News Update

Cabinet nod for three-tier panchayat system in J&K plus productivity-linked bonus to govt employeesProliferate Litigation as much as you canIt is trite law that any refund payable to an assessee has to be disbursed at time of issuance of order u/s 143(1), unless the order withholding the refund has been passed u/s 241A: HCAmalgamation of companies - it is necessary for the amalgamated company to satisfy the mandate of provisions u/s 72A before claiming set off of accumulated loss incurred by the amalgamating company: HCLoss incurred on account of cancellation of forward contracts does not qualify as speculative losses falling within the provisions of Section 43(5): HCAn amount received by assessee on the transfer of family asset would attract the provisions of capital gains, when the same was a part of a family settlement: ITATBihar Polls - Black money worth Rs 35.26 crores & Nepali currencies seizedST - Refund - Findings should only be confined to ascertain whether requirement of Rule 5 of CCR has been complied with or not and establishment of nexus of services cannot be insisted upon: CESTATPradhan inaugurates H-CNG Plant & launches trials in DelhiPayroll data: EPFO adds 10.06 lakh net subscribers in Aug 2020Cus - Department cannot reclassify the goods unilaterally on the basis of the examination report of officers alone and by ignoring pre-shipment inspection certificate: CESTATST - Insurance service provided by Deposit Insurance and Credit Guarantee Corporation to banks is an 'input service', CENVAT credit admissible: CESTATCX - Clandestine removal - Such charges cannot be sustained based on private records & must be established through clinching evidence - moreover, duty demand & penalty are unsustainable as assessee's request to cross examine relevant witnesses was denied: CESTATJio, Qualcomm join hands to toy with 5GIndia amends import tariff of Polybutadiene Rubber under India-Korea CEPA + CBIC issues instruction for OTP-based contactless delivery of international courier packetsJournalist’s alleged killing - Saudi crown prince sued in US CourtCOVID-19: India’s caseload dips below 50K per dayFrom frying pan to fire? - Service of street lighting is classifiable under heading 9991 12 and attracts GST @18%: AAARIndia to go ahead with trade talks with TaiwanPrinting is a service rendered by appellant to himself in order to execute the supply of trade advertising material - supply is of goods [SH 4911 10] attracting GST @12%: AAARRejection order on ROM application does not merge with the original advance ruling: AAARROM order passed by AAR is not appealable u/s 100 of the CGST Act, 2017: AAARRules transgress s.30 of the SEZ Act and also misread Customs ActHenna powder - classification under GST regime
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SAVINGS SCHEME NOTIFICATION
Issue of 8.50% Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2030

8.5% rate notified for National Small Savings Fund

8.5% interest rate fixed for National Small Savings Fund

Govt notifies floating rate savings bonds (Taxable)
Sukanya Samridhi Account Scheme - 8.4% interest rate notified
Public Provident Fund Amendment Scheme, 2020
Savings Certificates - Interest notified
Monthly Savings Scheme - 6.6% interest rate notified
KVP Scheme amended - Returns notified
Sr Citizens' Savings Scheme - 8.6% interest rate fixed
NSRDS - Amount repayable notified
Time Deposit Scheme - New rates notified
Govt notified that the deposits made under the Special Deposit Scheme for Non Government Provident

Govt notifies issue of NSSF Special Securities @ 8.2% interest for 10 years

Govt amends several savings schemes in relation to time period
Savings Schemes - Govt offers 7.8% interest rate for five-year term
8% Savings Scheme folds up
Govt notifies Electoral Bond Scheme for political funding

Senior Citizen Savings Scheme Rules amended to make it 50 years in place of 'irrespective of the above age limit'

National Savings Time Deposit - Rule 5 amended to make 100 as 200

National Savings Monthly Income Account Rules amended to substitute 100 by 1500

National Savings Certificate - Lesser benefit if resident becomes non-resident

NSC interest Rates revised

KVP interest rates revised

Rates for FDs in post office revised

8.3 % rate notified for Sukanya Scheme

Post office (Monthly Income Account) Rules, 1987 amended to notify 7.5% rate

Senior Citizen Savings Scheme - 8.3% Rate of interest after July 1, 2017 notified

Post Office Recurring Deposit Rules amended to reduce interest rate

Deposit of old demonetized notes of Rs. 500 and Rs. 1000 in small Savings scheme
Revision of interest rates for Small Savings Schemes
Revision of interest rates for Small Savings Schemes-discontinuation of physical pre-printed NSC and KVP certificates - regarding
North Block notifies 8.1% interest rate for General Provident Funds
Govt notifies establishment of Senior Citizen Welfare Fund; Huge amount of unclaimed funds lying with PPF, post office schemes and others to be transferred to New Fund
Govt notifies Sukanya Samriddhi Account Rules
Revision of interest rates for Small Savings Schemes.
Sr Citizens Savings Scheme amended
Sr Citizen Savings Scheme - 9.3% interest rate fixed
9.2% interest rate fixed for Sukanya Samriddhi Scheme
8.7% interest rate notified for Fiscal 2015-16
Govt notifies Sukanya Samridhi Account Rules, 2014
Public Provident Fund - Interest rate hiked to 8.7%
National Savings Certificates (IX Issue) - Rate of interest hiked
National Savings Certificates (VIII Issue) - Rate of interest hiked
National Savings Certificates (IX Issue) Rules, 2011 Notified
Post Office (Monthly Income Account) Scheme - Rate of interest hiked
Senior Citizen Savings Scheme - Rate of interest hiked
Post Office Recurring Deposit Scheme - Rate of interest hiked
Post Office Deposit Scheme - Rate of Interest hiked from April 1, 2014
Public Provident Fund Scheme, 1968 and Senior Citizen Savings Scheme, 2004 - Amendments in Rules
Senior Citizen Savings Scheme: Rule amended to allow spouse if sole nominee, to continue account
Notification
MoF notifies 8% interest rate for Savings (Taxable) Bonds, 2003