"29 June 2018" Archive

RBI Enforcement action framework in respect of statutory auditors of banks

Press Release: 2017-2018/3425 (29/06/2018)

In the interest of improving audit quality and with a view to instituting a transparent mechanism to examine accountability of SAs in a consistent manner, it has been decided to put in place a graded enforcement action framework to enable appropriate action by the RBI in respect of the banks’ SAs for any lapses observed in conducting a ...

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GST: Provisions of TDS and TCS suspended till 30.09.2018

The competent authority has decided that the provisions of sections 51 and 52 of the Central Goods and Services Tax Act, 2017 relating to tax deduction at source (TDS) and collection of tax at source (TCS) respectively, shall remain suspended till 30.09.2018....

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Posted Under: Fema / RBI |

IBBI – Limited Insolvency Examination- FAQs -1st July, 2018

1. Is the Examination pattern changed from 1st July, 2018? The test administrator for the Limited Insolvency Examination has changed from NISM to NSEIT. The syllabus and pattern of the examination remains the same. The candidates who have already enrolled for examination will be refunded their examination fee by NISM. ...

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Posted Under: Fema / RBI |

Reverse charge mechanism u/s 5(4) of IGST Act suspended till 30.09.2018

Notification No.13/2018 – Integrated Tax (Rate) (29/06/2018)

Seeks to exempt payment of tax under section 5(4) of IGST Act, 2017 till 30.09.2018 vide Notification No.13/2018 – Integrated Tax (Rate) dated 29th June, 2018....

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Notice in PDF format Delivered Through WhatsApp is Valid

SBI Cards & Payments Services Pvt Ltd Vs Rohidas Jadhav (Bombay High Court)

SBI Cards & Payments Services Pvt Ltd Vs Rohidas Jadhav (Bombay High Court) Bombay High Court has recently accepted service of notice in an execution application through WhatsApp after noting that notice served in the form of a PDF file was not only delivered, but the attachment was opened as well. 1. The Respondent to […]...

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Disallowance U/s. 14A not applicable on investment on which dividend received is chargeable to tax but allowed Rebate under DTAA

ACIT Vs M/s. Indian Farmers Fertiliser Cooperative Ltd (ITAT Delhi)

Investments on whom dividend received, though chargeable to tax but allowed as rebate in view of DTAA agreement cannot be included for the purpose of computing disallowance u/s 14A of Income Tax Act....

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The Impact of the Government Polices on Direct Tax Collections

The first sixty-seven years after Independence from 1947 to 2014 saw a total number of 3.82 crore assesses filing tax returns. Obviously, in comparison to total population of almost 1.3 billion, this figure appears highly inadequate. The total direct tax collection (income tax) in 2013-14 was Rs.6.38 lakh crore....

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Posted Under: Fema / RBI |

Deduction U/s. 80IA not available on interest on FDR by a company engaged in providing infrastructure facilities

DCIT Vs. SMS Paryavaran (P) Ltd. (ITAT Delhi)

The assessee company was engaged in the business of Developing, Maintaining and Operating of Infrastructure Facilities. Return declaring an income of Rs. 29,53,100/- was filed on 30/09/2009. The same was processed u/s 143(1) on 13/09/2010. Case was selected for scrutiny under CASS and notice u/s 143(2) was sent on 20/08/2010. ...

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Empanelment -Indian Overseas Bank for Concurrent Audit

INDIAN OVERSEAS BANK invites application from eligible Chartered Accountant firms for assignment of Concurrent Audit in the prescribed format available on our website https://www.iob.in/tenderlist.aspx. ...

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Posted Under: Fema / RBI | ,

Why FDs should always be part of your financial plan

A fixed deposit (FD) is an investment option which helps you in increasing your wealth and preserving your funds for your future. Despite the cuts in the FD rates, FDs continue to top the ranks among the best investment options. Most of the people are unaware that FDs are the most reliable investment option which […]...

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Posted Under: Fema / RBI |