SECTION 139(1) requires that every person; Being a Company or a firm or; Being a person other than a Company or a firm if (i) his /her total income or (ii) the total income of any other person in respect of which he is assessable under the Income Tax Act, during the previous year, exceeded the maximum amount which is not chargeable to income tax. Shall furnish a return of his income or inc......

It is a well-known fact that, a Company is an artificial person and act through human beings, which are appointed according to provisions of the Companies Act, 2013. The person appointed to carry on business of a company are called director. A director will act as an agent of the Company and their collective authority is called Board of Directors. Board of Directors are the supreme body of a compa......

“Benami” transactions were treated as valid transactions by various courts, prior to promulgation of Ordinance in 1988. We know that word “Benami” is a Persian compound word, made up of “be” which means without and “name” which means name that is “Benami” means “Without name”. “Benami Transaction” means a transac......

One of most important decisions taken by Central Government is the implementation of Goods and Services Act, 2017 all over India. Implementation of GST has been done to remove anomalies in previous VAT/Services Tax and other taxes. In previous tax regime, end users were enforced to pay tax on taxes. The Cascading Affect of taxes has been removed through implementation of GST. Now all over India On......

A piece of land, carry various rights with it. An owner of a land has right to possess, right to easement, right to sale, right to rent, right to develop, right to sub-let, right to occupy and many. Right to develop a land if called “Developmental Rights”, in which owner of a land authorises a person to develop a structure of land. Developmental Right is simply a document granting perm......

Surrender of Insurance Policy means to cash of life insurance policy before benefits are due to be paid. The Surrender Value of an Insurance Policy is the amount given to the insured at a time, when he is unable to pay premium related to Insurance Policy. At a particular time, when insured is not able to pay further premium and he has paid earlier premiums related to surrendered insurance policy. ......

Preamble; An Act to prohibit benami transactions and the right to recover property held benami and for matters connected therewith or incidental thereto. “BENAMI” the word is combination of a Persian Words, as “be” means without and “nam” means name, i.e. “Benami” means “Without Name”. Benami, denotes any transaction made by a person wit......

Goods and Services Tax Act, 2017 has been implemented in India from 1st July, 2017. The GST is the biggest tax reform witnessed by the Independent India. The GST has sought to consolidate a vide varieties of Central and State Taxes. Goods and Services Tax Act, 2017 is the biggest achievement for current NDA government. It binds all Indian States into “One Nation One Tax”, theory. The ......

CORPORATE SOCIAL RESPONSIBILITY (CSR) is a self-regulating process, through which corporates link their activities with common public. The Corporates generally using resources, whether it is natural or human to amass big profits and through Corporate Social responsibility, they will take social responsibility to develop local area and people living in that area. The Corporates through Social Respo......

Historically, adverse possession is a pretty old concept of law. It is useful but often criticised concept on the ground that it protects and confers rights upon wrongdoers. The concept of adverse possession appeared in the Code of Hammurabi approximately 2000 years before Christ era. Law 30 contained a provision “If a chieftain or a man leaves his house, garden, and field …. and some......

Since last 15 years we have witnesses various scams and frauds by various political and businessmen have done. The fugitives, whether they are politicians or businessmen has run away with hard earn money of general public. Even we have saw for then the rules and regulations of our country has been amended or interpreted such to benefit those people. We saw Satyam Scam, ILFS Scam, Coal, Chopper ga......

Base Erosion and Profit Shifting (BEPS) has emerged as one of the most important challenges for governments all over the world. The Liberalisation, Privatisation and Globalisation (LPG) has resulted; Free movement of Capital and Labour; Shift of manufacturing base from high cost to lower cost locations; Gradual removal of the trade barriers, and Rise of digital economy. The digital econom......

Laser surgery is not cosmetic in nature. The case:KP Desai took a health insurance policy from the United India Insurance Company in 1990, which he renewed every year. In 1997, he underwent corrective lasik, or laser eye surgery, for one eye and the hospital bill came to Rs 50,000. However, his claim for reimbursement was rejected by the insurer, which said that the surgery was purely cosme......

WHAT IS MICRO INSURANCE Presently India is a country of opportunities, being second largest populated country in the world and continuously growing.  A number of start-ups are raising due to initiatives of government and technological development. India have largest skilled workforce in the World and whole World has recognised India calibre and strength. The insurance now a days become es......

The Goods and Service Tax Act, 2017 (GST) is the most ambitious, stronger and best decision of recent government. Through GST Legislation, we have sub-merge 17 taxation laws into one GST. The concept of One Tax One Nation to some extent fulfilled with the implementation of GST. The mute matter is that we have find some vary useful and important decision in previous tax era. Whether those Judicial......

For a salaried personal, the month of January is month of panic and February is month of pain of deduction of tax at source. We generally sleep whole year and suddenly wake up in the month of February and run here and there to invest out hard earned money to save TDS. Let’s consider how we can pay zero tax on salary of Rs. 20.00 Lakhs, by planning and using benefits of tax rebates and deduc......

Intellectual Property is the creative work of human intellect. For development of each country its human workforce plays a vital role. The level of intelligence and its protection are the key to success for every nation. The world today is running on the basis of natural resources and human intellect. For utilisation of natural resources also required human intelligence. The intellectual propertie......

DECISION OF MADRAS HIGH COURT; Madras High Court case of C. Kumaravel v. The Director General of Police and ors., has reiterated that Section 482 of Code of Criminal Procedure is not an alternate remedy to Section 156(3) of Code of Criminal Procedure, 1973 on refusal of police to register First Information Report on receipt of information regarding the commission of a Cognizable Case. In the pre......

For a salaried personal, the month of January is month of panic and February is month of pain of deduction of tax at source. We generally sleep whole year and suddenly wake up in the month of February and run here and there to invest out hard earned money to save TDS. Let’s consider how we can pay zero tax on salary of Rs. 20.00 Lakhs, by planning and using benefits of tax rebates and deduc......

We generally consider land as an immovable property, it is a part of surface of Earth not covered by water or land is an area of ground, especially one that is used for a particular purpose such as farming or building. Now we have to consider a land or an area of ground for building. A land has many rights with it, such as right to occupy, right to use, right to easement, right to sub-let, right ......

Real Estate/ Construction Industry is one of most developed industries in India. Real Estate industry is also most unorganised sector in India. It is developing day to day and provided crores of people employment. Real Estate industry has its say in GDP of India. Retention Amount & Withhold Amount are general words in construction industry, we find theses words in every construction contract,......

CASH CREDIT [SECTION 68] define as any sum is found in the books of account of an assessee in any previous year and assessee has not provided any explanation of source or explanation provided by the assessee is not, in the opinion of an Assessing Officer satisfactory, the sum so credited in the books of account of assessee may be charged to income tax as the income of the assessee of that previous......

A Whistle Blower is a person who exposes any kind of unethical activity, item or information that is deemed to be illegal, unconstitutional or not correct in an organisation. A business organisation is established for profit through business transactions. The business should be carried out according to rules and regulations of law of land. Anything which is against law of land and against Public P......

Dear Professional Colleagues,Insurance Companies are considered in the category of Financial Companies in India. Insurance industry involves public participation at large. General Public become policyholders /stakeholders in insurance companies. The are putting their hard-earned monies to secure their future from various types of risks. Insurance Development Regulatory Authority of India, establ......