Reserve Bank of India (RBI) has alleged corporative societies not use the word ‘Bank’ in their names as it violates the Banking Regulation Act. It has come to the notice of RBI that some co-operative Societies are using the word “Bank” in their names. This is a violation of Section 7 of the Banking Regulation … Continue reading “Word “Bank” cannot be used in Names alleged by RBI”

Since Real Estate Regulation and development Act (RERA) came into force i.e. 01/05/2017, it was made mandatory for real estate builders and agents to register under the said act. Though in the beginning the registration process was sleepy headed, but now RERA Registration has picked up around 1,100 real estate projects and agents in Gujarat. … Continue reading “1,100 real estate projects and agents registered in RERA”

The Central Board of Direct Taxes (CBDT) has issued a notification on fraudulent cases where a taxpayer has filed a revised income tax return (ITR) post demonetization and directed them to slap “higher tax rate” in instances where black money is detected. The idea behind the CBDT directive is that the legal provision for filing … Continue reading “CBDT issues notification on Fraudulently revised ITR after Demonetization”

The government constituted a 6 member panel on Wednesday for redrafting the Income Tax Law in sync with the economic needs of the country. The panel includes Arbind Modi, CBDT Member (Legislation) as the Convener and other members, including Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY) and Mansi Kedia … Continue reading “Income tax law to be redrafted by new constituted 6 member panel”

The government has referred 18 shell companies to Serious Frauds Investigation Office (SFIO) for depositing and withdrawing large sums during demonetization in what appeared to be entities that existed largely on paper. All entities that had dealings of over Rs 100 crore have been referred to the SFIO. Depending on the investigations, the government will take further … Continue reading “18 Shell Companies referred to SFIO by the Government”

The Securities and Exchange Board of India (SEBI) has formed a sub-committee under the Secondary Market and Advisory Committee (SMAC) to look into the matter where in companies are complaining that they have been inexact classified as shell companies because of technical errors. Earlier, when Ministry of Corporate Affairs (MCA) disqualified in September, at least … Continue reading “SEBI to look into firms inexact classified as shell companies”

Filing Goods and Service Tax Returns-1 (GSTR-1) GSTR-1 to be filed by the taxpayer with annual aggregate turnover up to Rs. 1.5 Crore by following dates: Period Date July- September 31ST December 2017 October-December 15th February 2017 January – March 30th April 2017   GSTR-1 to be filed by the taxpayer with annual aggregate turnover more than … Continue reading “Revised late filing penalty and last date to file GSTR-3B and GSTR-1”

Tax laws provide that interest credited to an employee provident fund (EPF) account after an individual ceases to be in employment is taxable in his hands in the year of credit. In its recent order, the Bengaluru bench of the Income-Tax Appellate Tribunal (ITAT) also upheld this I-T provision while determining the matter of a retired employee. … Continue reading “No Tax relief for employee on EPF Interest”

Ministry of Corporate Affairs (MCA) vide its notification dated 6/11/2017 regarding the amendments in Rule 3 i.e. filing of documents and forms in extensive business reporting language (XBRL). As per Rule 3 of XBRL Filing, filing of financial statement has been substituted. But after the amendment Rule 3, the ground plan of companies required to … Continue reading “Amendments by MCA in filing of documents and forms in XBRL”

In September, Central Board of Direct Taxes (CBDT) directs corporates and professionals to drop the proposal to submit their tax payment estimate for next 2 quarters in advance. CBDT came up with a draft notification directing companies with annual income of Rs. 1 Crore and professionals with Rs. 50 Lakh income per annum to report … Continue reading “CBDT may drop plan to look corporate taxes in advance”

Reserve Bank of India (RBI) on Thursday asked banks to provide doorstep banking facilities to senior citizens of more than 70 years of age and differently-abled persons by December this year. As per notification number RBI/2017-18/89, it has been directed that senior citizens and specially-abled persons, including the visually-impaired, should be provided basic services like … Continue reading “RBI wants doorstep banking for senior citizens & differently-abled”

It has been made mandatory by Insurance Regulator IRDAI on Wednesday to link your unique identity number Aadhaar with insurance policies. It has also asked insurers to comply with the statutory norms. The government in June had notified the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017 making Aadhaar and PAN/Form 60 mandatory … Continue reading “Insurance policies made mandatory to link with Aadhaar and PAN”

Non-Banking Financial Companies (NBFC) cannot outsource core management functions like internal audit, strategic and compliance functions for your Know Your Customer (KYC) norms, the sanction of loans and management of investment portfolio. As per notification number RBI/2017-18/87 on RBI’s website, Access to customer information by the staff of the service provider shall be on ‘need … Continue reading “New outsourcing norms for NBFC released by RBI”

The Income Tax Department has selected 20,572 Income tax returns for detailed investigation. Reason being there were discrepancies in income before and after demonetization. Moreover, as per an official, the department has identified 1 lakh cases of tax evasion for detailed investigation. The I-T Department initiated the first phase of the Operation Clean Money+ on … Continue reading “Detailed investigation by Income Tax Department for 20,572 Income Tax Returns”

The Government has given clearance for deduction of tuition/school fees paid for the education of children. The summary for the same is as follows: Deduction from taxable income under Section 80C is available to individual taxpayers up to a maximum amount of Rs1 lakh for education expenses incurred for one’s children. Each parent can claim … Continue reading “Clearance for Deduction of Tuition/School fees paid for education”