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Archive: 21 April 2022

Posts in 21 April 2022

Are LIC Policyholders entitled to Dividend from Surplus Fund- Bombay HC to Examine; Refuses to stay LIC IPO

April 21, 2022 1098 Views 0 comment Print

BOMBAY HIGH COURT has refused ad-interim relief to stall the proposed Initial Public Offering (IPO) by the country’s oldest and largest insurer –Life Insurance Corporation of India, with a rider that any IPO before the court finally decides the challenge would be subject to the outcome of the petition.

Additional conditions for compulsory Income Tax return filing notified

April 21, 2022 17397 Views 0 comment Print

CBDT has notified vide Notification No. 37/2022-Income Tax, additional conditions under section 139(1) of Income Tax Act 1961 for compulsory return filing which  are as follows:- (i) if his total sales, turnover or gross receipts, as the case may be, in the business exceeds sixty lakh rupees during the previous year; or (ii) if his […]

RBI tightens NBFC lending and disclosure guidelines

April 21, 2022 3432 Views 0 comment Print

The Reserve Bank of India tightens the lending and disclosure guidelines for NBFC’s by imposing some restrictions on lending to their upper management, directors, senior executives and the corporates or firms they are interested in. Also RBI issued guidelines regarding disclosure in its financial statements about the core and sensitive areas that are not covered […]

FDI in India: A brief discussion

April 21, 2022 1863 Views 0 comment Print

India is expected to attract foreign FDI of US$ 120-160 billion per year by 2025, according to a CII and EY report. Let us get to know how the FDI is regulated in India, the permissible routes and basic compliance related to the same. Foreign direct investment (FDI) is when an entity (Individual/Body corporate) acquires […]

Trade mark deceptively similar – Whether addition of word ‘India’ distinguishes: SC

April 21, 2022 2097 Views 0 comment Print

In an action for infringement when the defendant’s trademark is identical with the plaintiff’s mark, the court will not enquire whether the infringement is such as is likely to deceive or cause confusion.

ITAT treats Interest on Ideal fund of business deposited in Bank FD as Business Income

April 21, 2022 3288 Views 0 comment Print

Ideal fund of business deposited in Bank as Fixed Deposit (FD), Interest Income of Fixed Deposit is treated as Business Income. The assessee is a resident Company. As stated by the Assessing Officer, assessee is engaged in the business of construction, builder and developers etc. of residential houses, commercial building etc. In course of its […]

What to exclude From the turnover for E- Invoicing? Can anyone opt for E- Invoicing Voluntarily?

April 21, 2022 10884 Views 0 comment Print

Rule 48(4) of CGST Rules 2017 notifies certain class of suppliers who are required to undertake E-Invoicing procedure for issuance of a tax invoice. This rule was inserted w.e.f. 13.12.2019 vide Notification No. 68/2019 dt: 13.12.2019.

Summary of Arbitration and Conciliation Act, 1996

April 21, 2022 62937 Views 0 comment Print

Repeals the earlier law on arbitration contained in the Arbitration Act, 1940, the Arbitration (Protocol and Convention) Act, 1937 and the Foreign Awards (Recognition and Enforcement) Act, 1961.   The 1996 Act seeks to consolidate and amend the law relating :  -domestic arbitration,   -international commercial arbitration,   -enforcement of foreign arbitral awards   -and […]

Analysis of Nidhi (Amendment) Rules, 2022

April 21, 2022 5418 Views 0 comment Print

MCA Notification No. G.S.R. 301(E) Dtd. 19th April, 2022 The MCA vide its notification dated 19th April, 2022 has introduced some important amendments to the existing Nidhi Rules, 2014 by notifying Nidhi (Amendment) Rules, 2022 which shall come into force on the date of its publication in the Official Gazette i.e., 19th April, 2022. Sr. No. […]

Format of Resolution for Reasonable Remuneration to Interested Persons – Section 13 – Income Tax Act

April 21, 2022 1215 Views 0 comment Print

Learn about the format of resolution for reasonable remuneration to interested persons under Section 13 of the Income Tax Act. Understand the requirements for compensation in educational institutes.

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