The Finance Act of 2021 introduced Section 194P to the Income Tax Act of 1961. This new section deals with the TDS (Tax Deducted at Source) obligations of specified senior citizens. The government introduced this provision to provide relief to senior citizens aged above 75 years and to make the income tax compliance process more…
The Customs Act, 1962 is the primary law that regulates the import and export of goods into and out of India. The Act also provides for the regulation of the movement of passengers and their baggage. The Act empowers the customs authorities to examine passengers and their baggage to prevent the smuggling of goods into…
NBFCs play a crucial role in the Indian financial sector, catering to the needs of those who are not served by traditional banks. There are many NBFC’s in the financial sector and moreover, Government also promotes these financial institutions by making their policies lucrative for these companies. In India, Rajasthan is one of the best…
GST (Goods and Service Tax) law and IBC (Insolvency and Bankruptcy code) law are two different laws in India that deal with different aspects of taxation and insolvency. While both the law is aimed at bringing efficiency and transparency in the business environment, they are fundamentally different laws. In this article we will discuss about…
Under the provisions of the Investor Education and Protection Fund Rules 2017, any amount transferred to the company’s Unpaid Dividend Account under Section 124(1) of the Companies Act. 2013 which is unpaid or unclaimed for more than 7 years from the date of declaration, the dividend will be transferred along with interest to the Investor…
The Insolvency and Bankruptcy Code (IBC) was enacted in 2016 to provide a legal framework for the resolution of insolvency and bankruptcy cases in India. While the IBC was primarily designed to address the concerns of lenders and creditors, it also provides some relief to home buyers who have invested in under-construction projects that have…
Set off and withholding of income tax refunds are two mechanisms used by the Income Tax Department to recover outstanding tax liabilities from taxpayers. In certain cases, the department may withhold the refund due to a taxpayer and use it to offset any outstanding tax liabilities. This article will explore the concept of setting off…
The auditor plays an important role in the management and administration of the company. It acts as a watchdog of the members who report to them in their Audit Report the status and irregularities in the management of the company’s affairs so that the members can take judicious action in these respects. The auditor ensures…
The Income Tax Act, 1961 provides various tax-saving options to taxpayers. Among these options, deductions under Section 80C, 80CCC, and 80CCD are some of the most popular ones. These deductions are available to individuals and Hindu Undivided Families (HUFs) who invest in certain specified instruments. In this article, we will discuss Deduction under Section 80C,…
The ongoing conflict between Russia and Ukraine has been a cause of concern for the global community. As the world watches the escalating tensions between the two countries, the impact of this crisis is being felt across many regions. One such region that may be affected by this conflict is India. India’s budget for 2023-24…