Daily digest for Gupta Chandan & Associates, on April 22, 2022

posted: "The CBDT has notified additional conditions under the seventh proviso to section 139(1) whereby return filing is made mandatory in case turnover from business or gross receipt from profession exceeds Rs. 60 lakh or Rs. 10 lakh, respectively. Further, retu" CBDT made return filing mandatory where turnover, TDS/TCS or deposit in saving bank account exceeds certain limit Apr 22 The CBDT has notified additional conditions under the seventh proviso to section 139(1) whereby return filing is made mandatory in case turnover from business or gross receipt from profession exceeds Rs. 60 lakh or Rs. 10 lakh, respectively. Further, return filing shall be mandatory if the amount of tax deducted and collected in case 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: "The RBI has issued the master directions with regard to the issuance and conduct of credit and debit cards. The provisions of the Directions relating to debit cards shall apply to every bank operating in India. The directions relating to credit cards shal" RBI issues master directions w.r.t. issuance and conduct of credit/debit cards Apr 22 The RBI has issued the master directions with regard to the issuance and conduct of credit and debit cards. The provisions of the Directions relating to debit cards shall apply to every bank operating in India. The directions relating to credit cards shall apply to every Scheduled Bank (excluding Payments Banks, State Co-operative Banks and […] 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 has observed that some of the UCBs have adopted the practice of creating honorary designations/conferring titles at the Board level such as Chairman Emeritus, Group Chairman, etc. RBI directed that creating liability on such persons will be difficult " RBI prohibits Urban Co-operative Banks from creating any non-statutory honorary positions at Board level Apr 22 RBI has observed that some of the UCBs have adopted the practice of creating honorary designations/conferring titles at the Board level such as Chairman Emeritus, Group Chairman, etc. RBI directed that creating liability on such persons will be difficult as these positions are not recognised in applicable laws. UCBs are directed not to create such […] 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 has decided to extend the guidelines on Legal Entity Identifier (LEI) to Primary (Urban) Co-operative Banks (UCBs) and Non-Banking Financial Companies (NBFCs). Further, RBI advised that non-individual borrowers enjoying aggregate exposure of Rs. 5" RBI amends Legal Entity Identifier guidelines; borrowers having total exposure of Rs. 5 crore or more to obtain LEI codes Apr 22 The RBI has decided to extend the guidelines on Legal Entity Identifier (LEI) to Primary (Urban) Co-operative Banks (UCBs) and Non-Banking Financial Companies (NBFCs). Further, RBI advised that non-individual borrowers enjoying aggregate exposure of Rs. 5 crore and above from banks and financial institutions shall be required to obtain LEI codes as per the specified […] 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 pursuant to search conducted at assessee's premises, his statement was recorded under section 132(4), however later assessee retracted statement, but, had not adduced any evidence to substantiate his allegations to retract from his stat" Assessee can't retract his statement recorded during search in lack of any evidence to substantiate such retraction: HC Apr 22 INCOME TAX : Where pursuant to search conducted at assessee's premises, his statement was recorded under section 132(4), however later assessee retracted statement, but, had not adduced any evidence to substantiate his allegations to retract from his statements under section 132(4), retraction was to be ignored and additions based on statement originally recorded were justifiedINCOME […] 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