• June 21, 2024

A company issuing mortgage guarantees on housing loans primarily provides loss default guarantees to financial institutions. These guarantees are triggered when a borrower defaults and the loan becomes a Non-Performing Asset (NPA). The company then pays the Equated Monthly Instalment (EMI) until the loan is settled, reducing its obligation monthly. Under Ind AS 109, these […]

• June 20, 2024

Case Details: Loramitra Rath v. JM Financial Asset Reconstruction Co. Ltd. - [2024] 163 taxmann.com 485 (NCLAT- New Delhi) Judiciary and Counsel Details Ashok Bhushan, Chairperson, Barun Mitra & Arun Baroka, Technical Member Saswat K. Acharya & Dhananjay Bhaskar Ray, Advocates for the Appellant. Utsav Mukherjee & Vikalp Wange, Advocates for the Respondent. Facts of the Case […]

• June 19, 2024

As per guidance notes for the Accrual basis of accounting issued by the Institute of Chartered Accountants of India (ICAI), an entity can change its accounting basis from cash to accrual. The effect of such a change should be ascertained regarding the transactions of the previous accounting periods and to the extent such transactions impact […]

• June 18, 2024

Circular No. SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/82; Dated: 14.06.2024 Earlier, SEBI vide circular dated January 23, 2024, issued a framework for an ‘Offer for Sale’ (OFS) of shares to employees via a stock exchange mechanism. Paragraph 5 of the circular prescribed the procedure for offering shares to the employees in OFS via stock exchanges. As per the procedure, employees […]

• June 17, 2024

Editorial Team – [2024] 163 taxmann.com 405 (Article) World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week. 1. Austria Ministry publishes a Decree suspending treaty with Russia Austria’s Ministry of Finance has published the Decree on suspending […]

• June 16, 2024

Post COVID pandemic, the invocation of force majeure under Section 168A of the CGST Act has stirred debate and legal scrutiny. This legal provision empowers the government to extend deadlines in response to unforeseen circumstances such as epidemics, natural disasters, and other calamities. However, the application of force majeure and the subsequent extensions of adjudication […]

• June 15, 2024

The choice between the new and old tax regimes depends on your eligible deductions and exemptions. New Tax Regime – Beneficial if you have minimal deductions. Features lower tax rates but disallows most exemptions and deductions. Old Tax Regime – Favourable if you claim significant deductions like Section 80C, 80D, and home loan interest under […]

• June 14, 2024

Circular No. RBI/2024-2025/43 FED Circular No. 11, Dated 11.06.2024 Earlier, RBI, vide circular dated 17.11.2023, permitted AD Category-I banks maintaining a Special Rupee Vostro Account on International Trade Settlement in Indian Rupees (INR) to open an additional special current account for their constituents exclusively for settlement of export transactions. Now, the facility of opening an […]

• June 13, 2024

The comparison between EPF and NPS highlights key differences: EPF is a government-managed, mandatory scheme with fixed returns (8%-8.5%), low risk, and partial withdrawals allowed for specific purposes; it's tax-free on retirement after five years. NPS is a voluntary, flexible scheme regulated by PFRDA that offers market-linked returns, higher risk, and partial withdrawals after three […]