THE AUTHORITY OF ADVANCE RULING
New NPS contribution rule: PFRDA reduces timeline of contributions made from July 1; three important things to know
New NPS rules: The new NPS contribution timeline allowing for same-day investment will come into force on July 1, 2024, as per a circular issued by PFRDA on June 28, 2024.
What would Japanese intervention to boost a weak yen look like?
Amid market uncertainties and political pressures, Prime Minister Fumio Kishida considers intervening to stabilize the yen ahead of the ruling party leadership race. The effectiveness of intervention in addressing public concerns over the weak yen and rising living costs remains uncertain.
Banks in a GST fix over RBI's directive to levy penal charges
The Reserve Bank of India's directive to levy penalties only in the form of 'penal charges' is posing a tax dilemma for banks. Banks fear that the indirect tax on such levies would attract the goods and services tax (GST). The new rule, which came into force from April 1, 2024, was brought in by the central bank to ensure "reasonableness and transparency" in disclosure of penal interest. However, banks have asked the tax authorities to spell out their stand on the issue.
Non-refundable Covid advance no longer available under EPFO
According to an EPFO circular dated June 12, since Covid is no longer a pandemic, the competent authority has decided to discontinue the said advance with immediate effect and this would be applicable to even exempted establishments.
EPF account withdrawal rule changed: EPFO discontinues Covid-19 advance facility
During the Covid-19 pandemic, a non-refundable advance was provided to the EPF members during the outbreak of first wave of Covid-19 and another advance was also allowed in view of second wave
Instant flour mixes for dosa, idli, dhokla cannot be classified as sattu; 18% GST should be levied: GAAAR
The company sells flour mixes of gota, khaman, dalwada, dahi-wada, dhokla, idli and dosa in powder form and pleaded that it is akin to Sattu and should attract Goods and Services Tax (GST) of 5 per cent. The GAAAR rejected the appellant's contention, saying that ingredients which go into the making of 'instant flour mixes" are not covered under the relevant GST rules as is the case with Sattu.
- Go To Page 1
US election officials split on AI disclosure rules for political ads
FEC officials are divided over whether to require disclosure of AI-generated content in political ads. FCC Chair Rosenworcel supports the proposal, citing concerns about misleading deep fakes. Vice Chair Weintraub agrees, emphasizing the need for transparency. Chair Cooksey opposes, arguing it would cause chaos for campaigns.
Stock brokers push lending; InsuranceDekho’s latest acquisition
Happy Tuesday! Tech-first broking companies are looking to diversify into the credit business to build a larger financial services play. This and more in today’s ETtech Morning Dispatch.
EU industry chief urges US to pass new tech rules, foster shared digital market
EU's industry chief calls for new tech regulations for global digital market. Leading in tech regulation with DMA and AI Act. U.S. facing antitrust lawsuit against Apple by Department of Justice.
Israeli tanks advance further in Rafah as heavy fighting continues in Gaza
Israeli forces escalated military strikes in Gaza, with heavy fighting in Jabalia and tanks advancing into Rafah. At least five Palestinians were killed and others are trapped under rubble. The southern city of Rafah faced explosions and smoke as tanks pushed further into the Jneina district. Israel aims to retrieve hostages and dismantle Hamas. This has caused mass displacement and aid shortages in Gaza.
In divided Iran, president's death met by muted mourning and furtive celebration
Iran declared five days of mourning for President Ebrahim Raisi, who, along with Foreign Minister Hossein Amir Abdollahian, died in a helicopter crash. While loyalists prayed in mosques, daily life continued with minimal disruption. Opposition groups quietly celebrated Raisi's death, reflecting his controversial legacy, particularly his role in cracking down on women's rights and executing dissidents. Many Iranians doubt his death will change the country's hardline governance. The subdued response contrasts with past public grief for figures like Qasem Soleimani, indicating Raisi's divisive impact.
Pune: Automatic Rs 10,000 challan at petrol pumps for not having this document. Check latest rule
Pune Traffic Rule: Authorities in India working on stricter regulations to reduce vehicular pollution, promoting eco-friendly fuels and electric vehicles. Pune authorities have developed automated system using advanced cameras at petrol pumps to penalize vehicles without valid PUC certificates. Waiting for official confirmation on timeline for implementation. Drivers may have a grace period to renew PUC certificates.
Authorised car dealers can claim input tax credit on demo cars: AAR
GST Authority ruled dealers can claim input tax credit on demo cars. Landmark Cars East Pvt Ltd sought ruling on taxation aspects, specified time period for inward supply to potential Mercedes Benz car buyers.
Aggrieved home buyer: Should you file a case in RERA or civil court, which works better for you?
RERA or civil court: Agrrieved real estate buyers can file a case in RERA, consumer courts, etc. However RERA is a specialised forum which has expertise in real estate laws and rules. According to an Anarock report RERA has resolved more than 1 lakh cases till November 2023.
States & online gaming regulations; banks tap startups to foil frauds
Happy Monday! In the absence of central government’s self-regulatory mechanisms, states are framing laws for online real money gaming. This and more in today's ETtech Morning Dispatch.
New EPF rule on auto withdrawal claims under 68J; check details
EPF withdrawals: The Employees' Provident Funds Organisation (EPFO) has increased the qualifying limit of Paragraph 68J claims for auto claims processing. EPF subscribers can apply for an advance under Paragraph 68-J of the EPF Scheme for their own and their dependents' medical expenses.
Gurgaon RERA penalises Vatika for violation of builder buyer agreement
The Real Estate Regulatory Authority (RERA) court in Gurugram has penalized Vatika Limited for violating the builder buyer agreement. The court imposed a penalty of Rs 1,00,000 for each complaint and directed the promoter to execute the buyer's agreement within 30 days. The court also imposed a penalty of Rs 25000 for each complainant to pay within 30 days.
Georgia lawmakers approve tougher rules on immigration after student's killing
Georgia lawmakers enacted stricter immigration laws following Laken Riley's murder, requiring local agencies to verify immigration status and cooperate with federal authorities. The legislation has faced criticism for its vague language and potential racial profiling concerns.
Income Tax dept is calculating your advance tax liability by tracking these financial transactions: Here's how to check on compliance portal
The Income Tax Department said, "The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. This information is reflected in the Annual Information Statement (AIS) module and is available to the persons/entities for viewing. The value of ‘Significant Transactions’ in the AIS has been used for carrying out this analysis." Read here to know what are these 'specified financial transactions'.
Paytm shares rebound; Tata builds India’s first spy satellite
Troubled fintech major Paytm has seen a rebound in its stock, which jumped over 10% in the last two trading sessions. This and more in today’s ETtech Top 5.
Nasscom wants government to let overseas Indian startups list directly
Industry body Nasscom surveyed 139 startups. Of these, Nasscom said approximately 16.5% of Indian-origin startups have externalised legal structures and would consider raising equity capital through public listing in India if the regulations are amended to allow for a direct listing
Writing the new rules for AI
At the Global Partnership for Artificial Intelligence summit in 2023 in New Delhi, Prime Minister Narendra Modi stressed on the importance of creating a global framework for ethical use of AI, including a protocol for testing and deploying high-risk and frontier AI tools. Earlier, at the first global AI Safety Summit 2023 at Bletchley Park, 28 countries gave a call for international cooperation to manage the challenges and risks of AI.
Latest Sovereign Gold Bond tranche, new IMPS, NPS withdrawal rules: 6 money changes in February 2024
Here's a look at some of the major changes including NPS partial withdrawal, IMPS new update, SBI home loan campaign offer, Punjab and Sindh Bank’s special FD deadline, latest SGB tranche and more.
US FCC votes to advance plan to reinstate net neutrality rules
The commission voted 3-2 on a proposal to reinstate open internet rules adopted in 2015 and reestablish the commission's authority over broadband internet.
NHAI upgrades Advanced Traffic Management System
The National Highways Authority of India has introduced an upgraded Advanced Traffic Management System (ATMS) to enhance road safety and enforcement on national highways. The new system includes the installation of Video Incident Detection and Enforcement System (VIDES) cameras every 10 km along the highways, integrated at command and control centers every 100 km.
AAR ruling could offer advantages to e-commerce platforms facilitating logistic
The GST Authority for Advance Rulings (AAR) in Karnataka has ruled that Juspay Technologies, the company behind the ride-hailing app 'Namma Yatri,' is considered an e-commerce operator under GST regulations. However, the AAR clarified that Juspay Technologies is not required to collect and remit GST on transportation fares, as the supply of passenger transportation does not occur "through" their platform.
Biz can claim ITC on goods procured for distribution to dealers for achieving sales target: GST AAR
The Karnataka-bench of the Authority for Advance Ruling (AAR) has ruled that businesses can claim input tax credit on items like gold coins and white goods procured for distribution to dealers as part of promotional schemes. The AAR stated that these items are not considered gifts as they are issued subject to certain conditions and stipulations.
I-T department operationalises e-advance ruling in Delhi, Mumbai
The income tax department in India has started operationalizing two advance rulings boards, in Mumbai and Delhi, that will work through email-based procedures and video conferencing. The move is aimed at making the process more efficient, transparent and accountable as well as reducing the time being wasted in long-drawn litigation.
Hostel accommodation to attract 12 per cent GST: AAR
In an advance Ruling sought by Srisai Luxurious Stay LLP, the AAR said GST exemption was applicable on the accommodation services, of charges up to Rs 1,000/- per day, provided by hotels, clubs, campsites etc. till July 17, 2022."PG/Hostel Rent paid by inhabitants do not qualify for GST exemption... as the services provided by applicant are not akin to renting of residential dwelling for use as residence," the Bengaluru bench said.
Load More
