Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
RBI has observed instances of non-resident guarantees, including standby letters of credit and performance guarantees, issued to persons resident in India, which are not permitted under FEMA regulations. Authorized Dealer Category-I banks must ensure guarantee contracts advised to or on behalf of their resident constituents comply with FEMA regulations. Banks are directed to notify their constituents about this circular issued u/ss 10(4) and 11(1) of FEMA, 1999.
RBI has observed instances of non-resident guarantees, including standby letters of credit and performance guarantees, issued to persons resident in India, which are not permitted under FEMA regulations. Authorized Dealer Category-I banks must ensure guarantee contracts advised to or on behalf of their resident constituents comply with FEMA regulations. Banks are directed to notify their constituents about this circular issued u/ss 10(4) and 11(1) of FEMA, 1999.
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