Home Highlights January 2018 Year 2018 This

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1. The core summary is that banks constituted as 'corresponding new banks' under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 are not covered...

2. The Reserve Bank of India (RBI) issued Circular, addressing Scheduled Commercial Banks, Primary (Urban) Cooperative Banks, State Cooperative Banks, and Exim Bank...

3. Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

4. Liability of service tax - reverse charge mechanism - overseas banks has deducted certain bank charges from the export realization of the appellant’s export - Even...

5. TDS u/s 194H - Addition u/s 40(a)(ia)- assessee has paid Bank Guarantee Commission to Scheduled Banks approved by RBI - In the present case it is one of the banking...

6. Interest on NPA - interest on non performing assets is not taxable on accrual basis looking to the guidelines of the Reserve Bank of India - HC

7. Cancellation of licence of the CKP Co-operative Bank Limited to carry on the banking business in India - The RBI has rightly exercised its powers and had complied with...

8. Reverse charge mechanism - Banking & other financial services - recipient of services or not - services provided by the Foreign Banks situated outside India - The...

9. Income Tax: Clause 15 proposes to remove references to National Housing Bank from Section 43D of the Act and its Explanation, pertaining to income of public financial...

10. Cheating - syphoning of money - It is surprising that none of the banks while sanctioning or disbursing the funds have ever checked the background of the...

11. The Income Tax Appellate Tribunal held that the repayment of a loan in cash to a Non-Banking Financial Company (NBFC) is not entirely free from doubt, considering the...

12. Notification dated 29.05.2015 issued by Central Government under MSMED Act mandates Banks/NBFCs to follow restructuring process for MSMEs without application. RBI...

13. TDS u/ s 195 - Assessee Company was not liable to deduct the tax at source on the bank guarantee commission paid to a foreign bank - AT

14. Service tax liability on construction of residential complexes assessed on accrual basis as per Point of Taxation Rules, 2011, overriding receipt basis followed earlier....

15. Interpretation of statute - whether Non Banking Financial Companies (NBFC) regulated by the Reserve Bank of India, in terms of the provisions of Chapter IIIB of the...