The need for converging to international financial reporting practices in India is now being realised with the adoption of Indian Accounting Standards by Indian companies that are converged International Financial Reporting Standards. With incorporating the aspects of international financial reporting framework and accounting practices, the financial statements of reporting entities now provide a picture comparable […]
RBI decided to increase the household income limits for borrowers of NBFC-MFIs from the current level of ₹1,00,000 for rural areas and ₹1,60,000 for urban/semi urban areas to ₹1,25,000 and ₹2,00,000 respectively.
The NBFC-AA consolidates financial information of a customer held with different financial entities, spread across financial sector regulators adopting different IT systems and interfaces. In order to ensure that such movement of data is secured, duly authorised, smooth and seamless, it has been decided to put in place a set of core technical specifications for the participants of the AA ecosystem.
In Phase II, for applications by retail individual investors through intermediaries, the process of physical movement of forms from intermediaries to Self-Certified Syndicate Banks (SCSBs) for blocking of funds was discontinued and only the UPI mechanism with existing timeline of T+6 days was mandated, for a period of 3 months or floating of 5 main board public issues, whichever is later.
In order to facilitate efficient use of collateral by market participants, it has been decided to extend cross margining facility to off-setting positions in highly co-related equity indices.
Tax Bar Association Kota has made a Representation on problems faced by dealers under Rajasthan VAT which includes problem related to Verification of Input Tax Credit , Interest on refund and filing of VAT Returns.
One of the finest replies to the objections raised by Accountant General Audit by the Commissioner, SGST Tamilnadu on sanction of refund of ITC accumulated due to inverted tax structure to the job worker suppliers of dyeing services of textile and textile products in Tirupur Division. Disclaimer: Please note that Source of Below letter is […]
In view of the large number of pendency, there is a possibility of problems arising in computation and calculation of tax by system. In view of the large number of pendency, there is a possibility of bulk of the pending assessments being completed around the end of the time barring period. As you are aware, the computation and tax calculation process can be complex in certain cases which may cause delay in completion of accounting in the system.
TRQ for import of 30,000 MT of Crude Soya Oil from Paraguay under India-Mercosur Preferential Trade Agreement and Procedure for import of Crude Soya Oil (HS Code: 15071000) under India-Mercosur Trade Agreement are laid down vide Public Notice No. 42/2015-2020 Dated the 8th November, 2019 Government of India Ministry of Commerce & Industry Department of […]
Relcon Foundations (P) Ltd. Vs Assistant State Tax Officer (Kerala High Court) A perusal of Ext.P1 order would indicate that the detention of the vehicle carrying the goods was on the ground that the GSTR 3B returns had not been filed from June 2018 and GSTR I had not been filed from March 2019. It […]
