The ROC Mumbai levied ₹1 lakh each on a company and its directors for failing to maintain a registered office in violation of Section 12(1) of the Companies Act.
The ROC Mumbai found no contravention under Section 4(1)(c) of the Companies Act after verifying that the company operated within its amended MoA, leading to no penalty.
Section 194-IA mandates 1% TDS on immovable property purchases from resident sellers if consideration or stamp duty value is ₹50 lakhs or more. Buyer uses PAN (no TAN required); TDS deposited via Form 26QB. Non-compliance results in interest and penalties.
Section 194-IB mandates Individuals and HUFs to deduct 2% TDS on rent exceeding ₹50,000 per month. Know provisions, due dates, exemptions, penalties, and compliance for deduction, deposit, and filing under this section.
Supreme Court holds refund cannot be claimed without challenging assessment or self-assessment under Customs, Excise, Service Tax, or GST laws.
Understand Section 194R on TDS for benefits or perquisites from business or profession, its applicability, rate, valuation, exemptions, and compliance rules including penalties for default.
Overview of special tax regimes for Individuals, Companies, HUFs, and Co-operative Societies under Sections 115BA to 115BAE of the Income Tax Act.
Tax on Hindu Undivided Family (HUF) depends on its residential status. Learn how HUF income is computed under various heads, deductions allowed, applicable tax rates under both regimes, and tax treatment during HUF partition.
Understand the taxability, registration, and exemption provisions for charitable and religious trusts under Sections 11–13, including rules for income accumulation, audit, and cancellation.
IRDAI cautioned Universal Sompo for claim closures, refund delays, and late settlements. The insurer was warned to improve compliance and reporting.
