"10 January 2023" Archive - Page 2

NRIs can link their NRE/NRO accounts with UPI using Foreign Mobile Phone: NPCI

NPC1/UP1/0C/161/2022-23 10/01/2023

NATIONAL PAYMENTS CORPORATION OF INDIA Circular No. NPC1/UP1/0C/161/2022-23 Dated:10th, January 2023 To All Members participating in Unified Payment Interface (UPI) Madam/Sir, Sub: Extension to UPI circular NPCl/UPI/OC No.60/208-19 Crediting/Debiting Non-Resident (NR) accounts in UPI We invite reference to our circular NPCl/UPI/OC.No 60/2...

Expense reduced from export turnover should also be reduced from total turnover for calculating deduction u/s 10AA

Infosys Ltd Vs ACIT (ITAT Bangalore)

Infosys Ltd Vs ACIT (ITAT Bangalore) ITAT Bangalore held that expenditure reduced from export turnover should also be reduced from total turnover while computing deduction under section 10AA of the Income Tax Act. Facts- During the relevant previous year, the assessee had incurred brand building expenses of Rs.81,79,53,112/-. The brand bu...

CBI Arrests Income Tax Officer & CA on Allegations of Bribery of Rs. 2.25 Lakh

CBI Arrests An Assistant Valuation Officer of Income Tax And An Auditor/CA on The Allegations of Bribery of Rs. 2.25 Lakh The Central Bureau of Investigation has arrested an Assistant Valuation Officer, Income Tax Valuation Cell, Chennai and an Auditor/Chartered Accountant in a bribery of Rs. 2.25 Lakh. A case was registered against a Sup...

Posted Under: Fema / RBI |

Joint Ventures: An Overview

A joint venture is a combination of two or more parties (generally characterized by shared ownership, shared returns and risks, and shared governance) that seek the development of a single enterprise or project for profit, sharing the risks associated with its development. The parties to the joint venture must be at least a combination of...

Posted Under: Fema / RBI |

Form 10F – Information to be provided under Section 90(5) & 90A(5)

Form 10F is Income tax form which is giving the benefit to non-resident tax payer to reduce the tax rate from higher rate to lower rate of TDS (tax deduction at source) in India Those Nonresident tax payer receiving payments from India who want to file the Form 10f is mandatory to get the TRC […]...

Posted Under: Fema / RBI |

Lower risk with Higher yield – Investing in SBI Infrastructure Bond

Infrastructure bonds are generally defined as debt securities issued by Indian infrastructure projects and companies that are used to not only finance the building, buying, and maintenance of large–scale infrastructure projects, such as bridges, roads, dams, hospitals, and universities, but also provide tax benefits to the investors...

Posted Under: Fema / RBI |

Online registration of units through MCA portal for ESI registration & inspection of units

Online registration of units through MCA portal for ESI registration and inspection of units in this regard Newly incorporated Public Limited, Private Limited and One Person Companies registered with effect from February 15, 2020 [‘Companies’] are being allotted ESIC registration number by default at the time of its incorporation. Onc...

Posted Under: Fema / RBI |

Reverse charge not applicable as supply of ISO tankers by foreign supplier amounts to deemed sale

SRF Ltd Vs Commissioner LTU (CESTAT Delhi)

CESTAT Delhi held that supply of ISO Tankers on lease/rental basis by foreign suppliers to the appellant would amount to a deemed sale and accordingly reverse charge not applicable on the same under ‘supply of tangible goods for use’....

ROC penalises eligible company for not appointing Internal Auditor

No. ROC-GJ/ADJ-Order/Sec. 454/Gandharv Gems/Sec. 138 /2022-23/6937 to 54 10/01/2023

During the course of Inquiry, it is observed that Company is eligible company to appoint Internal Auditor but failed to do so as per the requirement Section 138 of the Companies Act, 2013 read with Rule 13 of the Companies (Accounts) Rules, 2014. As the turnover of the Company Exceeded 200 crores during the financial […]...

ICAI announces dates for CA Foundation, Intermediate & Final Examinations

ICAI announce that next Chartered Accountants Foundation, Intermediate and Final Examinations will be held on the dates and places which are given below provided that sufficient number of candidates offer themselves to appear from each of the below mentioned places....

Posted Under: Fema / RBI |

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September 2023