Skip to main content

Updates of the Day

By
1. CBDT issued criteria for manual selection of scrutiny cases during FY 2015-16.Instruction no.8 Dated 31-08-2015.

 2. Only because an amounting is appearing in 26AS, it cannot be taxed in the hands of assessee unless he is proved to be beneficiary of that amount-[Rajinder Pratap Thareja (Jab.) ITA 137/2014 dated 31-03-2015]

 3. Government accepts the recommendation of the Justice A.P. Shah committee to clarify the in-applicability of MAT to FIIs/FPIs and has decided that an appropriate amendment to the Income Tax Act will be carried out.

 4. Paid up holding value of shares on date of giving special notice by members substituted from not more than Rs. 5 Lakh to not less than Rs 5 Lakh. Notification dated 28.8.2015.

 5. Paid up holding value of shares on date of giving special notice by members substituted from not more than Rs. 5 Lakh to not less than Rs 5 Lakh. Notification dated 28.8.2015.

 6. Amended new form MGT 7 (Annual Return form) notified by MCA. Companies (Management and Administration) Amendment Rules, 2015 dated 28.08.2015.

 7. DVAT deptt issued circular no. 21 of 2015-16 dated 01.09.2015 regarding mismatch of 2A and 2B and circular no. 22 of 2015-16 dated 01.09.2015 regarding pre-condition in the case of objection petition.

 8. Free E-Book on GST by ICAI updated upto Mar' 15 available on the link:

Comments

Post a Comment

Popular posts from this blog

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

By
  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm
Post a Comment
Read more

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep
Post a Comment
Read more

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

By
  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and
Post a Comment
Read more