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FEMA - Highlights / Catch Notes

Home Highlights May 2023 Year 2023 This

Permission for use of International Credit Card for making ...

FEMA

May 17, 2023

Permission for use of International Credit Card for making payment by a person towards meeting expenses, without the approval of RBI, withdrawn - Notification

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  1. Mandation of linkage of PAN with Aadhar - Permission to file Income Tax returns (ITR) without complying with the condition of providing Aadhar Card registration number...

  2. Use of International Credit Card while outside India - Approval of RBI is not required for making payment by a person towards meeting expenses - Amendment in Foreign...

  3. Addition towards payment made to credit card company - since the assessee had not claimed any expenditure, the question of proving whether it was for the purpose of...

  4. Ad-hoc disallowance at the rate of 10% on credit card expenses - Prima Facie the said disallowance is ad-hoc in nature. AO ought to have made reference to any of such...

  5. Import of Zircon - Whether Zircon is “Ore“ - Zircon Ore and Concentrate - Permission to clear goods in question without payment of CVD - permission granted - HC

  6. Cenvat credit cannot be denied on playing cards supplied as free gift alongwith final product - playing cards were purchased on payment of duty - AT

  7. TDS under section 194H – assessee had paid commission to HDFC on payments received from customers who had made purchases through credit cards - TDS is not required - HC

  8. Recovery of Service Tax - foreign exchange outflow on RCM basis for personal use - credit card was used to make payments to “Facebook” - The entire premise under which...

  9. TDS u/s 195 - Taxability as royalty or FTS - the payment in question made was towards reimbursement or expenses and not reimbursement of service - HC

  10. Non-deduction of tax u/s 194C – The expenditures were incurred towards greeting cards, stationery, visiting cards, calendars, registers, etc - being a sale and purchase...

 

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