"27 July 2022" Archive - Page 2

Regulatory Framework for Microfinance Loans

Q 1. Certain aspects of Master Direction on Regulatory Framework for Microfinance Loans may require additional time for drafting of new policies, getting board-level approvals, making changes in technology systems, training of staff, etc. Whether the timeline for complete rollout of these directions may be extended, while keeping the effe...

Posted Under: Fema / RBI |

Representation to extend due date of filing ITR to 31st August, 2022

Representation to extend the due date of filing Income Tax Returns u/s 139(1) of the Income Tax Act, 1961 in non-audit cases from 31st July, 2022 to 31st August, 2022 by Sikar Tax Bar Association. Sikar Tax Bar Association, Sikar To, Date: 24th July, 2022 Smt. Nirmala Sitharaman Chairman, Goods and Service Tax Council and […]...

Posted Under: Fema / RBI | ,

Amounts paid to foreign suppliers for use of computer software through distribution agreement is not Royalty

DCIT Vs Adobe Systems Software Ireland Ltd. (ITAT Delhi)

ITAT held that amounts paid by resident Indian end-users/distributors to non-resident computer software manufacturers/ suppliers, as consideration for resale/use of computer software through EULAs/distribution agreements are not payment of Royalty....

EPFO Issues Guidelines/Clarification on Absence of Employer-Employee Relationship of Student-Trainees Under EPF Act.

File No. Compliance/TrainingSchemesUnderStateGovt/2021-22/9503 27/07/2022

Clarification on status of student-trainees of educational/technical institute recognized by a competent authority vis-à-vis the Employees' Provident Funds & Miscellaneous Provisions Act, 1952- Regarding....

Cess being part of the tax is not allowable as deduction u/s 40(a)(ii)

Cypress Semiconductor Technology India Private Limited Vs DCIT (ITAT Bangalore)

Held that cess forms part of the tax and the same cannot be allowed as deduction by virtue of provisions of section 40(a)(ii) of the I.T. Act...

GST collection of food businesses License/Registration fee/penalty

File No. RCD-01001/7/2021-Regulatory-FSSAI-Part(1) 27/07/2022

GST on the payments made towards FSSAI will be as per the following: Penalty for renewal of license/ registration after expiry date — Central License...

Govt monitoring price rise situation of major essential commodities

The price situation of major essential commodities is monitored by the Government on a regular basis and corrective action is taken from time to time....

Posted Under: Fema / RBI |

Major reasons for weakening of Indian Rupee against US Dollar

Russia-Ukraine conflict, soaring crude oil prices and tightening of global financial conditions are major reasons for weakening of Indian Rupee against the US Dollar While the Indian Rupee has weakened against the US Dollar, it has strengthened against other major currencies such as the British pound, the Japanese yen and the Euro during ...

Posted Under: Fema / RBI |

Denial and Renewal of FCRA

During preceding 3 years (2019, 2020, 2021) registration certificates of 1811 number of Associations have been cancelled under the provisions of the Foreign contribution Regulation Act, 2010 (FCRA 2010). Reasonable opportunity of being heard is given in terms of Section 14(2) of FCRA 2010, by issuing Show Cause Notice before a decision ab...

Posted Under: Fema / RBI |

SVLDRS declaration cannot be rejected without giving a personal hearing to Applicant

Rakesh Industrial Stitching Vs Union of India (Bombay High Court)

Petitioner challenged rejection of declaration filed under ‘Sabka Vishwas (Legacy Dispute Resolution) Scheme Rules, 2019’ by passing a very cryptic order without spelling out reason...

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December 2023