Dear Friends, we know that income of Individuals/HUFs are taxable as per progressive tax slabs. The maximum rate of tax payable is @30%, when income of Individual/HUF exceeds Rs. 10.00 Lakhs in relevant previous year. The Central Government has inserted Section 115BAC with effect from AY 2021-22 to provide Optional Tax Regime to Individuals /HUFs. RATE OF INCOME TAX UNDER ALTERNATIVE TAX REGIME[......

The IRDAI and Insurance Law updates provides synopsis of the introduction, amendments and   changes brought by the Government the previous month ( April 2021) is being published in this bulletin. Sr. No. Particulars Page No. 1. IRDAI through Circular No. IRDAI/ACT/CIR/MISC/070/04/2021 dated 1st April,2021 has instructed the insurers to submit Technical No......

Dear Friends, we know that, no tax can be levied or collected in India except the authority of law. Section 4 of Income Tax Act, 1961 is the charging section gives such Authority to charge income tax. Where any central Act enacts that income shall be charge for assessment year at any rate or rates, income tax at such rate or rates shall be charged accordingly on total income of any assessee earned......

“VENTURE CAPITAL” word consists of two parts one” Venture” means taking any action or undertaking a decision in which risk, uncertainty involve. Venture also means “to proceed especially in the face of danger” or to undertake risks and dangers of.  A person who is investing on risky projects for sake of gaining high returns is called Venture Capitalist. A......

Dear Friends, We know that actual Sale Consideration of Capital Assets forms the basis for computation of Capital Gain Tax and calculated as per provisions of Section 48. But in some cases, the legislature has provided the adoption of the “Fair Market Value (FMV), as Full Value of Consideration. There was dispute in calculation of Capital Gain Tax earlier in cases where capital Assets tran......

OMBUDSMAN:An Ombudsman is an officer ,appointed by the Government , who investigate complaints ,lodged by citizen against Government, Universities, Colleges , Municipalities, Companies, Financial Institutions etc., and attempt to resolve the complaint with mediation or marking recommendations. “Ombudsman” is taken from a Swedish word it means “ Legal Representative”, appoi......

Arbitration provides an efficient and alternative mechanism for quick dispute resolution. It is one of the important aspects of Alternate Dispute Resolution Process. It is now days one of the most preferred course of dispute resolution process because it involves mediation and conciliation process and encourage parties to solve their disputes out of court and within a short time period. “A......

The IRDAI and Insurance Law updates provides synopsis of the introduction, amendments and changes brought by the Government and IRDAI in  the previous quarter ended on (31st March  2021) is being published in this bulletin. Sr. No. Particulars Page No. 1. IRDAI has issued Circular No. IRDA/ACT/CIR/MISC/001/01/2021 dated 1st January,2021 for providing clar......

OMBUDSMAN:An Ombudsman is an officer, appointed by the Government, who investigate complaints, lodged by citizen against Government, Universities, Colleges, Municipalities, Companies, Financial Institutions etc., and attempt to resolve the complaint with mediation or marking recommendations. “Ombudsman” is taken from a Swedish word it means “ Legal Representative”, appoint......

Arbitration provides an efficient and alternative mechanism for quick dispute resolution. It is one of the important aspects of Alternate Dispute Resolution Process. It is now days one of the most preferred course of dispute resolution process because it involves mediation and conciliation process and encourage parties to solve their disputes out of court and within a short time period. “A......

Dear Friends, We know that insurance has became one of the basis requirements for living a safe and secure life. An insurance provides us safety and financial stability in testing time. Through proper insurance, whether it is on your health, home, or life you can secure future of your beloved in case you are not present in future. The calculation of exact amount of insurance policy or sub assure......

Evaluation is a process through which a company access performance , ability ,virtues and eligibility of its Board of members. Evolution is a process based on some fixed parameters on which performance of Board members are accessed. Performance evaluation is the process of evaluating how effectively employees are fulfilling their job responsibilities and contributing to the accomplishment of&nbs......

Goods and Services Tax Act, 2017 (GST) has brought concept of “One Nation, One Tax”, and has simplified method of collecting and calculating Indirect taxes all over India. There is no cascading affects and ambiguities, while dealing with provisions of GST Act, 2017. We know that for Sale Goods or Supply of Services, the most important concept is the “Consideration”, and S......

We are living in modern world, where some degree of nuisance is tolerable relating to noise, dust, pollution, smell, smoke and escape of effluents etc. We are daily facing various types of nuisances and we ignore to some extent. Nuisance may come from your neighbors, your locality, and your state or even from various other authorities. The term “Nuisance” is made of French word &ldqu......

We Indians have charity inherited in our heart, we have grown by seeing that our fathers' and forefathers are donating in various temples, mosques, gurudwaras and churches.  We are donating or doing philanthropic works without knowing that, who is the true beneficiary of our donation or charity. The fact if also highlighted in Bain & Company's India Philanthropy Report, 2013 which focuse......

We are living in a democratic and republic state. Here our constitution has given us some fundamental rights, which cannot be taken by the government. We are free to live with grace and dignity. The right of reputation is recognized as personal right of every human being and should be protected same as protection of other fundamental rights.  The damage of reputation is more dangerous than da......

The insurance companies being a financial institution prone to various types of risks. They treated as custodian to the funds of general public and hence to serve its policyholders properly they have to manage and mitigate various types of risk. These companies are taking risks of general public in lieu of payment of small amount of premium. Unless insurance companies manage their risks, they will......

The insurance companies being a financial institution prone to various types of risks. They treated as custodian to the funds of general public and hence to serve its policyholders properly they have to manage and mitigate various types of risk. These companies are taking risks of general public in lieu of payment of small amount of premium. Unless insurance companies manage their risks, they will......

Real Estate/ Construction Industry is one of most developed industries in India. Real Estate industry is also most unorganized 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,......

Dear Friends,As you are aware that we are a republic state and government is a representative of people of India. We Indians choose our government every five years and government will work for the welfare of the all Indians. The main sources of income of government is collection and levying of various types of taxes. The Government after collecting taxes expend amount on welfare, security, scienti......

WHAT IS EXCHANGE; SECTION 118 OF TRANSFER OF PROPERTY ACT, 1882 defines as “when two persons mutually transfer ownership of one thing for the ownership of another, neither thing or both things being money only, the transaction is called an “Exchange”. From above we understand that for being an “Exchange”;  i)There must be two person transferring ownership of o......

Dear Friends , as we are aware that any profits arising from transfer of a Capital Assets effected in the previous year, shall be chargeable to income tax under the head “ Capital Gain,” and shall be deemed to be the income of the previous year in which the transfer took place unless such capital gain is exempted under Sections 54,54B,54D,54EC,54EE,54F,54G,54GA or 54GB.The essential co......

Dear friends, As we are aware that under normal circumstances, tax is levied upon the person, who has earned income. The income tax considers him/her as assessee and income tax will be levied on all income he has earned in previous year. There are three types of assessees such as Resident and Ordinary Resident, Resident but not ordinary resident and non-resident. The income tax will be calculated ......

Dear Friends, payment of taxes is the duty of every citizen of this country. The Governments utilises taxes paid by us into different types of economic and socio works. Non payment or avoidance of taxes shall be punishable monetarily as well as confinement into prison. The Corporates uses various tactics to avoid payment of taxes to the government. Any profit distributed by a corporate body is cal......

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 pe......

Insurance is playing a vital role in our life now days. After this COVID-19 pandemic, we have realised the importance of insurance and government has also provided various facilities to general public to secure their lives and properties from various types of risks. Through insurance we shall reduce the impact of risk insured. The risk may be on our lives such as accidental, due to diseases, injur......

Section 105 of the Transfer of Property Act, 1882 define Lease as:- “A lease of immovable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised , or of money , a share of crops, service or any other thing of value , to be rendered periodically or on a specified occasions to transfe......

Actionable Claim:  is a claim to any debt, other than secured by mortgage of immovable property or pledge or hypothecation of some movable property, or to any beneficial interest in movable property, not in possession either actual or constructive of the claimant. Section 3 of Transfer of Property Act, 1882 defines ;  “ actionable claim means a claim to any debt , other than a de......

The Goods and Services Tax, 2017 has been implemented in the year 2017. This is a path breaking decision taken by Indian Government. Through implementation of GST, we have introduced One Tax One Nation theory. The GST has removed cascading effect of taxes and provide much needed relief to the business community. But since its implementation in Real Estate Sector, various disputes have come t......

In this article, we discuss the legal actions which can be taken up by the insurance companies against fraudulent insurance claims. 1. What is an Insurance Fraud? The Indian Insurance Act does not contain definition for ‘insurance fraud’. Neither have any specific laws connected to insurance fraud been spelled out in the Indian Penal Code,1860(IPC). The Indian Contract Act,......

Once Mahatma Gandhi had said “Customer is like a God”. In early time also the concept was “the customer is the king” but this concept has been changed by passing of time. We know that for success of any organisation the end users play a very important role. The end users are the main decision making for successes of products of companies. The companies are also developing o......

Dear Friends, we are living in a world, where data related to business is the most valuable thing. Data may be related to your Business Secrets, Patents, Copy Rights, Industrial Designs, Customer Information etc. The success of a business depends upon its data and trade secrets. A competitor always tries to breach your data secrecy and acquire your business secrets to deal you in the market. Under......

Every person whose total income of the previous year exceeds the maximum amount, which is not chargeable to income tax, is an assessee and chargeable to income tax in India at the rate or rates as may be prescribed in Finance Act and Income Tax for the relevant assessment year.   We know that the in India, income tax will be levied on the basis of residential status of an assessee. In Income......

We know that there are five heads of income, in which income of any assessee has been taxed. There may be different types of income an assessee earned during previous year such as income from salary, House Property, Profit and gain from business or profession, Capital Gain and Income from other sources.   Section 28 is the charging section in case Profits and Gains from busines or professio......

Dear friends, We are going through a very turbulent phase in which we are facing unpresented threat of COVID-19 pandemic, declining pace of economy, lack of foreign reserves and new threat of India -China war position at our borders. The government has shown firm determination to save sovereignty and unity of India. The government has urged our industrial and business sector to take Make in Indi......

There has been inconsistencies in the provisions with respect to Related Party Transactions under The Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("LODR"). It is quite natural for companies to deal with other entity/party, who are known or familiar or having common interest between both of them to expand their business by smoothening the functi......

Dear friends and colleges, We are going through an unprecedented lockdown, due to COVID-19 Pandemic. This pandemic has killed more than 5.00 Lakhs and people and its killing spree is still going on. The whole world is facing lockdown and due to this their economies suffered a lot. The movement of people, transport, goods and services are badly affected, this leads generation of unemployment and an......

Goods or articles which are visually attractive catch attention of customers faster than other goods of same quality and make. Visual attraction enhances marketability of the articles. The manufactures of goods and articles to sale their products in the competitive market design their articles such that they become attractive and suit the eyes of customers. The companies are doing a lot to make th......

WHAT IS ASSIGNMENT AND TRANSMISSION OF TRADE MARKS ? We can trace development and use of Trade Marks from the days of industrial revolution. This was the face during which trade and commerce were at the top and world got an environment of good business practices. In industrial revolution era, various products had been developed, various innovations had been made. The industrial exploitation of va......

Section 67(1) of Companies Act, 2013 prohibits buying by a company of its own shares. Thus, unless the transaction is one in which shares are bought (for consideration), Section 67(1) would not apply (since buying contemplates payment by buyer some consideration to the seller). Section 67(1) would not apply if a company holds its own shares, if the shares so held have not been acquired by the comp......

WHAT ARE INTELLECTUAL PROPERTY RIGHTS; Intellectual property is the product of the human intellect including creativity concepts, inventions, industrial models, trademarks, songs, literature, symbols, names, brands, etc. Intellectual Property Rights do not differ from other property rights. They allow their owner to completely benefit from his/her product which was initially an idea that develop......

“There is one and only one social responsibility of business-to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud”- Milton Friedman A landmark judgement pronounced in 1919 in case of Dodge Vs. Ford Motor Company in Supreme Court o......

We know that tax is a compulsory contribution to state revenue, levied by government on worker’s income and business profit, or added to the cost of some goods, services and transactions. It a portion or sum of money demanded by government to support facilities or for services provided by it to the taxpayers. The tax is demanded by the government from taxpayers in lieu of resources used by......

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......