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Securities and Exchange Board of India, (SEBI), in its notification dated 7 February, 2023 has bought in SEBI (Buyback of Securities) (Amendment) Regulations, 2023. The applicability date of these amendments is 9 March, 2023 which is fifteenth day from the date of publication of the amendments in the official gazette. In this article, we would […]

The Insolvency and Bankruptcy Board of India (IBBI) has issued a significant directive regarding the uploading of judicial orders related to insolvency proceedings by Insolvency Professionals (IPs). This directive aims to enhance transparency and accessibility within the Insolvency and Bankruptcy Code (IBC) ecosystem. Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, […]

The International Financial Services Centres Authority (IFSCA) issued a circular dated May 8, 2024, addressing finance companies registered with IFSCA for ship leasing activity. The circular outlines additional requirements for carrying out permissible activities under the ‘Framework for Ship Leasing.’ It specifies that finance companies or lessors with a Certificate of Registration under IFSCA regulations […]

Under the Income Tax Act, there is a provision for payment of Advance Tax. Any tax payer who has to pay total tax on their total income is more than Rs. 10,000, has to pay tax in advance under 4 instalments, i.e. before 15th March, 15th September, 15th December and 15th March of financial year. […]

1. Sovereign Gold Bonds (SGBs) are government securities that are a secure form of investment. These bonds are issued by the Reserve Bank of India (RBI) on behalf of the Government of India 1.1 SGBs are issued in multiple tranches throughout the year, and investors can purchase them from designated banks, post offices, and stock […]

The International Financial Services Centres Authority (IFSCA) has issued a consultation paper on the proposed regulations for the International Financial Services Authority (Board for Regulation and Supervision of Payment and Settlement Systems) Regulations, 2024. This paper aims to solicit feedback from the public regarding the regulations. Objective and Background: The objective of this consultation paper […]

Arupadai Infrastructure Vs Deputy State Tax Officer – 2 (ST) (Madras High Court) The case of Arupadai Infrastructure Vs Deputy State Tax Officer – 2 (ST) (Madras High Court) revolves around a challenge to an assessment order dated 17.11.2023, primarily on the grounds that the petitioner was not given a reasonable opportunity to contest the […]

Section 7 of the Central Goods and Services Tax (CGST) Act, 2017, delineates the expansive scope of supply, encompassing a myriad of transactions crucial for GST compliance. Understanding the definitions and interpretations under this section is paramount for businesses navigating the complexities of taxation. This article delves into Section 7(1) specifically, analyzing its implications, particularly […]

Commissioner of Trade and Taxes Vs FEMC Pratibha Joint Venture (Supreme Court of India) In a significant verdict, the Supreme Court of India reaffirmed the mandatory nature of the time limit for refunds under the Delhi Value Added Tax Act, 2004. This article examines the case between the Commissioner of Trade and Taxes and FEMC […]

Section 80JJAA of the Income Tax Act provides a vital avenue for businesses in India to avail tax benefits while fostering employment opportunities and contributing to economic expansion. This guide delves into the intricacies of Section 80JJAA, elucidating eligibility criteria, deduction amounts, and the definition of additional employee costs. By exploring the nuanced provisions of […]

Krishna Murthy Vuppala Vs ITO (ITAT Hyderabad) In the case of Krishna Murthy Vuppala vs. ITO, the Hyderabad ITAT has rendered a significant decision regarding cash deposits during the demonetization period. The appellant, a proprietor of M/s. Krishna Provision Store, contested the addition of Rs.9,79,000/- under section 69A of the Income Tax Act. Despite challenges, […]

Importance of the phrase “Inter alia” used in Circular No. 64/38/2018-GST dated September 14, 2017, and its impact on penalty under Section 129 of the CGST Act 2017. In this article, I have explored whether a taxpayer is obligated to pay a penalty under Section 129 of the CGST Act 2017 when a mistake is […]

Kerala State Consumer Federation Ltd. Vs Commissioner of Central Tax & Central Excise (Kerala High Court) The Kerala State Consumer Federation Ltd., being the apex body of Consumer Co-operative Societies in Kerala, was issued a show cause notice (Ext.P1) alleging non-payment or short payment of service tax under the Finance Act, 1994 (the ‘1994 Act’). […]

[***]Joseph Madathiparambil Michael Vs DCIT (Kerala High Court) The Kerala High Court recently addressed an important issue regarding the time limit for passing consequential orders following a remand in income tax assessments. The case, Joseph Madathiparambil Michael Vs DCIT, centered around whether the one-year limit prescribed by Section 153(2A) of the Income Tax Act, 1961, […]

Jagadeesan Chellappan Achary Vs Income Tax Officer (Kerala High Court) The case of Jagadeesan Chellappan Achary vs. Income Tax Officer before the Kerala High Court involved a senior citizen who received a notice under Section 148 of the Income Tax Act, 1961, for the assessment year 2013-14, as the Income Tax Officer believed that the […]

Teena Jacob Vs State Tax Officer (Kerala High Court) In the case of Teena Jacob vs. State Tax Officer before the Kerala High Court, the petitioner, a registered dealer under the CGST/KSGST Rules, 2017, had opted for the composition scheme during the tax period 2017-18. However, the proper officer found that the petitioner was engaged […]

The Circular No. 04/2024-Customs, dated 7th May 2024, issued by the Government of India, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes & Customs, Drawback Division, announces amendments to the All Industry Rates (AIRs) of Duty Drawback, effective from 3rd May 2024. These amendments, published through Notification No. 33/2024-Customs (N.T.) dated 30th […]

Reserve Bank of India has issued new Master Directions regarding margining for non-centrally cleared over-the-counter (OTC) derivatives. These directions are designed to govern the exchange of variation margin (VM) and initial margin (IM) for non-centrally cleared derivatives. Here’s a breakdown of the key points: Applicability: These directions apply to various types of non-centrally cleared derivative […]

The Reserve Bank of India (RBI) issued Circular No. 05 and A. P. (DIR Series) Circular No.06 on May 08, 2024, pertaining to margin requirements for derivative contracts. These directives were formulated under the Foreign Exchange Management Act, 1999 (FEMA), and aim to streamline the processes surrounding derivative transactions involving authorized dealers in India. Reserve […]

Trimbak Konher Patil Vs ITO (ITAT Bangalore) The Trimbak Konher Patil vs ITO case, adjudicated by the Bangalore ITAT, addresses crucial issues concerning the timely payment of employees’ contributions under the PF Act. This detailed analysis delves into the essence of the case, examining legal provisions, judicial interpretations, and their implications. The crux of the […]

Acme Cleantech Solutions Pvt Ltd Vs Union of India And Others (Punjab and Haryana High Court) Introduction: In a significant development, the Punjab and Haryana High Court has intervened in the ongoing nationwide proceedings concerning corporate guarantee matters. This article explores the court’s decision to stay the proceedings pending a response from the Central Board […]

De Diamond Electric India Private Limited Vs Assessment Unit, National faceless Assessment Centre (Delhi High Court) The case of De Diamond Electric India Private Limited vs. Assessment Unit, National Faceless Assessment Centre before the Delhi High Court concerns the challenge against a final assessment order dated November 16, 2023, passed under various sections of the […]

The Real Estate (Regulation and Development) Act 2016, commonly known as RERA, has indeed been a significant milestone in the regulation of the real estate sector. Over the past 7 years, RERA has played a crucial role in bringing transparency, accountability, and fairness to the real estate market, benefiting both homebuyers and developers. As we […]

Sri Vijayalakshmi Leathers Vs Commissioner of Customs (Exports) (CESTAT Chennai) In the case of Sri Vijayalakshmi Leathers vs. Commissioner of Customs (Exports) heard by the CESTAT Chennai, the appellant had filed a shipping bill in 2013 for the export of leather declared as “F/C Sheep Grain Finished Upper Leather.” However, upon examination, it was discovered […]

SC Urges Police In All States, UTs Not To Make Mechanical Entries In History Sheets Based On Caste It must be stated before stating anything else that while not shying away at all from confronting the ruthless, rampant and raw discrimination perpetrated on most flimsy grounds of caste etc, the Supreme Court in a most […]

Securities and Exchange Board of India (SEBI) has issued a Master Circular (No. SEBI/HO/MIRSD/POD-1/P/CIR/2024/37) dated May 07, 2024, addressed to all registered Registrars to an Issue and Share Transfer Agents (RTAs). This circular consolidates various directives previously issued to RTAs by SEBI. It supersedes the previous Master Circular for RTAs dated May 17, 2023, and […]

In India, there are various statutes, laws, rules and regulations that are applicable to the Corporate Sector. To reduce the risk of frauds as well as the potential cost of non-compliance of applicable provisions, it became essential to conduct an effective audit. Due to this, The Institute of Company Secretaries of India understood the need […]

What is Moonlighting? The term “Moonlighting” was first used in the 1920’s to describe people who worked at two jobs, one during the day and one at night. It refers to the moon’s light shining on someone’s face while they work late into the evening or early morning hours. Moonlighting refers to the practice of […]

Millie Dey Vs ITO (ITAT Kolkata) BRIEF FACTS OF THE CASE: Assessee; being a Co-owner of a house property sold the property in the financial year 2015-16 pertaining to assessment year 2016-17. The return for the year was duly submitted by the assessee showing a long term capital loss as arrived by the assessee on […]

Case Law Details Case Name : M/s Payworld Digital Services Pvt. Ltd. (formerly known as Sugal and Damani Utility Services Pvt. Ltd.) vs. Union of India & Anr. (Delhi High Court) Appeal Number : W.P.(C) 5881/2024 Date of Judgement/Order : 26/04/2024 Related Assessment Year : M/s Payworld Digital Services Pvt. Ltd. (formerly known as Sugal […]

Introduction: Valuation reports play a crucial role in meeting regulatory requirements, particularly in tax matters. This article delves into the necessity of obtaining valuation reports, focusing on their relevance in tax assessments, such as income tax, transfer pricing, ESOP taxation, capital gains, and indirect transfer tax provisions. Furthermore, it explores valuation requirements under accounting standards […]

MCA held that  LEIXIR RESOURCES PRIVATE LIMITED and its officers are liable for action under section 90 (11) of the Act for its failure to take necessary steps as per section 90(4A) to identify the SBO in relation to the company. Also, the company and its officers failed to even send a notice [which was […]

In re Nokia Solutions and Networks India Private Limited (CAAR Mumbai) The Customs Authority of Advance Ruling in Mumbai deliberated on the eligibility of Optical Line Terminals (OLTs) for a concessional Basic Customs Duty (BCD) rate of 10%. Nokia Solutions and Networks India Private Limited sought clarification, triggering a detailed analysis. The applicant, engaged in network […]

The evolution of tax regulations witnessed a significant milestone with the amendments to Section 115BAC of the Income Tax Act, 1961, brought forth by the Finance Act of 2023. This watershed moment in tax legislation not only aimed at simplifying tax filing procedures but also sought to enhance transparency and accountability in the tax ecosystem, […]

ACIT Vs Kesar Terminals and Infrastructure Ltd. (ITAT Mumbai) The Mumbai Income Tax Appellate Tribunal (ITAT) recently delivered a significant ruling in the case of ACIT vs Kesar Terminals and Infrastructure Ltd. The case pertained to the taxation of notional interest income credited to the profit and loss account in accordance with Indian Accounting Standards […]

The Chairman of the Central Board of Indirect Taxes & Customs (CBIC) issued a newsletter on May 6, 2024, highlighting significant achievements and updates within the department. Firstly, the newsletter celebrates the record-breaking Goods and Services Tax (GST) collections of April 2024, amounting to 2.10 lakh Crore. This achievement is attributed to the combined efforts […]

DCIT Vs Subramaniam Thanu (ITAT Chennai) Section 271D penalty proceeding cannot be initiated if AO fail to record his satisfaction before initiating penalty penalty proceeding in respect of violation of provisions of section 269SS of Income Tax Act,  1961. Assessing Officer has to record his satisfaction before initiating penalty under section 271D of the Act […]

The Ministry of Finance, Government of India, through the Central Board of Direct Taxes (CBDT), has issued comprehensive guidelines for the compulsory selection of returns for complete scrutiny during the Financial Year 2024-25. These guidelines aim to ensure effective tax administration and compliance while streamlining procedures for assessments. F.No.225/72/2024/ITA-IIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral […]

There was a time when people used to invest in physical assets and they find gold as the safest medium to pool their savings to secure a better future. But with time, things changed and so do the priorities of people who wants to invest their hard-earned money for the better returns. Increase in the […]

Bank of Nova Scotia Vs DCIT (IT) (ITAT Mumbai) In the case of Bank of Nova Scotia vs. DCIT (IT), the Mumbai Income Tax Appellate Tribunal (ITAT) addressed transfer pricing adjustments concerning various services provided by the company, including administrative support services, IT-enabled services, and the purchase of precious metals like gold and silver imported […]

Mandava Foundation Vs ITO (ITAT Hyderabad) ITAT allows rectification of mistake of applying registration in Form 10AB instead of Form 10A The case of Mandava Foundation versus the Income Tax Officer (ITAT Hyderabad) revolves around a procedural error in the application for registration under the Income Tax Act, 1961. Here’s a detailed summary of the […]

Maruti Enterprise Vs ADIT(CPC) (ITAT Rajkot) The case of Maruti Enterprise versus the Assistant Director of Income Tax (CPC) (ITAT Rajkot) revolves around the disallowance of a deduction under section 43B of the Income Tax Act, 1961. Here’s a detailed summary of the order: Maruti Enterprise filed an appeal against the order of the National […]

Sandeep Singh Vs State Of U.P. And 2 Others (Allahabad High Court) In a recent ruling, the Allahabad High Court addressed the issue of license cancellation under the United Provinces Excise Act 1910. The case, Sandeep Singh vs. State of U.P., revolves around the cancellation of a liquor license without substantial evidence. The petitioner, Sandeep […]

Nitin Mavji Vekariya Vs ITO (Gujarat High Court) In the case of Nitin Mavji Vekariya versus the Income Tax Officer (ITO) before the Gujarat High Court, the court dealt with the challenge to an order issued under section 148A(d) of the Income Tax Act, 1961 for the Assessment Year 2018-19. Here’s a summary of the […]

Dion Global Solutions Limited Vs ACIT (ITAT Delhi) In the case of Dion Global Solutions Limited vs. ACIT, the Delhi Income Tax Appellate Tribunal (ITAT) addressed the imposition of penalties under Section 271(1)(c) of the Income Tax Act, 1961, concerning the assessment year 2007-08. The assessee challenged the penalty imposed on disallowance of expenses amounting […]

CIT Vs Dabur India Ltd (Delhi High Court) In the case of CIT vs. Dabur India Ltd, the Commissioner challenged the order passed by the Income Tax Appellate Tribunal (ITAT) dated April 12, 2017. The Commissioner proposed several questions of law for consideration. However, upon examination, it was found that the proposed questions primarily pertained […]

Shameem Sultana Vs Faizunnissa Begum (Telangana High Court) The application under Section 11(6) of the Arbitration and Conciliation Act, 1996 seeks the appointment of a sole arbitrator to resolve a dispute arising from a Partnership Deed dated 01.04.1994 between the applicant and respondents. The applicant sent notices requesting information and clarification related to the firm, […]

Pahari Mata Sahkari Awas Samiti Ltd. Vs ACIT (ITAT Lucknow) The Commissioner (Appeals) is duty bound to dispose of the appeal through a speaking order on merits on all the points which arose for determination in the appellate proceedings, including on all grounds of appeal; and that the Commissioner (Appeals) is not empowered to dismiss […]

In the midst of election fervor, Arjuna seeks guidance from Krishna on choosing the right insurance policy, akin to selecting the right candidate for long-term security. Krishna’s insights shed light on crucial factors to consider in this vital decision-making process. Arjuna (Fictional Character): Krishna, it is general elections period in our country and you can […]

KDDI Corporation Vs DCIT (ITAT Bangalore) Conclusion: Payments received by assessee towards interconnectivity utility charges from Indian customers or end users could not be considered royalties to be brought to tax in India under Article 12 of India -Japan DTAA as Explanations 5 and 6 to section 9(1)(vi) were not found in the definition of […]

Introduction The Maharashtra Ownership Flats (Regulation of the promotion of construction, sale, management and transfer) Act, 1963 (hereafter referred as the Act) aims to safeguard the interests of flat buyers, regulate real estate transactions, and ensure transparency and accountability in property dealings. Conveyance refers to the formal transfer of property ownership from the promoter (builder) to […]

Shamanna Reddy Vs ITO (ITAT Bangalore) In the case of Shamanna Reddy vs. ITO, the Income Tax Appellate Tribunal (ITAT) Bangalore addressed an appeal against the CIT(A)’s order concerning the Assessment Year 2018-19. The appellant, an individual, contested the dismissal of their appeal by the CIT(A) on technical grounds and the subsequent assessment order passed […]

Lalita Troy Caeiro Vs ITO (ITAT Mumbai) In the case of Lalita Troy Caeiro vs. ITO, the Income Tax Appellate Tribunal (ITAT) Mumbai addressed an appeal against the order of the National Faceless Assessment Centre (NFAC), Delhi, pertaining to the assessment year 2011-12 under section 143(3) read with section 147 of the Income Tax Act. […]

Smt. Kusum Mittal Vs DCIT (ITAT Delhi) The appeal filed by the Assessee against the order of the Commissioner of Income Tax (Appeals)-3, Gurgaon, dated 25/03/2022, for the Assessment Year 2017-18 was considered by the Income Tax Appellate Tribunal (ITAT) Delhi. The grounds of the assessee included challenges to the validity of the assessment proceedings […]

Ulliyeri Sree Nidhi Limited Vs Union of India (Kerala High Court)SEO Title: The Kerala High Court’s recent ruling on Nidhi Companies underscores the importance of regulating financial activities within the bounds of the law without rendering their operations impossible due to excessive restrictions. The court recognized the need for a reasonable regulatory framework, especially when […]

Kundal Raghubir Bhandari Vs ITO (ITAT Mumbai) In this case, the Income Tax Appellate Tribunal (ITAT) Mumbai reviewed an appeal filed by the assessee against an order by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi. The dispute arose from the addition of ₹11,33,000/- as undisclosed income by the Assessing Officer. The […]

Ministry of Corporate Affairs (MCA) has issued a penalty order against Hermes I Tickets Private Limited for the non-maintenance of registers as per Section 171(2) of the Companies Act, 2013. Hermes I Tickets Pvt Ltd, a registered company in Tamil Nadu, faced scrutiny for non-compliance with Section 171(2) of the Companies Act, 2013. Despite the issuance […]

Registrar of Companies in Chennai has imposed penalties on Hermes I Tickets Private Limited and its directors for breaching Section 134(5)(b) of the Companies Act, 2013. The violation pertains to the directors’ responsibility statement in the company’s financial statements for the fiscal years 2014-15 and 2015-16. Despite notices and hearings, neither the company nor its […]

Kishore Bhagwandas Ramnani Vs ITO (ITAT Mumbai) In the case of Kishore Bhagwandas Ramnani Vs. ITO (ITAT Mumbai), the assessee appealed against the Dispute Resolution Panel’s (DRP) dismissal of objections regarding the disallowance of expenses claimed during scrutiny assessment. The DRP had cited the original Form 35A’s lack of signature by the authorized representative and […]

Mahesh Gurram Vs ITO (ITAT Visakhapatnam) The case of Mahesh Gurram Vs ITO, heard at the ITAT Vishakhapatnam, delves into the crucial matter of time-barred appeals and the necessity for sufficient cause for condonation of delay. This detailed analysis uncovers the intricacies of the case, shedding light on the legal proceedings and the final decision […]

Satbir Filing Station Vs Delhi Value Added Tax Officer Ward 101 & Ors. (Delhi High Court) Delhi High Court ruled in the case of Satbir Filing Station vs. Delhi Value Added Tax Officer Ward 101 & Ors. regarding the computation of interest on a delayed refund under Section 42 of the Delhi Value Added Tax […]

Chapter IV : Section 62 (1) (a) of Companies Act, 2013 Right issue of shares is a process by which a company raises further capital. This is done by offering a right to the existing shareholder to acquire shares, usually at a lower price compared to its market value. Companies Act states that whenever a […]

Non-disclosure of Beneficial Shareholding – Section 89(1) & 89(2): MCA Imposes Penalty The Registrar of Companies in NCT of Delhi & Haryana has imposed a penalty on STEP1 ADVERTISING PRIVATE LIMITED and its relevant stakeholders for non-disclosure of beneficial shareholding, as per Section 89 of the Companies Act, 2013. The company had not filed necessary […]

South Eastern Coalfields Limited Vs Commissioner of Central Excise and Service Tax (CESTAT Delhi) The recent ruling by the Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) in the case of South Eastern Coalfields Ltd. vs Commissioner of Central Excise has raised pertinent questions regarding Service Tax refund issues and judicial […]

In re Blue Star climatech Limited (CAAR Mumbai) In the recent case of In re Blue Star Climatech Limited, the Customs Authority for Advance Rulings (CAAR) in Mumbai addressed several crucial questions regarding import conditions, EPCG (Export Promotion Capital Goods) license usage, and export classifications. The ruling provides clarity on intricate matters impacting the operations […]

The Ministry of Corporate Affairs (MCA) has issued penalties against “Al-Ameen Mutual Benefit Nidhi Limited” for non-compliance with Section 158 of the Companies Act, 2013. The violation involves directors failing to mention their Director Identification Numbers (DIN) below their signatures in the financial statement for the year 2019-20. The case arises from the failure of […]

The International Financial Services Centres Authority (IFSCA) Circular 329, issued on May 03, 2024, addresses the import of UAE Good Delivery (UAEGD) Gold through the India International Bullion Exchange (IIBX) by valid India-UAE Tariff Rate Quota (TRQ) holders. This circular aims to streamline the process and ensure compliance with the India-UAE Comprehensive Economic Partnership Agreement […]

Hexaware Technologies Limited Vs ACIT (Bombay High Court) The case of Hexaware Technologies Limited Vs ACIT, heard in the Bombay High Court, addresses significant issues surrounding reassessment proceedings under Section 148A of the Income Tax Act, 1961. This article delves into the key aspects of the case, the court’s findings, and their implications. Detailed Analysis: […]

Sarfaraz S. Furniturewalla Vs Afshan Sharfali Ashok Kumar & Ors (Bombay High Court) The petitioner, represented by Pardiwala, sought clarity on the wording of a court order regarding the payment of interest. Subsequently, the issue of TDS deduction on ‘Transit Rent’ was raised by Dhanani, to which Pardiwala contested citing precedents from the Income Tax […]

The Registrar of Companies, Uttar Pradesh, Kanpur, acting as the Adjudicating Officer, has imposed penalties on “Al-Ameen Mutual Benefit Nidhi Limited” and its directors for failing to comply with Section 117 of the Companies Act, 2013. The company did not file Form MGT-14 for the approval of accounts for the financial years ending on March […]

Nimir Kishore Mehta Vs ACIT (Bombay High Court) In the case of Nimir Kishore Mehta Vs ACIT, the Bombay High Court has ruled on the validity of a notice and order issued by the Assessing Officer (AO) under Section 148A(b) of the Income Tax Act. The petitioner, an NRI, challenged the jurisdiction of the AO, […]

Introduction: The Ministry of Corporate Affairs (MCA) has issued an adjudication order against EUEB India Private Limited for violating Rule 149 of the Companies Act, 2013. This article provides an in-depth analysis of the order and its implications on the company. Detailed Analysis: EUEB India Pvt Ltd, registered under the Companies Act, faced scrutiny for […]

Non-providing minutes of Board Meeting approving Financial Statements: MCA Imposes Penalty The Ministry of Corporate Affairs (MCA) recently imposed penalties on EUEB India Private Limited for violating rules pertaining to board meetings under the Companies Act, 2013. Specifically, the company failed to provide minutes of the board meeting where financial statements for the fiscal year […]

Abstract Shareholder activism within corporate law encapsulates the evolving role of shareholders in influencing corporate governance, strategy, and decision-making within companies. This abstract explores the multifaceted nature of shareholder activism, its mechanisms, implications, and its impact on corporate governance dynamics. Shareholder activism denotes the proactive involvement of shareholders in advocating for changes within a company. […]

Pension: A Necessity By Dr. Deepak Mohanty1 I thank Professor (Dr.) Tarun Agarwal, Director, National Insurance Academy (NIA), Pune, for this opportunity to interact with the esteemed faculty and distinguished invitees. There is considerable synergy between insurance and pension for old-age income security and wellbeing. There are two key concerns on retirement: drop in income […]

Minutes not complied with Section 118(10) & Secretarial Standard-2 (SS-2): MCA imposes Penalty: The Registrar of Companies, Madhya Pradesh, issued an order imposing penalties on M/S Feranbraj Toll and Highway Pvt Ltd and its directors for failure to comply with Section 118(10) of the Companies Act, 2013, and Secretarial Standard – 2 regarding the minutes […]

The Registrar of Companies, Madhya Pradesh, issued an adjudication order imposing penalties on RSUN Pharma Pvt Ltd and its directors for not mentioning the company’s CIN, address, and name on its letterhead, violating Section 12(3)(c) of the Companies Act, 2013. Despite receiving notices, the company and its directors failed to appear, leading to an ex-parte […]

It’s Time to File Income Tax Return: Know All About Old and New Tax Regime and Filling of Form 10-IEA The Government in union budget 2023 had made New Income Tax regime as a default tax regime for all the taxpayers and taxpayers who want to opt for the old tax regime will now have […]

Funding v/s Bootstrapping Now- a-days, funding has become a new trend, as soon as one come-up with an idea, creates projections and immediately seeks VCs or investors for funding. But is this approach suitable for every startup? Is it worth investors’ money? In this article, we shall be covering bootstrapping and funding, discussing which should […]

Balancing the Pros and Cons of AI and Predictive Analytics in Legal Decision-making: Why Human Intervention and Oversight Remain Vital Artificial Intelligence (AI) has been around since the early 1950s and has become the buzz of the tech world. AI is not based on human-like carbon-based tissues, but rather silicon-based chipsets of the processors that […]

The Ministry of Corporate Affairs (MCA) recently imposed a penalty on MIS Sandal Nidhi Limited due to an error in their auditor appointment letter. 1. Violation Identification: The issue stemmed from a discrepancy in the company name mentioned in the auditor appointment letter attached in ADT-1. Instead of “M/s Sandal Nidhi Limited,” the letter referred […]

The Ministry of Corporate Affairs, through the Registrar of Companies in Chennai, issued an adjudication order under Section 77 of the Companies Act, 2013 against M/s Shinago International (India) Private Limited for failing to register charges with the Registrar. The company and its managing director, Shri. Suresh Nathu Patel, were found liable for penalty under […]

The Registrar of Companies, Chennai, acting as the Adjudicating Officer, issued an adjudication order under Section 149(1) of the Companies Act, 2013 against WS. Info-Drive Software Limited (now under liquidation). The company was found in violation of Section 149(1) for not appointing a woman director on its board as required for listed companies under Rule […]

The Registrar of Companies, Chennai, acting as the Adjudicating Officer, issued an adjudication order under Section 94 of the Companies Act, 2013 against M/s Hermes I Tickets Private Limited. The company was found in violation of Section 94 for not keeping and maintaining the required registers at its registered office as mandated by the Act. […]

The Registrar of Companies, Chennai, acting as the Adjudicating Officer, issued an adjudication order under Section 171(2) of the Companies Act, 2013 against M/s Hermes I Tickets Private Limited for non-maintenance of registers as prescribed under the Act. An inquiry was conducted, and the company was directed to submit various documents related to registers, returns, […]

Disclosures requirements under Section 134 (3) of Companies Act, 2013. (a) the web address, if any, where annual return referred to in sub-section (3) of section 92 has been placed (b) number of meetings of the Board; (c) Directors’ Responsibility Statement; (ca) details in respect of frauds reported by auditors under sub-section (12) of section […]

In re Vivo Mobile India Pvt Ltd. (CAAR New Delhi) M/s. Vivo Mobile India Pvt. Ltd. has sought an advance ruling from the Customs Authority for Advance Rulings, New Delhi (CAAR) regarding the classification of Thermal Putty used in manufacturing mobile phones. This article delves into the detailed analysis of the issue and the ruling […]

Introduction: The International Financial Services Centres Authority (IFSCA) recently issued a circular aimed at facilitating investments by Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) into Indian securities through schemes and funds in International Financial Services Centres (IFSCs). This circular addresses alternative routes and compliance requirements to enhance participation in the Indian securities market. […]

Dear friends, ITR Filing season is on and taxpayers are busy in arranging documents that are required while filing Income Tax return. In the past 5-6 years a growing trend has been seen in number of taxpayers filing ITR. Each year many new taxpayers are starting Income Tax return Filing. In today’s article, we will […]

Introduction In our increasingly interconnected world, many Indian taxpayers find themselves earning income from foreign sources. Whether it’s through international business ventures, employment abroad, or investments overseas, such income can lead to the complexities of double taxation. However, the Indian government provides a solution in the form of the Tax Credit, which allows eligible taxpayers […]

The Ministry of Corporate Affairs, through the Registrar of Companies, Chennai, acting as the Adjudicating Officer, issued an adjudication order against M/s. Aalamara Nidhi Limited for violation of Section 117 and Section 179(3)(g) of the Companies Act, 2013. The violation pertains to the failure of the company to file Form MGT-14 for the board resolutions […]

Article explains Reverse Charge Mechanism (RCM) under GST law, its necessity, eligibility criteria, time and tax payment aspects, with comprehensive insights and examples. The post RCM in GST: Basics, Analysis, & Impact appeared first on TaxGuru. Source link

Netcore Solutions Pvt. Ltd. Vs Union of India & Ors. (Bombay High Court) The Hon’ble Bombay High Court allowed the writ petition and set aside the rejection order. The original records were called for. There was no record of service of notice or order in the file. The petitioner is a technology solutions service provider. […]

The Section 2(s) of Payment of Gratuity Act, 1972 defines “wages” meaning all emoluments which are earned by an employee while on duty or on leave in accordance with the terms and conditions of his employment and which are paid or are payable to him in cash and includes dearness allowance but does not include […]

Sovereign Gold Bonds (SGBs) are the government securities denominated in grams of gold. These are issued by Reserve Bank of India on behalf of Government of India. SGBs are the perfect alternate to physical gold. The Bonds are sold through offices or branches of Nationalised Banks, Scheduled Private Banks, Scheduled Foreign Banks, designated Post Offices, […]

Introduction A debit note is a commercial document commonly used in business-to-business (B2B) transactions, which can be utilized by either buyers or sellers to address the amount owed for the sale of goods or services. Essentially, it serves as an additional note associated with an invoice, typically indicating the necessity to adjust the invoiced amount. […]

According to the recent office order, EPFO has increased the maximum limit of Retirement gratuity and death gratuity by 25% to Rs. 25 Lakh from the existing Rs. 20 Lakh. This adjustment is in response to the revision of Dearness Allowance payable to Central Government Employees, which has risen to 50% of the basic pay […]

Under the Income Tax Act, 1961, the computation of income is categorized into five heads, with Capital Gains being one of them. Capital Gains entail profits or gains derived from the transfer of capital assets. This article aims to provide a detailed understanding of Capital Gains, including the types of income falling under this head […]

Income Tax Implication of conversion of Partnership Firm / Proprietorship Firm in to Private Limited Company Overview: When converting an existing Partnership Firm or Proprietorship Firm into a new private limited company, there is a change in ownership on paper, but the implications in reality is quite considerable. It raises questions regarding whether such a […]

INTRODUCTION Until now, Indian companies were not permitted to list their shares directly on overseas markets, and instead use depository receipts (American Depository Receipts or Global Depository Receipts) to do so. Indian businesses will be given the “flexibility to access both markets domestic market for raising capital in INR and the international market at IFSC […]