Daily digest for Gupta Chandan & Associates, on April 20, 2022

posted: "INCOME TAX : Where Commissioner (Appeals) allowed deductions claimed by assessee-company under sections 80-IA and 80-IB on account of recovery against amount written off in earlier years and amount towards commission receipt and said order was also upheld" No sec. 263 revision against order of CIT(A) if same was duly upheld by Tribunal as well: HC Apr 20 INCOME TAX : Where Commissioner (Appeals) allowed deductions claimed by assessee-company under sections 80-IA and 80-IB on account of recovery against amount written off in earlier years and amount towards commission receipt and said order was also upheld by Tribunal, since there was a merger of order of Commissioner (Appeals) with order of Tribunal which […] Read more of this post Comment Like Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com Powered by Jetpack

posted: "The RBI, specifies Limits for investment in debt and sale of Credit Default Swaps by Foreign Portfolio Investors (FPIs). The limits for FPI investment in Government securities (G-secs), State Development Loans (SDLs) and corporate bonds shall remain uncha" RBI issues various Limits for investment in debt and sale of Credit Default Swaps by Foreign Portfolio Investors Apr 20 The RBI, specifies Limits for investment in debt and sale of Credit Default Swaps by Foreign Portfolio Investors (FPIs). The limits for FPI investment in Government securities (G-secs), State Development Loans (SDLs) and corporate bonds shall remain unchanged at 6%, 2% and 15% respectively, of outstanding stocks of securities for FY 2022-23. The allocation of […] Read more of this post Comment Like Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com Powered by Jetpack

posted: "RBI issued the regulatory guidelines for loans and advances granted by the NBFCs to its director, senior officers, and relatives of directors, etc. RBI prescribed different norms for different categories of NBFCs i.e. Guidelines applicable to NBFC - Middl" RBI notifies the regulatory norms w.r.t restriction on loans and advances granted by different layers of NBFC Apr 20 RBI issued the regulatory guidelines for loans and advances granted by the NBFCs to its director, senior officers, and relatives of directors, etc. RBI prescribed different norms for different categories of NBFCs i.e. Guidelines applicable to NBFC - Middle Layer (ML), NBFC Upper Layer (UL), and NBFC - Base Layer (BL). These guidelines shall be […] Read more of this post Comment Like Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com Powered by Jetpack

posted: "The RBI, reviewed the extant norms for RCBs on the issue and regulation of capital funds. Now RCBs are permitted to raise share capital by way of (i) issue of shares to persons within their area of operation, and (ii) issue of additional shares to the exi" RBI permits Rural Cooperative Banks (RCBs) to raise share capital from persons in the area of operation amp; existing members Apr 20 The RBI, reviewed the extant norms for RCBs on the issue and regulation of capital funds. Now RCBs are permitted to raise share capital by way of (i) issue of shares to persons within their area of operation, and (ii) issue of additional shares to the existing members. RCBs can raise capital by issuing preference […] Read more of this post Comment Like Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com Powered by Jetpack

posted: "RBI revised the Scale Based Regulation framework for NBFCs in upper layer. RBI issued the detailed guidelines w.r.t maintenance of Common Equity Tier 1 capital of at least 9 % of Risk Weighted Assets by the NBFCs, UL. This circular further defined as what" RBI revises Scale Based Regulation framework for NBFCs in upper layer covering Capital requirements Apr 20 RBI revised the Scale Based Regulation framework for NBFCs in upper layer. RBI issued the detailed guidelines w.r.t maintenance of Common Equity Tier 1 capital of at least 9 % of Risk Weighted Assets by the NBFCs, UL. This circular further defined as what will be included in the Equity Tier 1 Capital. This will […] Read more of this post Comment Like Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com Powered by Jetpack

posted: "RBI specifies NBFCs are required to make certain additional disclosures in their financial statements in accordance with SBR framework. These disclosures are in addition to the existing disclosure requirements as specified. This circular is applicable to " RBI prescribes additional disclosure to be made in financial statements by the NBFCs under Scale Based Regulations (SBR) Apr 20 RBI specifies NBFCs are required to make certain additional disclosures in their financial statements in accordance with SBR framework. These disclosures are in addition to the existing disclosure requirements as specified. This circular is applicable to all NBFCs whereas certain disclosure requirements will be applicable to specific NBFC layers only. These guidelines shall be effective […] Read more of this post Comment Like Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com Powered by Jetpack

posted: "INCOME TAX : Where assessee co-operative society earned interest from investments made in any bank not being a co-operative society, such interest income could not be said to attributable to acitivities of co-operative society and would not be eligible fo" Co-operative society isn't eligible to claim sec. 80P deduction on interest earned from investments made in bank: ITAT Apr 20 INCOME TAX : Where assessee co-operative society earned interest from investments made in any bank not being a co-operative society, such interest income could not be said to attributable to acitivities of co-operative society and would not be eligible for under section 80P(2)(d)INCOME TAX : Where assessee co-operative society earned interest from investments made in […] Read more of this post Comment Like Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com Powered by Jetpack

posted: "The RBI, issued consolidated guidelines on Opening of Current Accounts, Cash Credit and Overdraft Accounts by Banks with a view to enforce credit discipline amongst the borrowers as well as to facilitate better monitoring by the lenders. This Circular con" RBI tightens norms on opening current account/CC and OD by bank with a view to enforce credit discipline amongst the borrowers Apr 20 The RBI, issued consolidated guidelines on Opening of Current Accounts, Cash Credit and Overdraft Accounts by Banks with a view to enforce credit discipline amongst the borrowers as well as to facilitate better monitoring by the lenders. This Circular consolidates all the earlier instructions issued by the RBI. These instructions shall apply to current accounts […] Read more of this post Comment Like Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com Powered by Jetpack

posted: "Earlier the RBI through its circular DOR.CRE.REC. No.60/03.10.001/2021-22 dated October 22, 2021 issued the guidelines on Scale Based Regulation (SBR), which prescribed the large exposure framework for NBFCs UL. Now RBI has prescribed the detailed w.r.t." RBI issued detailed guidelines w.r.t. Large Exposure Framework (LEF) for NBFCs in the Upper Layer Apr 20 Earlier the RBI through its circular DOR.CRE.REC. No.60/03.10.001/2021-22 dated October 22, 2021 issued the guidelines on Scale Based Regulation (SBR), which prescribed the large exposure framework for NBFCs UL. Now RBI has prescribed the detailed w.r.t. Large Exposure Framework (LEF). The guidelines shall be applicable to NBFC-UL, both at the solo level and at the […] Read more of this post Comment Like Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com Powered by Jetpack

posted: "The MCA, notifies Nidhi (Amendment) Rules, 2022. As per amended rules public company desirous to be declared as a Nidhi shall apply, in Form NDH-4, within a period of 120 days of its incorporation for declaration as Nidhi on fulfilling certain conditions." MCA notified the Nidhi (Amendment) Rules, 2022; raised the requirement of Minimum Net Owned Funds to Rs. 20 lakhs Apr 20 The MCA, notifies Nidhi (Amendment) Rules, 2022. As per amended rules public company desirous to be declared as a Nidhi shall apply, in Form NDH-4, within a period of 120 days of its incorporation for declaration as Nidhi on fulfilling certain conditions. Amended rules prohibit the non-compliant Nidhi companies to raise any deposit from its […] Read more of this post Comment Like Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com Powered by Jetpack

posted: "The Income Tax Act, 1961 (for brevity hereinafter referred to as "the Act")is a very detailed statute that engulfs within itself provisions to govern different situations for facilitation of proper computation of the total income.The Income Tax Act, 1961 " Amended Section 14A: How far conforming to Judicial observations? Apr 20 The Income Tax Act, 1961 (for brevity hereinafter referred to as "the Act")is a very detailed statute that engulfs within itself provisions to govern different situations for facilitation of proper computation of the total income.The Income Tax Act, 1961 (for brevity hereinafter referred to as "the Act")is a very detailed statute that engulfs within itself […] Read more of this post Comment Like Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com Powered by Jetpack

posted: "The Central Board of Direct Taxes (CBDT) has notified 'Sri Sharada Institute of Indian Management Research Foundation Trust' under category of 'University, College or other institution' for research in social science or statistical research under section " CBDT notifies 'Sri Sharada Institute of Indian Management Research Foundation Trust' as 'other institution' u/s 35 Apr 20 The Central Board of Direct Taxes (CBDT) has notified 'Sri Sharada Institute of Indian Management Research Foundation Trust' under category of 'University, College or other institution' for research in social science or statistical research under section 35(1)(iii).The Central Board of Direct Taxes (CBDT) has notified 'Sri Sharada Institute of Indian Management Research Foundation Trust' under […] Read more of this post Comment Like Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com Powered by Jetpack