Parliament passes Bilateral Netting of Qualified Financial Contracts Bill, 2020

The Bilateral Netting of Qualified Financial Contracts Bill, 2020 (Netting Bill) was passed this week in both the houses of the Parliament. The Bill covers over the counter derivatives contracts which are entered into on bilateral basis outside clearing system. The Finance Minister Mrs.Nirmala Sitharaman while addressing the Rajya Sabha said that under existing laws,…

Here are a few things you need to know about the upgraded version of CERSAI 2.0

In our previous post “CERSAI Rules make mandatory registration of charges of every kind”, we have written about legal obligations of banks and financial institutions to register creation of security interest over an asset with the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI). Effective from August 3, 2020, an upgraded…

All existing charitable trusts/institutions are required to apply for re-registration before December 2020: CBDT

The Central board of direct tax (CBDT) in its press release said that “It may be noted that The Finance Act 2020 rationalised the procedure relating to approval/registration/notification of certain entities referred to the section 10(23C), 12AA, 35 and 80G of the act, with effect from 1st June 2020. As per the new procedure, the…

Why the Agriculture Bills recently introduced in the Parliament being opposed by the farmers?

The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020; The Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020 and The Essential Commodities (Amendment) Bill, 2020 – were introduced in the Parliament on September 14 to replace the ordinances issued during the lockdown. Lok Sabha has passed these bills…

RBI asks full automation of Income Recognition, Asset Classification and Provisioning processes in banks

Reserve Bank of India today asked all the banks that they should ensure that the asset classification status is updated as part of day end process. Banks should also be able to generate classification status report at any given point of time with actual date of classification of assets as NPAs/NPIs. In any exceptional circumstance…

Taxability of various components of salary and perquisite benefits under finance Act 2020

[Nearly, 104 amendments are made either by amending/omitting existing sections or by insertion of new sections. In this article, the amendments, which are most relevant to salaried persons, are covered.] Your total salary income comprises both monetary income and non-monetary income. Monetary income means income chargeable under the salary but excluding perquisite value of all…