Trusts have not been defined under the Income-tax Act 1961. The Dictionary meaning of ‘Trust’, in so far as it relates to the realm of law, is ‘an arrangement’ by which property is handed over to or vested in a person, to use and dispose it off for the benefit of another person.’ Trust can […]
Madras High Court states that Notice for Anti-Profiteering Investigation can’t be issued without a report of Director General of Anti-Profiteering (DGAP) followed by the order of the National Anti-Profiteering Authority (NAA).
As per the Goods and Services Tax (GST) law, cancellation of GST registration can be initiated by both the proper officer or by the taxpayer himself. In case the proper officer has a reason to believe that the GST registration of the taxpayer should be cancelled. Then, the proper officer will begin the cancellation proceedings […]
Thanthi Trust Vs DIT (Madras High Court) Whether the Tribunal was right holding that the appellant trust is not eligible for exemption under Section 12A of the Income Tax Act, 1961 without considering the merits of the case in a proper manner? In the case on hand, there is no allegation that the assessee Trust […]
Following are the types of Bank account which a foreigner can maintain in India: ♦ Non – Resident External Rupee Account (NRE). ♦ Non- Resident Ordinarily Account (NRO). ♦ Foreign Currency (Non – Resident) Account Bank (FCNR (B)). ♦ Non – Resident (Non Repatriable) Rupee Deposit Accounts (NRNR Accounts). ♦ Special Non- Resident Rupee Account […]
Determination of Residential status of Foreign Citizen in India as per Income Tax Act Step 1: First of all we have to identify whether the person is Resident Indian or Non- Resident Indian: An individual shall be treated as Resident in India if he satisfies any one of the below mentioned conditions: a) If, he/she […]
Securities and Exchange Board of India Press Releases No. 57/2020 SEBI Chairman interacts with investors and other stakeholders from USA; Participants emphasize need for early finalization of direct listing scheme, development of Corporate Bond market and further reforms in IPO regulations Shri Ajay Tyagi, Chairman, SEBI along with other SEBI officials had an e-interaction on […]
A portfolio manager is a body corporate, which, pursuant to a contract with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or goods or funds of the client.
The issue under consideration is that despite the admitted successful filing of Form TRAN-1 by the Petitioner, the request of the Petitioner for transitioning of credit has not been approved by the ITGRC merely on the basis that there were no technical glitches on the GSTN side is justified in law?
In its continuous endeavor to cover more workers under ESI Scheme, Govt. of India has now extended the Employees ‘State Insurance (ESI) Scheme for the first time to Arunachal Pradesh, with effect from 1st November, 2020. A notification to this effect has been issued by the Central Government for notifying the district of Papum Pare,under ESI Scheme.
