In terms of Section 45-IA of the RBI Act, 1934, no Non-banking Financial company can commence or carry-on business of a non-banking financial institution without a) obtaining a certificate of registration from the RBI.
The issuance of shares to service providers in exchange for consideration other than cash is a common practice in the corporate world. This arrangement allows companies to compensate individuals or entities for their services while preserving their cash resources. In this article, we will explore the concept of issuing shares to service providers, the benefits […]
1. What is the sense of a trademark? Ordinarily, a trademark is a logo or a label that you can employ to modify your goods from those of your opponents in the market. The word trademark is the statutory term for the IP (intellectual property). You can also tell that a trademark is a name, […]
Farmhouses being built on a 20 acre plot near Sohna are likely to be demolished in a week as the builder started construction without any permission from the Authority. DTCP team visited the site in Bhogpur village and found out that the builder have already laid a network of internal roads, erected electric poles and constructed boundary […]
With the rise in internet user base and rapid increase in use of technology gambling being a state subject there is no other uniform law for gambling in India. Games likes dream 11, fantasy cricket, poker, rummy are played in huge numbers in India which impacts large number of people in India who are unemployed thus this results into crimes and suicide in this pandemic situation.The information technology Act, 2000 covers many cyber activities but fails to interpret this online gambling law. Gambling being an addictive government should make proper and uniform laws to control online gambling. Article covers various laws with respect to online gambling and recommendations to strengthen the legal framework.
[Ref: D.Y. Beathel Enterprises Vs State Tax Officer (Madras High Court order dated 24th February, 2021] A writ petition is filed before Madurai Bench of Madras High Court under Article 226 of the Constitution of India, to quash the order dated 29.10.2020 as illegal, arbitrary, wholly without jurisdiction and in violation of the principles of […]
Deduction u/s 54 of the Act. Can be claimed as per law even construction of the house has not been completed and not occupied by the assessee Addition of Rs. 300000.00 on account of disallowance of deduction u/s 54 The assessee has shown income from Long Term capital gain from sale of property at Ambala […]
AAR held that, the supply of medicines, surgical items, implants, consumables and other allied services & items provided by the hospital through their hospital in-house pharmacy, as well as food, room on rent, other services to the in-patients admitted to hospital for diagnosis, or medical treatment or procedures is part of composite supply of health care treatment service and is exempted
What is Section-8 Company? A Section 8 company is a non-profit organization formed with the objective of promoting commerce, arts, science, sports, education, research, social welfare, and protection of the environment. Who can Incorporate a Section 8 Company? An individual or group of individuals can apply for Section 8 Company Registration if it holds the […]
REQUIREMENTS AS PER RBI ACT, 1934 1. Requirement of prior approval of Reserve Bank Requirement for obtaining prior approval of RBI in cases of acquisition/ transfer of control of Non-Banking Financial Companies (NBFCs). 2. Application for prior approval NBFCs shall submit an application, in the company letter head, for obtaining prior approval of the Bank, […]
