Appeal on Income Tax Appellate Tribunal (ITAT) on remanding back to Commissioner (Exemptions) regarding rejection of Application under section 80G (5)

Vide Decision of High Court of Allahabad in People Cause Foundation v. Income Tax Appellate Tribunal. Facts of the Case: The Appellant is a company registered under section 8 of Companies Act, 2013 and had obtained a certificate under section 12A of Income Tax act,1961 (the Act, 1961).It also applied for Certificate Under Section 80G of the Act, [...]

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Belated Claim of Refund during the course of Assessment Proceedings which resulted into delay in granting of refund could not be a reason attributable to the assessee and couldn’t dismiss the payment of interest for the amount of refund delayed

Vide decision of High Court of Bombay in Commissioner of Income Tax V. Melstar Information Technologies Limited. Facts of the Case: The Assessee (Melstar) had not [...]

Extension of Due Date for filing of TDS statement in Form 24Q

CBDT Vide Order under Section 119 of Income Tax Act, 1961, CBDT Extended due date for filing of TDS statement in Form 24Q for FY 2018-19 from 31st May, 2019 to 30th June, [...]

Extension of Due date for filing TDS Returns in the State of Odisha

CBDT vide Order under section 119 of Income-Tax Act,1961, CBDT extended, Due date for depositing Tax Deducted at Source (TDS) for the month of April,2019 from 7th May,2019 [...]

Waiver of Charges on National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) Systems

RBI vide Notification No. RBI/2018-2019/2018 dated June 11, 2019, RBI has decided that with effect from 1st July, 2019 processing charges and Time Varying charges levied [...]

Appointment of Chief Risk Officer (CRO) for NBFCs

RBI vide Notification No. RBI/2018-19/184 dated 16th May, 2019 has decided that NBFCs with Asset Size of more than Rs.50 Billion shall appoint a CRO with clearly specified [...]

Clarification on Transfer of Securities held in Physical form

SEBI vide Press Release No. 12/2019 declares that Transfer of shares held in physical form from April 01, 2019 shall be in Dematerialized form with a Depository. [...]

Press Release on MoU between SEBI &MCA for Data Exchange

SEBI vide Press Release No. 15/2019 dated June 07, 2019prMou was signed between SEBI and Ministry of Corporate Affairs (MCA) on June 7, 2019 for data exchange. MoU [...]

Amendment for Para 6 in Guidelines for launching of Prosecution in relation to offences punishable under the Customs Act, 1962-reg

Customs vide circular No. 12/2019-Customs dated 24-05-2019 amends para 6 of Circular no. 27/2015 which consists launching Prosecution immediately on completion of [...]

Article by our Partner M Siva Ram Prasad in ICAI Journal

Dear Sir/Madam, We take immense pleasure in informing you that the article by our Partner Sri. M Siva Ram Prasad on "Loan Frauds and Forensic Audit" is published in [...]

Interest for late payment of GST payable on gross tax liability and not after set-off of Input Tax Credit

Vide Decision Of High Court Of Telangana in Megha Engineering and Infrastructures Ltd. v. Commissioner of Central Tax Facts of the case: Case of the petitioner is that [...]

Reimbursement of service tax, by ONGC to assessee not a part of aggregate amount specified in sub-section (2) of section 44BB

Vide Decision of High Court Of Uttarakhand in Director of Income-tax International Taxation v.Schlumberger Asia Services Ltd. Facts of the case: Section 44BB of Income [...]

Reporting requirements in Form 3CD

Section 44AB of the Income-tax Act, 1961 requires specified persons to furnish Tax AuditReport in Form No. 3CD. Form No.3CD was amended vide notification no. GSR 666(E) dated [...]

Legal Entity Identifier: Extension of deadline

Earlier, Reserve Bank Of India hasissued CircularNo.FMRD.FMID.No.10/11.01.007/2018-19dated 29-11-2018on requirement of Legal Entity Identifier (LEI) for participation [...]

Networth Requirements for Clearing Corporations inInternationalFinancial Services Centre(IFSC)

SEBI vide Circular No. SEBI/HO/MRD/DRMNP/CIR/P/2019/60 dated 26-04-2019 has specified the net worth requirements for Clearing Corporations operating in IFSC. The requirements [...]