RSB Transmissions India Limited Vs Union of India (Jharkhand High Court) A combined reading of Section 49(1) of CGST Act, 2017 and Rule 87 (6) and (7) of CGST Rules, 2017 both go to show that such deposit does not mean that the amount is appropriated towards the Government exchequer. On other hand other, a […]
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Reason 1: Anti-profiteering provisions are Ultra vires of Article 246A of the Constitution Reason 2: Constitution of NAA is contrary to law. Reason 3: Anti-profiteering provisions are ultra vires to Articles 14 and 19(1)(g) of the Constitution
Revenue could not controvert the fact that there has been frequent deposits and withdrawals by the assessee out of his saving bank account. No evidence is available on record suggesting that the money as withdrawn by the assessee was used for any other purpose.
National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.
When the first ever cryptocurrency hit the market, this was a completely new concept which had the potential to revolutionise the financial market, as it introduced within itself, a completely untraceable and network-based way for one to make purchases on different items within different industries.
The acronym RTGS stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a real time and on gross basis. This is the fastest possible money transfer system through the banking channel. Settlement in real time means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. Gross settlement means the transaction is settled on one to one basis without bunching with any other transaction. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable.
Truncation is the process of stopping the flow of the physical cheque issued by a drawer to the drawee branch. The physical instrument will be truncated at some point en-route to the drawee branch and an electronic image of the cheque would be sent to the drawee branch along with the relevant information like the MICR fields, date of presentation, presenting banks etc.
It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to Final and Intermediate Examinations being held in May 2022 by e-mail at examfeedback@icai.in or by way of a letter, sent by Speed Post, at the following address, so as to reach us latest by 5th June 2022.
GUIDANCE NOTE ON REPORT UNDER SECTION 92E OF THE INCOME-TAX ACT, 1961 (TRANSFER PRICING) [Based on the law as amended by the Finance Act, 2022] (Revised 2022) ICAI Committee on International Taxation is one of the important non-standing Committees of the Institute of Chartered Accountants of India (ICAI). As a partner in nation building, ICAI […]
