Overseas spending using international Debit or Credit Cards will not attract TCS upto INR 7 lakh per financial year.
Press Release dated 19-5-2023.
Transfer of land through oral agreement is not valid. Capital gain arises in the year when sale deed is registered.
Allam Adavaiah v. ACIT – [2023] 150 taxmann.com 53 (Hyderabad – Trib.).
Cabinet approves Production Linked Incentive Scheme – 2.0 for IT Hardware.
TRAI had released a Consultation Paper on ‘Assignment of Spectrum for Space-based Communication Services’ on 6-4-2023. Last date for submission of written comments from stakeholders has been further extended to 1-6-2023. Similarly, last date for submitting counter comments has also been further extended to 15-6-2023.
PIB Release dated 17-5-2023.
Ministry of New and Renewable Energy (MNRE) announces major reforms in the ‘Approved List of Models and Manufacturers for Solar Photovoltaic Modules’.
PIB Release dated 15-5-2023.
Govt. forces stringent norms for usage of International Credit Cards to make payments towards meeting expenses during an overseas visit. Effective from 16-5-2023. Spend now covered under the overall limit of USD 250,000 under Liberalised Remittance Scheme (LRS). [TCS @ 20% shall also be collected u/s 206].
Notification No. G. S. R. 369 (E), dated 16-5-2023.
CCI establishes Southern, Eastern and Western Regional Offices along with their territorial jurisdiction.
Notification F. No. R – 40007/6/REG-MEETING/NOTI./2023-CCI., dated 16-5-2023.
Workmen and employees are entitled for payment of full amount of P.F. and Gratuity till date of commencement of insolvency, which amount is to be paid by successful resolution applicant consequent to approval of resolution plan.
Jalan Fritsch Consortium v. Regional P.F. Commissioner – [2023] 149 taxmann.com 454 (SC).
RBI directs banks / financial institutions to ensure complete transition away from LIBOR w.e.f. 1-7-2023.
Circular No. RBI/2023-24/30 CO.FMRD.DIRD.01/14.02.001/2023-24, dated 12-4-2023.
Govt. establishes C-PACE to provide hassle free filing, timely and process bound striking off companies from MCA Registry.
Press Release dated 13-5-2023.