This article aims to highlight the meaning of ‘Cost of new residential house’ in the context of deduction under section 54 of Income Tax Act. To resolve the controversy of claiming deduction under section 54/54F of the Act, ‘cost of new residential property includes cost of land’.
What Is a Merger? The term ‘merger’ is not defined under the Companies Act, 1956, and under Income Tax Act, 1961. However, the Companies Act, 2013 without strictly defining the term explains the concept. A ‘merger’ is a combination of two or more entities into one; the desired effect being not just the accumulation of […]
Preference of debt over equity as a measure to finance businesses: Debt and equity are the instruments through which a company is generally financed or capitalized. The manner in which a company is capitalized has a major impact on the amount of taxable profit as the tax laws of countries generally provide for a deduction […]
Salient Features on Deduction us 80M with other ancillary aspects of the Income Tax Act, 1961 Amidst high expectations the Finance Bill, 2020 was presented by Hon’ble Finance Minister before The House of Parliament on 1st February 2020. The Finance Bill, 2020 proposes 104 amendments including Re-Taxation of Dividend Income in the hands of Recipient […]
76 % of Indians are financially illiterate as per a Standard & Poor Survey done across the world. Traditional methods of imparting financial education have proved ineffective and costly. Indeed, the problem is so large that only technology can help in addressing it. AskCred is an AI based chatbot that helps customers to answer their […]
The old legal maxim reads ‘Justice delayed is justice denied’. It means that if legal redressal or equitable relief to an injured party is not available early, it is effectively the same as having no remedy at all. Justice is one of civilisation’s foundational goals. It is therefore imperative for the judiciary to perform its […]
The Consumer Protection Act, 2019 (‘New Act’) received the assent of the President of India and was published in the official gazette on 9th August 2019. This New Act will replace the old Consumer Protection Act, 1986 (‘Old Act’). The New Act will come into force on such date as the Central Government may so […]
Learn about the Income Tax Slab rates for individuals for the financial year 2019-20. Find out the applicable tax rates and surcharges.
Minimum / Maximum Number of Directors in a Company- Under Section 149 -Section 149 of the Companies Act, 2013 requires that every company shall have a minimum number of 3 directors in the case of a public company, 2 directors in the case of a private company, and 1 director in the case of a […]
–Notification No. S.O. 2351(E) dated 15th July 2020. -Notification No. S.O. 2421(E) dated 23rd July 2020. The Consumer Protection Act, 2019 (‘New Act’) received the assent of the President of India and was published in the official gazette on 9th August 2019. This New Act will replace the old Consumer Protection Act, 1986 (‘Old Act’). […]
