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India launched its international Rupee ambitions on July 13, 2022. And in a matter of less than 9 months our country has become a global currency. Don’t believe me? Read on. Our UPI is approved in ~18 countries and with 12 countries at MOU stage. Sooner than later 30 countries will be be exchanging currency …

India’s ambitious program to make Indian Rupee a Global Currency. Read More »

It has been decided to withdraw the 2000 rupees denomination Banknotes from circulation The Banknotes In 2000 Rupees Denomination will continue to be Legal Tender; only fresh issue stopped. Banks may exchange 2000 Rupees Banknotes upto a limit of 20,000 Rupees at a time Reason stated is 2000 Rupee notes not commonly used for transactions; …

RBI withdraws 2000 Rupee Denomination Banknotes from Circulation; Will Continue As Legal Tender Read More »

The Centre is considering fresh measures to crack down on shell companies by making the process of incorporation tougher for non-genuine entities. The ministry of corporate affairs (MCA) is understood to be in discussions over various proposals, such as a phone app to geo-tag pictures of the registered office of a company, as well as …

STRICTER RULES AGAINST SHELL COMPANIES ON THE ANVIL Read More »

206AA Non PAN case / Non Adhar case And even Non PAN- ADHAR link case Will be liable for TDS at rate specified or 20% W e is HIGHER Except in 194O & 194Q where It will be 5% in above case ( Note – Non linked will be as good as non having PAN) …

Higher TDS TCS provision in Income tax summarized Read More »

Listed companies have got a rap on the knuckles from the stock exchanges for issuing manipulative or distorted statements. Amid a boom in the stock market, stock exchanges have come out with a list of dos and don’ts companies need to keep in mind while communicating with their shareholders. In a strongly-worded statement, exchanges warned …

EXCHANGES WARN LISTED FIRMS AGAINST MISLEADING OR FALSE PUBLICITY Read More »

SEBI issues clarifications w.r.t. transfer of shareholdings among immediate relatives and transmission of shareholdings and their effect on change in control for market intermediaries; Lays down scenarios whereby change in shareholding of the intermediary will not be construed as change in control, namely – (i) transfer of shareholding among immediate relatives (as defined under Regulation …

SEBI: CLARIFIES ON CHANGE IN CONTROL BY TRANSFER/TRANSMISSION OF SHAREHOLDINGS FOR MARKET INTERMEDIARIES Read More »

The Central Board of Indirect Taxes and Customs (CBIC) notified ICEGATE or Indian Customs and Central Excise Electronic Commerce/Electronic Data Interchange (EC/EDI) Gateway as the common customs electronic portal for all customs related documentation and duty payments. In a notification issued Monday, the Board has specified the portal as the one for facilitating registration, filing …

CBIC NOTIFIES ICEGATE AS COMMON PORTAL FOR REGISTRATION, BILLS OF ENTRY – THE ECONOMIC TIMES Read More »

It is informed by the Central Board of Direct Taxes (CBDT) that UDINs have not been updated at the e-filing portal for around 2.68 lakh IT forms uploaded by the Chartered Accountants on behalf of their assessees which would result in invalidation of such IT forms. The members are hereby advised to update the UDINs …

Extension of Condonation Scheme to regularize UDINs Read More »