Daily digest for Gupta Chandan & Associates, on July 7, 2022

posted: "RBI has made numerous measures to enhance forex inflows while ensuring overall macroeconomic and financial stability. The measures include easing norms for FPI investment in debt market, and increasing the ECB limit under the automatic route from USD 750 " Gupta Chandan & Associates RBI announces numerous measures to enhance forex inflows while ensuring overall macroeconomic and financial stability Jul 7 RBI has made numerous measures to enhance forex inflows while ensuring overall macroeconomic and financial stability. The measures include easing norms for FPI investment in debt market, and increasing the ECB limit under the automatic route from USD 750 million or its equivalent per financial year to USD 1.5 billion. Further, the RBI has relaxed […] Read more of this post Comment 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/news/rbi-announces-numerous-measures-to-enhance-forex-inflows-while-ensuring-overall-macroeconomic-and-financial-stability/ Powered by Jetpack

posted: "Tax audit is mandatory for specified persons meaning those who surpass a limit of gross turnover or gross receipts from business or profession during any year.Tax audit is mandatory for specified persons meaning those who surpass a limit of gross turnover" Gupta Chandan & Associates Make Tax Audit Guidance Note of ICAI a Practice Manual for the AO Jul 7 Tax audit is mandatory for specified persons meaning those who surpass a limit of gross turnover or gross receipts from business or profession during any year.Tax audit is mandatory for specified persons meaning those who surpass a limit of gross turnover or gross receipts from business or profession during any year.taxmann.com Latest ArticlesRead More Read more of this post Comment 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/news/make-tax-audit-guidance-note-of-icai-a-practice-manual-for-the-ao/ Powered by Jetpack

posted: "INCOME TAX : Where assessee, State sports authority, earned an interest income on investment of its surplus funds parked with a financial institution, since such earning of interest on surplus funds was incidental to assessee's dominant objective i.e. to " Gupta Chandan & Associates Interest income earned by 'Sports Authority of Gujarat' by parking surplus funds can't be taxed under head PGBP: ITAT Jul 7 INCOME TAX : Where assessee, State sports authority, earned an interest income on investment of its surplus funds parked with a financial institution, since such earning of interest on surplus funds was incidental to assessee's dominant objective i.e. to encourage sports which by itself could not qualify as business activity,INCOME TAX : Where assessee, State […] Read more of this post Comment 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/news/interest-income-earned-by-sports-authority-of-gujarat-by-parking-surplus-funds-cant-be-taxed-under-head-pgbp-itat/ Powered by Jetpack

posted: "The RBI has advised all banks that with effect from 07.07.2022, the interest rate ceiling applicable to Foreign Currency (Non-resident) Accounts (Banks) (FCNR (B)) deposits is being temporarily withdrawn for incremental FCNR (B) deposits mobilized by bank" Gupta Chandan & Associates RBI advises banks to temporarily withdraw interest rate ceiling on FCNR (B) deposits from 07.07.2022 to 31.10.2022 Jul 7 The RBI has advised all banks that with effect from 07.07.2022, the interest rate ceiling applicable to Foreign Currency (Non-resident) Accounts (Banks) (FCNR (B)) deposits is being temporarily withdrawn for incremental FCNR (B) deposits mobilized by banks for the period until 31.10.2022. Further, interest rates offered on incremental NRE deposits mobilized by banks stand temporarily […] Read more of this post Comment 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/news/rbi-advises-banks-to-temporarily-withdraw-interest-rate-ceiling-on-fcnr-b-deposits-from-07-07-2022-to-31-10-2022/ Powered by Jetpack

posted: "The RBI has included "Unity Small Finance Bank Limited" in the list of Scheduled Banks vide Notification DoR.LIC.No. S543/16.13.216/2022-23 dated April 28, 2022 and published in the Gazette of India (Part III - Section 4) dated July 02-July 08, 2022. Now," Gupta Chandan & Associates RBI includes 'Unity Small Finance Bank Limited' in the list of Scheduled Banks Jul 7 The RBI has included "Unity Small Finance Bank Limited" in the list of Scheduled Banks vide Notification DoR.LIC.No. S543/16.13.216/2022-23 dated April 28, 2022 and published in the Gazette of India (Part III - Section 4) dated July 02-July 08, 2022. Now, the bank will be covered under the second schedule of the RBI Act.The RBI […] Read more of this post Comment 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/news/rbi-includes-unity-small-finance-bank-limited-in-the-list-of-scheduled-banks/ Powered by Jetpack

posted: "The Government has modified the Special Economic Zones Rules, 2006. A new rule 19A is added to the existing rules. As per rule 19A Any Unit authorized under rule 19 to store "bullion" for the purpose of issuance of a bullion spot delivery contract or bull" Gupta Chandan & Associates Govt. notifies SEZ (Second Amendment) Rules,2022; units storing "bullion" shall be deemed to be in IFSC Jul 7 The Government has modified the Special Economic Zones Rules, 2006. A new rule 19A is added to the existing rules. As per rule 19A Any Unit authorized under rule 19 to store "bullion" for the purpose of issuance of a bullion spot delivery contract or bullion depository receipt with underlying bullion that is traded in […] Read more of this post Comment 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/news/govt-notifies-sez-second-amendment-rules2022-units-storing-bullion-shall-be-deemed-to-be-in-ifsc/ Powered by Jetpack

posted: "The SEBI has modified the 'Cyber Security and Cyber Resilience framework for KYC Registration Agencies (KRAs) and Qualified Registrars to an Issue and Share Transfer Agents (QRTAs). As per the modified framework, all Cyber-attacks, threats, cyber-incident" Gupta Chandan & Associates SEBI modifies 'Cyber Security and Cyber Resilience framework' for KRAs and QRTAs Jul 7 The SEBI has modified the 'Cyber Security and Cyber Resilience framework for KYC Registration Agencies (KRAs) and Qualified Registrars to an Issue and Share Transfer Agents (QRTAs). As per the modified framework, all Cyber-attacks, threats, cyber-incidents and breaches experienced by KRAs and QRTAs shall be reported to the SEBI within 6 hours of noticing/detecting such […] Read more of this post Comment 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/news/sebi-modifies-cyber-security-and-cyber-resilience-framework-for-kras-and-qrtas/ Powered by Jetpack

posted: "The Central Board of Direct Taxes (CBDT) has notified 'Uttar Pradesh Electricity Regulatory Commission' constituted under the Uttar Pradesh Electricity Reforms Act, 1999 for the purposes of the clause (46) of section 10 of the Income-tax Act, 1961. Govern" Gupta Chandan & Associates CBDT notifies 'Uttar Pradesh Electricity Regulatory Commission' for exemption under section 10(46) Jul 7 The Central Board of Direct Taxes (CBDT) has notified 'Uttar Pradesh Electricity Regulatory Commission' constituted under the Uttar Pradesh Electricity Reforms Act, 1999 for the purposes of the clause (46) of section 10 of the Income-tax Act, 1961. Government Grants, licence fees amp; fines and interest earned on these would be eligible exemption.The Central Board […] Read more of this post Comment 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/news/cbdt-notifies-uttar-pradesh-electricity-regulatory-commission-for-exemption-under-section-1046/ Powered by Jetpack

posted: "INCOME TAX : Where company GIH merged with assessee company and even after merger, assessee company had received income accounted in name of GIH and as per revenue, except for details on merger, assessee had not submitted documents satisfactorily explaini" Gupta Chandan & Associates HC directed Co. to offer an explanation to sec. 148 notice as it was receiving income in its name even after merger Jul 7 INCOME TAX : Where company GIH merged with assessee company and even after merger, assessee company had received income accounted in name of GIH and as per revenue, except for details on merger, assessee had not submitted documents satisfactorily explaining above transactions,INCOME TAX : Where company GIH merged with assessee company and even after merger, […] Read more of this post Comment 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/news/hc-directed-co-to-offer-an-explanation-to-sec-148-notice-as-it-was-receiving-income-in-its-name-even-after-merger/ Powered by Jetpack