"08 December 2021" Archive

Annual Information Statement– Winning from lottery or crossword puzzle

Annual Information Statement (AIS)– Winning from lottery or crossword puzzle under section 115BB With the aim of bringing more transparency and offering detailed information to the taxpayer, the Income Tax Department has recently launched ‘Annual Information Statement’ (AIS). Along with the Annual Information Statement, a simplified...

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Posted Under: Income Tax |

AIS information category ‘Winning from horse’

Annual Information Statement (AIS) information category ‘Winning from horse race under Section 115BB’ Annual Information Statement, shortly known as AIS, is a statement of all-inclusive information for an income taxpayer displayed in Form 26AS. Under each section of AIS, reported value and updated value (that is value after considerin...

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Posted Under: Income Tax |

Applicability of Gift Tax

The Indian Culture has thousands of years of history as well as various traditions attached to it. It is also a birth place of many religions like, Hinduism, Sikhism, Buddhism, Jainism etc. Beside, India is a country with diversified culture where each occasion is a reason to celebrate and show love and affection to close […]...

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Posted Under: Income Tax |

‘Razorpay FTX’ 21 – The Ultimate FinTech Conference for Disruptors

Now that the country is looking to provide seamless financial solutions to the masses, it’s an ideal time for all the SMEs, startups, new age bankers, and other FinTech enthusiasts and experts to partake in India’s largest  FinTech meetup - FTX’21 - powered by Razorpay....

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Posted Under: Income Tax |

Two new agencies enlisted under Appendix 2E of FTP, 2015-2020

Public Notice No. 42/2015-2020 08/12/2021

Two new agencies i.e. 1. Powerloom Development & Export Promotion Council (PDEXCIL) & 2. Vadodara Chamber of Commerce & Industry (VCCI) are enlisted under Appendix 2E of FTP, 2015-2020 for issuing Certificate of Origin (Non-Preferential). MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIG...

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Valuation & Provisional Assessments Under Customs: Gems, Precious and Semi-Precious Stones – An Understanding

Valuation is one of the most crucial aspect for an organisation engaged in import and export of gems, precious and semi-precious stones considering high value transactions. This also necessitates that the value adopted for custom duty purpose is properly documented with contemporaneous evidence so that the valuation is not questioned by t...

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Posted Under: Income Tax |

CBDT notifies Protocol amending DTAA with Kyrgyz Republic

Notification No. 135/2021-Income Tax [S.O. 5094(E)] 08/12/2021

Protocol amending the Agreement between the Government of the Republic of India and the Government of the Kyrgyz Republic for the Avoidance of Double Taxation and for the Prevention of Fiscal Evasion with respect to taxes on income signed at New Delhi on 13th April, 1999....

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Transition from LIBOR to Alternative Reference Rate (ARR)

Press Release: 2021-2022/1323 08/12/2021

Currently, the benchmark rate for Foreign Currency (FCY) External Commercial Borrowings (ECB)/Trade Credit (TC) is specified as 6-months LIBOR rate or any other 6-month interbank interest rate applicable to the currency of borrowing. In view of the imminent discontinuance of LIBOR, any widely accepted interbank rate or alternative referen...

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RBI kept repo and reverse repo rate unchanged at 4 & 3.35 per cent

Press Release: 2021-2022/1322 08/12/2021

The reverse repo rate under the LAF remains unchanged at 3.35 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 4.25 per cent....

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RBI maintain status quo with regard to repo & reverse repo rate

Press Release: 2021-2022/1321 08/12/2021

Policy repo rate remains unchanged at 4 per cent, and the stance remains accommodative as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy...

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January 2022