"04 May 2022" Archive

RBI Increase Policy Rates by 40 basis Points- Read Notifications

Notification No. RBI/2022-23/46 DOR.RET.REC.33/12.01.001/2022-23, RBI/2022-23/45 DOR.RET.REC.32/12.01.001/2022-23, RBI/2022-23/44 REF.No.MPD.BC.S33/07.01.279/2022-23, RBI/2022-23/42 FMOD.MAOG.No.144/01.01.001/2022-23 04/05/2022

RBI notification on change in Cash Reserve Ratio (CRR) from 4.00 percent to 4.50 percent, Change in Bank Rate from 4.25 per cent to 4.65 per cent, Change in Liquidity Adjustment Facility (LAF) to 4.40 per cent from 4.00 per cent, change in standing deposit facility (SDF) rate from 3.75 per cent to 4.15 per cent […]...

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LIC IPO: ASBA designated branches to remain open on 08.05.2022 (Sunday)

RBI/2022-23/43 DOR.LEG.REC.No.35/09.07.005/2022-23 04/05/2022

Government of India, in order to facilitate bidding for LIC IPO, has requested that all bank branches designated to process ASBA (Application Supported by Blocked Amount) applications may be kept open for public on May 8, 2022 (Sunday)....

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India’s Services exports set a new record of USD 254.4 Billion

India’s Services exports set a new record of USD 254.4 Billion in FY 2021-2022, beats previous high of USD 213.2 Billion in 2019-20 Services exports hit an all-time monthly high of USD 26.9 Billion in March 2022 Telecommunications, computer, and information services, other business services and Transport top contributors in Services exp...

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Posted Under: Fema / RBI |

Updated Return u/s 139(8A)

As a step towards achieving the Tax certainty, the Finance Bill 2022 has introduced the new provisions vide Section 139(8A) of the Income Tax Act enabling the tax payers to file the Updated Return subject to certain conditions which will come into effect from 01.04.2022. This article gives you an idea of what the Updated […]...

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Posted Under: Fema / RBI |

Tax Saving Under section 80C of Income Tax Act 1961

Tax Saving under Section 80C – Income Tax Individual and HUF Allowable deduction under Section 80C of Income tax to avail tax saving benefits upon the payment of amount or deposit of amount. Limit of deduction under section 80C is Rs. 1,50,000 (In Aggregate) List of Major deduction eligible under section 80C is as below: […]...

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Posted Under: Fema / RBI |

Is India Ready For Baseball? Critical Analysis of Baseball Arbitration From The Perspective of Resolving Transfer Pricing Disputes

Arbitration and specifically Last Best Offer Arbitration, has historically been used to resolve disputes between unions and management and is best known for resolving compensation disputes between Major League Baseball teams and their players, hence the name Baseball Arbitration....

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Posted Under: Fema / RBI |

Estate Planning- Will or Trust

It’s fair to say that we are living in a new age of uncertainty with the COVID-19 pandemic. Concerns over the pandemic have ‘led to a skyrocketing demand for wills, even among those who aren’t senior citizens,’ according to an ABC News report. None of us wants to imagine the worse future but now in […]...

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Posted Under: Fema / RBI |

SC sets aside all HC orders with a direction to treat old notices as deemed notices under section 148A

Union of India Vs Ashish Agarwal (Supreme Court of India)

Union of India Vs Ashish Agarwal (Supreme Court) Hon. Supreme Court Validates Section 148 Notices issued after 31st March 2021- Surprising Turn of Events Introduction: – Various High Courts had quashed reassessment notices issued u/s 148 of the act, on the ground that the same are bad in law in view of the new reassessment […...

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SEBI (Infrastructure Investment Trusts) (Amendment) Regulations, 2022

Notification No. SEBI/LAD-NRO/GN/2022/83. 04/05/2022

These regulations may be called the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2022. They shall come into force on the date of their publication in the Official Gazette....

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Failure to comply with Section 156 demand notice makes Assessee liable for interest for belated period

Ravikumar Dhandhania Vs ITO (Madras High Court)

Ravikumar Dhandhania Vs ITO (Madras High Court) The petitioner seeks waiver of Section 220(2A) interest under on account of the fact that the petitioner has paid the tax and the interest under Sections 234A, 234B & 234C of the Income Tax Act, 1961. Sub Section (2A) to of Section 220(2A) is an exception to Sub […]...

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