"03 March 2022" Archive

Condonation of delay or waiver for filling of Form 10-IC under new tax regime

The Central Government vide Notification dated 11.12.2019 inserted Section 115BAA after Section 115BA with effect from financial year 01.04.2019. As per the provisions of said section, the domestic companies can exercise the option to pay tax at the concessional rate, i.e. 22 percent + surcharge 10 percent +cess 4 percent subject to the f...

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Posted Under: Income Tax |

Declaration by registered holder/beneficial owner of shares under LIC Act, 1956

Notification No. S.O. 995(E) 03/03/2022

Central Government hereby notifies that the form, manner, period and details prescribed in respect of declaration to be made and particulars to be included in the register to be maintained under the Companies Act shall apply to the Life Insurance Corporation under section 5C of the Life Insurance Corporation Act, 1956...

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Investment in Umbrella Organization by Primary (Urban) Co-op Banks

RBI/2021-22/177 DOR.REC.MRG.90/16.20.000/2021-22 03/03/2022

RBI has accorded regulatory approval to National Federation of Urban Co-operative Banks and Credit Societies Ltd. (NAFCUB) in June 2019 for formation of Umbrella Organization (UO) for the UCB Sector. The approval inter-alia permits UCBs to subscribe to capital of the UO on voluntary basis....

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Life Insurance Corporation of India General (Amendment) Rules, 2022

Notification No. G.S.R. 171(E) 03/03/2022

These rules may be called the Life Insurance Corporation of India General (Amendment) Rules, 2022. (2) They shall come into force on the date of their publication in the Official Gazette....

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Govt extends ‘Indian Footwear and Leather Development Programme till 31.03.2026

Notification No. P-27015/4/2020-Leather 03/03/2022

The Central Government has approved continuation of Central Sector Scheme ‘Indian Footwear and Leather Development Programme (IFLDP)’ with an approved expenditure of Rs.1700 crore till 31.03.2026 or till further review, whichever is earlier....

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Income Tax Department searches BMC contractors

The Income Tax Department carried out search and seizure operations on 25.02.2022 on certain contractors executing contracts of Brihanmumbai Municipal Corporation (BMC), a prominent person and their close associates. In all, more than 35 premises in Mumbai have been covered during the search operation....

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Posted Under: Income Tax |

Income Tax Department conducts searches in a major Telecom Group

The Income Tax Department conducted search & seizure operations on a multinational group, engaged in distribution of telecom products and providing captive software development services, on 15.02.2022. The ultimate shareholding of the group lies with a foreign entity of a neighbouring country. The searches, which were spread across De...

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Posted Under: Income Tax |

Empanelment of Senior Standing and Junior Standing Counsels for Income Tax Dept

Notice for applications for the post of Senior Standing Counsels and Junior Standing Counsels for Income Tax Department in Bombay High Court – Regarding. The Income Tax Department, Mumbai proposes to empanel eligible advocates for the post of Senior Standing Counsels and Junior Standing Counsels in terms of CBDT’s Instruction No 7 of ...

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Posted Under: Income Tax |

CBIC Notifies Rate of Exchange of Foreign Currencies wef 04.03.2022

Notification No.13/2022 - Customs (N.T.) 03/03/2022

CBIC notifies Rate of Exchange of Foreign Currencies against Indian Rupees with effect from 4th March, 2022 vide Exchange rates Notification No.13/2022-Cus (NT) dated 03.03.2022. MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS ***** Notification No.13/2022 – Customs (N.T.) New Delhi, dated the 3...

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Auto-population of e-invoice details into GSTR-1- Advisory

Press Release No. 528 03/03/2022

i. Generation of e-invoice is mandatory for certain class of taxpayers, as notified by the Government. These taxpayers are required to prepare & issue their e-invoices by reporting their invoice data in the prescribed format (e-invoice schema in FORM GST INV-01) and reporting the same on the Invoice Registration Portal (IRP). Invoices...

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June 2022