Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
The central bank amended foreign currency account rules to permit residents who are exporters to open and maintain foreign currency accounts outside India, including in International Financial Services Centres (IFSCs), for realisation of full export proceeds and advance remittances; funds may be used for paying imports into India or repatriated after adjusting forward commitments within three months if the account is with a bank in an IFSC or by the next month for other jurisdictions, subject to compliance with existing export realisation and repatriation requirements under the export regulations.
The central bank amended foreign currency account rules to permit residents who are exporters to open and maintain foreign currency accounts outside India, including in International Financial Services Centres (IFSCs), for realisation of full export proceeds and advance remittances; funds may be used for paying imports into India or repatriated after adjusting forward commitments within three months if the account is with a bank in an IFSC or by the next month for other jurisdictions, subject to compliance with existing export realisation and repatriation requirements under the export regulations.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
