RBI takes supervisory action on Card Networks – American Express Banking Corp. and Diners Club International Ltd The Reserve Bank of India (RBI) has imposed restrictions on American Express Banking Corp. and Diners Club International Ltd. from on-boarding new domestic customers onto their card networks from May 1, …

IRDAI direction to Insurance Companies provide cashless treatment of Covid-19 to policyholders IRDAI has issued direction to Insurance Companies provide cashless treatment of Covid-19 to policyholders and also appealed to hospitals  Press Release of IRDAI  There are reports of instances of some hospitals charging differential rates and insisting …

Reduction in Gross/Net Profit rate not ipso facto a ground for making disallowance of expense but a triggering point for verification of expenses claimed. ABCAUS Case Law CitationABCAUS 3493 (2021) (04) ITAT Important case law relied referred:ITO vs. Dr. Mahendra Kumar Agarwal In the instant case, the assessee …

Opening balance of loan creditor brought forward from preceding year cannot be treated as unexplained cash credit or bogus credit ABCAUS Case Law CitationABCAUS 3492 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming an addition on account …

Spending  of  CSR  funds for ‘setting up makeshift hospitals and temporary COVID Care facilities ‘ is an eligible CSR activity under Schedule VII of the Companies Act, 2013 General Circular No. 05/2021 E-file no. CSR-10 /9/2020-CSR-MCAGovernment of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan, …

RBI allows declaration and payment of dividends by banks for financial year ended March 31 2021. Declaration / Payment of dividends by banks allowed by RBI Earlier, In December 2020 RBI had forbidden banks to make dividend payment for financial year ended March 31 2020. However, RBI has …