26 October 2020

Search Results for Tag : Transaction


Number of transactions, not number of documents for stamp duty(11.08.2015)

In a case where the mortgagor borrowed from 13 banks in one instrument, the agreement fell under Section 5 of the Gujarat Stamp Act, 1958, the Court h.....

Tags : stamp duty, number of transactions, one instrument


Difference between sales tax charged and NPV paid not includible as transaction value(06.10.2015)

Distinguishing three judgments of the Supreme Court that the difference between amounts collected by Assessee from its customers as sales tax and the .....

Tags : excise, sales tax, net present value, transaction value


Transactions valued below minimum circle rate to be registered(23.12.2015)

The Delhi High Court disposed of petitions against a government order purporting to take away the Registering Officer’s discretion to register propert.....

Tags : Stamp act, minimum circle value, transaction value


Transaction which is recorded in defiance of prohibitory order shall have to be branded as illegal, if not void(10.03.2017)

In facts of present case, Petitioner is objecting to decision rendered by Debts Recovery Appellate Tribunal. Petitioner is purchaser of flat. The flat.....

Tags : Deed, Transaction, Validity


For levy of service tax, a specific amount has to be agreed between service recipient and service provider(27.11.2018)

The Appellant 'Premium Real Estate Developers', New Delhi is a partnership firm and is in the business of real estate trade. The issue involved in thi.....

Tags : Transaction, Tax, Levy


Mere fact that, complaint relates to a commercial transaction or breach of contract for which a civil remedy is available is not by itself a ground to quash criminal proceedings(11.01.2019)

Criminal Miscellaneous application is for quashing the order rejecting the petition filed for discharge of the Petitioner. The allegation against the .....

Tags : Commercial transaction, Breach, Proceedings, Quashing


No person has right to enter into Benami transaction, except if, property is purchased in the name of wife or unmarried daughter(01.08.2018)

In instant case, Opposite Party filed title suit against the Petitioner in respect of disputed land for declaration that the Petitioner is Farzidar an.....

Tags : Declaration, Benami Transactions, Right


Provision of hostel facilities to nurses so as to facilitate better medical care is a positive duty enjoined upon hospital and cannot be linked to any commercial activity(14.11.2019)

In present matter, the Appellant’s case is that Respondent No. 1/Opposite Party No. 1 had developed two buildings ‘Madhuvan’ with thirty two ‘1 BHK’ f.....

Tags : Complaint, Maintainability, Transaction, Nature


A tax on sale or purchase of goods includes a tax for transfer of right to use goods(04.12.2019)

The question involved in the appeal is whether it is open to the State of Karnataka to levy Sales Tax in view of the Time Charter Agreement dated 8th .....

Tags : Agreement, Transaction, Tax, Levy


On mere suspicion, addition for unexplained Cash Credit cannot be made(05.03.2020)

In facts of present case, the assessee is son of Shri Madhukar Rathi. The assessee filed his return of income declaring total income of Rs.56,10,180. .....

Tags : Transaction, Genuineness, Additions, Legality


The onus is always on the Assessee to substantiate with evidence to the satisfaction of the AO that cash credit is genuine(18.08.2020)

The Assessee is a society engaged in the business of manufacturing of soap. It filed its return of income on 31st August, 2010 declaring the total inc.....

Tags : Transaction, Genuineness, Additions


Burden is upon the Assessee to prove identity of the creditor, creditworthiness of the creditors and genuineness of the transaction(23.09.2020)

The Assessee is a company and filed return of income showing loss of Rs.35,53,560. The Assessing Officer, (AO) noted that, in assessment year under ap.....

Tags : Genuineness, Transaction, Deletion, Legality


Notifications & Circulars

Digital Payment Transactions - Streamlining QR Code infrastructure(22.10.2020)

1.Reserve Bank had constituted a Committee (Chairperson : Prof Deepak Phatak) to review the current system of Quick Response (QR) Codes in India and s.....

Tags : Digital Payment, Transactions, QR Code


Reporting and Accounting of Central Government Transactions of March, 2020(17.03.2020)

1. Please refer to Circular DGBA.GBD.No.2394/42.01.029/2018-19 dated March 20, 2019 advising the procedure to be followed for reporting and accounting.....

Tags : Transactions, Reporting, Procedure


Reporting Platform for OTC Derivatives - Transactions undertaken by IFSC Banking Units (IBUs) and non-deliverable derivative contracts (involving Rupee or otherwise)(18.05.2020)

1. In terms of A.P. (DIR Series) circular no.23 dated March 27, 2020, banks in India having an Authorised Dealer Category-1 license under FEMA, 1999, .....

Tags : OTC Derivatives, Transactions, IBUs


Transaction in Corporate Bonds/Commercial Papers through RFQ platform and enhancing transparency pertaining to debt schemes(22.07.2020)

1. In order to enhance the transparency and disclosure pertaining to debt schemes and investments by mutual funds in Corporate Bonds/Commercial Papers.....

Tags : Transaction, Corporate Bonds, Transparency


Enhancment of Security of Card Transactions(15.01.2020)

1. Over the years, the volume and value of transactions made through cards have increased manifold. To improve user convenience and increase the secur.....

Tags : Enhancement, Security, Card Transactions


TRAI releases "Telecommunication Mobile Number Portability Per Port Transaction Charge and Dipping Charge (Second Amendment) Regulations, 2019(01.10.2019)

The Telecom Regulatory Authority of India (TRAI) has issued "Telecommunication Mobile Number Portability Per Port Transaction Charge and Dipping Charg.....

Tags : Transaction Charge, Dipping Charge, Regulations


Annual Closing of Government Accounts - Transactions of Central / State Governments - Special Measures for the Current Financial Year (2018-19)(28.03.2019)

With a view to providing greater convenience to tax payers, as in previous years, it has been decided that RBI Offices and all designated branches of .....

Tags : Government Accounts, Annual Closing, Transactions of


CBDT notifies transactions for which the condition of chargeability to STT for claiming exemption under Section 10(38) of the Income Tax Act, 1961 shall not apply(06.06.2017)

Section 10(38) of the Income-tax Act, 1961 ('the Act'), prior to its amendment by Finance Act, 2017 provided that the income arising by way of a trans.....

Tags : Transaction, Exemption, Claim


Indian Advance Pricing Agreement regime moves forward with signing of four Advance Pricing Agreements(04.09.2017)

The Central Board of Direct Taxes (CBDT) has entered into 4 more Advance Pricing Agreements (APAs) during August, 2017. Out of these 4 Agreements, 3 a.....

Tags : Agreements, Signing of, International transactions


Reporting of Transactions by agency banks to RBI(30.11.2017)

It has been brought to our notice that some agency banks are reporting government transactions after considerable delay and along with the current tra.....

Tags : RBI, Agency Banks, Transactions


TRAI releases Draft "The Telecommunication Mobile Number Portability Per Port Transaction Charge and Dipping Charge (Amendment) Regulations, 2017"(18.12.2017)

1. The Telecom Regulatory Authority of India (TRAI) has today issued Draft "The Telecommunication Mobile Number Portability Per Port Transaction Charg.....

Tags : Number, Portability, Transaction Charge, Dipping Charge


Annual Closing of Government Accounts - Transactions of Central / State Governments - Special Measures for the Current Financial Year(16.03.2017)

The Government of India has desired that all government transactions with banks must be accounted for within the same financial year and has requested.....

Tags : Transaction, Accounts, Closing


Rules regarding quoting of PAN for specified transactions amended(15.12.2015)

To bring a balance between burden of compliance on legitimate transactions and the need to capture information relating to transactions of higher valu.....

Tags : Permanent account number, black money, transactions


Charges on digital transactions(11.04.2017)

Digital financial transactions are a part of the Government's strategy to create histories of transactions, including the associated credit, and there.....

Tags : Digital transactions, Charges, Levy


Online Statement Of Transaction (e-SOT) and the e-PRAN card launched for Atal Pension Yojana (APY) subscribers(25.04.2017)

With a view to digitally empower the Atal Pension Yojana (APY) subscribers and improve the quality of service, the facility of online viewing of the s.....

Tags : Pension Yojana, Online Statement, Transaction, Launch


Settlement of Export/ Import transactions in currencies without direct exchange rate(04.02.2016)

The Reserve Bank of India has permitted AD Category-I banks to settle import and export transactions where invoicing is in a freely convertible curren.....

Tags : Export, import, transaction, direct exchange rate


Minimum amount for repatriating ACU transaction amounts reduced(26.05.2016)

Minimum amounts and multiple in which the Reserve Bank of India will receive and pay for funding or repatriating excess liquidity in the Asian Clearin.....

Tags : asian clearing union, transactions, minimum, multiple


Guidelines for computing exposure for counterparty credit risk arising from derivative transactions(10.11.2016)

Please refer to the paragraph 4 of the Statement on Developmental and Regulatory Policies issued by RBI on October 4, 2016. It was indicated therein t.....

Tags : Derivative transactions, credit risk, Guidelines


Directions on charging of fees for transactions settled on Immediate Payment Service and Unified Payments Interface(21.12.2016)

In line with the Central Government's objective of promotion of payments through cards and digital means over payments in cash, the Reserve Bank of In.....

Tags : Direction, Transaction, Fees



RBI Eases Authentication Rules for Online Card Transactions(07.12.2016)

Reserve Bank of India (RBI) has removed two-factor authentication for online card transactions involving sums up to Rs2,000 in a move aimed at simplif.....

Tags : Reserve Bank of India, Online Card Transactions


Government Waives Service Tax on Card Transactions of up to Rs 2000(08.12.2016)

Government has exempted card payments up to Rs 2,000 from Service Tax in its efforts to make cashless economy a reality.

Tags : Government, Service Tax , Card Transactions


Equalisation Levy of 6 % to Come in Force from Tomorrow(31.05.2016)

Equalisation levy of 6 per cent on services pertaining to cross border digital transactions will come into effect from June 1.

Tags : Equalisation levy , cross border digital transactions


Lok Sabha Passes Benami Transactions Amendment Bill(28.07.2016)

Lok Sabha has passed the Benami Transactions Amendment Bill with the new legislation having provisions for confiscating 'benami' (proxy) assets.

Tags : Lok Sabha , Benami Transactions Amendment Bill


Parliament Passes Benami Transactions Bill and Institutes of Technology Bill(03.08.2016)

Parliament has passed the Benami Transactions (Prohibition) Amendment Bill, 2016 and the Institutes of Technology (Amendment) Bill, 2016.

Tags : Parliament, Benami Transactions (Prohibition) Amendment Bill, 2015 , the Institutes of Technology (Amendment) Bill- 2016


RBI Relaxes Reporting Requirement of NEFT Transactions(18.03.2016)

Reserve Bank of India (RBI) has said it is discontinuing provision where banks had to submit data pertaining to NEFT (National Electronic Fund Transfe.....

Tags : Reserve Bank of India, NEFT Transactions


CBDT Issues New Income Tax Reporting Norms for High Value Transactions(04.01.2016)

Central Board of Direct Taxes (CBDT) has notified norms under which cash receipts and high value transactions beyond a certain threshold will have to.....

Tags : Central Board of Direct Taxes, High Value Transactions


CCI Issues Combination Regulations to Streamline Norms for M&A Filings(13.01.2016)

Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2016, has been no.....

Tags : Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2016


RBI Permits Residents to Conduct Foreign Currency-Rupee Swaps Transactions with Multilateral Bodies(06.11.2015)

Reserve Bank of India (RBI) has permitted domestic entities to conduct foreign currency-rupee swaps with multilateral agencies and allow hedging of lo.....

Tags : RBI, Foreign Currency-Rupee Swaps Transactions


RBI Revises Norms for 'When issued' Security(11.12.2015)

Reserve Bank of India (RBI) in order to encourage trading in ‘When Issued’ transactions in government securities, has allowed banks to take short posi.....

Tags : Reserve Bank of India , ‘When Issued’ transactions


Govt Extends Due Date for Filing Statement of Financial Transaction to June 30(01.06.2017)

Central Government has extended last date for filing Statement of Financial Transaction (SFT) Returns to 30th June 2017.

Tags : Central Board of Direct Taxes, Financial Transaction


CBDT: Now File Statement of Financial Transaction at Tin Facilitating Centers(02.06.2017)

Central Board of Direct Taxes (CBDT) has enabled filing of Statement of Financial Transaction (SFT) at Tin Facilitating Centers (TIN-FC).

Tags : Central Board of Direct Taxes, Statement of Financial Transaction, Tin Facilitating Centers


Top Pvt Banks Slap Charges on Cash Transactions, Caps Free Transactions(02.03.2017)

Banks including HDFC, ICICI, Axis began charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transac.....

Tags : Banks, Cash Transactions


Bombay HC: Mere Repayment of Loan Amount ‘No Ground’ For Quashing Cheating Case(29.03.2017)

Bombay High Court has held that re-payment of loan amount will not have any adverse effect on a criminal prosecution and observed that offences involv.....

Tags : Bombay High Court, banking and loan transactions


Mere Financial Assistance to Buy Property can't be Termed Benami Transaction: SC(10.04.2019)

Supreme Court has observed that mere financial assistance to buy a property cannot be the sole determinative factor/circumstance to hold the transacti.....

Tags : Supreme Court, Benami Transactions


Kerala High Court: Banks Cannot Make Customer Pay for Fraudulent Online Transaction(18.10.2019)

Kerala High Court has held that banks cannot recover the money withdrawn through fraudulent online transactions from cash credit and overdraft account.....

Tags : Kerala High Court, Online Transaction


Bombay HC to ASG: Find Out Exact Rate at Which Securities Transaction Tax Should be Collected(24.08.2018)

Bombay High Court has told the Additional Solicitor General (ASG) to take instructions from the Central Board of Direct Tax by August 28 on the exact .....

Tags : Bombay High Court, Additional Solicitor General, Central Board of Direct Tax, Securities Transaction Tax


Transaction Can’t Be Treated As Bogus Merely Based On Report Of Investigation Wing: ITAT(13.09.2018)

Jaipur bench of ITAT has held that a transaction cannot be treated as bogus only on the basis of the report of Investigation Wing.

Tags : NCLT, Bogus Transactions


ITAT Erases Addition by TPO on Transaction of Rendering Marketing Services of Channel Placement Right(23.01.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has deleted the addition by Transfer Pricing Officer on the ground that the transaction of rendering mark.....

Tags : Income Tax Appellate Tribunal, Addition on Transaction of Rendering Marketing Services


Supreme Court: Farmer Entering into Buyback Transaction with Seed Company is 'Consumer'(11.03.2020)

Supreme Court has held that a farm is a 'consumer' for filing complaints under the Consumer Protection Act, 1986 even when he has entered into a buyba.....

Tags : Supreme Court, Farmers, Buyback Transaction


RBI Extends Availability of Relaxed Terms for Securitisation Transactions by NBFCs to June 30, 2020(02.01.2020)

Reserve Bank of India has extended the availability of relaxed terms for securitisation transactions or sale of assets by non-bank lenders to banks to.....

Tags : RBI, Securitisation Transactions


ITAT Delhi Allows Addition Since Share Transactions are Sham Transactions to evade Tax(27.06.2019)

Income Tax Appellate Tribunal (ITAT) has allowed an addition by finding that the share transaction leading to long term capital gain were actually sha.....

Tags : ITAT Delhi, Sham Transactions


Top Story

Government E-Marketplace Records Four-Fold Increase in Total Value of Transactions in 2018-2019(15.04.2019)

Government e-Marketplace (GeM), the national public procurement portal has closed the FY 2018-2019 on a high note. The year witnessed a four-fold incr.....

Tags : GeM, Transactions, Increase


RBI directs daily reporting of individual transactions by banks under the Liberalised Remittance Scheme (LRS)(12.04.2018)

In order to improve monitoring and to ensure compliance with the LRS limits, RBI has decided to put in place a daily reporting system by authorised de.....

Tags : Scheme, Transaction, Daily Reporting


Government bans cash transactions above Rs. 3 Lacs w.e.f. 1st April 2017(01.02.2017)

The Union Government in its the budget for the Year 2017-2018 has yet again cracked the whip on black money by declaring that all cash transactions ov.....

Tags : Cash transaction, Limit


Government bans cash transactions above Rs. 3 Lacs w.e.f. 1st April 2017(01.02.2017)

The Union Government in its the budget for the Year 2017-2018 has yet again cracked the whip on black money by declaring that all cash transactions ov.....

Tags : Cash transaction, Limit