The Foreign Liabilities and Assets Annual Return (FLA Return) is a vital regulatory requirement in India, mandated by the Reserve Bank of India (RBI) for entities engaged in cross-border financial transactions. The FLA Return is an annual filing mechanism established by the RBI to capture detailed financial information regarding foreign liabilities and assets of Indian […]
The Ministry of Corporate Affairs (MCA) has issued an important notification on October 27, 2023, affecting the shareholding structure of private companies. According to Rule 9B of the Companies (Prospectus and Allotment of Securities) Rules, 2014, all private companies, excluding small companies, are now required to dematerialize their securities. Small companies, defined by Section 2(85) […]
The Indian taxation landscape is characterized by its diverse taxpayer base, encompassing individuals, entities, and various organizational structures. Understanding who bears the income tax burden is crucial for navigating the complexities of the Income Tax Act of 1961. In this comprehensive exploration, we delve into the different categories of taxpayers, their respective liabilities, and the […]
Section 80D of Income Tax Act, 1961 Section 80D of the Income Tax Act, 1961 provides tax deductions for premiums paid on health insurance policies. This section aims to encourage individuals to safeguard their health while enjoying tax benefits. Key Features of Section 80D: Conditions and Considerations: Conclusion: Section 80D serves as a valuable tool […]
Section 80C of the Income Tax Act, 1961 Section 80C is a crucial provision of the Income Tax Act that empowers taxpayers in India to claim deductions on their taxable income by investing in specified financial instruments. This section aims to encourage individuals to save and invest for the long term while providing them with […]
Insolvency Professionals, affiliated with an Insolvency Agency, are integral to the dissolution proceedings of insolvent entities, encompassing individuals, companies, LLPs, or partnerships. These experts are officially empowered to represent and manage affairs on behalf of insolvent entities. In the context of bankruptcy, Insolvency Professionals play a crucial role in overseeing the liquidation of an entity’s […]
Filing your income tax return in India is like opening a door to a world of financial benefits and opportunities. It’s not just a required task; it’s a way to smartly manage your money and gain advantages. This annual routine helps you stay on the right side of the law, but it also brings you […]
In the vibrant landscape of business possibilities, India stands as an elegant stage for entrepreneurs seeking to unfurl their ambitions. The process of incorporating a company in India is not just a legal formality but a gateway to a world of opportunities. Here, elegance is woven into the fabric of corporate existence, offering a tapestry […]
Dr. B.R. Ambedkar, a prominent Indian jurist, social reformer, and the principal architect of the Indian Constitution, had a profound vision of social justice. Ambedkar’s ideas on social justice were deeply rooted in his commitment to eradicating caste-based discrimination, untouchability, and ensuring equal rights and opportunities for marginalized communities. His philosophy encompassed several key principles: […]
Date of Judgment: 6th May 2021 Judges: Justice D.Y Chandrachud, Justice M.R Shah The division bench of the Supreme Court noted that the foundation of our republic is the judiciary’s independence from the executive and legislative branches. Being independent means not only not being swayed by the actions of those in authority but also being […]