Rule wise comparison of existing Overseas Direct Investment norms in FEMA 120 with Draft Overseas Investment norms proposed by RBI

This article provides a side-by-side comparison of the existing ODI regulations as they stand under FEMA with draft rules/ regulations for overseas investments notified by RBI.This article provides a side-by-side…

Continue ReadingRule wise comparison of existing Overseas Direct Investment norms in FEMA 120 with Draft Overseas Investment norms proposed by RBI

NFRA seeks stakeholders’ comments on the removal of statutory audit for Medium and Small Cos.

National Financial Reporting Authority (NFRA) has issued a consultation paper on Statutory Audit and Auditing Standards for Micro, Small, and Medium Companies (MSMCs). NFRA has sought public comments on as…

Continue ReadingNFRA seeks stakeholders’ comments on the removal of statutory audit for Medium and Small Cos.

Refund of unutilized Cenvat credit can’t be denied as facility was not available to debit amount and file ER-2 Return after GST implementation: CESTAT

EXCISE/ST/VAT : Refund of unutilized Cenvat credit can't be denied as facility was not available to debit amount and file ER-2 Return after GST implementationEXCISE/ST/VAT : Refund of unutilized Cenvat…

Continue ReadingRefund of unutilized Cenvat credit can’t be denied as facility was not available to debit amount and file ER-2 Return after GST implementation: CESTAT

CBDT further extends time limit to process refund claimed ITRs filed up to AY 2017-18 to 30-11-2021

Vide, Order F. No.225/98/2020-ITA-II, dated 5-7-2021, the CBDT has directed that all validity filed returns up to Assessment Year 2017-18 with refund claims, which have become time-barred, can be processed…

Continue ReadingCBDT further extends time limit to process refund claimed ITRs filed up to AY 2017-18 to 30-11-2021

Reassessment to enquire about source of fund valid as assessee not filing ITR purchased property of huge amount: HC

INCOME TAX : Where assessee filed no return for year under consideration while AO found that assessee had purchased immovable property and she had earned interest from mutual funds as…

Continue ReadingReassessment to enquire about source of fund valid as assessee not filing ITR purchased property of huge amount: HC

Rule wise comparison of existing ODI norms with Draft Non-debt Instruments – Overseas Investment norms

This article provides a side-by-side comparison of the existing ODI regulations as they stand under FEMA with draft rules/ regulations for overseas investments notified by RBI.This article provides a side-by-side…

Continue ReadingRule wise comparison of existing ODI norms with Draft Non-debt Instruments – Overseas Investment norms

DGFT extends deadline to install radiation portal monitors and container scanner on sea ports till 31st March, 2022

The DGFT has issued public notice to extend the deadline to install radiation portal monitors and container scanner on the designated sea ports till 31st March, 2022 from existing 30th…

Continue ReadingDGFT extends deadline to install radiation portal monitors and container scanner on sea ports till 31st March, 2022

Reassessment to enquire about source of fund valid as assessee purchased property of huge amount but didn’t file ITR: HC

INCOME TAX : Where assessee filed no return for year under consideration while AO found that assessee had purchased immovable property and she had earned interest from mutual funds as…

Continue ReadingReassessment to enquire about source of fund valid as assessee purchased property of huge amount but didn’t file ITR: HC