At present, several participants, including merchants, are involved in the online card transaction chain, who store actual card (CoF) data like card number, expiry date, etc., citing cardholder convenience and ease of undertaking future transactions.
In the case of Flipkart Internet Private Limited v DCIT (International Taxation) and Others [Writ Petition Number 3619/2021 (T-IT)], the Hon’ble Karnataka High Court (HC) has provided a major relief to taxpayers in the context of secondment arrangements wherein the salary cost of seconded employees is reimbursed by the Indian entity to the foreign entity on a cost-to-cost basis (Judgment).
The Finance Act, 2022 amended the Income-tax Act, 1961 (“IT Act”) by introducing a new taxation regime in relation to Virtual Digital Assets (“VDAs”) wherein: (i) a 30% tax has been levied on income from transfer of VDAs in the hands of the transferor; (ii) receipt of VDAs for nil or inadequate consideration has been made taxable in the hands of the recipient; and (iii) an obligation has been imposed (under Section 194S of the IT Act) on the persons responsible for paying any consideration to ‘Indian residents’ for transfer of VDAs to deduct tax at source (“TDS”) at 1% (with effect from 1
On 10 January 2019 the Securities and Exchange Board of India (SEBI) had prescribed the framework for cyber security and cyber resilience for mutual funds / asset management companies vide Circular No. SEBI/HO/IMD/DF2/CIR/P/2019/12.
The Finance Act, 2022 (FA 2022) amended the Income-tax Act, 1961 (IT Act) by introducing a new taxation regime in relation to Virtual Digital Assets (VDAs) wherein: (i) a 30% tax has been levied on income from transfer of VDAs in the hands of the transferor; (ii) receipt of VDAs for nil or inadequate consideration has been made taxable in the hands of the recipient; and (iii) an obligation has been imposed (under Section 194S of the IT Act) on the persons responsible for paying any consideration to ‘Indian residents’ for transfer of VDAs to deduct tax at source (TDS) at 1% (with effect fro
As a part of its ongoing endeavour to reduce compliance burden on regulated entities by, inter alia, removing redundant and repetitive filings and instructions, the Reserve Bank of India (RBI) on 9 June 2022 notified that authorised dealer category I banks (AD Banks) will not be required to file returns for guarantees availed and invoked from non-resident entities, with effect from the quarter ending June 2022.
On 21 August 2019, the Reserve Bank of India (RBI) had issued a framework for processing of e-mandates for recurring online transactions (merchant payments) applicable for all types of cards (debit and credit) and Prepaid Payment Instruments (PPI), including wallets with a maximum transaction limit of INR 2,000/-.
The Insolvency and Bankruptcy Board of India (the Board) vide its circular no.
The nomination facility enables a unitholder to nominate (either at the time of purchase or subsequently), a person who would be entitled to claim the investor’s mutual fund units, or the redemption proceeds thereof in case of an untimely death of the unitholder. In case of joint ownership, all joint holders are required to provide the details of their nominee together.
The Finance Act, 2022 (FA 2022) amended the Income-tax Act, 1961 (IT Act) by introducing a new taxation regime in relation to Virtual Digital Assets (VDAs) wherein: (i) a 30% tax has been levied on income from transfer of VDAs in the hands of the transferor; (ii) receipt of VDAs for nil or inadequate consideration has been made taxable in the hands of the recipient; and (iii) an obligation has been imposed (under Section 194S of the IT Act) on the persons responsible for paying any consideration to ‘Indian residents’ for transfer of VDAs to deduct tax at source (TDS) at 1% (with effect fro
