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New Appointments in the National Company Law Tribunal

May 25, 2023 5547 Views 0 comment Print

The Ministry of Corporate Affairs announces the appointment of new Judicial and Technical Members in the National Company Law Tribunal.

Govt to release Rs. 75 Coin on New Parliament Building Inauguration day

May 25, 2023 1461 Views 0 comment Print

A coin with a denomination of Seventy Five Rupees will be minted at the Mint under the authority of the Central Government to mark the occasion of the Inauguration of New Parliament Building.

CBDT Raises Cash Equivalent Limit for Leave Salary in Income Tax Act

May 24, 2023 15399 Views 11 comments Print

CBDT has issued Notification No. 31/2023-Income-Tax and Increased limit for tax exemption on leave encashment for non-government salaried employees   The Income-tax Act, 1961, previously allowed a tax exemption on leave encashment for non-government salaried employees. This exemption was applicable to the period of earned leave they had accrued at the time of retirement, whether through superannuation […]

Section 56 Exemption on consideration for issue of shares exceeding face value

May 24, 2023 3003 Views 0 comment Print

Notification under clause (ii) of the first proviso to clause (viib) of sub section (2) of section 56 of the Income tax Act CBDT issued Notification No. 30/2023 under the Income Tax Act. The notification states that the provisions of clause (viib) of sub-section (2) of section 56 shall not apply to consideration received by […]

CBDT Notifies Classes of Persons for Income Tax Purposes under Section 56

May 24, 2023 5247 Views 0 comment Print

CBDT issued  Notification No. 29/2023- Income-Tax specifying certain classes of persons for the purpose of sub-clause (ii) of the first proviso to clause (viib) of sub-section (2) of Section 56 of the Income Tax Act. The notification includes government and government-related investors, banks or entities involved in insurance business subject to applicable regulations, and various entities […]

Govt Exempts Foreign Universities from UGC and AICTE Acts in IFSCs

May 24, 2023 1344 Views 0 comment Print

Ministry of Finance Exempts Foreign Universities from UGC and AICTE Acts in International Financial Services Centres Ministry of Finance, Department of Economic Affairs, has issued a notification stating that the University Grants Commission Act, 1956, and the All India Council For Technical Education Act, 1987, will not apply to financial services related to courses offered […]

Export of broken rice allowed to meet food security needs subject to govt permission

May 24, 2023 696 Views 0 comment Print

The export policy of broken rice is prohibited; however, export will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their Government. MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) Notifications […]

CBIC amends Australia FTA notification to change tariff preference of Coking Coal & Raw Cotton

May 23, 2023 1176 Views 0 comment Print

CBIC amend Australia FTA notification to make changes in tariff preference given to Coking Coal and Raw Cotton arising out of Finance Act, 2023 vide Notification No. 38/2023-Customs, dated May 23, 2023. Ministry of Finance in India has issued Notification No. 38/2023-Customs, dated May 23, 2023, to amend the existing notification related to the Australia […]

SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2023

May 23, 2023 3744 Views 0 comment Print

SEBI issued Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2023.

Formula to Calculate Net Winnings & New Form 16, 24Q, 26Q, 27Q & 27EQ

May 22, 2023 2874 Views 0 comment Print

Amendment in Income tax Rules, 1962, insertion of new rule 133 for prescribing calculation of net winnings for online games, notification of revised Form No. 16, Form 24Q, Form 26Q, Form 27Q, and Form 27EQ – Notification No. 28/2023-Income Tax | Dated: 22.05.2023 Central Board of Direct Taxes ICBDT) has issued Notification No. 28/2023-Income Tax […]

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