Category Archives: Regulatory

Government of Karnataka has launched “Karasamadhana Scheme, 2021” to clear the tax arrears pertaining to erstwhile Tax Regime (pre-GST)

Karasamadhana Scheme’,2021 grants waiver of 100% arrears of penalty and interest payable by dealer/person/proprietor as the case may be relating to the assessment or reassessment already concluded and to be concluded on or before July 31,2021 under following Acts, namely.- … Continue reading

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Mandatory Accounting Software with Recording Audit Trail of Transactions and Auditors Responsibility (W.E.F 01.04.2021)

The MCA videNotification No. G.S.R. 205(E), dated March 24, 2021 has issued Companies (Accounts) Amendment Rules, 2021 making mandatory for every company w.e.f 01.04.2021 to record audit trail of each and every financial transaction done on their accounting software. Every company … Continue reading

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Ministry of Home Affairs (MHA) specifies rights of Overseas Citizen of India (OCI) Cardholders

Ministry of Home Affairs (MHA), vide notification no. S.O. 1050(E), dated 4th March 2021 specifies the rights of the Overseas Citizens of India (OCI) cardholders. This notification has an overriding effect on the erstwhile notifications issued by the Government of … Continue reading

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Remission of Duties & Taxes on Export Products Scheme (RoDTEP)

Introduction  RoDTEP (Remission of Duties & Taxes on Export Product) Scheme was  announced by Government of India in September 2019, this scheme is a  combination of two existing schemes of GOI namely, MEIS (Merchandise Export  from India Scheme) & RoSCTL … Continue reading

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The RBI aligns the list of offences under FEMA with the new NDI rules.

Background Compounding of an offence refers to the process of admitting the contravention, suo moto and seeking redressal. The Reserve Bank of India is empowered to compound any contraventions as defined under section 13 of Foreign Exchange Management Act, 1999 … Continue reading

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