On a review, it has been decided that (i) The aggregate exposure of a lender to all borrowers at any point of time, across all P2P platforms, shall be subject to a cap of ₹ 50,00,000 provided that such investments of the lenders on P2P platforms are consistent with their net-worth.
IBUs are not allowed to open savings accounts. They can open foreign currency current accounts of units operating in IFSC and of non-resident institutional investors to facilitate their investment transactions. They can also open foreign currency current accounts (including escrow accounts) of their corporate borrowers subject to the provisions of FEMA 1999 and regulations issued thereunder, wherever applicable in addition to provisions of para 2.5 above.
1. Background and our understanding: 1.1 Zolo Traveltech Private Limited (hereafter referred as ‘The Company’). The Company has a place of business at Haryana in India. The Company is mainly engaged in the business of “Passenger Transportation Services” via Offline booking mode and Online booking mode through Electronic Commerce Operator like Paytm, Red Bus. Bookings […]
The question that arises for consideration is where there is no new material brought on record by the Assessing subsequent to completion of original proceedings u/s 143(3) and where the matter was duly examined during the original assessment proceedings, whether the Assessing officer can still acquire jurisdiction by exercising powers u/s 147 of the Act.
1. WHAT IS TAXED? Under the Income Tax Act what is taxed under the head ‘Income from house Property’ is the inherent capacity of the property to earn income called the Annual Value of the property. This is taxed in the hands of the owner of the property. 2. COMPUTATION OF ANNUAL VALUE This is […]
INTEREST PAYABLE & RECEIVABLE BY THE TAXPAYER Do you know? The Income-tax Act requires that Income tax returns be filed in time, Advance tax and regular tax are paid correctly within the time prescribed. In case the assessee fails to do so, interest is chargeable under various provisions and there is no tax benefit on […]
Directorate General of Taxpayer Services, Mumbai Zonal Unit, Central Board of Indirect Taxes and Customs organized a Symposium on SABKA VISHWAS (Legacy Dispute Resolution) Scheme, (SVLDRS) 2019 on 23rd December, 2019 at 4.00 pm to 5.00 pm at BSE Auditorium, 1st Floor, BSE, Fort, Mumbai, for the members of Bombay Stock Exchange.
Article explains Extension in Due Date of GST Returns , Decisions regarding restriction on availment of Provisional ITC in GSTR-3B, Late fee waiver on GSTR-1, Formation of Grievance Redressal Committees (GRC) and GST Rate revision as per 38th GST Council Meeting Decisions Held on 18th December 2019. 1. Extension in Due Date of GST Returns […]
MCA has come with New Section 10A inserted after Section 10 by Companies (Amendment) Ordinance, 2018 dated 02.11.2018 and same has been inserted in Companies (Amendment) Act, 2019 Extract of law: As per section 10A, a company having SHARE CAPITAL incorporated after ordinance i.e. after 02.11.2018 shall not commence its business or exercise any borrowing […]
Penalty under Section 76 of the Finance Act, 1994 can be imposed for mere default/delay in payment of Service Tax in addition to the penalty under Section 78 and these penalties are mutually exclusive and even if offences are committed in the course of same transaction or arise out of same act, penalty is imposable for ingredients of both offences.
