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"03 April 2021" Archive

RBI replies on signing of non-audited financials by CAs

DOR0021/04.03.001/2020-21 03/04/2021

In reply to RTI by Nitin Pandurang Hargude on requirement of signing of project report, un-audited financials and certificate for utilisation of loan funds  vide Order No. DOR0021/04.03.001/2020-21 dated April 03 2021 RBI has replied as follows:- Query 1 Signing on Project Report for Loan Purposes with seal/UDIN of CA thereon. I wish to ...

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Hopes On Economy And GST Trends

Economists now expect that economy may grow @ 27%, 10%, 59% and 6% in four quarters of 2021-22. Though pandemic may worsen before getting better, strict lock- downs are unlikely. SBI has also endorsed that Indian economy is now on the path of high growth. Now UN economic and social commission for Asia & Pacific […]...

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Posted Under: Fema / RBI |

Bank Audit- Advisory on SC Order dated March 23, 2021

Advisory on Supreme Court Order dated March 23, 2021 regarding Income Recognition and Assets Classification (IRAC) Norms Preamble The honourable Supreme Court had passed following interim order on September 03, 2020 – “the accounts which were not declared NPA till 31.08.2020 shall not be declared NPA till further orders “ The ho...

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Posted Under: Fema / RBI |

TCS For FY 20-21 End & TCS For FY 21-22 Start- Very Important

Action Required For TCS On Sale Of Goods For Financial Year 2020-21 Note- TCS was made applicable to those whose FY 19-20 Turnover was Crossing 10 cr 1. In case, you are liable to collect TCS under Income Tax for sales of goods, ensure to pay TCS by 7th April 2021  for Q4. The due […]...

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Posted Under: Fema / RBI |

Auto Income Tax Calculator for F.Y. 2021-22 (A.Y. 2022-23)

Auto Income Tax Calculator version 16 for F.Y. – 2021-22 (A.Y.-2022-23) in Old & New Regime (Both) Financial Year 2021-22 has started. Govt. has introduced a new tax regime (system) from last financial year (with a lower tax rate without any exemption/deduction). Which will continue in this financial year too. Every individual and ...

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Updates of MCA, SEBI, RBI & IBBI for the month of March 2021

Article contains updates with respect to Notifications, Circulars, Rules, Regulations issued in the Month of March 2021 by Ministry of Corporate Affairs (MCA), Securities Exchange Board of India, Updates of the Reserve Bank of India (RBI), Insolvency and Bankruptcy Board of India (IBBI) and also includes Recent Corporate News. Article att...

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Posted Under: Fema / RBI |

What is Probation

Probation is the suspension of the sentence of an offender and allowing them to stay in the community while inculcating good behavior, under the supervision of a probation officer. The report of a Probation officer is important at the time of passing order by the Court to release the Offender without imposing any sentence on […]...

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Posted Under: Fema / RBI |

Analysis of Section 206AB & Section 206CCA of Income Tax Act, 1961

The Finance Bill 2021 has proposed new Section 206AB and Section 206CCA under Income Tax Act, 1961 which provides for the higher rate of TDS and TCS respectively for the deductee who do not file their Income Tax Returns for the both of the two assessment years relevant to the two previous years which are […]...

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Posted Under: Fema / RBI |

Provisional attachment of Bank Accounts-Unbridled powers with CBIC-Legally valid

By the Finance Act, 2021, S.83(1), has been substituted by the following; 83(1). Where, after the initiation of any proceeding under Chapter XII, Chapter XIV or Chapter XV, the Commissioner is of the opinion that for the purpose of protecting the interest of the Govt. revenue it is necessary so to do, he may, by […]...

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Posted Under: Fema / RBI |

Tax Deducted at Source (TDS)- Provisions

Article contains Overview of Tax Deducted at Source and explains what is TDS, Who is supposed to deduct tax at source & When, What is the TDS Rates for FY 2020-21, When TDS Needs to Deposit to Govt., What are the TDS Returns and their Due Dates and What are the consequences in case of […]...

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Posted Under: Fema / RBI |

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