With the spate of bank failures in independent India putting the depositors’ money at risk, India passed DICGC Act in 1961 through which Deposit Insurance & Credit Guarantee Corporation of India (DICGC) came into existence.
CONCEPTUAL ANALYSIS SERIES – I 185. Loan to Directors, etc. (1) No company shall, directly or indirectly, advance any loan, including any loan represented by a book debt to, or give any guarantee or provide any security in connection with any loan taken by,— (a) any director of company, or of a company which is its holding company […]
Even after getting a massive setback due to unprecedented Covid-19 crisis in March 2020, Indian economy was steadily moving towards recovery, however, second wave has badly hit since the last quarter due to which many businesses have been struggling for survival. With the predictions about third wave in nearby future, there would be more challenges […]
On 30th July 2020 the Central Board of Indirect Taxes and Customs (CBIC) released a notification and introduced the “Schema for E-Invoice” for imposing the e-invoicing. It will be implemented from 01st October 2020, only for entities whose business having a annual turn over of ₹500 Cr. What is E-Invoicing? E-Invoicing or Electronic Invoicing is […]
Appellant is entitled to refund of the amount of Cenvat Credit lying in their Cenvat Credit account on closure of business along with interest.
According to the legal definition of the Consent is based on the Roman Law maxim ‘volenti non fit injuria’ which typically means that when a person has given his\her consent to suffer the harm or the risk committed by other, then he cannot complain for any injury that flows therefrom. Hence in such a case […]
Indians have invested billions of dollars in cryptocurrencies like Bitcoin, Dogecoin, Ethereum, Binance, Ripple, Matic, and other over popular coins. The trading volume of cryptocurrencies has increased multifold since the nationwide lockdown of last year. According to a recent report, Indian investment in cryptocurrencies grew from $923 million in April 2020 to nearly $ 6.6 […]
Nidhi Company Nidhi as the Hindi word denotes “sampatti” is a type of public company which may be incorporated with an exclusive object of cultivating the habit of thrift and savings amongst its members, deposits from, and lending to, its members only, for their mutual benefit. What is a Nidhi Company? Nidhi Company is incorporated […]
INTRODUCTION 1. Charity and mutuality are age-old concepts. The former is done as an act of benevolence. The latter is an arrangement to achieve a common purpose. One undertaking such acts, therefore, needs to appreciate the implications under the GST laws to avoid any undue demands in future. This is more relevant for the reason […]
Exemptions to Charitable Trust under Income Tax Act, 1961 Income of a charitable and religious trust is exempt from tax subject to certain conditions. The exemptions are provided to the trusts under various provisions, inter-alia, Section 10, Section 11, etc. Some of the exemptions allowed to a trust are as under: Section 11 provides exemption […]
