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Budget 2020- Generation of electricity as manufacturing and concessional tax rate option on the same
Extract of Relevant Clauses of Finance Bill, 2020 Clause 52“Clause 52 of the Bill seeks to amend section 115BAB of the Income-tax Act relating to tax on income of new manufacturing domestic companies....
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Budget 2020- Section 119A (Taxpayer’s Charter)
Extract of Relevant Clauses of Finance Bill, 2020 Clause 64“Clause 64 of the Bill seeks to insert a new section 119A so as to empower the Board to adopt and declare a Taxpayer’s Charter and issue such...
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Budget 2020- List of exemptions & deductions which are terminated
1. Section 10(5) – Leave travel concession applicable for salaried employee 2. Section 10(13A) – House Rent allowance applicable for salaried employee Section 10(14) – Certain allowances applicable fo...
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Implementation of One Nation One Ration Card System
Under PDS reforms, a scheme on “Integrated Management of Public Distribution System (IM-PDS)” is being implemented w.e.f. April 2018 in all States/UTs including Tamil Nadu. The main objective of the s...
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Funding NBFCs under Credit Guarantee Scheme
A number of steps have been taken since 2018 to ease the liquidity position of Non-Banking Financial Companies (NBFCs) and to increase credit flow. This was stated by Shri Anurag Singh Thakur, Union M...
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Discussion paper on proposed changes to SEBI Takeover Regulations
Discussion Paper on proposed amendments in SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011Securities and Exchange Board of India1. Objective1.1 The objective of this discussio...
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ICSI requests MCA to reconsider changes related to CS appointment
THE INSTITUTE OF Company Secretaries of IndiaIN PURSUIT OF PROFESSIONAL EXCELLENCEStatutory body under an Act of ParliamentPD: MCA/ Jan: 2020/1Shri Injeti Srinivas,1ASSecretary, Ministry of Corporate...
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Nidhi (Amendment) Rules, 2020
MCA notifies substituted Form NDH-1, NDH-2 & NDH-3 and issued revised FORM NO. NDH-1- Return of Statutory Compliances, FORM NO. NDH-2 – Application for extension of time and FORM NO. NDH-3 – Return of...
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Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2020
Government of IndiaMinistry of Corporate AffairsNotificationNew Delhi, dated the 03nd February, 2020G.S.R. (E).- In exercise of the powers conferred by sub-sections (1) and (2) of section 469 read wit...
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National Company Law Tribunal (Amendment) Rules, 2020
Government of IndiaMinistry of Corporate AffairsNOTIFICATIONNew Delhi, dated the 03rd February, 2020G.S.R._____ (E).- In exercise of the powers conferred by sub-section (1) and sub-section (2) of sect...
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MCA notifies sub-sections (11) & (12) of section 230 wef 03.02.2020
Central Government appoints te 03rd of February, 2020 as the date on which the provisions of sub-sections (11) and (12) of section 230 of the Companies Act, 2013 shall come into force. Section 230 dea...
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De-criminalisation of penalties for Companies Law breaches
Ministry of Corporate AffairsDe-criminalisation of penalties for Companies Law breachesPosted On: 04 FEB 2020 5:40PM by PIB DelhiThrough the Companies (Amendment) Act, 2019, changes were made in the C...
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Prescribe period of sixty days for filing of financial statement: ICSI
THE INSTITUTE OF Company Secretaries of IndiaIN PURSUIT OF PROFESSIONAL EXCELLENCEStatutory body under an Act of ParliamentMCA: Jan:2020Shri Injeti Srinivas, IASSecretary, Ministry of Corporate Affair...
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No TDS by Mutual Funds on income in the nature of capital gains
Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 4th February, 2020PRESS RELEASECBDT issues clarification on the applicability of TDS provisions on Mu...
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CBDT to Compile data of taxpayer in whose case appeals are pending
D.O.No.279/Misc./M-10/2020 -ITJGOVERNMENT OF INDIAMINISTRY OF FINANCE / DEPARTMENT OF REVENUECENTRAL BOARD OF DIRECT TAXESNORTH BLOCK, NEW DELHI-110001Tele : 011-23092791 Fax : 011-23092791E-mail : me...
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ICAI President’s Message – February 2020
The Union Budget is stated to be centered around three significant themes – Aspirational India, Economic Development and Caring Society – all of which are directed towards ease of living.A tax measure...
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Budget 2020– Key Highlights related to rationalization
1. Start-ups – The existing provisions of section 80-IAC of the Act provide for a deduction of an amount equal to one hundred per cent of the profits and gains derived from an eligible business by an...
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Budget 2020- New tax regime which is proposed for Resident Co-operative societies
A Co-Operative Societies can pay tax @ 22% (effective tax rate is 25.17%) under section 115BAD only if it fulfils the following conditions:a) The total income of the company has been computed without...
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Budget 2020- Important income tax Tax proposals
IMPORTANT INCOME-TAX PROPOSALSCORPORATESIncomes which do not form part of total income Section [10(23FC(b))]Section [10(23FD)]– Earlier, the provision exempting the dividend income earned by the busin...
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Budget 2020- Transfer Pricing Proposal
As per amended provisions, Form 3CEB filing date is 31st October 2020 for FY 2019-20.Dispute Resolution Panel forum is now not limited to Transfer Pricing disputes only but also allowed to non residen...