Improvement of owner’s title to asset is different from improving asset itself | Section 48, 49, and 55 of the Income Tax Act, 1961 Cost of improvement which is liable to be deducted , should be an improvement to the asset itself , not an improvement of the owner’s title to the asset . Meaning […]
With the objective of integrating the extant reporting structures of various types of foreign investment in India, RBI introduced Single Master Form (SMF) through its Circular RBI/2017-18/194 A.P (DIR Series) Circular No. 30. Dated June 07, 2018 w.e.f. September 1, 2018. SMF Form provides reporting of various forms for foreign investment which includes: S. No. […]
Conversion of Public Company Into Private Company is governed by following Provisions of Companies Act and Rules- 1) Relevant Section and rules for Conversion: a. Section 13: Alteration of Memorandum of Association. b. Section 14: Alteration of Articles of Association. c. Section 18: It provides the manner in which an existing Company can convert itself […]
Section 194Q V/s 206C (1H) What is Section 194Q? Section 194Q is for Tax deducted at source (TDS) applicable from 01.07.2021. What is Section 206C (1H)? Section 206C (1H) is for Tax Collected at source (TCS) applicable from 01.10.2020. A person is liable to deduct TDS under Section 194Q when the below conditions are satisfied- The person […]
(1) Every banking company (2) cooperative bank; or (3) post office, who is responsible for paying any amount in cash the aggregate of which is exceeding Rs. 1 crore during the previous year from one or more accounts maintained by the recipient with it shall at the time of payment of such sum deduct an amount equal to […]
Declaration of dividends by NBFCs In order to infuse greater transparency and uniformity in practice, it has been decided to prescribe guidelines on distribution of dividend by NBFCs. Applicability – All NBFC’s regulated by RBI Effective Date – Effective for declaration of dividend from the profit of F.Y. 2021 – 22 and onwards. Consideration before […]
Revised SEBI Provisions (Requirements and Compliances) (Quarterly, Half Yearly and Annual Compliances) Under 1. SEBI (LODR) Regulations, 2015; 2. SEBI (SAST) Regulations, 2011 3. SEBI (Prohibition of Insider Trading) Regulations, 2015; and 4. SEBI (Depositories and Participants) Regulations, 2018. 1) Quarterly Compliance COMPLIANCES UNDER 1. SEBI (LODR) Regulations, 2015; AND 2. SEBI (Depositories and Participants) […]
Discover the ways to detect and control motor insurance frauds in India. Learn how legal professionals support bogus accidents for false claims.
We know that before Finance Act, 2020 a dividend received from a domestic company is exempt in the hands of shareholders. Because company declaring dividend is required to pay Dividend Distribution Tax (DDT) under provisions of Section 115O of the Income Tax Act,1961 before crediting amount of dividend into account of shareholders. Many business houses […]
Detailed Overview Of Foreign Liabilities And Asset (Fla) Return (Covering Applicability, Steps, And Instructions For Filing Of Fla Return) OVERVIEW FLA (Foreign Liabilities and Asset) return is a return filed with RBI on annual basis depending on the applicability of certain provisions of Foreign Exchange Management Act, 1999 (FEMA) on below entities: a) Any entity which […]
