rendering customer service to the members of public
Posted Date : 02-Jul-2020 , 10:10:39 am | Posted By: CASANSAAR
RBI/2020-21/08
DCM (CC) No.G-1/03.44.01/2020-21
July 01, 2020
The Chairman & Managing Director
Chief Executive Officers
All Banks
Master Circular – Scheme of Penalties for bank branches based on performance in rendering customer service to the members of public
Please refer to theCircular DCM (CC) No.G-5/03.44.01/2019-20 dated July 01, 2019on the scheme of penalties.
2. A revised and updated version on the subject isannexedfor information and necessary action.
3. T...
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RBI |
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Master Circular – Facility for Exchange of Notes and Coins
Posted Date : 02-Jul-2020 , 10:09:44 am | Posted By: CASANSAAR
RBI/2020-21/07
DCM (NE) No.G-3/08.07.18/2020-21
July 01, 2020
The Chairman and Managing Director /
The Managing Director /
The Chief Executive Officer
All Banks
Madam / Dear Sir
Master Circular – Facility for Exchange of Notes and Coins
Please refer to theMaster Circular DCM (NE) No.G-2/08.07.18/2019-20 dated July 01, 2019containing instructions on the facility for exchange of notes and coins. A revised version ofMaster Circularon the subject is annexed for your informat...
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RBI |
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Master Circular - Disbursement of Government Pension by Agency Banks
Posted Date : 02-Jul-2020 , 10:08:52 am | Posted By: CASANSAAR
RBI/2020-21/06
DGBA.GBD.No.01/31.02.007/2020-21
July 01, 2020
All Agency Banks
Dear Sir/Madam
Master Circular - Disbursement of Government Pension by Agency Banks
Please refer to ourMaster Circular RBI/2019-20/57 dated September 9, 2019on the above subject. We have now revised and updated the Master Circular which consolidates important instructions on the subject issued by the Reserve Bank of India till June 30, 2020.
2. A copy of the revisedMaster Circularis enclosed for your ...
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RBI |
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Master Circular – Lead Bank Scheme
Posted Date : 02-Jul-2020 , 10:07:34 am | Posted By: CASANSAAR
RBI/2020-21/05
FIDD.CO.LBS.BC.No.1/02.01.001/2020-21
July 01, 2020
The Chairmen/ Managing Directors/ Chief Executive Officers
SLBC/ UTLBC Convenor Banks / Lead Banks
Madam/ Dear Sir,
Master Circular – Lead Bank Scheme
The Reserve Bank of India has issued a number of guidelines/instructions on Lead Bank Scheme from time to time. ThisMaster Circularconsolidates the relevant guidelines/ in...
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RBI |
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Master Circular – Detection and Impounding of Counterfeit Notes
Posted Date : 02-Jul-2020 , 10:06:31 am | Posted By: CASANSAAR
RBI/2020-21/04
DCM (FNVD) G–2/16.01.05/2020-21
July 1, 2020
The Chairman/Managing Director/Chief Executive Officer
All Banks and
Director of Treasuries of all States
Dear Sir/Madam,
Master Circular – Detection and Impounding of Counterfeit Notes
Please refer to theMaster Circular DCM (FNVD) G-1/16.01.05/2019-20 dated July 1, 2019consolidating the instructions issued till Ju...
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RBI |
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Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission
Posted Date : 02-Jul-2020 , 10:05:37 am | Posted By: CASANSAAR
RBI/2020-21/03
DGBA.GBD.No.2/31.12.010/2020-21
July 1, 2020
All Agency Banks
Dear Sir / Madam
Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission
Please refer to ourMaster Circular RBI/2019-20/28 DGBA.GBD.No.250/31.12.010/2019-20 dated August 1, 2019on the above subject. We have now revised and updated the Master Circular which consolidates important instructions on the subject issued by the Reserve Bank of India till June 30, 2020.
...
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RBI |
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Master Circular on SHG-Bank Linkage Programme
Posted Date : 02-Jul-2020 , 10:04:34 am | Posted By: CASANSAAR
RBI/2020-21/02
FIDD.FID.BC.No.02/12.01.033/2020-21
July 01, 2020
The Chairman/Managing Director/
Chief Executive Officer
All Scheduled Commercial Banks
Madam/Dear Sir
Master Circular on SHG-Bank Linkage Programme
The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions to banks on SHG-Bank Linkage Programme. In order to enable banks to have instructions at one place, the Master Circular incorporating the existing guidelines/instructions on th...
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RBI |
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0 | Hits : 903
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Special liquidity scheme for NBFCs/HFCs
Posted Date : 02-Jul-2020 , 10:03:50 am | Posted By: CASANSAAR
RBI/2020-21/01
DoR (NBFC) (PD) CC.No.113/03.10.001/2020-21
July 01, 2020
All NBFCs/HFCs
Madam/Dear Sir,
Special liquidity scheme for NBFCs/HFCs
The Government of India has approved a scheme to improve the liquidity position of NBFCs/HFCs through a Special Purpose Vehicle (SPV) to avoid any potential systemic risks to the financial sector. To be eligible under the Scheme, the following conditions should be met:
NBFCs including Microfinance Institutions that are registered...
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RBI |
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Rule 67A Manner of furnishing GSTR 3B by SMS facility
Posted Date : 02-Jul-2020 , 09:57:08 am | Posted By: CASANSAAR
Ministry Of Finance
(Department of Revenue)
(Central Board of Indirect Taxes and Customs)
New Delhi,
Notification No. 58/2020 – Central Tax
Dated: 1st July, 2020
G.S.R. 426(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: –
1. (1)...
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Category :
GST |
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GSTR 3B Late fees restricted to Rs.500 for return filed till 30.09.2020
Posted Date : 02-Jul-2020 , 09:55:49 am | Posted By: CASANSAAR
G.S.R.....(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 following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 76/2018– Central Tax, dated the 31st December, 2018, pu...
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GST |
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Floating Rate Savings Bonds 2020 (Taxable)
Posted Date : 27-Jun-2020 , 09:53:16 am | Posted By: CASANSAAR
RBI/2019-2020/261
IDMD.CDD.No.3145/13.01.299/2019-20
June 26, 2020
The Chairman & Managing Director
State Bank of India & 11 Nationalised Banks
Axis Bank Ltd., ICICI Bank Ltd.,
HDFC Bank Ltd., IDBI Bank Ltd.
Dear Sir/Madam,
Floating Rate Savings Bonds 2020 (Taxable)
Government of India has decided to launch Floating Rate Savings Bonds 2020 (Taxable) scheme, with effect f...
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RBI |
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Change in Minimum Daily Maintenance of the Cash Reserve Requirement
Posted Date : 27-Jun-2020 , 09:52:32 am | Posted By: CASANSAAR
RBI/2019-20/260
DOR.No.Ret.BC.78/12.01.001/2019-20
June 26, 2020
All Scheduled Banks
Dear Sir / Madam
Section 42(1) of the Reserve Bank of India Act, 1934 - Change in Minimum Daily Maintenance of the Cash Reserve Requirement
Please refer to ourcircular DOR.No.Ret.BC.51/12.01.001/2019-20 dated March 27, 2020on the captioned subject.
2. As announced in theStatement of Developmental and Regula...
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Category :
RBI |
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Maintenance of Statutory Liquidity Ratio (SLR) – Marginal Standing Facility (MSF)
Posted Date : 27-Jun-2020 , 09:51:47 am | Posted By: CASANSAAR
RBI/2019-20/259
DOR.No.Ret.BC.77/12.02.001/2019-20
June 26, 2020
All Scheduled Banks (excluding Regional Rural Banks)
Dear Sir / Madam
Section 24 of the Banking Regulation Act, 1949 – Maintenance of Statutory Liquidity Ratio (SLR) – Marginal Standing Facility (MSF)
Please refer to ourcircular DOR.No.Ret.BC.52/12.01.001/2019-20 dated March 27, 2020on Marginal Standing Facility (MSF) Scheme.
2. As announced in theStatement of Developmental and Regulatory Policies dat...
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Category :
RBI |
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0 | Hits : 1163
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Relaxation of time gap between two board/ Audit Committee meetings of listed entities - SEBI
Posted Date : 27-Jun-2020 , 09:49:14 am | Posted By: CASANSAAR
SEBI,vide circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/38 dated March 19, 2020,had relaxed the requirement of the maximum stipulated time gap of 120 days between two meetings of the board and Audit Committeesof listed entities, as is required under Regulation 17(2) and 18(2)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR Regulations’). This relaxation was provided for the meetings held/proposed to be held between the period December 1, 2019 and June...
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SEBI |
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CBDT notifies extension of time limits under the Income-tax Act, 1961 and related Acts
Posted Date : 25-Jun-2020 , 08:30:36 am | Posted By: CASANSAAR
S.O. 2033(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) (hereinafter referred to as the Ordinance), the Central Government hereby specifies , for the purposes of the said sub-section (1),-...
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CBDT |
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Assignment of Risk Weights on Credit Facilities (Guaranteed Emergency Credit Line) under ECLGS
Posted Date : 22-Jun-2020 , 09:52:34 am | Posted By: CASANSAAR
RBI/2019-20/255
DoR.BP.BC.No.76/21.06.201/2019-20
June 21, 2020
All Member Lending Institutions
(All Scheduled Commercial Banks including Scheduled RRBs)
(NBFCs including HFCs eligible under the captioned scheme)
(All India Financial Institutions - Small Industries Development Bank of India,
National Housing Bank, National Bank for Agriculture and Rural Development and Export-Import Bank of India)
Dear Sir/ Madam,
Assignment of Risk Weights on Credit Facilities (Guaranteed E...
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Category :
RBI |
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Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013.
Posted Date : 18-Jun-2020 , 08:58:20 am | Posted By: CASANSAAR
The companies are required to file forms related to creation or modification of charges within the timelines provided in section 77 of th-e Companies Act, 2013 (Act), i.e. a total o[ 120 days of the creation or modification of charge. In case, the company fails to register the charge within the period of thirty days referred to in sub-section (1) of secti'on 77 , the charge holder may file the form related to creation or modification of charses under section 78 of the ,- Act, within the over...
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Category :
Companies Act |
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Clarification on passing of ordinary and special resolutions by Companies - MCA
Posted Date : 16-Jun-2020 , 10:10:28 am | Posted By: CASANSAAR
Clarification on passing of ordinary and special resolutions by Companies under Companies Act, 2013 read with rules made thereunder on account of COVID-19...
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Category :
Companies Act |
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0 | Hits : 1496
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CBDT Notifies Cost Inflation Index for Financial Year 2020-21
Posted Date : 13-Jun-2020 , 10:46:02 am | Posted By: CASANSAAR
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi
Notification No. 32/2020-Income Tax
Dated: 12th June, 2020
S.O. 1879(E).—Inexercise of the powers conferred by clause (v) of theExplanationto section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, pu...
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Category :
CBDT |
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