The Income Tax Department has clarified the purpose, contents, and access to the Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). The FAQs explain how taxpayers can verify financial information and submit feedback to ensure accurate income tax return filing.
The Income Tax Department has issued comprehensive FAQs explaining what constitutes a benami property and benami transaction under the PBPT Act. The guidance also details confiscation procedures, prosecution, statutory exceptions, and appeal mechanisms.
The Income Tax Department has issued detailed FAQs explaining registration, audit, return filing, investment norms, and tax exemptions for charitable and religious trusts. The guidance also clarifies compliance requirements and circumstances that can lead to cancellation of registration and loss of exemptions.
The Income Tax Department explains when interest is payable for delayed return filing, advance tax defaults, deferment of instalments, and excess refunds. The FAQs also clarify interest rates, calculation methods, timelines, and important statutory exceptions.
The Third Amendment Directions provide CRR and SLR exemption for eligible fresh NRE term deposits with a minimum tenure of three years. The RBI also clarified that transfers from NRO accounts to NRE accounts are not eligible for the exemption.
The RBI has exempted fresh NRE term deposits of three years or more mobilized by Rural Co-operative Banks between June 19 and September 30, 2026 from CRR and SLR requirements. The exemption applies to the original deposit amount while it remains on the bank’s books, subject to specified conditions.
The RBI’s Third Amendment Directions provide CRR and SLR exemption for eligible fresh NRE term deposits with a minimum tenure of three years. The amendment also clarifies that transfers from NRO accounts to NRE accounts are not eligible for the exemption.
The RBI has amended the 2025 Directions to exempt qualifying fresh NRE term deposits from reserve maintenance requirements for Small Finance Banks. The amendment takes immediate effect and also introduces corresponding changes to Form A reporting requirements.
The RBI’s Third Amendment Directions grant CRR and SLR exemption for eligible fresh NRE term deposits with a minimum tenure of three years. The amendment also clarifies that transfers from NRO accounts to NRE accounts are not eligible for the exemption.
The RBI has directed all AD Category-I banks to submit daily data on FCNR(B) deposits, ECBs, and OFCBs mobilized under its swap facility. Banks must report the prescribed information by 6:00 p.m. every day and submit NIL statements where applicable.
