Changes in FCRA Rules
As per Foreign Contribution (Regulation) Amendment Rules, 2015 notified in Gazette of India on 14.12.2015, the Bank shall report to the Central Government within forty-eight hours any transaction in respect of receipt and utilization of any foreign contribution by any person whether or not such person is registered or granted prior permission under the Foreign Contribution (Regulation) Act, 2010. Consequently, it has been decided to bring all FCRA designated bank accounts and utilization accounts held by the associations granted registration or prior permission on the online platform of Public Finance Management Service for accessing these accounts for random scrutiny.
This was stated by the Minister of State for Home Affairs, Shri Kiren Rijiju in written reply to a question by Dr. K. P. Ramalingam in the Rajya Sabha today.
Assessing Officer had taken a reasonable stand that 25 kg written in WhatsApp chat/text message was 25 lakh - ITAT…
Shareholders are only owners of the shares of the company therefore, income from properties earned by the company cannot be…
When approval for reassessment was granted by unauthorised authority, such jurisdictional error cannot be shielded by the law of limitation…
ITAT on presumption of bogus purchases ought to have remanded case to AO to reconsider the whole matter instead of…
Where proceedings u/s 153C are barred by limitation, AO can not reopen the case invoking section 148 and 148A of…
Corporate guarantees executed by the corporate debtor constitute “financial debt” under IBC and banks to be recognized as financial creditors…