Clause 44 It was added w.e.f 20th August 2018 but Reporting under this clause was deferred till 31st March 2019 vide Circular No. 6/2018 dated 17th August 2018, So reporting in clause 44 is started from AY 2019-20. The Objective for insertion of this Clause 44: The main objective is to co-relate GST Data with […]
Foreign Currency Exposure: The Foreign Currency Exposure is a risk associated with the businesses and investors engaged in the activities (trade and investments) of dealing in foreign currency transactions. The entities involved in the activities of transactions in different foreign currency denominations and does not take steps to protect themselves from currency fluctuations. This exposure […]
Nostro and Vostro accounts are two types of bank accounts used in international banking transactions. These terms originate from Latin, with Nostro meaning “our” and Vostro meaning “your”. In this article, we will discuss the meaning and differences between these two types of bank accounts. What is a Nostro account? A Nostro account is a […]
PROCESS FOR APPLYING IN AN IPO THROUGH ICICI BANK Step 1: Login to your Net Banking Account. Step 2: Click on ‘Invest Online’ under the Investments & Insurance tab. Step 3: Click on ‘Invest Now’ in the Online IPO, Right Issues & Call Money column. Step 4: You would get all the open IPOs for […]
Form 61A is a record of the statement of Specified Financial Transactions which must be furnished under the Income Tax Act, 1961 by certain institutions. Statement of Specified Financial Translations or SFT refers to information related to certain high-value transactions which specified persons are required to report to the income tax department. The SFT was […]
WHAT IS ANGEL TAX? Angel tax essentially derives its genesis from section 56(2) (vii) (b) of the Income Tax Act, 1961. Angel Tax is the tax levied by the government on the start-ups who receive funding from Angel Investors. Angel investors get benefits in the form of taxation as the entire investment made by investors […]
Some notifications issued by the Department to providing relief in current Pandemic Situation (Covid-19) in the country to the taxpayers on 1st May, 2021 Notification No. 08/2021- Central Tax- Relaxation in Interest for the month of March -2021 & April -2021: Notification No. 09/2021- Central Tax-Waiver of Late Fees for specified taxpayers and specified tax […]
Gift tax is an act introduced by the Parliament of India in 1958. It was introduced to impose tax on giving and receiving gifts under certain circumstances which is specified under the act. if the value of the gift exceeds Rs.50,000 then the gift is taxed as income in the hands of the person who […]
India is a nation of close-sewn families and have a great deal of motivations to praise its diversified culture, customs and religion. Various events emerge where gifts are traded. As a matter of fact, gifting each other is a symbol of adoration and warmth and can likewise be an image of societal status. Be that […]
WHY ASM? As indicated by the RBI, frauds had arisen as the most genuine concern in the administration of functional risk, with 90% of them situated in the credit portfolio of banks. Due to ever increasing frauds and the amount of non-Performing assets increasing drastically in every bank in India, RBI took the stand and […]