The MCA amended AS 22 to incorporate provisions related to OECD Pillar Two global minimum tax rules. The amendment exempts companies from recognising deferred tax assets or liabilities linked to Pillar Two income taxes.
The amendment aligns Tier 1 capital and owned fund definitions with capital adequacy norms and requires auditor certification before counting additional capital for exposure limits.
Authorities warned taxpayers about fake GST officers conducting fraudulent inspections. Businesses must verify officer identity, written authorization, and DIN before allowing any search or inspection.
The amendment revises CCR treatment and add-on factors for off-balance sheet exposures, aligning prudential norms for payments banks with international regulatory standards.
RBI revised prudential norms requiring financial institutions to include consolidated counterparty credit risk exposures and follow updated add-on factors for derivatives and off-balance sheet items.
ROC Patna penalised a company and its directors for failing to file the annual return within the prescribed time under Section 92 of the Companies Act, directing them to rectify the default.
The ROC Patna imposed penalties on two directors for violating Section 155 of the Companies Act by possessing more than one Director Identification Number, directing rectification and payment within 90 days.
Urban Co-operative Banks must send instant SMS alerts for transactions exceeding ₹500 and email alerts wherever available. The rule aims to help customers quickly detect and report unauthorised transactions.
RBI’s draft amendment strengthens customer protection by shifting the burden of proving negligence to Regional Rural Banks. It mandates fraud detection systems, transaction alerts, and structured grievance mechanisms.
RBI’s draft amendment strengthens customer protection in electronic banking transactions handled by Local Area Banks. It places the burden of proving customer negligence on banks and mandates fraud detection systems and alerts.
