2 Archive - 02 May 2022

"02 May 2022" Archive

Transfer Pricing of Intangibles practices: A comparative analysis of India & U.S legal frame work

Transfer pricing transaction in a MNE is done to reduce tax burden and improve profits of the enterprise. It is usually done by utilizing the complex economic to their advantage globally. A MNE would transfer its profits form high tax jurisdiction to associated enterprise in a low tax jurisdiction....

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Posted Under: Corporate Law |

Health is Your Real Wealth – Insure it

India is world’s second most populous country, next to China and is expected to become number one by 2027. However, poverty and inequality are its major hallmarks. In fact, as per World Inequality Report 2022, India is among the most unequal nations in the world. In 2021, 22 per cent of the country’s total national […]...

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Posted Under: Corporate Law |

Changes in Customs Tariff w.e.f. 01.05.2022- Waiver of Late Fee – reg

Public Notice No. 08/2022 02/05/2022

Late Fee imposable in terms of Bill of Entry (forms) amendment Regulations, 2017 vide Notification No. 27/2017-Customs (N.T.) dated 31.03.2017 will be waived off in respect of Bills of Entry filed belatedly, which pertains to IGM's filed on 01.05.2022 & 02.05.2022 on production of negative acknowledgement....

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Update Return- Report Under Reported Income!

UPDATE INCOME TAX RETURN CBDT introduced a new concept ‘Update Return” on 29th April 2022 notifying Rule 12AC of the Income Tax Rules 1962. There are circumstances, an assessee failed to file income tax return, and time for filing income tax return, belated return has already been expired. Or income tax return filed within due [&helli...

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Posted Under: Corporate Law |

Offence under Sections 276CC Income Tax – HC grants Bail to director

Sunita Shekhawat Vs Union of India (Rajasthan High Court)

Sunita Shekhawat Vs Union of India (Rajasthan High Court) 1. The instant bail application has been filed under Section 439 Cr.P.C. on behalf of accused-petitioner Sunita Shekhawat Director M/s Siyaram Exports India Pvt. Ltd. The petitioner has been arrested in connection with case No. 56/2016 for the offence(s) under Sections 276CC Income...

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RBI withdraws 225 circulars in third tranche of recommendations

RBI/2022-23/38 DoS.CO.PPG./SEC.02/11.01.005/2022-23, RBI/2022-23/39 DoR.RRA.31/01.01.101/2022-23, RBI/2022-23/40 DCM (Admin) No. S172/19.01.010/2022-23, RBI/2022-23/41 FMRD.DIRD.01/14.03.059/2022-23 02/05/2022

Regulations Review Authority (RRA 2.0) – Interim Recommendations – Third tranche Regulations Review Authority (RRA 2.0) has recommended withdrawal of additional 225 circulars in the third tranche of recommendations. RRA 2.0 was set-up by the Reserve Bank of India to review the regulatory instructions, remove redundant and dupl...

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DGFT extends relaxation for import of crushed & de-oiled GM soya cake

Notification No. 02/2015-2020-DGFT [S.O.2053(E).] 02/05/2022

Relaxation of import provisions under Notification No. 20/2015-20 dated 24.08.2021 to allow import of remaining quantity of 5.50 Lakh MT of crushed & de-oiled GM soya cake upto 30.9.2022 or until further orders, whichever is earlier. Bill of lading of such import consignments to be on or before 30.9.2022 and “Out of Charge”...

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Annual Aggregate Turnover (AATO) computation for FY 2021-22

Press Release No. 537 02/05/2022

The functionality of AATO for the FY 2021-22 has now been made live on taxpayers’ dashboards with the following features: ♦ The taxpayers can view the exact Annual Aggregate Turnover (AATO) for the previous Financial Year (FY). ♦ The taxpayers can also view the Aggregate Turnover of the current FY based on the returns filed [&hellip...

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Latest Case Law Related to IBC – January to March 2022

Supreme Court Devarajan Raman Vs. Bank of India Limited [Civil Appeal No. 3160 of 2020] The AA directed the financial creditor (FC) to pay an amount of 5,00,000/- plus GST towards the fee of the RP On an appeal by RR contending inadequacy of the fee, NCLAT dismissed the appeal and observed that fixation of fee […]...

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Posted Under: Corporate Law |

PFRDA Working Paper on Perspectives on Pension-Sector in India

The paper observes that India’s pension-sector (NPS plus APY), provides a flexible mode of oldage income-security not only for salaried employees but also to the common person. In the recent 5-years, 2017-18 to 2021-22, subscriber numbers have multiplied over three-fold led by APY...

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Posted Under: Corporate Law |

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February 2023