• August 5, 2024

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 […]

• August 4, 2024

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 […]

• August 2, 2024

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 […]

• August 1, 2024

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 […]

• July 31, 2024

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 […]

• July 30, 2024

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 […]

• July 28, 2024

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 […]

• July 27, 2024

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 […]

• July 26, 2024

Pulkit Agarwal – [2024] 164 taxmann.com 533 (Article) In the highly anticipated budget speech, Finance Minister Nirmala Sitharaman covered a wide array of topics, from fiscal policies to new reforms. However, several crucial changes in the Goods and Services Tax (GST) regime, which will significantly impact businesses and taxpayers, were not explicitly mentioned. Here, we […]