Reference: Central Board of Indirect Taxes and Customs
Update:
Eligibility Criteria for availing of DPD Scheme by Importers:
CBIC has issued guidelines for implementation of Direct Port Delivery of containers to the importers across all the formations so that reach of DPD could be made maximized. READ MORE about the guidleines.
Implication:
Importers who have so far not availed the benefit of DPD for reasons including
lack of awareness, may now join this program with certainty.
Update:
Rate of Exchange of Foreign Currencies:
CBIC has determines the rate of exchange of conversion of each of the foreign currencies, into Indian currency or vice versa for the purpose of the said section, relating to imported and export goods. READ MORE the Rates of Exchanges
Implication:
The rate shall be effective from 6th September, 2019
Update:
CBIC has waived of the requirement to furnish Form ITC-04 from July, 2017 to March, 2019
. However, the details of challans for goods dispatched to a job worker from July, 2017 to March, 2019 but not received back or not supplied by job-worker from his place of business is required to be furnished in Form ITC-04 for the quarter April-June, 2019
Implication:
No requirement to furnish Form ITC-04 from July, 2017 to March, 2019
Reference: Central Board of Direct Taxes
Update:
Anandkumar Jain vs. ITO (ITAT Mumbai)
S. 254(2):
(i) Delay of 420 days in filing appeal due to subsequent decision of the Supreme Court is a valid ground for condonation of delay (ii) An order can be said to suffer from a \”mistake apparent from the record\” if it contrary to a subsequent judgement of the Supreme Court. Courts do not make any new law; they only clarify the legal position which was earlier not correctly understood. Such legal position clarified by Courts has retrospective effect as the law was always the same
It is also well – settled that a judicial decision acts retrospectively. According to Blackstonian theory, it is not the function of the Court to pronounce a ‘new rule’ but to maintain and expound the ‘old one’. In other words, the Judges do not make law; they only discover or find the correct law.The law has always been the same. If a subsequent decision alters the earlier one, it (the later decision) does not make a new law. It only discovers the correct principle of law which has to be applied retrospectively. To put it differently, even where an earlier decision of the Court operated for quite sometime, the decision rendered later on would have retrospective effect, clarifying the legal position which was earlier not correctly understood.
Update:
CBDT Issues Guidelines For Manual Selection Of Returns For Complete Scrutiny During FY 2019-20:
The CBDT has vide directive dated 5th September, 2019 specified the guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20. Know More About the Guidelines.
Reference: Reserve Bank of India
Update:
Enabling framework for a regulatory sandbox published by Reserve Bank of India (RBI):
RBI has come up with a framework for its Regulatory Sandbox under which a live, testing environment will be provided to eligible FinTech companies or any other company providing support to financial services businesses to deploy their new products, processes, services and business models on a limited set of eligible customers for a specified time period with certain relaxations in the extant RBI regulations and guidelines.\”
The regulatory sandbox allows live testing of new products or services in a controlled or test regulatory environment.
Update:
Change in name of “The Orissa State Co-operative Bank Ltd.” to “The Odisha State
Co-operative Bank Ltd” : RBI advised that the name of “The Orissa State Co-operative Bank Ltd.” has been substituted with “The Odisha State Co-operative Bank Ltd.” in the Second Schedule to the Reserve Bank of India Act, 1934 by Notification DCBR.CO.RCBD.No.01/19.51.025/2016-17 dated December 09, 2016 published in the Gazette of India (Part III-Section 4) dated August 10 – August 16, 2019
Implication:
“The Orissa State Co-operative Bank Ltd.” shall now operate its function under the name “The Odisha State
Co-operative Bank Ltd”.
Update:
Alteration in the name of \”IDFC Bank Limited\” to \”IDFC FIRST Bank Limited\”: RBI has advised that the name of \” IDFC Bank Limited \” has been changed to \”IDFC FIRST
Bank Limited\” in the Second Schedule to the Reserve Bank of India Act, 1934 with
effect from January 12, 2019 by Notification DBR.PSBD.No.7234/16.01.146/2018-
19 dated March 01, 2019 published in the Gazette of India (Part III-Section 4) dated
March 30 – April 05, 2019.
Implication:
\” IDFC Bank Limited \” shall now operate its function under the name of \”IDFC FIRST
Bank Limited\”
