Q361 Correct Answer is (a)

Q354 Correct Answer is (b)

Real estate players that had set off taxes paid under earlier tax regime against their GST liabilities have started receiving tax demands from the indirect tax department. Many real estate developers had claimed transition credit on under-construction apartments and claimed these are stock or inventory for them but the tax department has sent notices and disallowed these claims.

SEBI has instructed all brokers to link the unique client code (UCC) of investors to the latter’s Demat accounts & PAN. UCC is a number that is assigned to each investor and is “unique” in nature.

RBI takes over DHFL board, appoints an administrator in its place, in a step towards referring the debt-laden mortgage lender to a bankruptcy court. DHFL is set to become the first non-bank lender to be referred to the NCLT.

The government is finalising new IT rules for social media companies that would mandate traceability of originator of information on such platforms and removal of malicious content within 24 hours of notice. Significant intermediaries with over 50 lakh users will have to set up an office in India and appoint a nodal officer for liaisoning with law enforcement agencies, according to the proposed changes.

Punjab, Rajasthan, Kerala, West Bengal and Delhi, all ruled by non-BJP parties, raised concerns over their pending GST compensation and accused the Centre of creating a financial crisis for them.

The PSU banks stepped up credit flow for economic revival as record disbursal of Rs 2.52 lakh crore was seen in the festive month of October, the finance ministry said.

💁‍♂ Fundamentals of Accounts (70 Marks)-Foundation notes

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