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
Office of Informant Protection (‘OIP’): OIP has been established by SEBI as an independent office for receiving and processing Voluntarily Information Disclosure Form(s) (VID Form).
The Banking Ombudsman Scheme (BOS) was notified by RBI in 1995 under Section 35A of the Banking Regulation Act, 1949. During 2018-19 the BOS was administered by RBI through 21 Offices of Banking Ombudsman (OBOs) covering all states and union territories
Insolvency and Bankruptcy Code, 2016 will have positive impact on GDP in the long term, though there may be some short terms pains, including growth costs, he said. Dr. Debroy emphasised that the success of the Code to a large extent depends upon the functioning of and processes adopted by the Adjudicating Authorities. He highlighted that competence, conduct and integrity of the Insolvency Professionals will also be an important determinant in harnessing full benefits of the Code.
