Exemption to commission agents or traders operating under APMC - CBDT
Posted Date : 24-Sep-2019 , 09:11:05 am | Posted By: CASANSAAR
S.O. 3427(E).—In exercise of the powers conferred by clause (v) of the proviso to section 194N of the Income-tax Act, 1961 (43 of 1961), the Central Government after consultation with the Reserve Bank of India, hereby specifies the commission agent or trader, operating under Agriculture Produce Market Committee (APMC), and registered under any Law relating to Agriculture Produce Market of the concerned State, who has intimated to the banking company or co-operative society or post office h...
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CBDT |
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Higher depreciation on certain motor cars, motor buses, motor lorries and motor taxis - CBDT
Posted Date : 24-Sep-2019 , 09:08:51 am | Posted By: CASANSAAR
G.S.R. 679 (E).—In exercise of the powers conferred by section 32 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby, makes the following rules to further amend the Income-tax Rules, 1962, namely:...
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CBDT |
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Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems
Posted Date : 21-Sep-2019 , 09:11:44 am | Posted By: CASANSAAR
RBI/2019-20/67
DPSS.CO.PD No.629/02.01.014/2019-20
September 20, 2019
All Operators and Participants of Authorised Payment Systems
Madam / Dear Sir,
Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems
Please refer to theStatement on Developmental and Regulatory policiesissued as part of Monetary Policy statement dated April 4, 20...
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RBI |
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Priority Sector Lending (PSL) – Classification of Exports under priority Sector
Posted Date : 21-Sep-2019 , 09:10:36 am | Posted By: CASANSAAR
RBI/2019-20/66
FIDD.CO.Plan.BC.12/04.09.01/2019-20
September 20, 2019
The Chairman/Managing Director & CEOs
All Scheduled Commercial Banks including SFBs
(Excluding Regional Rural Banks)
Madam/Dear Sir,
Priority Sector Lending (PSL) – Classification of Exports under priority Sector
In order to boost credit to export sector, it has been decided to effect following changes in para 8 of the“Master Direction on Priority Sector Lending-targets and Classification&rdqu...
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RBI |
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RBI issued Revised Guidelines for Concurrent Audit System of Banks
Posted Date : 20-Sep-2019 , 08:37:43 am | Posted By: CASANSAAR
RBI/2019-20/64
DBS.CO.ARS.No.BC.01/08.91.021/2019-20
September 18, 2019
All Scheduled Commercial Banks (other than Regional Rural Banks), Small Finance Banks, Payments Banks and Local Area Banks
Madam/ Dear Sir,
Concurrent Audit System
Please refer tocircular DBS.CO.ARS.No.BC.2/08.91.021/2015-16 dated July 16, 2015on ‘Concurrent Audit System in Commercial Banks - Revision of RBI's Guidelines’.
2. As you are aware, concurrent audit aims at shortening the interva...
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RBI |
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Priority Sector Targets - Lending to Non-Corporate Farmers – FY 2019-20
Posted Date : 20-Sep-2019 , 08:34:34 am | Posted By: CASANSAAR
RBI/2019-20/63
FIDD.CO.Plan.BC.No.11/04.09.01/2019-20
September 19, 2019
The Chairman/ Managing Director
Chief Executive Officer
(All Scheduled Commercial Banks including Regional Rural Banks, Small Finance
Banks and Foreign banks with more than 20 branches)
Dear Sir/ Madam,
Priority Sector Targets - Lending to Non-Corporate Farmers – FY 2019-20
Please refer to ourCircular...
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RBI |
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Implementation of Section 51-A of Unlawful Activities Prevention Act (UAPA), 1967
Posted Date : 20-Sep-2019 , 08:33:54 am | Posted By: CASANSAAR
RBI/2019-20/65
DBR.AML.BC.No.16/14.06.001/2019-20
September 19, 2019
The Chairpersons/CEOs of all the Regulated Entities
Dear Sir/Madam,
Implementation of Section 51-A of Unlawful Activities Prevention Act (UAPA), 1967- Updates to ISIL (Da’esh) & Al-Qaida Sanctions List
Please refer to Section 51 of ourMaster Direction on Know Your Customer dated February 25, 2016 as amended on August 09, ...
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RBI |
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CBDT omits Proviso to Sub-Rule (5) of Rule 2F of Income-tax Rules 1962
Posted Date : 18-Sep-2019 , 07:41:01 am | Posted By: CASANSAAR
G.S.R. 661(E).—In exercise of the powers conferred by clause (47) 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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CBDT |
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Monetary appeal filing limit not applicable to capital gain through penny stocks
Posted Date : 18-Sep-2019 , 07:38:54 am | Posted By: CASANSAAR
The undersigned is directed to refer to Circular No. 23 of 2019 dated 6th September, 2019 and to say that by virtue of powers of the Central Board of Direct Taxes u/s 268A of Income-tax Act,1961, the monetary limits fixed for filing appeals before ITAT/HC and SLPs /appeals before Supreme Court shall not apply in case of assesses claiming bogus LTCG/STCL through penny stocks and appeals/SLPs in such cases shall be filed on merits....
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Income Tax |
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Bharat Bill Payment System - Expansion of biller categories
Posted Date : 17-Sep-2019 , 08:03:16 am | Posted By: CASANSAAR
RBI/2019-20/61
DPSS.CO.PD.No.605/02.27.020/2019-20
September 16, 2019
The Chairman and Managing Director / Chief Executive Officer
Scheduled Commercial Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /
District Central Co-operative Banks / Payment Banks / Small Finance Banks
Bharat Bill Payment System Providers / System Participants
and prospective Bharat Bill Payment Operating Units
Madam / Dear Sir,
Bharat Bill Payment System - Expansion of biller c...
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RBI |
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Large Exposures Framework
Posted Date : 12-Sep-2019 , 09:30:58 pm | Posted By: CASANSAAR
RBI/2019-20/60
DBR.No.BP.BC.18/21.01.003/2019-20
September 12, 2019
All Scheduled Commercial Banks
(Excluding Regional Rural Banks)
Dear Sir/Madam,
Large Exposures Framework
Please refer to paragraph 7 (a) of theStatement on Developmental and Regulatory Policies dated August 7, 2019on ‘Harmonisation of single counterparty exposure limit for banks’ exposures to a single NBFC with general single counterparty exposure limit’ (extract enclosed).
2. In terms of c...
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RBI |
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Risk Weight for Consumer Credit except credit card receivables
Posted Date : 12-Sep-2019 , 09:30:10 pm | Posted By: CASANSAAR
RBI/2019-20/59
DBR.No.BP.BC.17/21.06.001/2019-20
September 12, 2019
All Scheduled Commercial Banks
All Local Area Banks
All Small Finance Banks
All Regional Rural Banks
Dear Sir/Madam,
Risk Weight for Consumer Credit except credit card receivables
Please refer to paragraph 6 of theStatement on Developmental and Regulatory Policies dated August 7, 2019on ‘Reduction in risk weight for consumer credit except credit card receivables’ (extract enclosed).
2. As per ex...
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RBI |
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Guideline & mode of Disposal of seized/confiscated foreign origin liquor
Posted Date : 12-Sep-2019 , 10:27:32 am | Posted By: CASANSAAR
I am directed to draw your kind attention to the practice of disposal of seized/confiscated liquor lying with Customs formations. Under the extant instructions/guidelines such seized/confiscated liquor was being disposed of by various means including sales to Canteen Stores Department (CSD), other Defence Establishments or sale to hotels/restaurants and clubs having the necessary liquor licenses or to Indian Tourism Development Corporation (ITDC)....
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Custom |
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Relaxation of time-Compounding of Offences under Direct Tax Laws-One-time measure
Posted Date : 12-Sep-2019 , 10:24:15 am | Posted By: CASANSAAR
The Central Board of Direct Taxes (CBDT) has been issuing guidelines from time to time for compounding of offences under the Direct Tax Laws, prescribing the eligibility conditions. One of the cond itions fo r filing of Compounding application is that, it should be filed with in 12 months from filing of complaint in the court....
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Income Tax |
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RBI Master Circular - Disbursement of Government Pension by Agency Banks
Posted Date : 10-Sep-2019 , 09:55:55 am | Posted By: CASANSAAR
RBI/2019-20/57
DGBA.GBD.No.521/31.02.007/2019-20
September 9, 2019
All Agency Banks
Dear Sir/Madam
Master Circular - Disbursement of Government Pension by Agency Banks
Please refer to ourMaster Circular RBI/2018-19/1 dated July 2, 2018on 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, 2019.
2. A copy of the revisedMaster Circularis enclosed for your...
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RBI |
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CBDT revise forms and rules of Approval of Application U/s. 80G & 10(23C)
Posted Date : 10-Sep-2019 , 09:47:56 am | Posted By: CASANSAAR
S.O. 3215(E).—In exercise of the powers conferred by the first proviso to clause (23C) of sub-section (1) of section 10 and clause (vi) of sub-section (5) of section 80G 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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CBDT |
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Revised Appeal filing limit not applies to cases of Bogus LTCG/STCG
Posted Date : 09-Sep-2019 , 08:57:23 am | Posted By: CASANSAAR
Reference is invited to the Circulars issued from time to time by Central Board of Direct Taxes (the Board) under section 268A of the Income-tax Act,1961 (the Act), for laying down monetary limits and other conditions for filing of departmental appeals before Income Tax Appellate Tribunal (ITA T), High Courts and SLPs/appeals before Supreme Court.
2. Several references have been received by the Board that in large number of cases where organised tax-evasion scam is noticed through bogus Long-...
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Income Tax |
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National Financial Reporting Authority (Amendment) Rules, 2019
Posted Date : 07-Sep-2019 , 08:12:13 am | Posted By: CASANSAAR
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 05 September, 2019
G.S.R. __ (E). —In exercise of the powers conferred by sub-sections (2) and (4) of section 132, sub-section (1) of section 139 and sub-section (1) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules, to amend the National Financial Reporting Authority Rules, 2018, namely :-
1. Short title and commencement.—(1) These ru...
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Corporate Laws |
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External Benchmark Based Lending - RBI
Posted Date : 05-Sep-2019 , 09:05:34 am | Posted By: CASANSAAR
RBI/2019-20/53
DBR.DIR.BC.No.14/13.03.00/2019-20
September 04, 2019
All Scheduled Commercial Banks (excluding RRBs)
All Small Finance Banks
All Local Area Banks
Madam / Dear Sir,
External Benchmark Based Lending
As you are aware, Reserve Bank had constituted an Internal Study Group (ISG) to examine various aspects of the marginal cost of funds-based lending rate (MCLR) system. The final report of the ISG was published inOctober 2017for public feedback. The ISG observed that int...
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RBI |
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GSTR-1 & GSTR-6 due date extended for taxpayers in J&K and 58 flood affected districts
Posted Date : 02-Sep-2019 , 07:22:06 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), the Central Government, on the recommendations of the Council, hereby waives the amount of late fee payable under section 47 of the said Act, by the following class of taxpayers: –...
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GST |
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GSTR-7 due date extended for taxpayers in J&K and 58 flood affected districts
Posted Date : 02-Sep-2019 , 07:20:54 am | Posted By: CASANSAAR
G.S.R. .....(E).— In exercise of the powers conferred by sub-section (6) of section 39 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereinafter referred to as the said Act), the Commissioner hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance, Department of Revenue No. 26/2019-Central Tax, dated the 28 th June, 2019, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-se...
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GST |
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Seeks to bring Section 103 of the Finance (No. 2) Act, 2019 in to force
Posted Date : 02-Sep-2019 , 07:19:47 am | Posted By: CASANSAAR
G.S.R. ….(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, 2019, as the date on which the provisions of section 103 the said Act, shall come into force...
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GST |
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CBIC waives requirement to furnish declaration in Form ITC-04
Posted Date : 02-Sep-2019 , 07:18:19 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) (hereinafter referred to as the said Act), the Central Government, on the recommendations of the Council, hereby notifies the registered persons required to furnish the details of challans in FORM ITC-04 under sub-rule (3) of rule 45 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the said rules), read with section 143 of the said Ac...
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GST |
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Amendment to Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPIs)
Posted Date : 31-Aug-2019 , 10:34:04 am | Posted By: CASANSAAR
RBI/2019-20/51
DPSS.CO.PD.No.499/02.14.006/2019-20
August 30, 2019
All Prepaid Payment Instrument Issuers
Madam / Dear Sir,
Amendment to Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPIs)
Please refer to paragraph 9.1 (i) (i) of the Master Direction on Issuance and Operation of PPIs issued videDPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017 (PPI-MD).
...
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RBI |
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CBDT constitutes Start-up Cell for redressal of grievances related to Start-ups
Posted Date : 31-Aug-2019 , 10:32:12 am | Posted By: CASANSAAR
One of the measures pertaining to taxation announced by the Hon’ble Finance Minister as part of the several measures to boost the economy, was the withdrawal of ‘Angel Tax’ provisions for Start-ups and their investors. As part of the measures for mitigating the genuine difficulties of Start-ups, it was decided that a dedicated cell would be set up under a Member of CBDT for addressing the specific problems of Start-ups...
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CBDT |
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Clarification on applicability of Tax Deduction at Source on cash withdrawals - CBDT
Posted Date : 31-Aug-2019 , 10:30:31 am | Posted By: CASANSAAR
In order to discourage cash transactions and move towards less cash economy, the Finance (No. 2) Act, 2019 has inserted a new section 194N in the Income-tax Act, 1961 (the ‘Act’), to provide for levy of tax deduction at source (TDS) @2% on cash payments in excess of one crore rupees in aggregate made during the year, by a banking company or cooperative bank or post office, to any person from one or more accounts maintained with it by the recipient. The above section shall come into e...
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CBDT |
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Clarifications in respect of filling-up of the ITR forms for the AY 2019-20
Posted Date : 30-Aug-2019 , 09:17:06 am | Posted By: CASANSAAR
The Income-tax Return (ITR) forms for the Assessment Year (A.Y.) 2019-20 were notified vide notification bearing G.S.R. 279(E) dated the 01st day of April, 2019. Subsequently, instructions for filing ITR forms were issued and the software utility for efiling of all the ITR forms were also released. After notification of the ITR forms, various queries were raised by the stakeholders in respect of filling-up of the ITR forms. The queries were examined in the Board and a clarification was issued vi...
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Category :
Income Tax |
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Cash Withdrawal at Points-of-Sale (PoS) Devices - RBI
Posted Date : 29-Aug-2019 , 09:20:13 pm | Posted By: CASANSAAR
RBI/2019-20/50
DPSS.CO.PD.No.501/02.14.003/2019-20
August 29, 2019
All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks /
State Co-operative Banks / District Central Co-operative Banks /
All Authorised Card Networks
Madam / Dear Sir,
Cash Withdrawal at Points-of-Sale (PoS) Devices
A reference is invited to thecirculars DPSS.CO.PD.No.147/02.14.003/2009-10 dated July ...
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RBI |
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Interest Subvention Scheme for Kisan Credit Card (KCC) to Fisheries and Animal Husbandry farmers
Posted Date : 27-Aug-2019 , 08:46:55 am | Posted By: CASANSAAR
RBI/2019-20/48
FIDD.CO.FSD.BC.No.10/05.02.001/2019-20
August 26, 2019
The Chairman / Managing Director & CEOs
All Public & Private Sector Scheduled Commercial Banks
Madam/Dear Sir,
Interest Subvention Scheme for Kisan Credit Card (KCC) to Fisheries and Animal Husbandry farmers during the years 2018-19 and 2019-20
Please refer to ourcircular FIDD.CO.FSD.BC.12/05.05.010/2018-19 dated February 4, 2019extending KCC facility to animal husbandry farmers and fisheries for their...
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RBI |
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Applicability of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019
Posted Date : 27-Aug-2019 , 08:44:32 am | Posted By: CASANSAAR
The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019 (Amendment Regulations) on 25th July, 2019. They came into force on the date of their publication in the Official Gazette, that is, on 25th July, 2019...
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Category :
Corporate Laws |
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