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  • Your Comprehensive Guide to Tax-Saving Investment Avenues in India

    Unclassified,Jan. 29, 2024

    This guide provides an in-depth exploration of the most effective tax-saving investment avenues in India, designed to maximize deductions under Section 80C of the Income Tax Act, 1961. It covers the features and benefits of Public Provident Fund (PPF), National Pension Scheme (NPS), Unit Linked Insurance Policies (ULIPs), Equity Linked Savings Scheme (ELSS), and Tax Saving Fixed Deposits, offering valuable insights for individuals seeking to optimi…

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  • KPMG CEO Raises Concerns Over AI’s Long-Term Impact on Jobs

    Unclassified,Jan. 29, 2024

    In a recent interview at the World Economic Forum, KPMG’s CEO Paul Knopp expressed concerns about the substantial and long-term disruptions to jobs driven by the increasing influence of Artificial Intelligence (AI) in the workplace. Survey data indicated that a significant percentage of executives anticipate a high impact of AI on their organizations within the next few years. Despite these disruptions, Knopp expressed optimism about the economy’s …

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  • Madurai Bench of Madras High Court Quashes Writ Petitions Regarding Input Tax C…

    Unclassified,Jan. 25, 2024

    The Madurai Bench of the Madras High Court allowed Writ Petitions (MD) Nos. 7173 and 7174 of 2023, challenging the belated claim of Input Tax Credit (ITC) for the financial years 2017-2018 and 2018-2019. The court quashed the impugned orders and directed the respondents to permit the petitioner to file manual returns whenever the petitioner is claiming ITC on the outward supply/sales without paying taxes. The matter was remitted back to the authori…

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  • PSBs Employed Over 13,000 CA Firms in F.Y. 2022-23, Reveals Lok Sabha Query Res…

    Unclassified,Jan. 06, 2024

    In response to queries raised in the Lok Sabha, the Minister of State in the Ministry of Finance disclosed that Public Sector Banks (PSBs) engaged the services of more than 13,000 Chartered Accountancy (CA) firms in the financial year 2022-23. The queries addressed included the engagement of CA firms for Concurrent Audit, Internal Audit, and Stock Audits in Nationalised Banks, to which the minister clarified that the government does not engage CA f…

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  • Patna High Court Exempts Solid Waste Removal from Tax under BGST Act

    Unclassified,Dec. 15, 2023

    In a judgment by the High Court of Patna, the court ruled in favor of Mahavir Sharmik and Nirman Swalambi Sahkari Samiti Limited, a Cooperative Society, and exempted their solid waste removal activity from tax under the Bihar Goods and Services Tax Act, 2017 (BGST Act). The court found that the specific work carried out by the petitioner fell under the exemptions granted by the Central Board of Indirect Taxes and Customs of the Ministry of Finance,…

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Premises of Sequoia Capital have been searched by Enforcement department of FEMA

Sequoia Capital is a minority share holder in Vasan Eye care, a Chennai based healthcare group. The enforcement department (ED) of FEMA is already probing Vasan for alleged FEMA violations. This has necessitated ED to look into Sequoia Capital too. Sequoia which calls itself "a startup building partner to founders in India who want to turn business ideas into enduring companies" has confirmed the action and is cooperating in all respects.

Unclassified,Apr. 20, 2016
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  • Sovereign Gold bonds could be traded from Oct 19 2016

    Unclassified,Oct. 18, 2016

    RBI had issued gold sovereign bonds (in dematerialised form) on Sept 30 2016. These bonds could be traded from Oct 19 2016 on stock exchanges recognised by the Government of India.

    1 Upvote   | 0 Comments

  • SC - Late payment of auction money will hold auction as void

    Unclassified,Oct. 19, 2016

    Here is a word of caution for banks giving loans after keeping property as security. Banks, if your loanee does not pay loan and you ultimately decide to sell the property to recover loan, then you should religiously follow the rules and timelines laid down by SARFAESI Act. Any non-compliance would hold the auction void and would washout the sale made by you. This has been held by Supreme Court of India. 

    2 Upvote   | 1 Comments

Indian companies have borrowed $1574Million during Sep 2016

Unclassified,Oct. 27, 2016

RBI has released the data of ECB/FCCB/RDB for Sept 2016. Indian companies have borrowed $15742463Million through ECB (External Commercial Borrowings) and FCCB (Foreign Currency Convertible Bonds). They have also borrowed $889Million through RDB (Rupee Denominated Bonds). In toto, the total borrowings of $2463Million during Sept 2016.

1 Upvote   | 0 Comments

RBI has cancelled certificate of registration of 10 NBFCs

RBI has cancelled certificate of registration of 10 NBFC (Non Banking Financial Companies). NBFC work like a bank but they can not accept demand deposits (i.e. issue FDR) or issue cheques to its customers and offer deposit insurance facility to its depositors. Different types of NBFC are: 1. Equipment leasing company 2. Hire purchase company 3. Loan company 4.Investment company.

Unclassified,Oct. 27, 2016
3 Upvote|   0 Comments
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