The government could soon promulgate an ordinance to make changes to the Insolvency and Bankruptcy Code that will provide relief to small businesses and homebuyers

Steps taken by the resolution professional (RP) for Alok Industries to recover trade outstanding to the tune of Rs 11,622 crore from 5,293 debtors

The government must amend the IBC to recognize the legitimate claim of home buyers. After all, they use their lifetime savings to invest in a house.

Eleven public sector banks are under the radar of the Reserve Bank of India (RBI) over the issue of non-performing assets.

India’s sovereign bonds rallied after the central bank allowed lenders to spread out trading losses, a second policy decision in two weeks to revive a debt market that had sold off for seven months.

Jyoti Structures, one of the 12 entities from the first central bank list to be taken to bankruptcy courts, would head into liquidation, inflicting a loss of Rs.7,000 crore on the affected bankers, people in the know told ET.

The Government and the Reserve Bank of India (RBI) may need to venture in to stay away from an uncommon occasion in Indian banking.

As one of the most eventful quarters for banks comes to a close, lenders’ balance sheets are hit by a triple whammy that could take them a while to recover.

Indian mutual funds will be allowed to invest in real estate investment trusts (REITs) and infrastructure investment trusts (InvITs), the market regulator said on Saturday, a move aimed at boosting investor interest in such alternative investments. The Securities and Exchange Board of India (SEBI) had been working on easing regulations on REITs and InvITs to woo … Continue reading “Mutual funds can now invest in REITs, InvITs”

CBDT vide its notification dated 05/10/2016 has notified form no. 68 under Rule 129 of income tax rule, to apply to Assessing offier for (i)  Immunity from penalty u/s 270A relating to “under reporting and misreporting of income” (ii) immunity from initiation of proceedings u/s 276C and 276 CC relating to willful attempt to avaid tax … Continue reading “CBDT notified form 68 to grant immunity from penalty u/s 270A, 276C and 276CC”

CBEC vide notification no. 127/2016-Customs dated 20th October 2016 in supersession of the notification no.124/2016-Customs dated 6th October 2016 , determines the revised  rate of exchange of Conversion of foreign Currencies in to Indian currency in respect of Import and Export of goods in/from India.   SNO. Foreign Currencies For Imported goods (per unit of foreign currency) For Exported Goods … Continue reading “CBEC revised rate of exchange of Foreign currency with effect from 21st October 2016”

CBEC vide notification 126/2016–Customs dated 14th October, 2016 has amended the notification 36/2001-Customs dated 3rd August, 2001 in respect of “fixation of tariff value of the Imported goods in India”. The following are the rates of Import against the said description of goods – Sno. Description of goods Tarrif value US $ per Metric Tonne … Continue reading “CBEC amended notification 36/2001-Customs in respect of ” fixation of tariff value of the Imported goods in India””

Section 194-I of the Income-tax Act, 1961 requires that tax be deducted at source at the prescribed rates from payment of any income by way of rent. Now the issue is whether section 194-I is applicable on lump sum lease premium paid by an assessee for acquiring long-term leasehold rights for land or any other … Continue reading “CBDT clarified that lump sum lease premium or one-time upfront lease charges are not liable for TDS under section 194-I of the Income tax Act 1961”

CBEC vide Notification No. 125 /2016-Customs (N.T) dated 13th October 2016 makes further amendments in Notification No. 63/94- Customs (NT), dated the 21st November, 1994 related to “Land Customs Stations and Routes for import and export of goods by land or inland water ways”. As per the said notification CBEC add following places as land … Continue reading “CBEC amend Notification no. 63/94-Custom related to “Land Customs Stations and Routes for import and export of goods by land or inland water ways”.”