Month: September 2020
GST e-invoice System – FAQs A.E-invoice -Basics: 1. What is ‘e-invoicing’? As per Rule 48(4) of CGST Rules, notified class of registered persons have to prepare invoice by uploading specified particulars of invoice (in FORM GST INV-01) on Invoic e Registration Portal (IRP) and obtain an Invoice Reference …
CA making application for ICAI membership/restoration of name after a period of three years from passing final exam/removal of name to pass Assessment THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NOTIFICATION New Delhi, the 14th September, 2020 No.1-CA(7)/195/2020.—The following draft of certain regulations further …
Violation of provisions of Company Law by Companies and action taken by MCA. Today, Union Minister of State for Finance & Corporate Affairs, in response to a written question in the Lok Sabha informed about the action taken by the MCA on companies that have violated the provisions …
Enabling on e-invoice GST portal. Taxpayers required to prepare invoice in terms of Rule 48(4) of CGST Rules may request for enablement. Enabling on e-invoice GST portal – GSTN Advisory Certain taxpayers are required to prepare gst e-invoice in terms of Rule 48(4) of CGST Rules (e-invoicing). As …
Banks to automate Income Recognition, Asset Classification & Provisioning processes Reserve Bank of India (RBI), in order to ensure the completeness and integrity of the automated Asset Classification (classification of advances/ investments as NPA/NPI and their upgradation), Provisioning calculation and Income Recognition processes, has advised banks to put …
Asset Allocation of Multi Cap Schemes of Mutual Funds-SEBI Clarification Securities and Exchange Board of India PR No. 46/2020 Clarification pursuant to Circular dated September 11, 2020- Regarding Asset Allocation of Multi Cap Schemes of Mutual Funds SEBI’s 2017 circular on scheme categorization sought …
Separate agreement towards rent of property and hiring charges for equipment and services allowable. Revenue cannot prevent it merely for loss to Revenue. ABCAUS Case Law CitationABCAUS 3395 (2020) (09) ITAT Important case law relied upon by the parties:Ranbaxy laboratories vs. CIT (2011) 336 ITR 136 (del)CIT vs. …
Reassessment made by issue of notice 143(2) before filing of return of income is invalid and not sustainable in the eyes of law ABCAUS Case Law CitationABCAUS 3394 (2020) (09) ITAT Important case law relied upon by the parties:Singhad Technical Society 397 ITR 344.Fast Booking (I) Pvt. Ltd. …
Extension of the scheme Atal Beemit Vyakti Kalyan Yojana to 30.06.2021. The Scheme provides relief in case Insured Person becomes unemployed EMPLOYEES’ STATE INSURANCE CORPORATION NOTIFICATION New Delhi, the 7th September, 2020 No N-12/13/01/2019-P&D.—In exercise of the powers conferred upon it under sub-section (1) of Section 97 of …
CBDT notifies L&T Infra Debt Fund as Infrastructure Debt Fund u/s 10(47) of the Income Tax Act for assessment year 2018-2019 onwards MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification 74/2020 New Delhi, the 11th September, 2020 S.O.3122(E).—In exercise of the powers conferred by clause (47) …