Blogs

19 Nov 23

RBI IMPLEMENTS STRICTER MEASURES ON CONSUMERCREDIT AND NBFCS

The Reserve Bank of India (RBI) has recently implemented regulatory measures aimed at addressing the rapid growth in consumer credit and the increasing dependency of Non-Banking Financial Companies (NBFCs) on bank borrowings. In a statement dated November 16, 2023, Governor Vaibhav Chaturvedi highlighted the need for banks and NBFCs to…

19 Nov 23

Home Loans & Its Benefits

‘Home’ brings to mind comfort, joy, pride and family time. Every homeowner will tell you that her home gives her a sense of identity and its ownership is sacrosanct; this is one asset she would never trade for anything in the world. To experience this sense of ownership, pride and joy,…

19 Nov 23

Rectified Refund Application Under Rule 90(3) is Not Time-barred – Delhi High Court

Facts of the Case Insitel Services Pvt. Ltd. Versus Union of India The petition has been listed before this Bench by the Registry in view of the urgency expressed therein. The same has been heard by way of video conferencing. Present writ petition has been filed challenging the Second Deficiency…

12 Nov 23

The Insolvency and Bankruptcy Board of India (IBBI) proposes changes to rules for insolvency resolution process in Realty Projects

The Insolvency and Bankruptcy Board of India (IBBI) has proposed five broad changes, including operating a separate bank account for each real estate project, executing registration/sublease deeds with approval of the Committee of Creditors (CoC) during the resolution process and allowing CoC to examine and invite separate plans for each…

12 Nov 23

RBI Permits Non-resident Investment in Government-issued SGBs via ‘Fully Accessible Route’ for F.Y. 2023-24

The Reserve Bank of India (RBI) has recently issued a circular (RBI/2023-24/81) expanding investment opportunities for non-residents in the Government Securities market. The circular, dated November 08, 2023, includes Sovereign Green Bonds in the ‘Fully Accessible Route’ (FAR), opening new avenues for investors. This development holds significant implications for both…

12 Nov 23

Companies (Amendment) Bill, 2020

Companies (Amendment) Bill, 2020 was introduced in Lok Sabha on 17-3-2020. The Bill was passed and converted into Act by Parliament on 28-9- 2020. Various provisions of the Amendment Act were have been made effective from time to time on 21-12-2020, 22-1-2021, 11-2-2021, 18-3-2021, 24-3-2021, 1-9-2021 and 1-7-2022. Amendment proposed…

12 Nov 23

ITR U – What is ITR-U Form and Its Provisions

Budget 2022 has introduced the new section 139(8A) in Income Tax Act, 1961. Refer budget update @ Introduction of new Income Tax ‘Updated’ Return Type. Section 139(8A) enables the filing of “Updated Return” (aka ITR-U) by the taxpayers. Section 139(8A) has come into effect from 01st Apr 2022 Section 139(8A) under…

16 Aug 23

Landmark Judgment by Supreme Court of India on Adverse Possession: Govt. Of Kerala vs Joseph on 9 August, 2023

Supreme Court, in its recent decision of Government of Kerala & Anr. V. Joseph and Others discussed several principles concerning the adverse possession. When Adverse Possession Is Claimed Over Government Land, Courts Must Act With Greater Care. The Supreme Court, while placing its reliance on the decision of State of…

12 Aug 23

RBI asks banks to maintain incremental CRR (I-CRR)

The Reserve Bank of India (RBI) has asked banks to maintain an incremental Cash Reserve Ratio (ICRR) of 10 per cent on the increase in their deposits between May 19 and July 28 to suck out excess liquidity in the banking system. Bank does not earn interest on CRR maintained with RBI…

12 Aug 23

Relationship between Interest Rates & Inflations

Inflation and interest rates are inversely proportional. People borrow more from banks and save less when interest rates are low. This increases both the supply and demand for money in the economy. As a result, commodity prices rise, causing inflation. In this scenario, the RBI raises interest rates in order…

12 Aug 23

Personal Data Protection Bill passed in Rajya Sabha

The Digital Personal Data Protection Bill, 2023 was passed by the Rajya Sabha on Wednesday by means of a voice vote. The Bill has retained the contents of the original version of the legislation proposed last November, including those that were red-flagged by privacy experts, such as exemptions for the…

August 10, 2023
Taxchanakya
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The GST Council in its 51st meeting on August 2 had recommended amendments to the Schedule III of the CGST Act, 2017, to provide clarity on the taxation of supplies in casinos, horse racing and online gaming. The amendments to the Central GST (CGST) and Integrated GST (IGST) acts, which…

23 Jul 23

Reasons why Startups Fails

Recent research shows that around 90% of startups fail over a period of years: 21.5% of startups fail in the first year 30% fail in the second year 50% fail in the fifth year 70% fail in the tenth year Here are some of the top reasons why startups fail: Failed to understand the market Many entrepreneurs go into a…

19 Jul 23

Capital Gain Exemption Allowable On Construction Of Residential House Completed Within 3 Years: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), has held that the claim of capital gain exemption under Section 54 of the Income Tax Act, 1961 on construction of residential house completed within 3 years is allowed and removed the penalty levied under Section 271(1)(c) of the Income…

18 Jul 23

Bombay High Court Quashes Reopening Income Tax Assessment After 4 Years Merely On The basis of Change Of Opinion

The Bombay High Court has quashed the reopening of income tax assessments after 4 years merely on the change of opinion of the Assessing Officer (AO). The bench of Justice K. R. Shriram and Justice Firdosh P. Pooniwalla observed that the Assessing Officer had in his possession all primary facts,…

17 Jul 23

No TCS on foreign remittances up to Rs 7 lakhs, W.E.F October 1, 2023

When people send money abroad for remittances, travel expenditures, asset purchases, shopping, and investments, they are subject to TCS, or Tax Collected at Source. Such transfers are made possible under the LRS (Liberalised Remittance Scheme). The TCS rate for the majority of remittances (apart from those for medical and educational…

17 Jul 23

Consequences of Not Filling IT Return or Late Filling IT Return

Income Tax return filing is mandatory if the Total Income of an Individual exceeds the maximum amount which is not chargeable to income-tax i.e. Rs.2,50,000 for individuals whose age is less than 60 Years under old tax regime and Rs. 3,00,000 under new tax regime It is also mandatory to…

16 Jul 23

Partition of HUF

Partition under Hindu Law, can be total or partial. In total partition all the members cease to be members of the HUF and all the properties cease to be properties belonging to the said HUF. Partition could be partial also. It may be partial vis-a-vis members, where some of the…

15 Jul 23

Transfer of Business in case of Death of Proprietor under GST

Transfer or succession of business is a normal business phenomenon which has been taken care by the various taxation laws also. Transfer or succession of business may take place in various cases such as merger, demerger, amalgamation or death of proprietor etc. In this article, we have discussed the provisions…

15 Jul 23

Legal Heirs of Sole Proprietor Gets Input Tax Credit under GST on Death of Sole Proprietor

When a business is transferred to another person for any reason—including the death of the proprietor—the transferee or successor, as the case may be, shall be required to be registered with effect from the date of such transfer or succession. The applicant must specify “death of single owner” as the cause…

RBI IMPLEMENTS STRICTER MEASURES ON CONSUMERCREDIT AND NBFCS

Home Loans & Its Benefits

Rectified Refund Application Under Rule 90(3) is Not Time-barred – Delhi High Court

The Insolvency and Bankruptcy Board of India (IBBI) proposes changes to rules for insolvency resolution process in Realty Projects

RBI Permits Non-resident Investment in Government-issued SGBs via ‘Fully Accessible Route’ for F.Y. 2023-24

Companies (Amendment) Bill, 2020

ITR U – What is ITR-U Form and Its Provisions

Landmark Judgment by Supreme Court of India on Adverse Possession: Govt. Of Kerala vs Joseph on 9 August, 2023

RBI asks banks to maintain incremental CRR (I-CRR)

Relationship between Interest Rates & Inflations

Personal Data Protection Bill passed in Rajya Sabha

GST laws to levy 28% GST on online gaming, casinos & horse race clubs

Reasons why Startups Fails

Capital Gain Exemption Allowable On Construction Of Residential House Completed Within 3 Years: ITAT

Bombay High Court Quashes Reopening Income Tax Assessment After 4 Years Merely On The basis of Change Of Opinion

No TCS on foreign remittances up to Rs 7 lakhs, W.E.F October 1, 2023

Consequences of Not Filling IT Return or Late Filling IT Return

Partition of HUF

Transfer of Business in case of Death of Proprietor under GST

Legal Heirs of Sole Proprietor Gets Input Tax Credit under GST on Death of Sole Proprietor

Delhi High Court Upholds Reassessment by Jurisdictional AO – Distinguishes from Hexaware Ruling

CIBIL Score Calculation and Its Importance for Financial Health

SBI MSME Loans: Empowering India’s Small and Medium Business

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