The Central Board of Direct Taxes Clarifies the Validity of Notifications Exempting TDS under the Clause (v) of the proviso of section 194 N as inserted by the Finance Act, 2019
The CBDT states that the three notifications issued by the Central Government in connection with its powers to exempt persons or class of persons from being subjected to Tax Deduction at Source (TDS) under section 194N (v) of the Income Tax Act, 1961 as inserted by the Finance Act, 2019 will be valid.
The Odisha Government Revises Waivers for Late Fees payable under the Odisha Goods and Services Tax Act, 2017
This notification waives the total amount of late fee exceeding Rs. 250 for registered persons who failed to furnish their returns in Form GSTR- 3B by the due date, for the months of July, 2017 to January, 2020, but furnished the said return between the period from 1st, July to 30th , September, 2020.
Ministry of Agriculture published the Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Rules, 2020
In case of any dispute arising out of transaction between the farmer and the trader in the trade area, it shall be first resolved through mutually acceptable solution through conciliation and for that purpose, the disputing parties may file an application in Form-2 through any mode, including e-filing, within fourteen days from the date of dispute to the Sub-Divisional Magistrate.
Government of Gujarat extends the relaxation granted to factories on working hours and other provision under the Factories Act
The Labour and Employment department of Gujarat on 20th July 2020 has extended its earlier order exempting all factories registered under the Factories Act, 1948 from various provisions relating to weekly hours, daily hours, intervals for rest of all adult workers till 19th October 2020.
SEBI issues guidelines to verify upfront collection of margins
SEBI has reiterated that the applicable upfront margins shall be collected from the clients in advance of the trade. Clearing corporations shall send minimum four snapshots of client-wise margin requirement to TMs/CMs (trading members/clearing members) for them to know the intraday margin requirement per client in each segment.
SEBI issues eligibility Criteria for Selection of Underlying Commodity Futures for Options on Commodity Futures
SEBI has revoked the the eligibility criteria for selection of commodity futures as underlying for options which provided that the underlying ‘Futures contracts’ on the corresponding commodity shall be amongst the top five futures contracts in terms of total trading turnover value of previous twelve months.
The Consumer Protection Act, 2019 comes into force
The Central Government has commenced the operation of the The Consumer Protection Act, 2019 on July 20, 2020 in suppression of the Consumer Protection Act, 1986. The new Act was initially published on 9th August, 2019.
Odisha Goods and Service Tax (Eighth Amendment) Rules, 2020
The Amendment provides the manner for furnishing Form GSTR-3B and Form GSTR-1 using Short Message Service and for verification of the same by a registered mobile number based one time password facility.
The Rajasthan Value Added Tax (Second Amendment) Rules, 2020
The amendment has extended the due date for filing declaration forms and certificates for returns from June 30, 2020 to September 30, 2020. The amendment shall come into force with effect from 30.06.2020.
CBIC amends All Industry Rates (AIRs) of Duty Drawback
AIRs/caps of Duty Drawback have been enhanced for footwear items and Gold jewelry.
AIRs of Duty Drawback have been rationalized for silver jewelry/articles.
Motor cars with AMT are allowed to claim the same AIRs of duty drawback as given to motor cars with MT
