Section 67(1) of Companies Act, 2013 prohibits buying by a company of its own shares. Thus, unless the transaction is one in which shares are bought (for consideration), Section 67(1) would not apply (since buying contemplates payment by buyer some consideration to the seller). Section 67(1) would not apply if a company holds its own […]
And to address the uncertainty in case of a specific transaction related to a particular taxpayer, a Quasi Judicial Body known as Authority for Advance Rulings (AAR) is formed to provide Advance Rulings in respect of the transactions undertaken or proposed to be undertaken by applicant coming under the scope of Advance Ruling Mechanism. AAR functions independent of the Income Tax Authority in India.
Sec 194K of the income tax act clearly states, that TDS is to be deducted by mutual fund companies only on the dividend payment made of mutual funds. No tax is required to be deducted in the case of capital gain arising on the transfer or sale of mutual fund units. section 194K explicitly provides […]
Learn about the exemption towards retrenchment compensation received by workmen under Section 10(10B) of the Income Tax Act.
Employee’s Provident Fund (EPF) is a retirement benefits scheme that’s available to all salaried employees. This fund is maintained and overseen by the Employees Provident Fund Organization of India (EPFO) and any company with over 20 employees is required by law to register with the EPFO. It’s a savings platform that helps employees save a […]
The COVID-19 pandemic has brought the world to a standstill and has greatly impacted the ability of businesses throughout the world to fulfil contractual obligations and sustain operations. The World Health Organization (“WHO”) declared COVID-19 a pandemic on 11th March 2020 [1] and the Indian Government imposed unprecedented travel restrictions, social distancing, large-
Union Bank of India NEFT / RTGS Utility for generating NEFT/RTGS Form at any time. You can add 2000 beneficiaries to the Form, hence when you need somebody’s Bank details in future,You can easily get it from this Form. Along with NEFT / RTGS form, you can Print respective cheque also. Now you are free […]
In order to provide greater flexibility to the State Governments to tide over their cashflow mismatches, RBI, on a review, has decided to a. increase the number of days for which a State/ UT can be in overdraft continuously to 21 working days from the current stipulation of 14 working days.
What is a settlement option under ULIP? It is an option to be exercised by the policyholder of a unit linked life insurance policy to receive the maturity proceeds in instalments.
FAQs on Power Grid operations during light out Allays all doubts about grid instability Question 1: Are only domestic lights to be switched off or are street lights, common area lighting, essential services etc lights also to be switched off between 9 – 9:09 pm? Answer: Only domestic home lights in the houses have to be put […]
