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Archive: 05 August 2021

Posts in 05 August 2021

MCA exempts foreign & companies incorporated outside India from provisions of sections 387 to 392

August 5, 2021 4500 Views 0 comment Print

Exemption from Chapter XXII: Companies Incorporated Outside India Central Government hereby exempts (a) foreign companies; (b) companies incorporated or to be incorporated outside India, whether the company has or has not established, or when formed may or may not establish, a place of business in India,, from the provisions of sections 387 to 392 (both […]

Companies (Registration of Foreign Companies) Amendment Rules, 2021

August 5, 2021 2667 Views 0 comment Print

MCA notifies Companies (Registration of Foreign Companies) Amendment Rules, 2021 vide Notification No. G.S.R. 538(E) dated 5th August, 2021. In Rule 2(1)(c) of the Companies (Registration of Foreign Companies) Rules, 2014, the following explanation is inserted: “Explanation– For the purposes of this clause, electronic based offering of securities, subscription thereof or listing of securities in the […]

Companies (Specification of definitions details) Third Amendment Rules, 2021

August 5, 2021 2214 Views 0 comment Print

Wlectronic based offering of securities, subscription thereof or listing of securities in the International Financial Services Centres set up under section 18 of the Special Economic Zones Act, 2005 (28 of 2005) shall not be construed as ‘electronic mode’ for the purpose of clause (42) of section 2 of the Act.

SEBI (Mutual Funds) (Second Amendment) Regulations, 2021

August 5, 2021 720 Views 0 comment Print

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 5th August, 2021 SECURITIES AND EXCHANGE BOARD OF INDIA (MUTUAL FUNDS) (SECOND AMENDMENT) REGULATIONS, 2021 No. SEBI/LAD-NRO/GN/2021/36.—In exercise of the powers conferred by section 30 read with clause (c) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of […]

Due Date for tax return filing u/s 139 & for payment of SA- Tax u/s 140A- Taxpayer Pushed to the Wall !

August 5, 2021 2418 Views 0 comment Print

Stay informed about the due dates for tax return filing and payment of SA-Tax. Find out how taxpayers are being pushed to the wall with this new tax regulation.

Delhi HC ruling on adjustment of Income Tax refunds against demand

August 5, 2021 3684 Views 0 comment Print

Eko India Financial Services Private Limited Vs ACIT (Delhi High Court) Against an assessment of AY 2017-18 the petitioner assessee filed an appeal u/s 246A of the Income Tax Act, 1961. AO adjusted the entire refund of the assessee pertaining to AY 2019-20 against such demand, which was more than 20% of such demand. Hon’ble […]

Deemed dividend provisions not applicable – What do we understand by ordinary course of business and substantial part of business

August 5, 2021 3192 Views 0 comment Print

Understanding the exceptions to deemed dividend provisions under the Income-tax Act. Learn about the ordinary course of business and substantial part of business.

Brought forward business loss allowed to be set-off against capital gains on assets used for business purpose: Karnataka HC

August 5, 2021 5340 Views 2 comments Print

Nandi Steels Limited Vs ACIT (Karnataka High Court) Facts of the case: In the present case, the assessee is a limited company carrying on the business of manufacture of iron and steel. During the year under consideration, it had earned income from sale of land, building and bore well used for its business purposes. The […]

Section 234B Interest for default in payment of advance tax

August 5, 2021 42018 Views 0 comment Print

The present article covers interest provisions as prescribed under section 234B of the Income Tax Act. Notably, section 234B is applicable when the taxpayer defaults in payment of advance tax. Advance tax vis-à-vis interest payable thereon- In terms of section 208, the taxpayer is liable to pay advance tax during the financial year in which […]

The National Commission For Homoeopathy (Amendment) Bill, 2021

August 5, 2021 630 Views 0 comment Print

The National Commission for Homoeopathy was constituted on the 5th July, 2021 and on the same date, the Homoeopathy Central Council Act, 1973 was repealed and the Central Council of Homoeopathy was superseded. Though a decision was taken that subsequent to the repeal of the said Act, it is not appropriate to move a replacement […]

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