COMPLIANCE STATUS
FHRAI seeks infra status for hotels, convention centres in pre-Budget meet
The Federation of Hotel and Restaurant Associations of India (FHRAI) has urged the government to grant infrastructure status to all hotels and convention centers costing Rs 10 crore or more. This request, part of their pre-budget recommendations, aims to boost investment in budget hotels. FHRAI also proposed a uniform 12% GST rate for all hotels and advocated for separating restaurant tariffs from room tariffs to reduce compliance issues
NCLT directs Byju’s to maintain status quo, halts $200 million rights issue
The National Company Law Tribunal (NCLT) has directed edtech major Byju's to maintain status quo in its shareholding, pausing its controversial rights issue conducted at a 99% discount to its last peak valuation of $22 billion. Byju's faces a petition from investors in the NCLT and is restrained from proceeding with the rights issue. The matter will be heard next on July 4, and the tribunal has asked for details of Escrow bank accounts and US court actions.
IBBI proposes compliance procedures for IPs, seeks stakeholder feedback
The Insolvency Bankruptcy Board of India (IBBI) has proposed changes to the corporate insolvency resolution process (CIRP) forms and compliance framework to reduce compliance burden on insolvency professionals. The changes aim to reduce the amount of information and data required, enhance efficiency, and reduce redundancy.
Regulator plans to ease compliance burden on insolvency professionals
The bankruptcy regulator, IBBI, aims to reduce the compliance burden on insolvency professionals overseeing stressed asset resolution without compromising accuracy. It plans to streamline reporting, deadlines, and centralize information on a single website for easier access by stakeholders.
Sebi rules on nomination in mutual funds, demat accounts. 10 things to know
Sebi has announced simplification of compliance for investors by lifting freeze on demat accounts and mutual fund folios due to non-submission of nomination.
Driving logistics forward: How Gurugram-based Varuna Group is maintaining a balance between innovation and sustainability
Varuna Group, established in 1996, is a logistics services provider leveraging advanced digital technologies like IoT, AI, data analytics, and WMS for efficient warehousing and distribution.
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NRI Investing Guide: Are you legally allowed to buy agricultural land in India?
NRIs in India face restrictions under FEMA when purchasing agricultural land, but can inherit it from relatives to reconnect with their roots.
Inoperative PAN holders can now invest in mutual funds due to latest KYC rule changes
Inoperative PAN invest in mutual fund schemes: The market regulator, Securities and Exchange Board of India (Sebi), has provided relief to mutual fund investors to get KYC Registered status from KYC on-hold status. The KYC Registration Agency (KRA) is required to comply with the latest relief by May 31, 2024.
Lesson for entrepreneurs: What are the common mistakes startup founders make and how to avoid them?
India has the third largest startup ecosystem in the world, with 1.17 lakh entities (DPIIT), nearly 1,710 venture capital funds, 794 accelerators and incubators (Tracxn), and several government initiatives like Startup India. Despite this fervour and support, financial and otherwise, the startup journey is extremely difficult.ET Wealth lists the typical mistakes most founders make and tell you how to tackle these
Road Ministry against hike in project lending rates, bats for status quo
"RBI, as a regulator, will have to create that balance to ensure financial viability of road projects does not take a hit," an official said. The central bank earlier this month proposed tighter norms, requiring lenders to allocate 5% of the project loan amount as general provisions during the construction phase, up from 0.4% provisions now.
Is it a good idea for laid off H-1B workers to switch to a US tourist visa, and back again?
When laid-off H-1B workers consider transitioning to B-1/B-2 visitor status for job searching, they gain valuable time and a streamlined process back to H-1B, endorsed by USCIS. This strategic move offers a safety net and opportunity for a successful career transition in the U.S.
IRDAI relaxes procedural norms on expense of management, share transfer
IRDAI introduces new Master Circular, streamlining application procedures, ESOPs compliance, share transfers, and specifying timelines for prior approval and amalgamation guidelines. Reporting for capital forms and lock-in periods clarified.
Can a foreigner on a work visa in Dubai switch to UAE Golden Visa?
If you're a mainland Dubai-based employee seeking a UAE Golden Visa for property purchase, you can maintain employment eligibility. Notify your employer before obtaining the visa to smoothly cancel and reapply for a work permit, adhering to legal steps and document requirements for a seamless transition.
CBDT brings new update in income tax AIS; now you can check the status of correction request; Here's how it works
Annual Information Statement (AIS): The Central Board of Direct Taxes (CBDT) has updated the functionality of AIS which can be found on the compliance portal. Now after you put in a correction request, you will be able to see whether the reporting source took any action at all. CBDT says this makes the system more transparent.
1.3 crore mutual fund accounts on hold due to incomplete KYC; how MF investors can check KYC status online
KYC Status check online: Many mutual fund investors are struggling with the new KYC rules. Further, most of them don't know their current KYC status and don't even know how they can check. Here is a step by step guide on how to check kyc status online and what their kyc status means.
FSSAI pushes for mandatory testing of all spice brands; Spices Board also steps up action
The Food Safety and Standards Authority of India (FSSAI) plans to conduct surveillance on various food items like fortified rice, dairy products, and spices sold in the domestic market. This comes after a probe into alleged violation of norms in branded spices. FSSAI is already taking samples of spices from all brands to check compliance with its norms. The number of samples analyzed by FSSAI has substantially increased over the years, showing efforts to enforce food safety regulations. Non-compliance can lead to penalties under the FSS Act, including fines and imprisonment.
NHAI likely to extend FASTag KYC compliance deadline by one month: Sources
The National Highways Authority of India (NHAI) has extended the Know Your Customer (KYC) compliance deadline for FASTags, aiming to streamline electronic toll collection. NHAI introduces the 'One Vehicle, One FASTag' initiative to boost efficiency, discouraging the use of a single FASTag for multiple vehicles. NHAI emphasizes adherence to the initiative to ensure seamless toll operations and convenience for users. Users can update their FASTag KYC through the official website or their respective bank portals.
TDS deduction: Why you must check status of PAN Aadhaar linking status of deductee on deduction date to avoid income tax notice
Tax deducted at source (TDS): While it is important to deduct a correct amount of TDS in certain transactions, it is also important to check the status of the deductee's PAN. If the TDS deductor does not check the status of PAN of the deductee on the date of TDS deduction then all the penalty and other legal repercussions would be applied to him and nobody else.
Vijay Kedia-backed TAC Infosec IPO allotment likely today: Check status, listing date, GMP and other details
The allotment for the SME IPO of Vijay Kedia-backed TAC Infosec, which has seen overwhelming response, will be finalised on Wednesday. On the allotment date, investors get to know about the number of shares allotted to them as against the bids made.
Some tax clarity for non-profits
A tax officer has the power to call for any documents/information of the entity to conduct an inquiry 'as he thinks necessary to satisfy himself about the occurrence of a 'specified violation'', and pass an order to cancel the registration of such entity, even for previous years (and all subsequent years after that), in cases where the officer notices any 'specified violations', or if a case is selected by 'risk management strategy' formulated by CBDT.
Paytm clarifies on status of govt approval for investment in payments gateway arm
This clarification comes amid growing interest and scrutiny surrounding potential investments and partnerships within the Paytm ecosystem. Paytm emphasized its commitment to its existing merchant partners, affirming that its operations remain unaffected as it navigates the regulatory process.
Paytm still karo? How a startup star became a cautionary tale
RBI aimed to redirect funds from Paytm Bank's deposit accounts back to those who had initially deposited their money with Vijay Shekhar Sharma's bank. The potential decline of Paytm Payments Bank may not be a concern for the RBI. Despite the limited impact of payments banks on the overall financial system, the move sparked panic among numerous merchants and users of Paytm's UPI service and FASTag business.
Budget 2024: FHRAI demands infrastructure status for hospitality sector from Sitharaman
Budget 2024: The Federation of Hotel & Restaurant Associations of India (FHRAI) unveiled a set of pre-budget expectations on Wednesday. The industry body, representing hotels, proposed a measure to confer universal infrastructure status to hotels with a project cost of Rs 10 crores and above, regardless of city population. FHRAI emphasized that this inclusive approach aligns with the spirit of equitable development, promising a nationwide surge in the hospitality sector.
Can foreign tax credit claim be changed in revised ITR? Budget 2024 should clarify
Under the income tax laws, an individual is taxed based on the residential status. A residential status can either be resident or non-resident. Further, a 'Resident' is categorised into Not Ordinarily Resident (NOR) or Ordinarily Resident (OR) depending on his/her physical presence in India during the previous financial years. Read on to know how it impacts individual.
Reg Tech revolution: Unlocking efficiency and compliance for SMEs
“Reg Tech” is a common jargon in recent times which refers to Regulatory Compliances Technology .
Minor child turns major: Do this to avoid mutual fund account being frozen
Parents who had invested in mutual funds in name of their minor child must ensure to convert the status of the said mutual fund investments when their now child has become adult. If the status is not changed from minor to major when the child turns 18, the investments would be frozen.
MahaRERA’s action on non-compliance prompts increase in quarterly project updates
Maharashtra Real Estate Regulatory Authority (MahaRERA) sees an increase in housing projects submitting Quarterly Progress Reports (QPR) preemptively, following strict regulatory measures. Out of 480 projects registered in April 2023, 46.25% comply with QPR requirements without notice. MahaRERA aims for 100% compliance, with the regulator suspending registrations of over 388 non-compliant projects in September.
California tweaks law to include immigration, citizenship status under 'sensitive information' tag
Under the CCPA, consumers already have certain rights concerning their personal information. These rights encompass enhanced notice, access, and disclosure; the right to deletion; the right to restrict the sale of information; and protection against discrimination for exercising these rights.
"Celebrate or mourn?": Adhir Chowdhury asks PM Modi as demonetisation exercise completes seven years
"Respected PM @narendramodi Ji, today is the 7th anniversary of #DEMONITIZATION touted as your visionary step for ERADICATION OF BLACK MONEY from India. Now should we celebrate the occasion or mourn for abysmal failure," Adhir Chowdhury posted on X.
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