Section 195 of the Income-tax Act, 1961, provides that every payer (resident or non-resident) shall be responsible for deduction of tax at source under this provision from payment of any sum to a non-resident which is chargeable to tax. The tax shall be deducted under this provision only if income of non-resident is taxable in India.
This knowledge alert is a daily compilation of key amendments / notifications alongwith its implications.
RBI directed large co-op banks to report exposures above Rs 5 cr to Central Repository of Information
SEBI has come out with new mechanism to reward whistle blowers and other informants for sharing information about insider Trading.
SEBI has come out with new mechanism to reward whistle blowers and other informants for sharing information about insider Trading.
RBI has decided to introduce a new type of semi-closed PPI
, the Central Board of Direct Taxes, in exercise of powers conferred under clause (a) of sub-section (2) of section 119 of the Income-tax Act, 1961, has decided to extend the last date for payment of December instalment of Advance tax for FY 2019-20, from 15th December, 2019 to 31st December, 2019 in case of all the assessees, Corporate and other than Corporate.
In order to facilitate smooth settlement of NEFT transactions in the accounts of the member banks maintained with the Reserve Bank in a 24×7 environment, RBI has decided to provide an additional collateralised intra-day liquidity facility, to be called Liquidity Support (LS).
The rate of interest on the Floating Rate Bonds, 2031 (FRB 2031) applicable for
the half year December 7, 2019 to June 6, 2020 shall be 6.10 per cent per annum.
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 25 lakh on Andhra Bank for non-compliance .
