Day: March 23, 2021

PF NEW TAX RULES

The limit of deposit in provident fund has been increased to ₹ 5 lakh per year, for which tax exemption on interest will continue if the employer does not contribute : Finance Minister

New PF Tax Rule: If employers do not contribute then the limit of tax free investment in PF is 5 lakhs. During Budget 2021, Sitharaman announced interest earned on EPF contribution (employee contribution only), which is more than Rs 2.5 lakh from April 1. Finance Minister Nirmala Sitharaman on Tuesday increased the deposit limit in …

The limit of deposit in provident fund has been increased to ₹ 5 lakh per year, for which tax exemption on interest will continue if the employer does not contribute : Finance Minister Read More »

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Concessional 5% withholding tax continues for debt interest income of FPIs

Concessional 5% withholding tax continues for debt interest income of FPIs The Income Tax department on Wednesday said that concessional rate of tax of 5 per cent shall continue for certain interest income of foreign portfolio investors. Clarifying on reports which said that concessional withholding tax rate of 5 per cent on interest income of …

Concessional 5% withholding tax continues for debt interest income of FPIs Read More »

FAQs on Corporate Social Responsibility (CSR)

ITC is available on CSR Expenses: AAR

The Hon’ble AAR, Uttar Pradesh in the matter of M/S. Dwarikesh Sugar Industries Limited [Order No. 52, dated January 22, 2020] held that expenses incurred towards Corporate Social Responsibility ( “CSR” ) by the Company in order to comply with requirements under the Companies Act, 2013 ( “Companies Act” ) qualify as being incurred in the course of business and therefore, eligible for Input Tax Credit ( “ITC” ) in terms of the Section 16 of the Central Goods and Services Tax Act, 2017 ( “CGST Act” ).

Issue of Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including Housing Finance Companies)

[BIG BREAKING] Supreme Court orders that there will be complete exemption on interest in loan moratorium case [READ JUDGMENT]

Supreme Court orders that there will be complete exemption on interest in loan moratorium case The Supreme Court ruled on Tuesday that the interest exemption on interest (compound interest) in respect of EMIs not paid by borrowers after availing the loan moratorium scheme extended by the Reserve Bank of India (RBI) from March 1 to …

[BIG BREAKING] Supreme Court orders that there will be complete exemption on interest in loan moratorium case [READ JUDGMENT] Read More »

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Central Government is preparing to tighten the online loan applications

The central government is going to clamp down on online lending applications. At the same time, the government is exploring new regulatory options prohibiting forced recovery procedures. The government also has plans to reduce the interest rates and make the registration process compulsory for those trapped in debt. They also raise serious concerns about privacy, …

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SEBI ammended valuation rules of Perpetual Bonds:

After the intervention of Finance Ministry, the Securities and Exchange Board of India on Monday amended valuation rule of Perpetual Bonds. In a circular issued by Sebi, it said that the deemed residual maturity of Basel III additional tier- 1( AT1) bonds will be 10 years till 31st March 2022.  The circular mentioned that the …

SEBI ammended valuation rules of Perpetual Bonds: Read More »

Defence Ministry inks contract with Mahindra Defence System Limited:

Defence Ministry on Monday signed a contract with Mahindra Defence Systems Limited for supply of 1,300 Light Specialist Vehicles to the Indian Army at a cost of Rs. 1056 crore. The induction of vehicles is planned to be completed in four years. The Light Specialist Vehicle is a modern fighting vehicle and will be authorised …

Defence Ministry inks contract with Mahindra Defence System Limited: Read More »

NITI Aayog constitutes two task forces:

In order to lay emphasis on Enforcement of Contracts and Conciliation Mechanism, NITI Aayog has constituted two task forces.The Task Force for Enforcement of Contracts will give its recommendation for a policy framework for Enforcement of Contracts. The Task Force for Enforcement of Contracts has been constituted with the participation from key Ministries and Departments …

NITI Aayog constitutes two task forces: Read More »

Finance Minister introduced The National Bank for Financing Infrastructure and Development Bill, 2021 in Lok Sabha:

Union Finance Minister Nirmala Sitharaman today introduced in Lok Sabha The National Bank for Financing Infrastructure and Development Bill, 2021.  It provides for establishment of the National Bank for Financing Infrastructure and Development to support the infrastructure financing in India. This includes development of bonds and derivatives markets which are necessary for infrastructure financing.

Parliament on Monday passed Mines and Minerals(Development and Regulation) Amendment Bill 2021:

The Parliament passed the Mines and Minerals(Development and Regulation) Amendment Bill 2021 with Rajya Sabha passing it on Monday.  The Bill  seeks to amend the Minerals (Development and Regulation) Act, 1957 and provides for removal of distinction between captive and merchant mines.  It empowers the Central Government to issue directions regarding composition and utilization of …

Parliament on Monday passed Mines and Minerals(Development and Regulation) Amendment Bill 2021: Read More »

Insurance Amendment Bill, 2021 passed by Parliament:

The Parliament has passed the Insurance (Amendment) Bill, 2021 with the Lok Sabha approving it on Monday. The Rajya Sabha has already passed the legislation. The Bill seeks to amend the Insurance Act, 1938 which will increase the ceiling limit of foreign investment allowed in Indian insurance companies.  The Bill provides to increase the foreign …

Insurance Amendment Bill, 2021 passed by Parliament: Read More »