In re Ingram Micro India Pvt Ltd. (CAAR Mumbai) Classification of data centre switch models (DCS-7050SX3-96YC8-F and DCS-7010T-48-F) and applicability of Sr. No. 20 of Notification No. 50/2017-Customs, dated 30.06.2017 on these devices. CAAR ruled that Data Centre Switch models (DCS-7050SX3-96YC8-F and DCS-7010T-48-F) are classifiable under sub-heading 85176290 of the first schedule to the Customs […]
CBDT authorizes Director General of Income-tax (Systems) to upload information relating to Foreign remittance information reported in Form 15CC, Information in Annexure II of the 24Q TDS Statement of the last quarter, Information in ITR of other taxpayer, Interest on Income Tax Refund, Information in Form 61/61A where PAN could be populated, Off Market Transactions […]
At present, provisions under section 135 of the Act regulate large companies i.e. (a) companies having net worth of INR 500 crores or more; (b) turnover of INR 1,000 crores or more; or (c) net profit of INR 5 crore or more, during the immediately preceding financial year, to spend at least 2% of the average net profits during the three immediate preceding financial years towards CSR activities.
With the increased interest and focus on investments in the Environment Sustainability and Governance (ESG) space globally, Asset Management Companies (AMCs) in India have also been launching equity schemes in the ESG space under thematic category. The AMCs are also launching Exchange Traded Funds (ETFs) and ETF Fund of Funds in India in ESG space.
Master Direction – Prudential Norms on Capital Adequacy for Local Area Banks (Directions), 2021 covers instructions regarding the components of capital and the capital required to be provided for by banks for credit and market risks
I am sure you would be picking up the ropes of Public Finance and Audit of Government and Public Accounts in your regular induction curriculum. I would, therefore, like to give certain perspectives of the Reserve Bank as a financial sector regulator and supervisor on the audit function in banks, non-banking financial companies (NBFCs) and other financial entities.
The search action in case of the first group was initiated on 21.10.2021. This group is engaged in Cycle business. The group has been found to be involved in suppression of income by showing bogus intra-group transactions within group concerns.
In re Sneha Farms Private Limited (GST AAR Telangana) In the reference 1st cited, M/s. Sneha Farms Private Limited, Hyderabad has sought certain clarification by filing an application for Advance Ruling. Through the reference 2nd cited, Superintendent (Central Tax) Kondapur Range was requested to go through the attachment and inform the above pendency of the […]
Representations have been received from various trade bodies and associations regarding instances of indiscriminate issuance of demand notices by the field formations on the basis of ITR-TDS data received from Income Tax Department.
If the party who is seeking condonation of delay has not acted in malafide manner and reasons explained are factually correct then the Court should be liberal in construing the sufficient cause and lean in favour of such party.
