Blog

May 12, 2017

Companies to Disclose Demonetisation Transaction in Balance Sheet and Audit Report

Demonetisation – COMPANIES ACT, 2013 – AMENDMENT IN SCHEDULE III NOTIFICATION NO. GSR 308(E) [F.NO.17/62/2015-CL-V-(VOL.I)], DATED 30-3-2017 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 to Schedule III of the said Act with effect from the date of publication of this notification in the Official Gazette, namely:— In the Companies Act, 2013 (hereinafter referred to as the principal Act), in Schedule III, in Division I, in Part I under the heading “Gen.....

May 12, 2017

RBI Hikes Investment Limits For FPI'S in Govt. Securities

The limits for investment by foreign portfolio investors (FPIs) in Government securities were last increased in terms of Medium Term Framework (MTF) announced vide A.P. (DIR Series) Circular No. 4 dated September 30, 2016. The limits for investment by FPIs in Central Government Securities and State Development Loans (SDLs) for the quarter April-June 2017 clash royale are proposed to be increased by Rs. 110 billion and Rs. 60 billion respectively. https://rbidocs.rbi.org.in/rdocs/notification/PDFs/APDIR4156BB54124247470BB64A6FA24E4A010D.pdf.....

May 14, 2018

Exemption from payment of tax under Section 9(4) of CGST Act,2017

The Central Board of Excise and Customs Vide Notification No 10/2018 dated 23/03/2018 exempted the registered taxable person from payment of Goods and Services Tax under Reverse Charge Mechanism for the supplies received from the unregistered supplier till 30/06/2018.....

May 14, 2018

Applicability of Standard Deduction under Section 16 of the Income Tax Act

The Central Board of Direct Taxes Vide Press Release dated 05th April 2018 clarified that taxpayer who is in receipt of pension from his former employer shall be entitled to claim a Standard deduction of Rs. 40,000/- or the amount of pension in a year, whichever is less, under Section 16 of the Act......

May 14, 2018

Extension of due date for linking PAN with Aadhar

The Central Board of Direct Taxes Vide Order F.No 225/270/2017/ITA.II dated 27/03/2018 had extended the due date for linking PAN with Aadhar Card till 30.06.2018......

May 14, 2018

Prohibition on dealing in Virtual Currencies (VCs)

The Reserve Bank of India Vide Notification No RBI/2017-18/154 DBR.No.BP.BC.104 dated 6th April 2018 decided that with immediate effect, entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs. It has also stated that the regulated entities which already provide such services shall exit the relationship within three months from the date of this circular.....

May 17, 2018

Waiver of Late Fee payable on GSTR 3B

The Central Board of Excise and Customs Vide Notification No 22/2018 dated 14th May 2018 has waived the late fee payable on failure to furnish return in FORM GSTR 3B by the due date for period October 2017 to April 2018 for i) Class of registered persons whose declaration in FORM GST TRAN-1 was submitted but not filed on the common portal on or before the 27th day of December, 2017. ii) Registered persons who have filed the declaration in FORM GST TRAN-1 on or before the 10th day of May, 2018 and the return in FORM GSTR-3B for each of such months, on or before the 31st day of May, 2018.....

May 17, 2018

Recommendations of GST Council

The Press Information Bureau in its Press Release dated 04-05-2018 gave approval for new return design and the key elements of it are as follows: i) One Monthly Return in place of present system ii) Matching of credit based on the invoices uploaded by the seller iii) No automatic reversal of credit on non-payment of tax by the seller iv) Online and automated process for recovery of taxes and reversal of credit claimed without human interface......

May 17, 2018

Guidelines on lending to priority sector for Primary (Urban) Cooperative Banks (UCBs)

The Reserve Bank of India Vide its Notification RBI/2017-18/175 dated 10th May 2018 has revised the guidelines on lending to priority sector for Primary (Urban) Co-operative Banks the salient features of it are as follows: (i) Target for lending to total priority sector and weaker section will continue as 40 per cent and 10 per cent, respectively, of Adjusted Net Bank Credit (ANBC) or credit equivalent of off balance sheet exposure, whichever is higher. (ii) Agriculture: Distinction between direct and indirect agriculture is dispensed with. (iii) Bank loans to food and agro processing units.....

Jul 23, 2018

Extension of time for filing return in FORM GSTR-6

The Central Board of Indirect Taxes andCustoms vide Notification No 25/2018–Central Tax dated 31st May, 2018 had extended the due date for furnishing return by an Input Service Distributor in FORM GSTR-6 for the months of July,2017 to June 2018, till the 31st day of July,2018......

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