Judgement

The ITAT Mumbai allows key tax deductions and remands head office expenses for fresh examination.

ITAT Deletes Disallowances on Foreign Currency Loan Interest and Forex Loss in American Express Bank Case

ITAT Directs AO to Tax Only 1% Commission If PAN Misused in Fraudulent Forex Transactions

Notifications

RBI updates FEMA regulations allowing Indian exporters to open and operate foreign currency accounts in IFSCs.

RBI Amends FEMA Regulations: Exporters Can Hold Foreign Currency Accounts in IFSCs

Articles

The RBI has updated FEMA guidelines regarding foreign currency holdings. Individuals can now hold unlimited foreign coins and up to $2,000 in foreign currency notes acquired through travel or gift.

RBI Revises FEMA Guidelines on Holding Foreign Currency and Assets Abroad

RBI had earlier issued guidelines on the Foreign Currency Possession and Assets Held Abroad (2015 Regulations), which govern how Indian residents and authorised entities can hold foreign currency under FEMA, 1999.

RBI FEMA Guidelines on Foreign Currency Possession and Assets Held Abroad (2015 Regulations)

The Central Board of Direct Taxes(CBDT) has included the IFSC unit in scope of TT buying rate for computing TDS on Foreign Currency Income via issuing Notification.

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ITAT Deletes Disallowances on Foreign Currency Loan Interest and Forex Loss in American Express Bank Case

ITAT Directs AO to Tax Only 1% Commission If PAN Misused in Fraudulent Forex Transactions

RBI Amends FEMA Regulations: Exporters Can Hold Foreign Currency Accounts in IFSCs

RBI Revises FEMA Guidelines on Holding Foreign Currency and Assets Abroad

RBI FEMA Guidelines on Foreign Currency Possession and Assets Held Abroad (2015 Regulations)

CBDT notifies including of IFSC unit in scope of TT buying rate for computing TDS on Foreign Currency Income