The new IBC (Amendment) Ordinance, 2018 equates an allottee of a real estate project to be a person having a commercial effect of borrowing. He is now treated as financial creditor. He can initiate a corporate insolvency for a resolution against the errant developer.
Ministry of Labour and Employment reduce in the rate of EPF Administrative charges from .65% to .50% which is effect from 1st June, 2018. As per EPFO: “The total collection of administrative charges in 2017-18 is estimated at Rs 3,760 crore. A decrease of administrative charges by 0.15% would lead to reduction in collection of […]
Introduction of Single Master Form for reporting of Foreign Investment in India: RBI issued an A.P (DIR Series) Circular No.30 dt. June 07, 2018 regarding reporting for foreign investments in an Indian Entities, whereby For reporting total foreign investment in an Indian entity, an Integrated reporting structure has been introduced which will be called as […]
After issuing notice and after due dispatch, it must be placed in hands of the serving officer like the post office by speed post or by registered post etc., by which the officer issuing notice may not have control over the said notice after issuance of the said notice. It must be properly stamped and issued on the correct address to whom it has been Mere signing of notice cannot be equated with the issuance of notice as contemplated under Section 149 of the IT Act.
In re Awla Infra (AAR Haryana) ‘Whether GST is exempt or is applicable on the Private Entrepreneurs Godowns built under the PEG-2008 scheme of the FCI and leased out to the Nodal Agency (UPSWC) on ‘Lease and services basis’ for the storage of FCI’s food grain stocks (Wheat)’? Ruling In view of the above discussions and […]
ITAT held that the excess jewellery found in the case of assessee, his parents, his wife, their children and the HUF was very nominal, and was very much reasonable, keeping in mind the riches and high status and more customary practices.
Recently there are media reports claiming that Facebook has agreements which are allowing phone and other device manufacturers’ access to its users’ personal information, including that of their friends without taking their explicit consent. The Government of India is deeply concerned about reports of such lapses / violations.
Redressal of public grievances and taxpayer service is an area of top priority for the CBDT and the Income Tax Department. In this connection, a fortnight from 1st June to 15th June, 2018 has been dedicated for expeditious disposal of pending appeal effect and rectification matters.
Non-debiting of the expenditure in the books of account is not relevant for allowability of the same as long as the expenditure is really incurred and is deductible as per law
In this article, we will discuss about the Condonation of Delay Scheme 2018, the Procedure to be followed and how DIN can be restored even after Condonation of Delay Scheme (CODS Scheme, 2018). Background MCA had disqualified over 3 lakh directors vide its circular dated 6th September, 2017 and 12th September, 2017 respectively. The Disqualification […]
