RBI Discontinues Letters of Discontinuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits with immediate effect.  In 2004, LoUs/LoCs were permitted by RBI allowing Authorised Dealers to Issue Guarantees upto USD 20 Million for Imports. Further, Master Direction No.5 of 2016 on ‘ External Commercial Borrowings, …

ICAI Financial assistance to poor meritorious CA students from CASBF to pursue the Chartered Accountancy course for one year. As per ICAI latest announcement, the Board of Trustees of the Chartered Accountants’ Students Benevolent Fund (CASBF) has decided to provide financial assistance of Rs. 1500/- p.m, for articled …

Deadline for linking of Aadhaar number with bank and mobile extended It is learnt that the Constitution bench of the Supreme Court have extended the deadline for mandatory linking of Aadhaar number with bank accounts and mobile numbers till the disposal of petitions challenging the Constitutional validity of …

Processing of GST refund application for UIN entities-Clarification. Such entities are not registered person. Grant of UINs enable them to claim refund of GST  The GST Council, in its 23rd meeting held at Guwahati on 10th November 2017, had decided that the entities having Unique Identity Number (UIN) …

Whether Registration u/s 12AA results in approval u/s 80G(5)-ITAT orders grant of certificate based on consistent judicial opinion ABCAUS Case Law Citation: ABCAUS 2243 (2018) (03) ITAT The appellant assessee society was  aggrieved by the order passed by the CIT(Exemption) rejecting its application seeking grant of approval u/s …

Gold Imports 80-20 Scheme-Government to examine why private parties were benefitted and take action against the persons involved In a press release issued today, the Government has clarified on the news items appearing in media that the scheme benefitted some private parties. The other day, the Union Law …