With a view to providing a greater measure of protection to depositors in banks the Deposit Insurance and Credit Guarantee Corporation, a wholly owned subsidiary of the Reserve Bank of India, has raised the limit of insurance cover for depositors in insured banks from the present level of ₹1 lakh to ₹5 lakh per depositor with effect from February 4, 2020 with the approval of Government of India.
t under the proposed section 194K, a Mutual Fund shall be required to deduct TDS @ 10% only on dividend payment and no tax shall be required to be deducted by the Mutual Fund on income which is in the nature of capital gains. Necessary clarification, if required, shall be proposed in the relevant provision of the law.
It is clarified that in case of an Indian citizen who becomes deemed resident of India under this proposed provision, income earned outside India by him shall not be taxed in India unless it is derived from an Indian business or profession.
The Income Tax Department mounted a search on a group operating leading educational institutions having a large number of schools and colleges in Chennai and Madurai region. The search was conducted at the office of the Trust, residences of the trustees and key employees of the group.
The Government of Himachal Pradesh has approved the Himachal Pradesh (Legacy Cases Resolution) Scheme under the Department of Excise and Taxation in the Cabinet Meeting held on 16.01.2020. The Scheme will address settlement of legacy cases under General Sales Tax, VAT, CST and other taxation laws subsumed under GST. 2. The scheme will be applicable […]
The Committee had vide press release dated December 03, 2019 informed that an opportunity will be provided to all PACL investors/applicants with claims upto Rs. 5,000/-, whose claim applications were found deficient, to make good deficiencies as may be applicable to their claims, so as to enable their claims to be processed.
It has been decided to allow a person, who jointly owns a single house property, to file his/her return of income in ITR-1 or ITR-4 Form, as may be applicable, if he/she meets the other conditions.
Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 clarifies that a person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not be a party in any manner to a compromise or arrangement of the corporate debtor under section 230 of the Companies Act, 2013.
Reserve Bank of India Date : Jan 01, 2020 RBI Governor today launched the “Mobile Aided Note Identifier (MANI)”, a mobile application for aiding visually impaired persons to identify the denomination of Indian Banknotes. Indian banknotes contain several features which enable the visually impaired (colour blind, partially sighted and blind people) to identify them, viz., intaglio […]
RBI releases draft circular on Limits on Exposure to Single and Group Borrowers/Parties and Large Exposures and Revision in Priority Sector Lending Targets for UCBs
