Nandhakumar & Sundaran
Chartered Accountants, Auditors

By: Nandhakumar & Sundaran | January 11, 2019

The GST Council in its 32nd Meeting held under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi. Below is press release of Major Decisions taken by the GST Council in its 32nd Meeting.


Major Decisions taken by the GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley 


Press Release - Posted On: 10 JAN 2019 6:18PM by PIB Delhi


The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi took the following major decisions to give relief to MSME (including Small Traders) among o...

Category: GST 

Tags: Updates 

By: Nandhakumar & Sundaran | December 25, 2018

New requirement on e-filing of Application for ‘Lower’ or ‘Nil’ TDS Rate Certificate in Form 13 u/s 197/ 206C(9) of Income Tax Act, 1961 has been relaxed by CBDT upto 31 Dec. 2018/ 31 March 2019 for residents/ Non-residents (NRIs), in view of hardships being faced by them. In the meantime manual filing of Form 13 will continue.

Exception from online filing of application under section 197 and 206C(9) in the cases of NRIs and resident applicants 

The Central Board of Direct Taxes has decided to allow exception from online filing of application under section 197 and 206C(9) in the cases of NRIs and resident applicants.

Vide Notification No. 74/2018 dated 25.10.2018, Rule 28 of the Income Tax Rules, 1962 was amended to prescribe electronic f...

Category: Income Tax 

Tags: Updates 

By: Nandhakumar & Sundaran | December 08, 2018

CBIC has notified the Revised All Industry Duty Drawback Rates Schedule for 2018-19 applicable w.e.f. 19 Dec. 2018, vide Notification No. 95/2018 Customs (NT) dt. 6 Dec. 2018, in respect of specified exports and subject to compliance with the procedural requirements notified from time to time, as under:

Revised All Industry Duty Drawback Rates Schedule applicable w.e.f. 19 Dec. 2018: CBIC Notification NO. 95/2018 Customs (NT) dt. 6 Dec. 2018

G.S.R. (E). – In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962) and sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), read with rules 3 and 4 of the Customs and Central Excise Duties Drawback Rules, 2017 (hereinafter referre...

Category: DGFT 

Tags: Updates 

By: Nandhakumar & Sundaran | December 08, 2018

CBDT has clarified/ reiterated that in the case of senior citizens, no tax (TDS) is required to be ‘deducted at source’ under Section 194A, where the amount of such income (credited or paid) during the financial year does not exceed Rs. 50,000/- (Rupees fifty thousand) in aggregate.

CBDT (Systems) Notification No. 06/2018 Income Tax dt. 6 Dec. 2018

1. It has been brought to the notice of CBDT that in case of Senior Citizens, some TDS deductors/ Banks are making TDS deductions even when the amount of income does not exceed fifty thousand rupees. The same is not in accordance with the law as the Income-tax Act provides that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income...

Category: Income Tax 

Tags: Updates 

By: Nandhakumar & Sundaran | December 05, 2018

MCA has accepted the ICAI request/ representation to remove the criteria of a Chartered Accountant (CA) being a Graduate to become a Registered Valuer and has accordingly modified the Companies (Registered valuers and Valuation) Rules, 2017. Now, any qualified Chartered Accountant with 3 years experience can register as a valuer, i.e. a CA is not required to be a Graduate to become Registered Valuer.

ICAI Press Release dt. 26 Nov. 2018

Chartered Accountants need not to be a Graduate to become Registered Valuer 

Valuation is a highly specialised field which can be performed by the professionals having a blend of finance, accounting and finance. Chartered Accountants are best suited for valuation as at various levels of Chartered Accountanc...

Category: Company Law 

Tags: Updates 

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