The Reserve Bank of India has announced a 25 basis points increase in the repo rate to 5.5%. This decision reflects growing inflation pressures and stronger than anticipated economic growth. The rise in interest rates will lead to higher loan EMIs, impacting consumption during the festive season. Banks are expected to increase fixed deposit rates following this policy change.
The GST Council intends to shorten the refund processing period to around 17 days for businesses. It will also work to automate registering for a GST number to speed up the process. For small businesses operating in multiple states, avoiding repetitive registrations will be considered. Additionally, the proposal includes eliminating physical verification for registration cancellations. Changes will allow input tax credit on various business-related expenses to facilitate smoother operations.
In one such case in Chennai, a man received cash gifts of Rs 85.03 lakh from his relatives. The Income Tax Department began making enquiries into the source of the Rs 85.03 lakh deposited by the man. The department also sent tax notices to the relatives who had given him the cash. The man eventually won relief in ITAT Chennai.
Four trustees of Sir Dorabji Tata Trust responded to accusations from vice-chairmen Venu Srinivasan and Vijay Singh. The trustees claimed the vice-chairmen breached fiduciary duties by not discussing concerns directly with them. They emphasized that Noel Tata's merger proposal aimed to maintain Tata Sons' unlisted status. Additionally, they stated that the complaints sent by Srinivasan and Singh were not shared with co-trustees.
The assessment threw up two separate issues. The first concerned jewellery worth Rs 67,39,949 that the woman had disclosed in Schedule AL of her income tax return. The tribunal also examined whether the Rs 12 lakh paid to the HUF represented a genuine brokerage expense when the same person, the HUF's Karta/coparcener, had already received another Rs 12 lakh for the same transaction.
The Reserve Bank of India has announced a 25 basis points increase in the repo rate to 5.5%. This decision reflects growing inflation pressu...
