[Opinion] Critical Appreciation of Amendments Proposed in Finance (No. 2) Bill, 2024
CA V K Subramani – [2024] 165 taxmann.com 137 (Article) Every year Budget creates a lot of euphoria among the taxpayers. Social media and TV channels when do not have any other material to munch they invent stories by selecting one narrative or the other. This time the ire of the tax paying middle class […]
Appellant’s Plea to Cross-Examine Witnesses in Forex Manipulation Case Denied as Statements Were Backed by Evidence
Case Details: Suresh Saluja @ Pappy Saluja v. Special Director Directorate of Enforcement – [2024] 165 taxmann.com 56 (SAFEMA – New Delhi) Judiciary and Counsel Details Rajesh Malhotra, Member Deepak Gupta, Adv. for the Appellant. Surender Kumar, Adv. for the Respondent. Facts of the Case In the instant case, during an investigation conducted by ED, it was […]
HC Set Aside Penalty Order Since Demand Can’t Be Imposed on a Ground Not Mentioned in Show Cause Notice
Case Details: Associated Switch Gears and Projects Ltd. v. State of U.P. – [2024] 164 taxmann.com 782 (Allahabad) Judiciary and Counsel Details Shekhar B. Saraf, J. Rishi Raj Kapoor for the Petitioner. C.S.C. for the Respondent. Facts of the Case The petitioner was aggrieved by the penalty order which was passed on the ground that e-way […]
[Analysis] Proposed SEBI Amendments to Index Derivatives Market – Measures to Safeguard Investors
SEBI has introduced several regulatory measures to enhance the safety and stability of the derivatives market. These measures include increasing the minimum contract size for derivative contracts to between Rs 15 lakh to Rs 20 lakh in Phase 1 and Rs 20 lakh to Rs 30 lakh in Phase 2. Mandatory upfront collection of options […]
RBI Releases Master Directions on ‘Cyber Resilience and Digital Payment Security Controls’
Circular No. RBI/DPSS/2024-25/123 CO.DPSS.OVRST.No.S447/06-26-002/2024-25; Dated: 30.07.2024 RBI has released Master Directions on ‘Cyber Resilience and Digital Payment Security Controls’ for non-bank payment system operators (PSOs). These Directions aim to improve the safety and security of the payment systems operated by PSOs by providing a framework for overall information security preparedness with an emphasis on cyber […]
[Opinion] Abolishing the Buy Back Distribution Tax – Shifting the Taxability from Company to the Shareholders
CA Prajakta Mondhe – [2024] 164 taxmann.com 728 (Article) Budget 2024 has been announced on 23rd of July 2024. Indeed, this budget has brought a lot of changes in direct taxation that has impact on various age-old settled provisions. In Finance Act,2020 the government had abolished the Dividend distribution tax(‘DDT’) and had made the dividend […]
ICAI Invites Public Comments on the Exposure Draft of SA for Less Complex Entities
The Auditing and Assurance Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has issued an exposure draft of the Standard on Auditing for Less Complex Entities hereinafter referred to as “SA for LCE” for public comments. The SA for LCE is designed to achieve reasonable assurance about whether the financial statements as […]
RBI Issues ‘Prompt Corrective Action’ Framework for Primary (Urban) Cooperative Banks
Circular No. RBI/2024-25/55 DOS.CO.PPG.SEC.No.8/11.01.005/2024-25; Dated: 26.07.2024 RBI has issued a prompt corrective action (PCA) framework for primary urban cooperative banks. The objective of the framework is to enable supervisory intervention at an appropriate time and require the UCBs to initiate and implement remedial measures in a timely manner to restore their financial health. The framework […]
Sec. 54F Relief Available on Sale of Depreciable Long-Term Capital Asset Taxable u/s 50 | ITAT
Case Details: Sonia Pathak Khanna vs. Income Tax Officer – [2024] 164 taxmann.com 607 (Mumbai-Trib.) Judiciary and Counsel Details Prashant Maharishi, Accountant Member K. Gopal, AR for the Appellant. R.R. Makwana, DR for the Respondent. Facts of the Case The assessee, a fashion designer, earned income from manufacturing garments and interest income. During the relevant assessment […]
[Global Financial Insights] The International Accounting Standard Board (IASB) Is Expected to Publish Three Exposure Drafts and More
Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting and auditing practices from across the globe. Here is this week’s financial update. 1. The International Accounting Standard Board (IASB)is expected to publish three exposure drafts In the forthcoming […]