The CBIT amends in the notification of the Government of India in the Ministry of Finance (Departmen...t of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001 in respect of palm oil, Palmolein, areca nuts, soya bean oil, brass scrap ,gold and silver etc. show more

It is hereby notified that Shri Mohit Bansal, Chartered Accountant (Membership Number 510652), KD-20...9, Pitampura, Delhi-110088 has incurred disability within the meaning of Clause (v) of Section 8 of the act and convicted by the High Court  of the Delhi for the offences under Section 354 and 506 (II) of Indian Penal Code, 1860 in Cr. LA 828/2009. Thereafter, the name of Shri Mohit Bansal be removed from the Register of Members under Section 20(1)(d) of the Chartered Accountants Act, 1949 for incurring the disability as specified in Section 8(v) of the said Act show more

The Director General of Foreign Trade hereby revises the provisions relating to Tariff Rate Quota (T...RQ) for import of Crude Sunflower Seed Oil by amending Para 2.60 and 2.61 of the Handbook of Procedures as notified earlier vide Public Notice 10/2015-20 dated 24.05.2022, Public Notice 15/2015-20 dated 14.06.2022 and Public Notice 50/2015-20 dated 11.01.2023. It states that it has decided to discontinue imports of crude sunflower seed oil under tariff rate quota (TRQ) from April 1, 2023 show more

The CBDT issued notification in respect of Insolvency and Bankruptcy Board of India for th...e sake of the section 10(46) of the Income-tax Act, 1961. The exemption will apply to grants-in-aid, fines and fees received under IBC, as well as interest money earned on those amounts show more

The CBIT notified Income-tax Amendment (3rd Amendment) Rules, 2023 which has brought certain amendme...nts related to fund or trust or institution or any university or other educational institution or any hospital or other medical institution. It includes changes in the audit report for the following show more

RBI stated that consequent to the implementation of Ind AS, some Asset Reconstruction Companies (ARC...s) have been recognising management fees even though the said fee had not been realised for more than 180 days. To address the prudential concerns arising from continued recognition of unrealised income, it has been decided that ARCs preparing their financial statements as per Ind AS, shall reduce the stated amounts from their net owned funds while calculating the Capital Adequacy Ratio and the amount available for payment of dividend show more

  The SEBI (Issue and Listing of Non-Convertible Securities) Rules, 2021 have been amended b...y the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2023. According to the revised regulations, "green debt security" now refers to financial instruments that help reduce pollution, such as blue bonds that raise money for water sustainability, yellow bonds that raise money for solar energy production, etc. Further modifications have also been made known through the rules. The minimum and maximum lengths for the subscription periods for publicly offered debt instruments including non-convertible redeemable preference shares have been established by the SEBI's new rule 33A. The minimum subscription length is three working days, and the maximum subscription period is ten working days. By adding a new sub-regulation 5, the SEBI modified regulation 50. Therefore, when perpetual debt instruments and non-cumulative preference shares, and other similar instruments are issued, the authorised exchange must collect a regulatory charge as detailed in Schedule VI of the rules from the issuers   show more

MOF provides for an exemption to the Compressed Natural Gas(CNG)  falling under tariff item 271...1 21 00 of the Fourth Schedule to the Excise Act, when blended with Biogas or Compressed Biogas(CBG) from so much of the duty of excise leviable thereon the amount of central tax, State tax, Union territory tax or integrated tax paid on the Biogas or CBG contained in such blended CNG, subject to conditions specified in the Annexure provided show more

The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budg...et 2023-24 in Parliament. Smt. Sitharaman said that this Budget hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100, which envisions a prosperous and inclusive India, where the fruits of development reach all regions and citizens, especially our youth, women, farmers, OBCs, Scheduled Castes and Scheduled Tribes. She stated Our vision for the Amrit Kaal includes technology-driven and knowledge-based economy with strong public finances, and a robust financial sector. To achieve this, Jan Bhagidari through Sabka Saath Sabka Prayas is essential.  The economic agenda for achieving this vision focuses on three things: first, facilitating ample opportunities for citizens, especially the youth, to fulfil their aspirations; second, providing strong impetus to growth and job creation; and third, strengthening macro-economic stability show more

  MCA amends The Companies (Registration of Foreign Companies) Amendment Rules, 2014 as the ...Companies (Registration of Foreign Companies) Amendment Rules, 2023 by substituting Form GNL-2, Form GNL-3 and Form GNL-4 in the annexure. Further, A proposed Rule 8A has now been added that addresses form signing. According to the regulation, e-forms must be submitted with the registrar together with the relevant fee as specified in the table appendix to these regulations and be verified by an IRP, resolution professional, and liquidator of firms that are insolvent or in dissolution, as appropriate. They shall come into force with effect from 23rd January, 2023.   show more

MCA amends the Companies (Authorised to Register) Rules, 2014, as the Companies (Authorised to Regis...ter) Amendment Rules, 2023 by substituting Rule 3(2) and Form URC-1 (Application by a company for registration under Sec. 366). They shall come into force with effect from 23rd January, 2023. show more

MCA amends the Companies (Accounts) Rules, 2014, as the Companies (Accounts) Amendment Rules, 2023 b...y substituting Form AOC-5 (Notice of Address at which Books of Accounts are to be maintained). They shall come into force with effect from 23rd January, 2023. show more

The SEBI (Settlement Proceedings) (Amendment) Regulations, 2023, have been made public by the SEBI. ...Rule 23 of the 2018 SEBI (Settlement Proceedings) Regulations has been amended. Therefore, in contrast to the Adjudicating Official, the case may be resolved on the basis of agreed-upon settlement conditions by the Whole Time Member or the competent officer of Board. Just the Adjudicating Officer had the authority to decide the case under the current rules. show more

  The Central Government approves ‘Indian Institute of Science Education and Research,... Tirupati (PAN: AAAAI9820P)’ under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ for the purposes of Section 35(1)(ii) of the Income-tax Act, 1961 read with Rules 5C and 5E of the Income-tax Rules, 1962. 2. This Notification shall apply with effect from the date of publication in the Official Gazette (i.e., from the Previous Year 2022-23) and accordingly shall be applicable for Assessment Years 2023-2024 to 2027-2028.   show more

The CBIT under sub-section (2) of section 14 of the Customs Act, 1962, made the following amendments... in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001- Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001 regarding the fixation of Tariff Value of Brass Scrap, Edible Oils , Areca Nut, Silver and Gold as mentioned under TABLE-1, TABLE-2, and TABLE-3 in the said notification. show more