In a significant development, the Goods and Services Tax (GST) department has initiated action against numerous builders, issuing notices to reverse Input Tax Credit (ITC) claimed for the fiscal years 2017-18 and 2018-19. These notices specifically address ITC claimed on unsold apartments at the time of …
Introduction 1.01 The area of operation / function of the Personal Banking Department is typically confined to resource mobilization, i.e., source of funds (for the bank) in the form of CASA deposits, term deposits, customer service and operations. This Department is responsible for monitoring the deposit …
The Income Tax Department is set to send demand notices totaling Rs 25,000 crore to several insurance companies by the end of March. According to a senior government official, this move comes as part of a reassessment of taxes paid by these companies for the period …
In a press conference on Thursday, the Reserve Bank of India (RBI) clarified that its recent directive concerns Paytm Payments Bank and not the Paytm app itself. This clarification comes in the wake of the RBI’s decision, announced after a meeting of its monetary policy committee …
The Goods and Services Tax (GST) Council is deliberating on issuing a circular to resolve the recent controversy surrounding notices sent to Indian subsidiaries of foreign companies regarding the taxation of salaries paid to expatriates. This potential circular aims to provide clarity on input tax credit …
The Income Tax Department in India, under the leadership of Nitin Gupta, Chairman of the Central Board of Direct Taxes (CBDT), is gearing up to issue notices to individuals who have failed to file tax returns despite having taxes deducted at the source from their incomes. …
A senior official from the Finance Ministry has disclosed that any substantial changes in the Goods and Services Tax (GST) rates are likely to be postponed until after the upcoming Lok Sabha elections. This announcement comes amidst ongoing discussions regarding potential rate adjustments within the GST …
The Reserve Bank of India (RBI) is deliberating on potential actions regarding Paytm Payments Bank (Paytm PB) following regulatory non-compliance issues. Financial services secretary Vivek Joshi has hinted at forthcoming clarifications from the RBI concerning the case, considering Paytm’s extensive user base and nationwide reach. Last …
In a landmark decision on Thursday, February 8, the Supreme Court of India made a significant ruling regarding the Chartered Accountants’ (Procedure of Investigation of Professional and Other Misconduct and Conduct of Cases) Rules, 2007. The apex court dispelled a challenge to Rule 9(3)(b) of the …