The decision of Arbitral Tribunal is termed as ‘Arbitral Award’ under the Arbitration and Conciliation Act, 1996 ( Arbitration Act). Pursuant to Section 28(2) of the Arbitration Act, the Arbitral Tribunal shall decide ex aequo et bono [in justice and in good faith] or as amicable compositeur only if the parties expressly authorised it to […]
Know Person Resident Outside India (PROI) and Non-Resident Indian (NRI) under FEMA Pursuant to the amendments to Foreign Exchange Management Act, 1999 (‘FEMA’) through Finance Act, 2015, recently, the Ministry of Finance notified the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (“the Nondebt Instruments Rules”) vide Notification No. 3732(E) dated 17th October, 2019 and Foreign […]
Partnership means more than one person come and work together. Business partnerships are carried out with the intention of earning Profits. But in Political partnerships there is no objective of earning profits, however nowadays it seems that they are made for profits only. In politics rules are not followed. If business Partnerships dissolves then every partner has to follow various laws.
Under the latest provisions, any sum of money received without consideration (in excess of Rs 50,000), by an individual or Hindu Undivided Family (HUF), during a financial year, are taxable in the hands of the recipient. For the purpose of computation of the threshold limit of Rs 50,000, the aggregate value of gifts received from all sources by the recipient needs to be considered.
The spread of the novel coronavirus has not yet reached manageable levels. Economies are reeling under the shock of lockdowns and social distancing norms. Life has never been so uncertain in the past century. Hence, it is vital to review your financial decisions now. It would be best if you actively looked for the best […]
We all do live, work, entail, access digital era, hence it’s too important us to know the digital solutions in case any fraudulent activity or crime committed. Digital Era is a period where is a shift process occurs from industry based to information technology based. Economy using computer or other technology devices as medium or […]
Secretarial Audit is a compliance audit and it is a part of total compliance management in an organization. The Secretarial Audit is an effective tool for corporate compliance management. It helps to detect non-compliance and to take corrective measures. Secretarial Audit is a process to check compliance with the provisions of various laws and rules/ […]
I] An understanding on MSME: MSMEs are an important sector for the Indian economy and have contributed immensely to the country’s socio-economic development by generating employment opportunities and development of entrepreneurship. Categorization of MSMEs to be based on composite criterion of Investment and turnover, same is as under (w.e.f. July 01 2020): Classification Criterias Micro […]
The Companies (Amendment) Bill, 2020 Assented by President as Companies (Amendment) Act, 2020, provides the following, namely: — ♦ To incorporate a new Chapter XXIA in the Act related to Producer Companies. ♦ To decriminalize certain offences under the Act. ♦ To make provisions for allowing payment of adequate remuneration to non-executive directors in case […]
The proper officer will issue a notice in Form GST REG-03, in case any additional information, clarification or documents is required from the applicant who has applied for the Goods and Services Tax (GST) registration. In response to such notice, the applicant is required to file a reply, providing such additional information, clarification or document, […]
