"08 November 2019" Archive

RBI to waive Online NEFT Charges for savings bank account customers

Press Release: 2019-2020/1142 08/11/2019

RBI may Mandate banks not to charge savings bank account customers for online transactions in the NEFT system with effect from January 2020. Operationalise the Acceptance Development Fund to increase acceptance infrastructure with effect from January 1, 2020....

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Consequences of Non / Late Filing of Statutory Documents with ROC

There are drastic changes in the provisions of filing of e-forms and documents with the Registrar after the introduction of the Companies Amendment Act, 2017 and the Companies Amendment Ordinance Act, 2018. . Earlier, Section 403 of the Companies Act, 2013 prescribed 270 days timeline within which any document can be filled with the Regis...

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Posted Under: Fema / RBI | ,

Income Tax Department conducts search on a prominent business group in Pune

Income Tax Department conducted searches on a prominent business group in Pune on 06/11/2019 under the Income Tax Act, 1961. The searches were conducted at various places covering the cities of Pune, Mumbai, Nagpur, Delhi, Bengaluru and Noida....

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Posted Under: Fema / RBI |

Income Tax Department makes high cash seizure in Pune

Income Tax Department conducted a search in the case of a businessman in Pune on 04/11/2019 and made a high cash seizure. The search was conducted at the residence of the businessman....

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Posted Under: Fema / RBI |

Finance Ministry responds to Moody’s change in outlook

Government of India has noted that the Moody’s Investors Service has today changed the outlook on the Government of India’s ratings to negative from stable while keeping the foreign-currency and local-currency long-term issuer ratings unchanged at Baa2. ...

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Posted Under: Fema / RBI |

Budget 2019: ‘Housing for All’ positive for building material sector

The Union Budget 2019 focused on the nation’s growth bringing in a positive sentiment to the overall economy. The budget focuses on the agricultural and rural sectors, infrastructure, education, job creation, digital economy, etc., it is a budget for all. On many fronts, this is a favorable and bold budget for the real estate indust...

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Posted Under: Fema / RBI |

Foreign Exchange Loss on loan for acquiring fixed assets allowable as Revenue Expense

M/s. Baby Memorial Hospital Ltd. Vs ACIT (ITAT Cochin)

Foreign exchange loss arising out of foreign currency fluctuations in respect of loan in foreign currency used for acquiring fixed assets should be allowed as revenue expenditure by charging the same into the Profit and Loss account and not as capital expenditure by deducting the same from the cost of the respective fixed assets....

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Supply of repair services along with spare parts/ accessories is taxable at separate rates of GST: AAR

Activity of rendering repairing services for boats/vessels along-with supply of spares and accessories cannot be considered as a composite supply as the supply of spare parts/accessories and repair service are distinct and separately identifiable supplies for which the rates are quoted differently....

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Posted Under: Fema / RBI |

No transfer on Family settlement amongst family members in context of ‘preexisting right’

P. P. Mahatme, POA Lorna Margaret Pinto Vs ACIT (Bombay High Court)

In so far as the second substantial question of law is concerned, it is necessary to note that the Assessing Officer, Commissioner of Income-tax (Appeals) and the ITAT have concurrently held that notwithstanding the nomenclature of the settlement, or the fact that the settlement is incorporated in the Consent Decree, the same is not a fam...

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Revised Audit Manual 2019 for use of Income Tax Department

Audit is a significant mechanism to protect the interest of revenue. For effective audit, the CBDT issues Instructions and guidelines from time to time, Audit Instructions were also revised by the Instruction No. 6 and Instruction No. 7 of 2017 and the work related to assessment is now being done on ITBA module, and the Audit work has als...

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Posted Under: Fema / RBI |

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