Opening of Current Accounts by Banks
Recently, RBI has issued revised guidline with respect to the opening of the current accounts by Banks. On a review and taking into account feedback received from Indian Banks’ Association (IBA) and other stakeholders, it has been decided that banks may open current accounts for borrowers who have availed credit facilities in the form of […]
SEBI – ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS
SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (FOURTH AMENDMENT) REGULATIONS, 2021 SEBI vide its notification dated October 26, 2021, amends the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulation”), which shall come into force on the date of their publication in the Official Gazette. As per the amendment, it […]
RELAXATIONS GRANTED BY MCA for FY 2020-21
RELAXATION UNDER THE COMPANIES ACT, 2013: EXTENTION OF HOLDING AGM Ministry of Corporate Affairs (“MCA”) has extended the Due Date for Holding of AGMs by the companies upto November 30, 2021 ( i.e. by 2 months from the original due date) for the financial year 2020-21 ended on March 31, 2021 Accordingly, respective Registrar of […]
45th Meeting of the GST Council – Key Proposals
Covid Relief measures by extending and adding some more drugs under GST concessional rate till 31st December 2021. Changes in GST rates will be applicable from 1st October 2021 unless otherwise not specified. GST rate changes in order to correct inverted duty structure, in footwear and textiles sector, as was discussed in earlier GST Council […]
CBDT amends Income-tax Rules, 1962 to ease authentication of electronic records submitted in faceless assessment proceedings
For easing the process of authentication of electronic records in faceless assessment proceedings, the Government has amended Income-tax Rules, 1962 (‘the Rules’) vide notification no G.S.R. 616(E) dated 6th September, 2021. The amended Rules provides that electronic records submitted through registered account of the taxpayers in the Income-tax Department’s portal shall be deemed to have been […]
CBDT allows taxpayers an opportunity to file application for settlement
The Finance Act, 2021 has amended the provisions of the Income-tax Act, 1961 (“the Act”) to inter alia provide that the Income-tax Settlement Commission (“ITSC”) shall cease to operate with effect from 01.02.2021. Further, it has also been provided that no application for settlement can be filed on or after 01.02.2021, which was the date on […]
Government has approved Production Linked Incentive (PLI) Scheme for Textiles. With this, India is poised to regain its dominance in Global Textiles Trade
Leveraging Economies of Scale, the scheme will help Indian companies to emerge as Global Champions Help create additional employment of over 7.5 lakh people directly and several lakhs more for supporting activities Scheme will also pave the way for participation of women in large numbers Incentives worth Rs. 10,683 crore will be provided to industry […]
Know all about Account Aggregator Network- a financial data-sharing system
Last week India unveiled the Account Aggregator (AA) network, a financial data-sharing system that could revolutionize investing and credit, giving millions of consumers greater access and control over their financial records and expanding the potential pool of customers for lenders and fintech companies. Account Aggregator empowers the individual with control over their personal financial data, […]
Government Provides Big Boost to Exporters
Rs. 56,027 crore is going to be released under various Export Promotion Schemes Benefits would be disbursed to more than 45,000 exporters, out of which about 98% are small exporters in the MSME category. Centre has provided a massive relief to the exporters. This amount is over and above duty remission of Rs 12,454 crore […]
Rates Notified for RoDTEP effective from 1st January 2021 (Remission of Duties and Taxes on Exported Products)
SYNOPSIS: The government is betting on the scheme, a long time in the coming to make India’s exports more competitive in the global arena. The tax refund rates revealed by the Commerce Department show that exporters will be given tax refunds in the range of 0.5-4.3 percent. ABOUT THE NOTIFICATION: According to the statement, export-centric industries […]