Daily digest for Gupta Chandan & Associates, on June 1, 2022

posted: "The Government has introduced amendments in the fixed tariff value of specified imported goods as notified under Notification No. 36/2001-Customs (NT), Dated 03-08-2001. For items such as Gold, Silver and Crude Soya bean Oil, the tariff value has increase" Gupta Chandan & Associates Govt. amended fixed tariff value of specified imported goods such as Edible Oils, Brass Scrap, Gold and Silver Jun 1 The Government has introduced amendments in the fixed tariff value of specified imported goods as notified under Notification No. 36/2001-Customs (NT), Dated 03-08-2001. For items such as Gold, Silver and Crude Soya bean Oil, the tariff value has increased. Whereas for other edible oils and brass scrap, the tariff value has decreased.The Government has introduced […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/govt-amended-fixed-tariff-value-of-specified-imported-goods-such-as-edible-oils-brass-scrap-gold-and-silver/ Powered by Jetpack

posted: "MCA has observed that various section 8 companies are altering their object cause for carrying out the business of micro finance activities. Earlier, MCA vide direction letter no. No. 05/33/20 dated 10-02-2020 prohibit the inclusion of micro finance activ" Gupta Chandan & Associates MCA cautions Section 8 companies not to carry out any micro finance activity as prohibited by law Jun 1 MCA has observed that various section 8 companies are altering their object cause for carrying out the business of micro finance activities. Earlier, MCA vide direction letter no. No. 05/33/20 dated 10-02-2020 prohibit the inclusion of micro finance activates in object clause of Section-8 Company unless the Net Owned Fund (NOF) and other requirement as […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/mca-cautions-section-8-companies-not-to-carry-out-any-micro-finance-activity-as-prohibited-by-law/ Powered by Jetpack

posted: "COMPANY LAW : In terms of rule 11 of Companies (Appointment and Qualifications of Directors) Rules, 2014 (AQD Rules) neither cancellation nor deactivation of DIN is provided for upon disqualification under section 164(2) and such deactivation would be con" Gupta Chandan & Associates DIN can't be automatically deactivated upon disqualification of director u/s 164(2) of the Companies Act, 2013: Madras HC Jun 1 COMPANY LAW : In terms of rule 11 of Companies (Appointment and Qualifications of Directors) Rules, 2014 (AQD Rules) neither cancellation nor deactivation of DIN is provided for upon disqualification under section 164(2) and such deactivation would be contrary to section 164(2), read with section 167(1) inasmuch as person concerned would continue to be a […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/din-cant-be-automatically-deactivated-upon-disqualification-of-director-u-s-1642-of-the-companies-act-2013-madras-hc/ Powered by Jetpack

posted: "MCA has notified the Companies (Accounts) Third Amendment Rules, 2022. As per the amended rules, the CSR-2 for Financial Year 2020-21 can be filed till 30th June, 2022. Earlier the MCA had provided the extension till 31st May, 2022. Further, Form CSR-2 sh" Gupta Chandan & Associates MCA further extends due date for filing CSR-2 for F.Y. 2020-21 till 30th June 2022 Jun 1 MCA has notified the Companies (Accounts) Third Amendment Rules, 2022. As per the amended rules, the CSR-2 for Financial Year 2020-21 can be filed till 30th June, 2022. Earlier the MCA had provided the extension till 31st May, 2022. Further, Form CSR-2 shall be filed separately for F.Y. 2021-22 on or before 31st March, 2023 […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/mca-further-extends-due-date-for-filing-csr-2-for-f-y-2020-21-till-30th-june-2022/ Powered by Jetpack

posted: "In exercise of the powers conferred under section 42 of the Reserve Bank of India Act, 1934, the RBI has directed the exclusion of the Mapusa Urban Co-operative Bank of Goa Ltd. from the list of Scheduled Banks. Now, the bank will not be covered under the" Gupta Chandan & Associates RBI excludes 'the Mapusa Urban Co-operative Bank of Goa Ltd.' from the list of Scheduled Banks Jun 1 In exercise of the powers conferred under section 42 of the Reserve Bank of India Act, 1934, the RBI has directed the exclusion of the Mapusa Urban Co-operative Bank of Goa Ltd. from the list of Scheduled Banks. Now, the bank will not be covered under the second schedule of the RBI ActIn exercise of […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/rbi-excludes-the-mapusa-urban-co-operative-bank-of-goa-ltd-from-the-list-of-scheduled-banks/ Powered by Jetpack

posted: "Recently, the Government has introduced amendments in export policy of raw, white and refined sugar under Open General License (OGL) in the current sugar season 2021-22 (Oct-Sept). Export of sugar is placed under restricted category from 01-06-2022 and ex" Gupta Chandan & Associates CBIC issues instructions highlighting amendments in export policy of sugar under OGL Jun 1 Recently, the Government has introduced amendments in export policy of raw, white and refined sugar under Open General License (OGL) in the current sugar season 2021-22 (Oct-Sept). Export of sugar is placed under restricted category from 01-06-2022 and export is allowed only upon permission by Department of Food and Public Distribution (DFPD). In this regard, […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/cbic-issues-instructions-highlighting-amendments-in-export-policy-of-sugar-under-ogl/ Powered by Jetpack

posted: "The CBDT has notified Rule 44FA prescribing form and manner for filing an appeal to the High Court on ruling pronounced by Board for Advance Ruling under section 245W. The rule provides that the applicable procedure laid down by the jurisdictional High Co" Gupta Chandan & Associates Jurisdictional HC's procedure is applicable for filing an appeal against order of 'Board for Advance Ruling: CBDT Jun 1 The CBDT has notified Rule 44FA prescribing form and manner for filing an appeal to the High Court on ruling pronounced by Board for Advance Ruling under section 245W. The rule provides that the applicable procedure laid down by the jurisdictional High Court for filing an appeal to the High Court shall be applicable for […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/jurisdictional-hcs-procedure-is-applicable-for-filing-an-appeal-against-order-of-board-for-advance-ruling-cbdt/ Powered by Jetpack

posted: "INCOME TAX : Where assessee was a Government of Odisha enterprise solely engaged in business of generation of power and power generated by assessee's plants was sold exclusively to GRIDCO and assessee had no other activity except power generation and inte" Gupta Chandan & Associates Interest income eligible for sec. 80-IA relief if it had direct nexus with assessee's business activities: HC Jun 1 INCOME TAX : Where assessee was a Government of Odisha enterprise solely engaged in business of generation of power and power generated by assessee's plants was sold exclusively to GRIDCO and assessee had no other activity except power generation and interest income was earned by it from advances given to its employees and further,INCOME TAX […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/interest-income-eligible-for-sec-80-ia-relief-if-it-had-direct-nexus-with-assessees-business-activities-hc/ Powered by Jetpack