Income Tax - (A) Income tax Act, 1961 1. CBDT has notified the rules and forms for registration/approval of fund/ trust / institutions — Notification No. 19/2021 dated 26th March 2021 2. CBDT has further extended due date for issue of notice of reassessment, passing of assessment order, filing of equalization levy statement and linking of Aadhaar...
Read MoreIncome Tax - The Reserve Bank of India tightens the lending and disclosure guidelines for NBFC’s by imposing some restrictions on lending to their upper management, directors, senior executives and the corporates or firms they are interested in. Also RBI issued guidelines regarding disclosure in its financial statements about the core and sensitive ...
Read MoreIncome Tax - COMPLIANCE CALENDER FOR “ANNUAL COMPLIANCES FOR FY 2022-23” W.R.T. ROC & RBI S. No Form which to be filed To be Filed with Applicability Last Date of Filling Applicable on Pvt/ Public Company 1 MSME FORM-I ROC Form for furnishing half yearly return with the ROC in respect of outstanding payments beyond 45 days to […]...
Read MoreIncome Tax - क्या है आरबीआई की एकीकृत लोकपाल योजना और क्यों इसकी सबसे ज्यादा जरुरत है सहकारी क्षेत्र को: हाल में भी प्रधानमंत्री ने आरबीआई की ए...
Read MoreIncome Tax - Today the market of India has shown more growth than any other nation across the world and watching this, businessmen who reside overseas are taking interest in doing business in India. The “Make in India” campaign promoted by the honorable chief minister of India Narendra Modi Ji encouraged foreign entities to do more business in [&h...
Read MoreIncome Tax - For any lender, the credit risk i.e., the possibility of not receiving the timely repayment of the contracted amount or of the counterparty not honouring its obligations in respect of the credit contract, constitutes a significant risk which need to be covered by maintaining adequate capital and risk provisions....
Read MoreIncome Tax - Hawkish tones in systemically important policy pivots in early 2022 confirmed the worst fears of financial markets – the age of abundant liquidity is drawing to a close. Financial assets, which were buoyed by liquidity into stretched valuations, are being re-priced....
Read MoreIncome Tax - The IWG had made a total of 33 recommendations. After examining the comments and suggestions received from the stakeholders and members of the public, it has been decided to accept 21 recommendations (some with partial modifications, where considered necessary), as listed in Annex. The remaining recommendations are under examination....
Read MoreIncome Tax - I am sure you would be picking up the ropes of Public Finance and Audit of Government and Public Accounts in your regular induction curriculum. I would, therefore, like to give certain perspectives of the Reserve Bank as a financial sector regulator and supervisor on the audit function in banks, non-banking financial companies (NBFCs) and...
Read MoreIncome Tax - Reserve Bank of India DRAFT – Foreign Exchange Management (Overseas Investment) Regulations, 2021 1. Short Title and Commencement (i) These regulations may be called the Foreign Exchange Management (Overseas Investment) Regulations, 2021. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. ...
Read MoreVelankani Information Systems Limited Vs Secretary, Ministry of Home Affairs (Karnataka High Court) - The contentions of the RBI that the dispute is between the Petitioner and Respondents is not acceptable since the dispute arises out of the implementation or not of a Circular issued by the RBI. RBI is therefore directed to monitor the implementation of the Circular, including verification of whethe...
Read MoreHarsh Nitin Gokhale Vs Reserve Bank of India & Ors (Supreme Court) - Harsh Nitin Gokhale Vs Reserve Bank of India & Ors (Supreme Court) In the present case, writ petition file seeking relief to exclude the time period of lockdown for calculating the limitation for presentation of cheque/demand draft within 3 months as per policy decision of RBI. Supreme Court sta...
Read MoreDirectorate Of Enforcement Vs. Subhash Muljimal Gandhi (Delhi High Court) - Directorate of Enforcement Vs. Subhash Muljimal Gandhi ( Delhi HC)- that interest at the rate of 6% per annum under Rule 8 could have been awarded to the respondent on the seized Indian currency only. The learned Single Judge has however applying the said Rule also awarded interest on the seized fo...
Read MoreKetan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court of India) - Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court)- Ketan Parikh, Kartik Parikh and M/s. Panther Fincap and Management Services Ltd, were imposed a penalty of Rs. 80 Crores, 12 Crores and 40 Crores respectively by the Special Director of Enforcement, Mumbai ...
Read MoreBinod Kumar Vs State of Jharkhand & Others (Supreme Court of India) - Binod Kumar Versus State of Jharkhand & Others- In the impugned judgment, it is mentioned that the basic allegation is amassing of illicit wealth by various former Ministers, including a former Chief Minister of the State. The money alleged to have been so earned is of unprecedented amounts. However...
Read MorePress Release: 2022-2023/204, RBI/2021-22/49 FIDD.CO.Plan. BC.No.4/04.09.001/2022-23, RBI/2022-23/48 DoR.RRA.36/01.01.101/2022-23 - (13/05/2022) - The Regulations Review Authority (RRA 2.0) has recommended withdrawal of an additional 239 circulars. With this, the total number of circulars which stand withdrawn would be 714....
Read MorePress Release: 2022-2023/211 and Press Release: 2022-2023/212 - (13/05/2022) - Reserve Bank of India RBI appoints Dr. Rajiv Ranjan as new Executive Director The Reserve Bank of India (RBI) has appointed Dr. Rajiv Ranjan as Executive Director (ED) with effect from May 01, 2022. Prior to being promoted as ED, Dr. Ranjan was serving as Adviser-in-Charge of Monetary Policy Depar...
Read MoreRBI/2022-23/50 FIDD.CO.Plan.BC.No.5/04.09.01/2022-23 - (13/05/2022) - Lending by commercial banks to NBFCs and lending by Small Finance Banks (SFBs) to NBFC-MFIs, for the purpose of on-lending to certain priority sectors, was permitted up to March 31, 2022. To ensure continuation of the synergies that have been developed between banks and NBFCs in delivering credit to...
Read MoreNotification No. S.O. 2142(E). - (09/05/2022) - RBI, hereby declares that the provisions of sub-section (1) of section 15 of the said Act shall not apply to a banking company for a period upto 31st March, 2026, in so far as it relates to the treatment of unamortised expenditure on account of enhancement in family pension as set out in the RBI....
Read MoreDOR.RET.REC.16/12.01.001/2022-23 - (08/04/2022) - Cash to be maintained by banks, as referred to in the Annex of the notification ibid, shall also include the balances held by banks with RBI under Standing Deposit Facility (SDF)....
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Press Release: 2022-2023/204, RBI/2021-22/49 FIDD.CO.Plan. BC.No.4/04.09.001/2022-23, RBI/2022-23/48 DoR.RRA.36/01.01.101/2022-23 - 13/05/2022
Press Release: 2022-2023/211 and Press Release: 2022-2023/212 - 13/05/2022
RBI/2022-23/50 FIDD.CO.Plan.BC.No.5/04.09.01/2022-23 - 13/05/2022
Notification No. S.O. 2142(E). - 09/05/2022
DOR.RET.REC.16/12.01.001/2022-23 - 08/04/2022
Notification No. DoR. FIN. REC. 95 /CGM (JPS)-2022 - 14/03/2022
Notification No. RBI/2022-23/46 DOR.RET.REC.33/12.01.001/2022-23, RBI/2022-23/45 DOR.RET.REC.32/12.01.001/2022-23, RBI/2022-23/44 REF.No.MPD.BC.S33/07.01.279/2022-23, RBI/2022-23/42 FMOD.MAOG.No.144/01.01.001/2022-23 - 04/05/2022
RBI/2022-23/43 DOR.LEG.REC.No.35/09.07.005/2022-23 - 04/05/2022