Revise Trans-1 by 27th December to ensure bonafide credit claimed

The finance ministry on Tuesday urged businesses to revise any wrongful claim of tax credits from the previous indirect tax regime saying that “extraordinarily high” claims unsettles the trust between firms and the tax authorities. In a statement, the ministry warned that assessees who have erroneously claimed tax credit from the previous regime should correct … Continue reading “Revise Trans-1 by 27th December to ensure bonafide credit claimed”

New outsourcing norms for NBFC released by RBI

Non-Banking Financial Companies (NBFC) cannot outsource core management functions like internal audit, strategic and compliance functions for your Know Your Customer (KYC) norms, the sanction of loans and management of investment portfolio. As per notification number RBI/2017-18/87 on RBI’s website, Access to customer information by the staff of the service provider shall be on ‘need … Continue reading “New outsourcing norms for NBFC released by RBI”