"08 August 2022" Archive - Page 4

8 measures to protect people from Ponzi Schemes

In order to tackle menace of illicit deposit Ponzi Schemes which dupe people of their hard earned savings, and to protect interests of people,...

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Posted Under: Finance |

Authorised Dealer Category-I License eligibility for Small Finance Banks

RBI/2022-23/104 DOR.LIC.REC.60/16.13.218/2022-23 08/08/2022

All the scheduled SFBs, after completion of at least two years of operations as Authorised Dealer Category-II, will be eligible for Authorised Dealer Category-I license, subject to compliance with the eligibility norms given in the Annex-I....

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RBI allows authorized SPDs to offer FCS-OIS

RBI/2022-23/105 FMRD.DIRD.05/14.03.046/2022-23 08/08/2022

SPDs, authorized under section 10(1) of FEMA, 1999 shall also be eligible to offer FCS-OIS to persons not resident in India as well as to other AD Cat-I banks and eligible SPDs....

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Section 241A order cannot be passed in a mechanical & routine manner

Trueblue India LLP Vs Deputy/Assistant Commissioner of Income Tax Circle (Delhi High Court)

HC held that an Order under Section 241A of the Act cannot be passed in a mechanical and routine manner. Refunds cannot be withheld just because the Notice under Section 143(2) of the Act has been issued and the Respondents want to verify the claim for deduction under Section 10AA of the Act....

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Electricity (Amendment) Bill, 2022 introduced in Lok Sabha

Bill No. 187 of 2022 08/08/2022

The Electricity (Amendment) Bill, 2022, inter alia, provides for the following, namely:— (i) to amend section 8 of the Act so as to streamline the concurrence of the hydro generating station by the Authority to facilitate development of the hydro sector in the country; (ii) to amend section 14 of the Act in order to […]...

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Rejection of refund on flimsy grounds would defeat purpose of rebate schemes

Sethia Oils Ltd. Vs Commissioner of CGST & Excise, Kolkata North (CESTAT Kolkata)

CESTAT held that rejection of refund claimed by exporter on flimsy grounds would defeat the purpose of rebate scheme and traps the exporters under unnecessary litigations....

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दाल मिलों के द्वारा मिलिंग के बाद बचे हुए छिलके / चुरी पर कर का स्पष्टीकरण- एक विवेचन

आइये सबसे पहले देखें कि दाल मिलों के बचे हुए छिलके/ चुरी पर कर का क्या मामला है . अभी तक यह ‘पशु आहार’ मान कर कर मुक्त माना जा रहा थ...

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Posted Under: Finance |

Weekly newsletter from Chairman, CBIC dated 08/08/2022

DO No. 36/CH(IC)/2022 08/08/2022

DRI detected a case of evasion of Customs duty by resorting to wilful mis-declaration in description of certain items imported for use in manufacture of mobile phones....

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December 2022