What is Systemically Important Non-Deposit Taking NBFC(NBFC – ND – SI)? Non-Deposit taking NBFCs having an asset size of Rs. 500 Cr and more as per their audited balance sheet of last financial year are considered as a systemically important NBFC – ND (NBFC-ND-SI). Other NBFC’s having an asset size of less than 500 Cr. …
Happy Chartered Day Accountant! Welcome to the 72nd day of CA DAY! I would like to re-connect and to wish you a very happy CA day. I, as a co-professionals, wish to expand the partnership in IFCCL on this auspicious day. COVID 19 moved us all across digital channels into virtual action. Yes, when we …
RBI enforce withdrawal restriction of a total amount not exceeding 500 For Karnala Nagari Sahakari Bank Ltd., (Maharashtra) 1. Authority to issue certain Directions to Karnala Nagari Sahakari Bank Ltd., (Maharashtra) by which, as from of the end of trading on 15 June 2020, the Administrator of the aforementioned bank shall not, without prior written …
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Company Registration in Gurugram: A Step-by-Step Guide Company Registration in Gurugram is a simple and straightforward process; registering as a Private Limited (Pvt Ltd Registration) in Gurugram is the first step in the corporate route; it is a structure one where your liability in the event of a failure is limited to the capital invested; this …
Today Update : DIRECT TAX:- DVAT depth. the provisional login/ password removed from the dealer’s login has been restored for accessing to GSTN portal. Members instantly avail of this opportunity for timely migration to GST & do not wait for the next phase. TEAM STBA e- filing portal of income tax, wherein the functionality “My Account” has been …
Today Update : DIRECT TAX:- Bombay High court held that an unintentional error on the part of the assessee while filing an appeal, more so when the department also acted ignoring the error, would not result in rejecting the assessee’s appeal being time-barred. Therefore, in the present case, the mistake of the assessee to file …
Today Update : DIRECT TAX:- Reference to the Transfer Pricing Officer (TPO) can be made only after passing a speaking order disposing of the objections raised by the assessee. M/s Alpha Nipon Innovative Ltd. Vs CIT. The validity of reopening of assessment – notice to a dead person – even if Section 159 is attracted, …
Today Update : DIRECT TAX:- Delhi ITAT held that Penalty can be imposed only on disproved claim of expenditure and not unproven claim of expenditure. Arun Duggal Vs. DCIT (ITAT Delhi) The market value of the capital asset has no relevance in determining the full value of consideration: ITAT Assistant Commissioner of Income-tax, Circle-12, Ahmedabad …
Today Update : DIRECT TAX:- CBDT has issued a press release regarding “Reporting Cash Transactions under Rule 114E of Income Tax Rules,1962”. Punjab and Haryana High Court held that the Guarantee commission paid for the acquisition of Fixed Assets are allowed as Revenue Expenditure. [M/s Chandigarh State Road and Bridges Development Corporation Ltd Vs CIT] No …