Important GST Update 52nd GST Council Meeting dated 7th October, 2023
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RBI has published draft guidelines for classification of Wilful Defaulters:
1) Earlier RBI did not have a specific timeline within which a borrower should be declared a wilful default once a loan has turned NPA (i.e. a default has happened) 2) Wilful defaulters are those (Individuals & Companies) who have the ability to pay a bank’s (or NBFCs) dues but do not or divert bank …
RBI has published draft guidelines for classification of Wilful Defaulters: Read More »
TCS PROVIDION EXPLAINED
TCS @ 20% from 01-10-2023 on foreign remittances: Important features ii. @ 5% on remittance for education not financed by financial institution. Note : Remittance for education shall include tickets for study abroad, tuition fee and other fee to educational institute and other day to day expenses under codes S0305 or under S1107 iii. @ …
Summary of Borivali East (Mumbai) Real Estate project on Joint Venture basis:
One of our clients is owning the following land in Borivali East , Mumbai. They are looking for a reputed Builder from Mumbai who will be interested to become a Joint Venture Partner and execute the project. Location Borivali East 2 Minutes walking distance from Borivali Station towards Dahisar side. Total Area. (FSI) : 104000 …
Summary of Borivali East (Mumbai) Real Estate project on Joint Venture basis: Read More »
Changes in GST Law to be effective from 01.10.2023
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New TCS from 1st October 2023 for various foreign remittances:
However, if the remittance for education exceeds Rs 7 lakhs, a nominal TCS rate of 0.5% comes into effect. It’s important to note that if the remittance for education is not funded by a loan, a slightly higher TCS rate of 5% is charged. This ensures that larger educational expenses exceeding Rs 7 lakhs are …
New TCS from 1st October 2023 for various foreign remittances: Read More »
CBDT notifies changes to Rule 11UA in respect of ANGEL TAX
The Finance Act, 2023, brought in an amendment to bring the consideration received from non-residents for issue of shares by an unlisted company within the ambit of section 56(2)(viib) of the Income-tax Act, 1961(the Act), which provides that if such consideration for issue of shares exceeds the Fair Market Value (FMV) of the shares, it …
CBDT notifies changes to Rule 11UA in respect of ANGEL TAX Read More »
INVESTOR COMPLAINTS: SEBI ASKS REGULATED ENTITIES TO SUBMIT ACTION TAKEN REPORT IN 21 CALENDAR DAYS
Releasing a framework for the redressal of investor grievances through the SEBI complaint redressal (SCORES) platform and linking it to an online dispute resolution platform, market regulator Securities and Exchange Board of India (SEBI) has asked regulated entities, including listed companies, registered intermediaries and market infrastructure institutions (MII) to submit the action taken report (ATR) …
Sec 44ADA is not applicable where income is not earned on account of professional consultancy
Shri Vishnu Dattatraya Ponkshe v. CPC Bengaluru (ITA No. 1570/Mum/2023) Facts: ITAT Mumbai held as below: www.startupstreets.com, www.economiclawpractice.com, www.intellexconsulting.com, www.intellexcfo.com
RBI ISSUES GUIDELINES FOR RESPONSIBLE LENDING
The Reserve Bank of India (RBI) has issued guidelines for banks, non-banking financial companies (NBFCs) and other regulated entities to address the issues faced by the borrowers and towards promoting responsible lending conduct among such entities. In terms of the guidelines on Fair Practices Code issued to various Regulated Entities (REs) since 2003, REs are …