Recommendations to Government on issues arising in implementation of Insolvency and Bankruptcy Code, 2016, as well as on the recommendations received from various stakeholders.
Central Government hereby specifies that no deduction of tax shall be made under section 194-I of the Income-tax Act on payment in the nature of lease rent or supplemental lease rent
CBDT vide Notification No. 64/2022-Income Tax amended Rule 21AI/21AJ/21AJA/21AJAA, Inserted new Rule 21AIA – Other conditions required to be fulfilled by a specified fund referred to in clause (4D) of section 10 of the Act and Issued revised Form No.10-IG- Statement of exempt income under clause (4D) of section 10 of the Income-tax Act, 1961. […]
Held that M2M loss on SWAP contract was allowable where loans were converted into foreign currency loan to take benefit of low interest rate and loss recognized on account of foreign exchange fluctuation as per notified Accounting Standard 11 was an accrued and subsisting liability and not merely a contingent or hypothetical liability.
Held that as per the identical issue of disallowance of bought note purchases in cash u/s. 40A(3) of the Act for the assessment year 2017-18 and after considering relevant facts, we set aside the issue to the file of the Assessing Officer for further verification.
Understanding the tax implications of employee and employer contributions to provident fund. Learn about the deduction, disallowance, and reallowance under the Income Tax Act.
The principle that the company is an artificial person having a separate legal entity from that of its shareholders and members forms the basic foundation of corporate governance
RBI releases Draft Reserve Bank of India (Margining for Non-Centrally Cleared OTC Derivatives) Directions, 2022 under Section 45 W of the RBI Act, 1934
The value of diesel filled free of cost (FOC) by the service recipient is not includable in the value of the GTA service proposed to be provided by the Applicant in the facts and circumstances of the present application subject to conditions as mentioned in draft Transport Service Agreement/ contract incorporated in the body of this decision/ruling.
The report of RRA 2.0 is being placed on the RBI website today. The recommendations of the RRA would be internalised by the Reserve Bank to achieve the intended outcomes.
