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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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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Category : Corporate Laws | Comments : 0 | Hits : 1284

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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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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Category : GST | Comments : 0 | Hits : 1107

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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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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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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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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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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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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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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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/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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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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Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Order No. 7/2019-Central Tax New Delhi, the26thAugust. 2019 S.0.(E).—WHEREAS, sub-section (1) of section 44 of theCentral Goods and Services Tax Act, 2017(12 of 2017) (hereafter in this Order referred to as the said Act) provides that every registered person, other than anInput Service Distributor, a person paying tax under section 51 or section 52, acasual taxable pers...

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Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs Notification No. 05/2019 Central Excise-NT New Delhi, the 21stAugust, 2019 GSR…….. (E).- In exercise of the powers conferred by sub-sections (1) and (2) of section 132 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby makes the following rules, namely:- 1. Short title and commencement.- (1) These rules may be called the Sabka Vishwas...

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MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 21st August, 2019 S.O. 3009(E).—In exercise of the powers conferred by the sub section 6 of section 109 of the Central Goods and Services Tax Act, 2017, the Central Government, on the recommendation of the Goods and Services Tax Council, hereby notifies the creation of the State Benches of the Goods and Services Tax Appellate Tribunal (GSTAT) as per the details contained in the table 1 below and Area Benches as p...

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This order disposes of the show cause notice dated 8th September, 2018 (SCN) issued to Mr. Rishi Prakash Vats, VGC Law Firm, 19 Park Area, Karol Bagh, New Delhi – 110005. Mr. Vats is a professional member of the ICSI Institute of Insolvency Professionals and an insolvency professional (IP) registered with the Insolvency and Bankruptcy Board of India (IBBI/Board) with registration No. IBBI/IPA-002/IP-N00248/2017-2018/10733....

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Category : Corporate Laws | Comments : 0 | Hits : 904

RBI/2019-20/47 DPSS.CO.PD.No.447/02.14.003/2019-20 August 21, 2019 The Chairman / 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 / Payments Banks / Small Finance Banks / Card Payment Networks / Prepaid Payment Instrument Issuers Madam / Dear Sir, Processing of e-mandate on cards for recurring transactions The Reserve Bank of I...

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RBI/2019-20/46 DPSS (CO) RTGS No.364/04.04.016/2019-20 August 21, 2019 The Chairman / Managing Director / Chief Executive Officer of member banks participating in RTGS Madam / Dear Sir, Real Time Gross Settlement (RTGS) System – Increase in operating hours A reference is invited to the circularDPSS (CO) RTGS No. 2488/04.04.016/2018-19 dated May 28, 2019on ‘Real Time Gross Settlement (RTGS) System – Extension of Timings for Customer Transactions’. 2. At...

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Category : RBI | Comments : 0 | Hits : 964

Several queries have been received in the Ministry with respect to interpretation of the provision of section 232(6) of the Companies Act, 2013 (Act). Clarification has been sought on whether it is mandatory to indicate a specific calendar date as 'appointed date' in the schemes referred to in the section. Further, requests have also been received to confirm whether the ,acquisition date' for the purpose of Ind-AS 103 (Business combinations) would be the 'appointed date' refe...

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Category : Companies Act | Comments : 0 | Hits : 1054

Due date for GSTR-3B return for July 2019 has been extended to 22/08/2019. Notification will follow. Source – gst.gov.inWebsite...

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Category : GST | Comments : 0 | Hits : 986

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, and on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India, Ministry of Finance, Department of Revenue No.22/2019- Central Tax, dated the 23rd April, 2019, published in the Gazette of Ind...

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Category : GST | Comments : 0 | Hits : 979

RBI/2019-20/43 DBR.IBD.BC.No.13/23.67.001/2019-20 August 16, 2019 All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir/Madam Gold Monetisation Scheme, 2015 In exercise of the powers conferred on the Reserve Bank of India under Section 35A of the Banking Regulation Act, 1949, the RBI makes the following amendments in the Reserve Bank of India (Gold Monetization Scheme, 2015)Master...

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RBI/2019-20/44 A.P. (DIR Series) Circular No. 06 August 16, 2019 To All Category - I Authorised Dealers and Authorised Banks Dear Sir / Madam Foreign Exchange Management (Deposit) (Amendment) Regulations, 2019 – Acceptance of Deposits by issue of Commercial Papers Attention of Authorised Dealers (ADs) is invited to the Foreign Exchange Management (Deposit) Regulations, 2016 notified videNotification No. FEMA 5(R)/2016-RB dated April 1, 2016, as amended from time to time ...

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RBI/2019-20/41 DPSS.CO.PD No. 377/02.10.002/2019-20 August 14, 2019 All Scheduled Commercial Banks including Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Small Finance Banks / Payment Banks / White Label ATM Operators Madam / Sir, Usage of ATMs – Free ATM transactions – Clarifications Please refer to ourcirculars DPSS.CO.PD.No. 316/02.10.002/2014-2015 dated August 14, 2014andDPSS.CO.PD.No. 659/02...

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Para 6 of the Circular No. IBBI/RV/019/2018 dated 17th October, 2018 stipulates as under: “6. …….. every valuation required under the Code or any of the regulations made thereunder is required to be conducted by a ‘registered valuer’, that is, a valuer registered with the IBBI under the Companies (Registered Valuers and Valuation) Rules, 2017. It is hereby directed that with effect from 1st February, 2019, no insolvency professional shall appoint a person other th...

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Category : Corporate Laws | Comments : 0 | Hits : 1038

RBI/2019-20/40 FIDD.CO.LBS.BC.No.09/02.01.001/2019-20 August 13, 2019 The Chairmen / Managing Directors & CEOs Scheduled Commercial Banks (including Regional Rural Banks), Small Finance Banks and Payments Banks Madam / Dear Sir, Direct Benefit Transfer (DBT) Scheme – Implementation Please refer toCircular RPCD.CO.LBS.BC.No.75/02.01.001/2012-13 dated May 10, 2013andRPCD.CO.LBS.BC.No.11/02.01.001/2013-14 dated July 9, 2013regarding the use of Aadhaar to facilitate deliv...

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RBI/2019-20/39 FIDD.CO.Plan.BC.7/04.09.01/2019-20 August 13, 2019 The Chairman/ Managing Director & CEOs All Scheduled Commercial Banks (Excluding Regional Rural Banks and Small Finance Banks) Dear Sir/ Madam, Priority Sector Lending – Lending by banks to NBFCs for On-Lending In order to boost credit to the needy segment of borrowers, it has been decided that bank credit to r...

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RBI/2019-20/37 DBR.AML.BC.No.11/14.01.001/2019-20 August 9, 2019 The Chairpersons/ CEOs of all the Regulated Entities Dear Sir/Madam, Amendment to Master Direction (MD) on KYC Government of India, vide Gazette Notification G.S.R. 381(E) dated May 28, 2019, has notified amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. 2. The change carried out in the Master Direction in accordance with the aforementioned amendment to the PML Rules is as unde...

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Category : RBI | Comments : 0 | Hits : 1087