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RBI Revises Regulatory Framework for ‘Bharat Bill Payment Systems’ Streamlining the Bill Payment Processes
Master Directions No. RBI/DPSS/2023-24/111CO.DPSS.POLC.No.S1114/02-27-020/2023-2024; Dated: 29.02.2024 RBI has put in place a revised regulatory framework for the Bharat Bill Payment Systems (BBPS). The framework aims to streamline the process of bill payments, enable greater participation, and enhance customer protection among other changes. It shall apply to NPCI Bharat Bill Pay Limited (NBBL – a wholly […]
RBI Releases Updated ‘Enabling Framework for Regulatory Sandbox’
Press Release No. 2023-2024/1956; Dated: 28.02.2024 RBI has placed on its website an updated ‘Enabling Framework for Regulatory Sandbox’ (RS). The framework has been revised based on the experience gained over the last four and half years in running four cohorts and feedback received from FinTechs, banking partners and other stakeholders. RS usually refers to […]
[FAQs] Essentials of Contract of Sale Under the Sale of Goods Act
Check out Taxmann's Business Laws | CRACKER which covers past exam questions & detailed answers for the CA-Foundation exam by ICAI till Dec. 2023, along with chapter-wise marks distribution of previous examinations from May 2018 onwards. It also covers theoretical questions, short notes, and case studies. CA-Foundation | New Syllabus | June 2024 Exams FAQ 1. […]
[Opinion] Issues in Taxation of Undisclosed Income
CA V K Subramani – [2024] 159 taxmann.com 671 (Article) Progressive rate of taxation of income is in vogue on the principle that a person with higher income can afford to pay income-tax at a higher rate in contrast to another person with lesser income who may be subjected to lower rate of tax. Of […]
Claim of Bank-Secured Creditor Would Prevail Over Claim of Sales Tax Dept.
Case Details: Madhaviben Jitendrabhai Rupareliya v. State of Gujarat - [2024] 159 taxmann.com 642 (HC-Gujarat) Judiciary and Counsel Details Nirzar S. Desai, J. Monal S Chaglani for the Petitioner. Jay Trivedi for the Respondent. Facts of the Case In the instant case, ‘Helios’ availed various financial facilities from respondent No. 4 bank (R4) by mortgaging the subject […]
RBI Includes ‘Clearing Corporation of India Ltd’ as a Financial Information Provider Under Account Aggregator Framework
Circular No. RBI/2023-24/125 DoR.FIN.REC.77/03.10.123/2023-24; Dated: 22.02.2024 The RBI Retail Direct Scheme was launched on Nov 12, 2021 to facilitate retail investors to invest in Government Securities. The Scheme enables individuals to open Retail Direct Gilt Accounts with the Bank and access the Government Securities market. Now, to enable aggregation of financial information on Government Securities […]
Govt. Notifies the List of Reporting Entities to Perform Aadhaar Authentication Service Under the Aadhaar Act
Notification S.O. 810(E) dated 20.02.2024 The Ministry of Finance has notified 24 reporting entities that shall comply with the standards of privacy and security under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016. Further, these entities are permitted to perform authentication under the Aadhaar Act for the purposes of […]
Compensation Received for Hardship Faced Due to Vacating Flat for Redevelopment Is Capital Receipt | ITAT
Case Details: Ajay Parasmal Kothari vs. Income Tax Officer - [2024] 159 taxmann.com 570 (Mumbai - Trib.) Judiciary and Counsel Details Kuldip Singh, Judicial Member & S. Rifaur Rahman, Accountant Member Ashwin Chhag for the Appellant Ashish Kumar Deharia for the Respondent Facts of the Case The assessee had a flat in a building. During […]
[Opinion] Discontinuation of Electoral Bond Scheme | A Major Blow Before 2024 General Elections?
Kapil Gupta – [2024] 159 taxmann.com 526 (Article) Before the advent of Lok Sabha elections this year, the Supreme Court of India has recently delivered a ground-breaking judgement in the case of Association for Democratic Reforms Versus Union of India dated February 15, 2024, whereby the hon’ble court has held that political contribution by way […]
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