2021-06-14 11:30:05
Tri-Weekly Summarized #Statutory News By Team, Join @HubofCA for Regular Updates:
• The RBI had earlier issued a circular on ‘Risk Based Internal Audit’ NBFC Finance Companies. On its review, RBI has decided that the provisions of the 'Risk Based Internal Audit’ shall also be applicable to Housing Finance Companies (HFCs).
• The Reserve Bank of India has decided to increase the interchange fees per transaction through automated teller machines (ATMs) from the existing Rs.15 to Rs. 17 for financial transactions. For non-financial transactions, the fee has been increased from five rupees to six rupees. In addition, the increased fees will be applicable from August 1, 2021.
• The Central Board of Direct Taxes (CBDT) has notified ‘Competition Commission of India’ for the purposes of the section 10(46) of the Income-tax Act, 1961. Amount received by it in the form of Government grants, fee under the Competition Act, 2002 and interest income earned on these sum received shall be exempt from tax subject to fulfillment of prescribed conditions.
• The MCA has notified the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2021 wherein rule 6A has been inserted which states the manner of transfer of shares under sub-section (9) of section 90 of the Act to the Fund.
• The CBDT has amended annexure to Forms 26Q, 27EQ amp; 27Q vide Income-tax (17th Amendment) Rules, 2021. The Finance Act, 2020 and 2021 has amended sections 194A, 194, 196D and 194Q to provide for non-deduction/lower deduction of tax in view of notification issued by CBDT. The annexures have been amended to incorporate same.
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