Budget 2024 amends Section 271FAA to include penalties for inaccurate information and due diligence failures, effective October 1, 2024.
MCA imposes penalties on Ws. Abu Estate Pvt. Ltd. for inadequate accounting records, including fines for directors, under Companies Act, 2013.
MCA fines Abu Estate Pvt Ltd and its directors for not signing Directors’ Reports as per Section 134(1) of the Companies Act. Total penalty: ₹13.5 lakh.
AAR Tamil Nadu confirms eligibility for ITC on motor vehicle leasing services used for women’s transport under Tamil Nadu Shops Act. Full details of the ruling inside.
Finance Bill 2024 updates Section 80G to reflect “National Sports Development Fund” and changes approval procedures for charities. Effective April 1, 2025.
Budget 2024 proposes amendments to section 153 and section 139 of Income Tax Act to address procedural difficulties and streamline timelines for tax assessment, reassessment, and recomputation.
From October 1, 2024, the Black Money Act, 2015 will be included in tax clearance certificate requirements for Indian residents leaving the country.
New amendment to the Black Money Act (2015) allows recovery of liabilities from seized assets. Effective October 1, 2024, including foreign income and asset taxes.
Finance Bill 2024 removes NHB references from Section 43D, affecting income tax provisions for housing finance companies. Effective April 1, 2025.
MCA imposes Rs. 2,00,000 penalty on Mr. Purushothaman for holding directorships in over 10 public limited companies, violating Section 165 of the Companies Act, 2013.
