The document discusses the Information Technology Act of 2000 in India. It was passed to promote e-commerce and regulate electronic transactions. Some key points:
- The Act provides legal recognition for digital signatures and electronic documents to facilitate online transactions and e-governance.
- It established regulatory authorities for certifying digital signature certificates and created provisions to prevent cybercrimes like hacking and publishing of obscene content online.
- Major amendments in 2008 introduced concepts of electronic signatures beyond digital signatures, data protection responsibilities for companies, and new cybercrimes under the Act.
Foreign direct investment (FDI) in India is regulated through several policies and procedures. FDI can enter India through the automatic route which allows up to 100% foreign ownership in most sectors without approval, or through the government approval route for sectors restricted or regulated. Key sectors that attract significant FDI include services, computer software and hardware, telecommunications, construction, power, and automobiles. The document outlines the various routes for FDI entry into India, sectoral guidelines, and procedures for establishing foreign business operations in India.
The document discusses India's Design Act of 2000 and the process of registering a design under this act. It provides a brief history of design law in India, outlines the key provisions and objectives of the Design Act 2000, and describes the steps involved in applying for design registration including filing requirements, examination process, and grounds for refusal. The registration, if granted, provides exclusive rights over the design for a period of 10 years.
Companies must hold an annual general meeting every year, with no more than 15 months between meetings. Extraordinary general meetings can be called to discuss urgent matters. Board meetings can be called by the secretary, director, or on the chairman's direction. Meetings must be chaired and have quorum to be valid. Notice must be sent in advance of meetings, and include time, place, agenda, and signature. Resolutions are passed by ordinary majority or 75% majority for special resolutions. Minutes record the discussions and decisions.
Funding option in india brief comparative analysisSusan Dias
This document compares different funding options available in India including equity shares, compulsorily convertible preference shares (CCPS), compulsorily convertible debentures (CCD), shareholder loans/other debentures, and other preference shares. It analyzes each option across key parameters such as how they are treated, restrictions, end use, permitted lenders, costs, tax treatment, and other factors. The best option will depend on considerations like exchange control regulations, company law, tax efficiency, ease of repatriation, and commercial factors like voting rights.
The document provides an overview of the new SEBI Takeover Regulations of 2011. Some key changes introduced include increasing the initial threshold limit for triggering an open offer from 15% to 25% and widening the scope of creeping acquisition from 15-55% to 25-75%. New definitions like acquisition, enterprise value, and frequently traded shares were also introduced. The minimum offer size was increased from 20% to 26% and the offer price calculation criteria were modified.
This document discusses general contract law and related topics. It covers instruments and interpretation of contract law, substantive contract law rules including those on services, and the relationship between free movement law and contract law. It also discusses conflict of laws rules, uniform international law instruments, and how some national legal systems do not have specific rules for cross-border transactions. Finally, it provides an overview of topics like e-commerce, principles of international commercial contracts, contract validity, and the influence of EU primary law including free movement and non-discrimination on contract law.
The document summarizes a tax case involving Vodafone being issued an order by Indian Tax Authorities for capital gains tax on its acquisition of an Indian telecom company. Vodafone appealed to the Bombay High Court arguing the transaction was not designed to evade tax and occurred between two non-resident entities. The High Court ruled in favor of the Tax Authorities, saying the transaction transferred underlying Indian assets. Vodafone is now appealing to the Supreme Court.
The document discusses the Information Technology Act of 2000 in India. It was passed to promote e-commerce and regulate electronic transactions. Some key points:
- The Act provides legal recognition for digital signatures and electronic documents to facilitate online transactions and e-governance.
- It established regulatory authorities for certifying digital signature certificates and created provisions to prevent cybercrimes like hacking and publishing of obscene content online.
- Major amendments in 2008 introduced concepts of electronic signatures beyond digital signatures, data protection responsibilities for companies, and new cybercrimes under the Act.
Foreign direct investment (FDI) in India is regulated through several policies and procedures. FDI can enter India through the automatic route which allows up to 100% foreign ownership in most sectors without approval, or through the government approval route for sectors restricted or regulated. Key sectors that attract significant FDI include services, computer software and hardware, telecommunications, construction, power, and automobiles. The document outlines the various routes for FDI entry into India, sectoral guidelines, and procedures for establishing foreign business operations in India.
The document discusses India's Design Act of 2000 and the process of registering a design under this act. It provides a brief history of design law in India, outlines the key provisions and objectives of the Design Act 2000, and describes the steps involved in applying for design registration including filing requirements, examination process, and grounds for refusal. The registration, if granted, provides exclusive rights over the design for a period of 10 years.
Companies must hold an annual general meeting every year, with no more than 15 months between meetings. Extraordinary general meetings can be called to discuss urgent matters. Board meetings can be called by the secretary, director, or on the chairman's direction. Meetings must be chaired and have quorum to be valid. Notice must be sent in advance of meetings, and include time, place, agenda, and signature. Resolutions are passed by ordinary majority or 75% majority for special resolutions. Minutes record the discussions and decisions.
Funding option in india brief comparative analysisSusan Dias
This document compares different funding options available in India including equity shares, compulsorily convertible preference shares (CCPS), compulsorily convertible debentures (CCD), shareholder loans/other debentures, and other preference shares. It analyzes each option across key parameters such as how they are treated, restrictions, end use, permitted lenders, costs, tax treatment, and other factors. The best option will depend on considerations like exchange control regulations, company law, tax efficiency, ease of repatriation, and commercial factors like voting rights.
The document provides an overview of the new SEBI Takeover Regulations of 2011. Some key changes introduced include increasing the initial threshold limit for triggering an open offer from 15% to 25% and widening the scope of creeping acquisition from 15-55% to 25-75%. New definitions like acquisition, enterprise value, and frequently traded shares were also introduced. The minimum offer size was increased from 20% to 26% and the offer price calculation criteria were modified.
This document discusses general contract law and related topics. It covers instruments and interpretation of contract law, substantive contract law rules including those on services, and the relationship between free movement law and contract law. It also discusses conflict of laws rules, uniform international law instruments, and how some national legal systems do not have specific rules for cross-border transactions. Finally, it provides an overview of topics like e-commerce, principles of international commercial contracts, contract validity, and the influence of EU primary law including free movement and non-discrimination on contract law.
The document summarizes a tax case involving Vodafone being issued an order by Indian Tax Authorities for capital gains tax on its acquisition of an Indian telecom company. Vodafone appealed to the Bombay High Court arguing the transaction was not designed to evade tax and occurred between two non-resident entities. The High Court ruled in favor of the Tax Authorities, saying the transaction transferred underlying Indian assets. Vodafone is now appealing to the Supreme Court.
India's new Overseas Investment Regulatory Architecture.pdfSS Industries
The document provides an overview of India's new overseas investment regulatory architecture. It outlines the key changes made in the new framework, including consolidating various regulations into three main regulations, distinguishing between debt and non-debt instruments, increasing investment limits for overseas direct investment and overseas portfolio investment, and relaxing restrictions on certain outbound investment structures. The document also provides snapshots of historical trends in India's overseas investments, top destinations for such investments, and sectors attracting the highest outflows. It summarizes various aspects of the new framework such as eligible investment types, limits, and conditions for overseas investments by Indian entities and resident individuals.
This document discusses various types of company meetings under Pakistani company law, including statutory meetings, annual general meetings, and extraordinary general meetings. It outlines the requirements for each type of meeting, such as quorum, notice periods, and agenda items. It also covers topics like resolutions (ordinary vs special), proxies, political contributions, and gift distributions by companies.
The document summarizes the first case of compulsory licensing granted in India, between Bayer and Natco Pharmaceuticals regarding the drug Nexavar. The Controller of Patents granted the license to Natco after determining that Bayer's drug was not reasonably affordable in India. Some key points:
- Bayer's Nexavar treatment cost over $2,000/month while Natco's generic version cost $88/month.
- Bayer had not manufactured the drug in India or made it widely available.
- The license allows Natco to produce a generic version at a significantly lower cost, while still paying a 6% royalty to Bayer.
Unit 5 financial services - venture capitalJegan Jeroh
Venture capital is a form of private equity and financing provided to startup companies with high growth potential. It involves high risk but also offers opportunities for high returns. Venture capital funding includes seed funding, startup funding, and multiple rounds of funding for early-stage companies. It helps promote innovation and entrepreneurship. Some sources of venture capital in India include PACT, TDICI, and venture capital schemes of IDBI. Portfolio management in mutual funds involves processes like security analysis, portfolio selection, and revision to generate optimal returns. Credit ratings are assigned by agencies and indicate a borrower's creditworthiness. Insurance provides protection from financial losses by sharing risks. Life insurance pays death benefits to beneficiaries. IRDA regulates the
The document summarizes the objectives and key provisions of the Information Technology Act 2000 in India. The objectives are to provide a legal framework for electronic communications, facilitate e-commerce and e-governance, and amend related laws. The act provides legal recognition for electronic records and digital signatures. It aims to promote secure electronic communication and access/retrieval of electronic records. Contracts can now be submitted and published electronically.
1. The document discusses various regulations under the SEBI Takeover Code regarding disclosure requirements and compliance obligations when acquiring shares or voting rights in an Indian listed company beyond certain thresholds.
2. It compares key terms and explains regulations around continual disclosures, event-based disclosures, and the requirement to make a public announcement when acquiring shares or voting rights beyond certain levels.
3. It addresses issues around claiming exemptions under the Takeover Code regulations, applicability of regulations to indirect acquisitions such as those through a scheme of arrangement, and factors to consider for investment decisions that may invoke the Takeover Code.
The Madrid Agreement and Madrid Protocol govern the international registration of trademarks through the Madrid System administered by the World Intellectual Property Organization (WIPO). The Madrid System allows an applicant to file a single international application designating multiple countries, rather than separate applications in each country. Key aspects include that a single application and set of fees can protect a trademark across over 100 countries. India joined the Madrid Protocol in 2003, allowing Indian applicants to register trademarks internationally through this centralized system.
Cyber Law and Information Technology Act 2000 with case studiesSneha J Chouhan
This presentation breifs about the Information Technology Act and Cyber Law in India 2000. The various acts involved in it, case studies and some recent amendments are also mentioned.
P.S: Refer the slides for educational purpose only.
Copyright registration process: There are few easy steps which will help you for the registration of copyright. Follow this steps for whole procedure for registration of copyright.
The document discusses intellectual property rights transfers between US firms and foreign businesses. There are several reasons why US firms may transfer their IPRs, such as receiving licensing fees, contributing technology to joint ventures, or shifting production to lower cost countries. International agreements like the Paris Convention and TRIPS Agreement established standards for protecting IPRs like patents, trademarks, and copyrights across signatory countries. The PCT and Madrid Protocol set up centralized filing systems for international patent and trademark applications.
The document summarizes India's Insolvency and Bankruptcy Code of 2016. It consolidates previous bankruptcy laws into a single code and establishes mechanisms for insolvency resolution, regulation, and adjudication. The code aims to promote business and availability of credit. It outlines procedures for insolvency resolution and liquidation of corporate entities. If resolution fails, assets are liquidated according to the order of priority of payments to secured creditors, wages, financial and unsecured debts. The code establishes a new framework for addressing insolvency and bankruptcy in India.
This document discusses the different modes of winding up a company according to the Indian Companies Act of 1956. It can be wound up through compulsory winding up by the court, members' voluntary winding up, or creditors' voluntary winding up. The document provides details on the procedures and requirements for each type of winding up. It explains key terms like compulsory winding up, contributory, liquidator, and their roles in the winding up process.
PPT on the subject “Significant Beneficial Ownership and Dematerialization of...Satwinder Singh
I am pleased to share my presentation on the subject “Significant Beneficial Ownership and Dematerialization of Securities under the Companies Act”. Trust that you will find the same useful.
Looking forward to receiving your valuable feedback.
Intellectual property right case studiesKritiSachita1
1) Super Cassettes Industries filed a copyright infringement suit against social media platform MySpace for allowing unauthorized sharing of SCIL's copyrighted music works. The court found MySpace secondarily liable for infringement.
2) Pine Labs developed software for Gemalto under a contract assigning copyright to Gemalto. Pine Labs later sued claiming copyright reverted after the assignment period. The court found the initial assignment to Gemalto was valid.
3) Five publishers sued Delhi University and a photocopy shop for copyright infringement by compiling and copying excerpts of publisher's books for course materials. The court dismissed the suit, finding the actions fell under fair use for educational purposes.
Taxation of Cryptocurrencies – Virtual Digital Assets in India-VPDalmia.pptxVijay Dalmia
The document summarizes the taxation of cryptocurrencies in India. It defines cryptocurrencies as virtual digital assets under Indian law and outlines how they are taxed. Income from transferring cryptocurrencies is taxed at 30% and is subject to TDS of 1% by the payer. Gains from gifting cryptocurrencies are also taxed. Cryptocurrency exchanges providing trading services are subject to 18% GST. Overall, the document provides an overview of the key Indian tax and legal provisions related to cryptocurrencies.
The document summarizes several key proposed changes in the Finance Bill 2023 related to tax rates, deductions and exemptions, tax benefits for Agniveers, income from business or profession, capital gains, charitable and religious trusts, assessment and appeals, set-off and carry forward of losses, and TDS and TCS. Some of the major changes proposed include increasing tax slab limits and deductions, reduced tax rates for manufacturing cooperatives, tax benefits for contributions to the Agniveer corpus fund, increased thresholds for presumptive taxation schemes, and changes to rules for charitable trusts regarding exemptions and registrations.
Taxmann's Highlights of the Finance Bill, 2021 – Income TaxTaxmann
The document summarizes key proposals in the Finance Bill 2021 related to direct taxes in India. Some key points include:
1. Exemption proposed for cash allowance received in lieu of leave travel concession during COVID-19, subject to conditions.
2. Threshold for tax audit increased to Rs. 10 crore from Rs. 5 crore if at least 95% transactions are through digital modes.
3. Time limits reduced for processing ITR, notice for scrutiny and reopening assessments.
4. Faceless scheme proposed for ITAT appeals and new Dispute Resolution Committee for small taxpayers.
5. Income-tax Settlement Commission to be discontinued and replaced by Interim Board of Settlement.
India's new Overseas Investment Regulatory Architecture.pdfSS Industries
The document provides an overview of India's new overseas investment regulatory architecture. It outlines the key changes made in the new framework, including consolidating various regulations into three main regulations, distinguishing between debt and non-debt instruments, increasing investment limits for overseas direct investment and overseas portfolio investment, and relaxing restrictions on certain outbound investment structures. The document also provides snapshots of historical trends in India's overseas investments, top destinations for such investments, and sectors attracting the highest outflows. It summarizes various aspects of the new framework such as eligible investment types, limits, and conditions for overseas investments by Indian entities and resident individuals.
This document discusses various types of company meetings under Pakistani company law, including statutory meetings, annual general meetings, and extraordinary general meetings. It outlines the requirements for each type of meeting, such as quorum, notice periods, and agenda items. It also covers topics like resolutions (ordinary vs special), proxies, political contributions, and gift distributions by companies.
The document summarizes the first case of compulsory licensing granted in India, between Bayer and Natco Pharmaceuticals regarding the drug Nexavar. The Controller of Patents granted the license to Natco after determining that Bayer's drug was not reasonably affordable in India. Some key points:
- Bayer's Nexavar treatment cost over $2,000/month while Natco's generic version cost $88/month.
- Bayer had not manufactured the drug in India or made it widely available.
- The license allows Natco to produce a generic version at a significantly lower cost, while still paying a 6% royalty to Bayer.
Unit 5 financial services - venture capitalJegan Jeroh
Venture capital is a form of private equity and financing provided to startup companies with high growth potential. It involves high risk but also offers opportunities for high returns. Venture capital funding includes seed funding, startup funding, and multiple rounds of funding for early-stage companies. It helps promote innovation and entrepreneurship. Some sources of venture capital in India include PACT, TDICI, and venture capital schemes of IDBI. Portfolio management in mutual funds involves processes like security analysis, portfolio selection, and revision to generate optimal returns. Credit ratings are assigned by agencies and indicate a borrower's creditworthiness. Insurance provides protection from financial losses by sharing risks. Life insurance pays death benefits to beneficiaries. IRDA regulates the
The document summarizes the objectives and key provisions of the Information Technology Act 2000 in India. The objectives are to provide a legal framework for electronic communications, facilitate e-commerce and e-governance, and amend related laws. The act provides legal recognition for electronic records and digital signatures. It aims to promote secure electronic communication and access/retrieval of electronic records. Contracts can now be submitted and published electronically.
1. The document discusses various regulations under the SEBI Takeover Code regarding disclosure requirements and compliance obligations when acquiring shares or voting rights in an Indian listed company beyond certain thresholds.
2. It compares key terms and explains regulations around continual disclosures, event-based disclosures, and the requirement to make a public announcement when acquiring shares or voting rights beyond certain levels.
3. It addresses issues around claiming exemptions under the Takeover Code regulations, applicability of regulations to indirect acquisitions such as those through a scheme of arrangement, and factors to consider for investment decisions that may invoke the Takeover Code.
The Madrid Agreement and Madrid Protocol govern the international registration of trademarks through the Madrid System administered by the World Intellectual Property Organization (WIPO). The Madrid System allows an applicant to file a single international application designating multiple countries, rather than separate applications in each country. Key aspects include that a single application and set of fees can protect a trademark across over 100 countries. India joined the Madrid Protocol in 2003, allowing Indian applicants to register trademarks internationally through this centralized system.
Cyber Law and Information Technology Act 2000 with case studiesSneha J Chouhan
This presentation breifs about the Information Technology Act and Cyber Law in India 2000. The various acts involved in it, case studies and some recent amendments are also mentioned.
P.S: Refer the slides for educational purpose only.
Copyright registration process: There are few easy steps which will help you for the registration of copyright. Follow this steps for whole procedure for registration of copyright.
The document discusses intellectual property rights transfers between US firms and foreign businesses. There are several reasons why US firms may transfer their IPRs, such as receiving licensing fees, contributing technology to joint ventures, or shifting production to lower cost countries. International agreements like the Paris Convention and TRIPS Agreement established standards for protecting IPRs like patents, trademarks, and copyrights across signatory countries. The PCT and Madrid Protocol set up centralized filing systems for international patent and trademark applications.
The document summarizes India's Insolvency and Bankruptcy Code of 2016. It consolidates previous bankruptcy laws into a single code and establishes mechanisms for insolvency resolution, regulation, and adjudication. The code aims to promote business and availability of credit. It outlines procedures for insolvency resolution and liquidation of corporate entities. If resolution fails, assets are liquidated according to the order of priority of payments to secured creditors, wages, financial and unsecured debts. The code establishes a new framework for addressing insolvency and bankruptcy in India.
This document discusses the different modes of winding up a company according to the Indian Companies Act of 1956. It can be wound up through compulsory winding up by the court, members' voluntary winding up, or creditors' voluntary winding up. The document provides details on the procedures and requirements for each type of winding up. It explains key terms like compulsory winding up, contributory, liquidator, and their roles in the winding up process.
PPT on the subject “Significant Beneficial Ownership and Dematerialization of...Satwinder Singh
I am pleased to share my presentation on the subject “Significant Beneficial Ownership and Dematerialization of Securities under the Companies Act”. Trust that you will find the same useful.
Looking forward to receiving your valuable feedback.
Intellectual property right case studiesKritiSachita1
1) Super Cassettes Industries filed a copyright infringement suit against social media platform MySpace for allowing unauthorized sharing of SCIL's copyrighted music works. The court found MySpace secondarily liable for infringement.
2) Pine Labs developed software for Gemalto under a contract assigning copyright to Gemalto. Pine Labs later sued claiming copyright reverted after the assignment period. The court found the initial assignment to Gemalto was valid.
3) Five publishers sued Delhi University and a photocopy shop for copyright infringement by compiling and copying excerpts of publisher's books for course materials. The court dismissed the suit, finding the actions fell under fair use for educational purposes.
Taxation of Cryptocurrencies – Virtual Digital Assets in India-VPDalmia.pptxVijay Dalmia
The document summarizes the taxation of cryptocurrencies in India. It defines cryptocurrencies as virtual digital assets under Indian law and outlines how they are taxed. Income from transferring cryptocurrencies is taxed at 30% and is subject to TDS of 1% by the payer. Gains from gifting cryptocurrencies are also taxed. Cryptocurrency exchanges providing trading services are subject to 18% GST. Overall, the document provides an overview of the key Indian tax and legal provisions related to cryptocurrencies.
The document summarizes several key proposed changes in the Finance Bill 2023 related to tax rates, deductions and exemptions, tax benefits for Agniveers, income from business or profession, capital gains, charitable and religious trusts, assessment and appeals, set-off and carry forward of losses, and TDS and TCS. Some of the major changes proposed include increasing tax slab limits and deductions, reduced tax rates for manufacturing cooperatives, tax benefits for contributions to the Agniveer corpus fund, increased thresholds for presumptive taxation schemes, and changes to rules for charitable trusts regarding exemptions and registrations.
Taxmann's Highlights of the Finance Bill, 2021 – Income TaxTaxmann
The document summarizes key proposals in the Finance Bill 2021 related to direct taxes in India. Some key points include:
1. Exemption proposed for cash allowance received in lieu of leave travel concession during COVID-19, subject to conditions.
2. Threshold for tax audit increased to Rs. 10 crore from Rs. 5 crore if at least 95% transactions are through digital modes.
3. Time limits reduced for processing ITR, notice for scrutiny and reopening assessments.
4. Faceless scheme proposed for ITAT appeals and new Dispute Resolution Committee for small taxpayers.
5. Income-tax Settlement Commission to be discontinued and replaced by Interim Board of Settlement.
The Finance Bill 2023 proposes changes to tax rates and slabs, deductions and exemptions, tax benefits for Agniveers, income from business or profession, capital gains, charitable and religious trusts, assessments and appeals, set-off and carry forward of losses, TDS and TCS, penalties and prosecutions, and other amendments. Key changes include revisions to the alternate tax regime, increased basic exemption limit and threshold for rebate, reduced surcharge rate for high income, and extension of standard deduction to salaried employees opting for the new regime.
The document summarizes key points from the Union Budget of India for 2015, including:
- No change in personal or corporate income tax rates. A surcharge of 12% will be levied on incomes over 1 crore INR.
- Measures to curb black money include prohibiting cash transactions over 20,000 INR for immovable property.
- Job creation incentives like deferring the General Anti-Avoidance Rule, tax benefits for REITs/InvITs, and incentives for manufacturing in AP and Telangana.
- Improving ease of doing business by modifying indirect transfer tax provisions and raising the threshold for transfer pricing.
- Benefits for individual taxpayers like raising
Proposed Amendment in income tax finance bill 2019Mohd.Asif Khan
The document summarizes proposed amendments to the Indian Income Tax Act of 1961 in the Finance Bill 2019. Key changes include increasing the standard tax deduction from salaries to Rs. 50,000, allowing deduction of interest on loans for two self-occupied homes instead of one, and increasing thresholds for tax deducted at source on rental income and bank interest from Rs. 180,000 to Rs. 240,000 and from Rs. 10,000 to Rs. 40,000 respectively. The income tax rebate is also increased for individuals with annual income up to Rs. 500,000.
The document provides an introduction to government budgeting in India. It outlines key constitutional provisions related to budgets, the budget preparation and approval process, and controls over budget execution including re-appropriation, supplementary grants, and resumption of unused funds. It also discusses new service procedures, contingency funds, and the different types of government accounts.
Greetings
Union budget for FY 2018-19 was presented by Hon'ble Finance Minister Shri. Arun Jaitely . As most of you are aware, this budget is unique being presented before election in 2019
We are excited to share our annual Clients Circular on the amendments by Finance Act 2020.
The writeup covers important amendments that impact you directly and consciously we have avoided to mention the amendments which are procedural in nature. This writeup we believe would help you in complying with the law during the new financial year now underway.
Do get back to us if you have any questions and we would be delighted to help you out.
The document summarizes major tax proposals in the Indian Budget 2019. Some key points include:
1. The corporate tax rate has been reduced to 25% for companies with annual turnover less than Rs. 400 crore.
2. Surcharge rates on individuals/HUF/AOP/BOI have been increased based on total income.
3. TDS of 2% will now be deducted on cash withdrawals exceeding Rs. 1 crore from a bank account.
4. Businesses with over Rs. 50 crore turnover must provide payment options using electronic modes like UPI, QR codes.
5. Interest deduction on loans from NBFCs will now only be allowed if
The document summarizes key direct tax proposals in the Union Budget 2015-16 of India. Some key points:
- Corporate tax rates will be reduced from 30% to 25% over the next four years. Royalty and technical fees for non-residents will be taxed at 10% instead of 25%.
- Tax deductions have been increased for medical expenditures, investments in pension plans, donations to certain funds.
- Measures are proposed to curb black money in real estate transactions by requiring payments over 20,000 rupees to be made via checks or electronic transfers.
- The implementation of GAAR has been deferred by two years and will now apply from FY 2017-18. Higher
The document summarizes key proposed amendments to corporate taxation in the Union Budget 2017-18 in India. Some key points include:
1. The corporate tax rate has been reduced to 25% for domestic companies with turnover less than 50 crore rupees.
2. Conversion of preference shares to equity shares will now be tax neutral and the period of holding preference shares will count towards long term capital gains calculation for equity shares.
3. Secondary adjustments are proposed for transfer pricing to align profits in company books with actual profits determined during assessment.
The document summarizes key proposed amendments to corporate taxation in the Union Budget 2017-18 of India. Some key points include:
1) The corporate tax rate is reduced to 25% for domestic companies with turnover less than 50 crore rupees.
2) Conversion of preference shares to equity shares is proposed to be made tax neutral and the period of holding preference shares will count towards long term capital gains calculation for equity shares.
3) Capital gains arising from the transfer of rupee denominated bonds between non-residents is proposed to be exempt from taxation.
Taxmann's analysis of the finance bill 2021 (as passed by the lok sabha)Taxmann
Your Analysis on the Finance Bill 2021 (as passed by the Lok Sabha). Delivered! ⚡ | https://bit.ly/3d6lkiO
Download/Read Taxmann’s comprehensive (50+ Pages) analysis of the Finance Bill, 2021 as passed by the Lok Sabha.
SEBI tightens compliances and disclosures for listed entities - Amends LODR R...Economic Laws Practice
SEBI has notified various amendments to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”) vide the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2023 (Amendment Regulations).
Finance Bill, 2018 Amendments Passed by the Lok SabhaUpasanaTaxmann
The Lok Sabha on Wednesday passed the Finance Bill, 2018 amendments. Here're the snippets of changes made in finance bill, 2018. For more information visit https://www.taxmann.com/.
The document summarizes significant amendments to the taxation of charitable trusts under the Finance Act 2022 in India. It notes that over the past 10-15 years, the treatment of charitable trusts has become stricter, with some changes justified and others due to perception. Key amendments include: (1) treating corpus donations as part of the trust corpus only if specific directions are provided, (2) not treating donations to other trusts as applications, and (3) considering spending as applications only in the year amounts are redeposited into specified investments. Procedural changes involve modifications of trust objects and furnishing audit reports and income tax returns by specified dates. Penalties are introduced for applying incomes to the benefit of related parties.
The budget document summarizes key changes for salaried individuals, taxation of long term capital gains (LTCG), business income, international taxation, and miscellaneous items. For salaried taxpayers, deduction limits for medical expenses and interest income were increased. LTCG will now be taxed at 10% for gains over Rs. 1 lakh. Business income rules were expanded and tax rates increased for large companies. International tax provisions now include a broader definition of permanent establishment and taxing digital businesses based on economic presence in India. Various deductions and exemptions were also introduced or modified.
Similar to Comparative Analysis of Direct Tax Amendments: Finance Bill, 2021 visavis Finance Act, 2021 (20)
SCRAPPING OF RETRO TAX PROVISIONS : A REVIVAL OF OVERSEAS INTEREST IN INDIADVSResearchFoundatio
The document summarizes the scrapping of retroactive tax provisions in India. It provides background on retroactive taxation laws introduced in 2012 in response to court rulings. It analyzes prominent cases like Vodafone and Cairn Energy that challenged the retroactive taxes under bilateral investment treaties. The Taxation Laws Amendment Act of 2021 was passed to scrap these retroactive provisions and provide tax refunds to affected companies like Cairn Energy. The act aims to improve India's reputation as an investment destination and revive interest from foreign investors.
Key Takeaways: - Analysis of section 45(4), section 9B of the Income Tax Act...DVSResearchFoundatio
Key Takeaways:
- Analysis of section 45(4), section 9B of the Income Tax Act and Rule 8AA and Rule 8AB of Income Tax Rules
- Illustrations to understand the relevant impact
- Critical Issues concerned with the provisions
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...DVSResearchFoundatio
Key Takeaways:
- Facts of the case
- AO's contention
- Ruling of CIT(A) and issues for consideration of the ITAT
- Observations of ITAT
- Final Ruling
- Way Forward
ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...DVSResearchFoundatio
The Supreme Court ruled that the conversion of outstanding interest into debentures by the assessee company qualified for deduction under Section 43B of the Income Tax Act. The conversion was done under a rehabilitation plan agreed with institutional creditors to extinguish the interest liability. The Court observed that Section 43B was not meant to affect bona fide transactions, and debentures were different than loans/borrowings under Explanation 3C. It set aside the High Court's decision and allowed the assessee's claim for deduction, noting the conversion was an actual payment of interest rather than postponing the liability.
Key Takeaways:
- Facts of the case
- Issues and Orders
- Contention of the parties
- Observations of Honourable Supreme Court
- Conclusion and way forward
This document outlines the process and documentation required for an SME to obtain an in-principle approval for an initial public offering (IPO) listing on the National Stock Exchange of India (NSE). It details the documents required to be submitted on T+2, T+3, T+4, and T+5 days from the date of in-principle approval to finalize the listing. These include annual reports, board resolutions, shareholding details, basis of allotment, post-issue shareholding pattern, and confirmation from issuers, merchant bankers, and statutory auditors. It also provides information on NEAPS platform registration and payment of processing and annual listing fees.
What are the post listing compliance norms for SME entities?DVSResearchFoundatio
The document summarizes post-listing compliance norms for small and medium enterprises (SMEs) listed on SME exchanges in India. It discusses requirements for further capital issues, green shoe options, migration to the main board, further public offerings, and mandatory and voluntary disclosures. Key requirements include making full disclosures for further issues, obtaining shareholder approval for green shoe options, complying with eligibility criteria for migration, and submitting regular financial disclosures and statements on the use of IPO proceeds.
1) Prior to listing on an SME exchange, a company must file an offer document with SEBI and the relevant stock exchange and appoint qualified intermediaries like lead managers, registrars, and syndicate members.
2) The company must make required disclosures in the offer document and the lead manager must conduct due diligence on these disclosures.
3) After filing the offer document, the company must price the issue, keep the issue open for subscription for at least 3 days, and ensure the issue is underwritten and market making arrangements are in place.
This document outlines the criteria for Small and Medium Enterprises (SMEs) to list on the SME platforms of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. The key eligibility criteria are a positive net worth, a track record of at least 3 years of operations, and operating profits over the last 2-3 years. Additional disclosure requirements include details on directors, regulatory actions, litigation status, and defaults. SMEs listed can later migrate to the main board of the exchanges if they meet certain criteria like company size and track record. As of now, over 220 companies are listed on NSE's SME platform and over 100 have migrated from BSE's SME platform
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
An Indian individual seeks to incorporate a company in Singapore. The process involves obtaining name approval, determining the company structure as a private or public company, appointing directors and other key personnel, selecting a registered office address, and drafting a company constitution. Once incorporated, the new company can open a Singapore bank account and obtain a tax residency certificate. Indian regulations allow for foreign direct investment through the automatic route or approval route depending on the amount and financial commitment. The entire incorporation process can be completed quickly online but setting up documents may take a few days.
AUTOMATIC VACATION OF STAY GRANTED BY TRIBUNALDCIT v. PEPSI FOODS LTD. [2021]...DVSResearchFoundatio
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
Commissioner of income tax-iv.reliance energy ltd.[2021] 127 taxmann.com 69(sc)DVSResearchFoundatio
The Supreme Court ruled that deductions under Section 80-IA of the Income Tax Act can be adjusted against income from other sources, not just business income.
The Revenue Department had argued that Section 80-IA(1) limits deductions to only business income based on the phrase "derived from". However, the Supreme Court observed that Section 80-IA(5) deals only with computing the deduction amount, not limiting it.
The ruling allows eligible businesses to set off Section 80-IA and similar deductions against any head of income, not just profits and gains from business, subject to the overall gross total income limit. This provides tax relief to companies with other sources of income.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
SATTA MATKA SATTA FAST RESULT KALYAN TOP MATKA RESULT KALYAN SATTA MATKA FAST RESULT MILAN RATAN RAJDHANI MAIN BAZAR MATKA FAST TIPS RESULT MATKA CHART JODI CHART PANEL CHART FREE FIX GAME SATTAMATKA ! MATKA MOBI SATTA 143 spboss.in TOP NO1 RESULT FULL RATE MATKA ONLINE GAME PLAY BY APP SPBOSS
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...my Pandit
Dive into the steadfast world of the Taurus Zodiac Sign. Discover the grounded, stable, and logical nature of Taurus individuals, and explore their key personality traits, important dates, and horoscope insights. Learn how the determination and patience of the Taurus sign make them the rock-steady achievers and anchors of the zodiac.
Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.AnnySerafinaLove
This letter, written by Kellen Harkins, Course Director at Full Sail University, commends Anny Love's exemplary performance in the Video Sharing Platforms class. It highlights her dedication, willingness to challenge herself, and exceptional skills in production, editing, and marketing across various video platforms like YouTube, TikTok, and Instagram.
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
Profiles of Iconic Fashion Personalities.pdfTTop Threads
The fashion industry is dynamic and ever-changing, continuously sculpted by trailblazing visionaries who challenge norms and redefine beauty. This document delves into the profiles of some of the most iconic fashion personalities whose impact has left a lasting impression on the industry. From timeless designers to modern-day influencers, each individual has uniquely woven their thread into the rich fabric of fashion history, contributing to its ongoing evolution.
3 Simple Steps To Buy Verified Payoneer Account In 2024SEOSMMEARTH
Buy Verified Payoneer Account: Quick and Secure Way to Receive Payments
Buy Verified Payoneer Account With 100% secure documents, [ USA, UK, CA ]. Are you looking for a reliable and safe way to receive payments online? Then you need buy verified Payoneer account ! Payoneer is a global payment platform that allows businesses and individuals to send and receive money in over 200 countries.
If You Want To More Information just Contact Now:
Skype: SEOSMMEARTH
Telegram: @seosmmearth
Gmail: seosmmearth@gmail.com
Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
Comparative Analysis of Direct Tax Amendments: Finance Bill, 2021 visavis Finance Act, 2021
1. Analysis of Direct Tax Amendments: Finance
Bill, 2021 vis-a-vis Finance Act, 2021
CA Divakar Vijayasarathy
2. 📌 Presentation Schema
FAST-TRACKING FOREIGN
INVESTMENT AND EASING OF
NON-RESIDENT TAXATION
EXPLICATION OF PROVISIONS
RELATING TO INDIVIDUALS,
TRUSTS AND FIRMS
BOOST TO GIFT CITY
RATIONALISATION AND
CLARIFICATION OF PROVISIONS
4. Meaning of “Liable to Tax”
•Meaning of “liable to tax” Sec 2(29A)- “Liable to tax”, in relation to a person, means that there
is a liability of tax on such person under any law for the time being in force in any country,
and shall include a case where subsequent to imposition of tax liability, an exemption has
been provided;
•The term has not been defined though it is used in Sec 6, 10(23FE), DTAAs u/s 90 and 90A
Amendment by
Finance Bill 2021
•The words “liability of tax under any law” has been substituted with the “income-tax liability”
Amendment made by
Lok Sabha
•The words “liability of tax under any law” has been substituted with the “income-tax liability”
Effect of Amendment
5. Exemption of Income of SWF/PF from AIF
•SWFs and Pension Funds would be provided exemption for long term capital gains if the investment
is in Category-I and Category-II AIF which has made 100% investment in infrastructure entities.
Where investment is less than 100% the exemption would be proportionately calculated.
Amendment by
Finance Bill 2021
•The exemption has been further extended if the Category-I and Category-II AIF has invested in
domestic companies owning 75% or more in infrastructure entities or in NBFCs registered as
International Finance Company or in Infrastructure Debt Funds having minimum 90% exposure to
infrastructure entities.
•Further, exemption shall be calculated proportionately even in the above cases where investment or
exposure is less than 100%
Amendment made
by Lok Sabha
•The amendment is in line with the infrastructure development goals of the country.
Effect of
Amendment
6. Equalization levy not applicable on goods received
by Permanent Establishment in India
•For the purpose of equalization levy, consideration for goods shall be taken irrespective of whether
the e-commerce operator owns the goods
Amendment by
Finance Bill 2021
•It is amended to not include consideration for goods which are owned by a person resident in India or
by a permanent establishment in India of a person who is a non-resident in India, if such sale of goods
is effectively connected with such permanent establishment.
Amendment made
by Lok Sabha
8. Interest on EPF contribution not to be exempt
•Where employee’s contribution to any PF or RPF exceeds Rs. 2,50,000 in any
previous year on or after 1st April 2021, the interest income on such excess
contribution shall be taxable
Amendment by Finance Bill,
2021
•Where the employee is a sole contributor to the fund, without employer’s
contribution, then the interest on his contribution only in excess of Rs. 5,00,000
shall be taxable.
Amendment introduced in Lok-
Sabha
•The amendment provides relief to retired persons who contribute more and to
instances where there are no employer’s contribution
Effect of Lok-Sabha Amendment
9. Goodwill not to form part of Block of Assets
•It was clarified that goodwill of a business or profession will not be considered as a
depreciable asset.
Amendment by Finance Bill,
2021
•Consequential amendment has been made for the purpose of computing WDV
whereby the cost of goodwill forming part of a block of assets shall be reduced
from the written down value of the block after reducing the depreciation actually
allowed and the depreciation that would have been allowed, till 31.03.2021.
Amendment introduced in Lok-
Sabha
•The amendment is consequential in removing goodwill from the asset pool
available for depreciation.
Effect of Lok-Sabha Amendment
10. Taxation of transfer of assets at the time of
reconstitution or dissolution of Firm/AOP/BOI
•Profits or gains arising out of receipt of any capital asset (representing capital account balance) or money
or any other assets (in excess of capital account balance) by a partner of a firm/ member of an AOP or BOI
at the time of dissolution or reconstitution, shall be chargeable as capital gains in the hands of the entity
viz. firm, AOP or BOI. Capital account balance to be considered without effect of revaluation or increase
due to self generated goodwill or self generated asset
Amendment by
Finance Bill, 2021
•“any other assets” has been removed from the ambit of capital gains taxation.
•Reference to “in excess of capital account balance” has been removed
•Capital gains shall be taxable as follows:- Value of money received + Fair market value (FMV) of asset –
amount of balance in capital account represented in any manner
•New Section 9B has been introduced to tax “stock in trade” received at the time of reconstitution as
“Profits & Gains from Business or Profession” (FMV of stock shall be full value of consideration)
•Further, consequential amendment has been made in Section 48 to provide that amount included as
capital gains income on account of Section 45(4) supra, shall be apportioned to the assets of the firm, in a
manner which is yet to be prescribed. The consequential amendment was required to ensure no double
taxation in the hands of firm when they subsequently sell assets in the future.
Amendment
introduced in Lok-
Sabha
11. •The erstwhile Section 45(4) (introduced by Finance Bill, 2021) included the event of “dissolution”;
however, the same has been removed now
•What if the payment to partners is made in tranches in multiple years after reconstitution and not in the
year of reconstitution, the section do not provide clarity in such scenarios
•The section says that the revaluation of assets has to be ignored while calculating the balance in capital
account; however, it is silent on revaluing the liabilities
•It is not clear whether the capital account balance envisaged Section 45(4) will include current account
balance or loan given by partners to the firm as the words used are “represented in any manner”
Anamolies in the
revised position
Contd…
13. Meaning of “Specified Fund” extended
•Previously, the meaning of “specified fund” included only Category III-AIFs
registered with SEBI.
•The definition was amended to include investment division of offshore banking
unit which is a Category III AIF or OBUs which has commenced its operations on or
before 31.03.2024
Amendment by Finance Bill,
2021
•The definition has been amended to even include Category-III AIFs registered with
IFSCA Act, 2019.
•The said clause has been amended to provide exemption only to those OBUs
having Category I- FPI license provided by SEBI and which have commenced its
operations on or before 31.03.2024
Amendment introduced in Lok-
Sabha
•With the establishment of IFSC Authority, financial services in IFSC are regulated by
IFSCA. The intention of the Act is to provide exemption to Cat-III funds set up in
IFSC.
•Moreover as per FPI regulations, only a Cat-I FPI can issue offshore derivative
instruments. The amendment therefore allows OBU units to issue offshore
derivative investments to overseas investors.
Effect of Lok-Sabha Amendment
14. Income of non-resident from leasing of aircraft
to be exempt
•Income of a non-resident by way of royalty on account of leasing of aircraft to a
unit in IFSC shall be exempt only if unit is eligible for deduction u/s 80LA for that
pervious year and has commenced its operations on or before 31.03.2024
Amendment by Finance Bill,
2021
•The clause is amended to exempt income of non-residents by way of interest as
well. Further, the requirement of eligibility of deduction in that particular year is
done away with.
•Further, aircraft has also been defined to mean helicopter or an engine of an
aircraft of helicopter, or any part thereof.
Amendment introduced in Lok-
Sabha
•The exemption section has widened its ambit to include interest income as well.
Further, removing the requirement of eligibility in that particular year is a welcome
move.
Effect of Lok-Sabha Amendment
15. Tax Holiday on income from transfer of leased
aircraft
•80LA benefit is available to income arising from transfer of leased aircraft by an
IFSC unit if it was leased to a domestic airlines company.
Amendment by Finance Bill,
2021
•The benefit is now made available even if the aircraft is leased to any person other
than a domestic airlines company.
Amendment introduced in Lok-
Sabha
•This is with an intent to build a wide base of aircraft leasing companies set up by
non-resident lessors in IFSC as 80% of the India’s aircrafts are leased
Effect of Lok-Sabha Amendment
16. Relocation of Foreign Fund to IFSC
•Transfer of a capital asset in a relocation by original fund to a resulting fund is exempt
•Capital gains arising on any transfer by a stakeholder in a relocation of a capital asset being share or unit or
interest in original fund in consideration for share or unit or interest in the resultant fund is exempt
•Resultant fund shall mean a fund which has Category I/II/III AIF license as granted by SEBI
•Relocation meant transfer of assets of the original fund to a resultant fund on or before the 31st day of March,
2023, where consideration for such transfer is discharged in the form of share or unit or interest in the resulting
fund to the shareholder or unit holder or interest holder of the original fund in the same proportion in which the
share or unit or interest was held by such shareholder or unit holder or interest holder in such original fund
Amendment by
Finance Bill, 2021
•Resultant fund shall now additionally include Category I/II/III AIF license as granted under IFSC Authority Act,
2019
•“Relocation” means transfer of assets of the original fund, or of its wholly owned special purpose vehicle, to a
resultant fund on or before the 31st day of March, 2023, where consideration for such transfer is discharged in
the form of share or unit or interest in the resulting fund to, -
•Shareholder or unit holder or interest holder of the original fund, in the same proportion in which the share or
unit or interest was held by such shareholder or unit holder or interest holder in such original fund, in lieu of
their shares or units or interest in the original fund; or
•The original fund, in the same proportion as referred above, in respect of which the share or unit or interest is
not issued by resultant fund to its shareholder or unit holder or interest holder”.
Amendment
introduced in
Lok-Sabha
17. Contd…
•Exemption for capital gains arising in the hands of non-residents (investors in a foreign fund located in a treaty
country), arising on transfer of shares of a company resident in India, by a SEBI registered AIF located in IFSC
(hereinafter “resultant fund”) and such shares were initially transferred from the foreign fund (hereinafter
“original fund”) to the resultant fund on relocation, had they not been chargeable to tax in the absence of such
relocation
Amendment by
Finance Bill, 2021
•Exemption for capital gains arising in the hands of non-resident or a specified fund, on account of transfer of
shares of a company resident in India by a SEBI registered AIF located in IFSC (“resultant fund”) or a specified
fund to the extent attributable to units held by non-resident (not being a permanent establishment of a non-
resident in India) computed in the prescribed manner and such shares were initially transferred from the original
fund, or from its wholly owned special purpose vehicle, to the resultant fund on account of relocation, had they
not been chargeable to tax in the absence of such relocation
Amendment
introduced in
Lok-Sabha
18. •It shall be noted Section 10(23FF) provides exemption of capital gain income on transfer of shares of a
company resident in India to non resident or specified fund when “such shares were transferred from the
original fund, or from its wholly owned special purpose vehicle, to the resultant fund in relocation…..”.
•However, the exempted transfer which stipulates “any transfer, in relocation, of a capital asset by the
original fund to the resulting fund” does not explicitly provide exemption to transfer of capital assets in
“wholly owned special purpose vehicle of the original fund” to the resultant fund.
•However, it is pertinent to note that relocation definition includes transfer of assets of the original fund or
of its wholly owned special purpose vehicle, to a resultant fund. Hence, an ambiguity arises as to
whether going by the definition of “relocation”, transfer of capital asset by wholly owned special purpose
vehicle of the original fund to the resultant fund can be interpreted to be an exempted transfer or it shall
be subject to capital gains tax.
Effect of Lok-Sabha
Amendment
Contd…
19. Taxation of GDRs issued by an IFSC Offshore
Banking Unit
•Existing Provision: Section 115ACA – Taxation of GDR
•Global Depository Receipts" means any instrument in the form of a depository receipt or certificate (by
whatever name called) created by the Overseas Depository Bank outside India and issued to investors
against the issue of,—(i) ordinary shares of issuing company, being a company listed on a recognised stock
exchange in India; or (ii) foreign currency convertible bonds of issuing company;
Amendment by
Finance Bill, 2021
•Along with Overseas Depository Bank outside India, IFSC is additionally included within the ambit of Section
115ACA. Further, the scope of issue has been widened to include ordinary shares of issuing company, being
a company incorporated outside India, if such depository receipt or certificate is listed and traded on any
IFSC.
•Thus, income of an employee of an Indian company engaged in specified knowledge based industry or service
from GDRs issued under an ESOP by Overseas Depository Banks setup in IFSC shall also be calculated in the
same manner as in the case of GDRs issued by ODBs setup abroad.
Amendment
introduced in Lok-
Sabha
•The amendment streamlines the taxability of dividend and capital gains arising from GDRs issued by ODBs in
IFSC with those issued ODBs outside India.
Effect of Lok-Sabha
Amendment
21. S.
No
Amendment by Finance Bill, 2021 Amendment introduced in Lok-Sabha Ramification
1 Turnover limit for tax audit of accounts increased
from Rs. 5 crores to Rs. 10 crores provided all
cash receipts and payments during the PY do not
exceed 5%.
It is clarified that payment or receipt by a
cheque drawn on a bank or by a bank draft,
which is not account payee shall be
deemed to be a cash receipt or cash
payment
The amendment makes payment or receipt
through bearer cheques unviable.
2 Presumptive scheme for professionals u/s 44ADA
shall apply only to a resident individual, resident
HUF, resident partnership firm and shall not be
applicable to an LLP
The section has been further amended to
make it non-applicable to HUFs.
Only resident individuals and resident
partnership firms (excluding LLPs) are
eligible for presumptive scheme for
taxation.
3 No existing amendment Exemption has been provided to income of
an institution set up by CG for the purpose
of financing infrastructure and
development for a period of 10 consecutive
years from the year of set-up and income of
developmental financing institution
licensed by RBI for a period of 5
consecutive years from the year of set-up.
Note: CG can extend the exemption to 5
more years
The amendment welcomes the recent
approval by the Union Cabinet for setting
up Development Finance Institution (DFI)
in India to generate funds for investment
in the infrastructure sector.
22. S.
No
Amendment by Finance Bill, 2021 Amendment introduced in Lok-Sabha Ramification
4 The due date of filing original return of income
for the partner of firm, which has undertaken
international transaction, extends to November
30
The said due date has been extended to
spouse of such partner if provisions of Sec
5A (Portuguese Civil Code) applies to such
spouse
The amendment is streamlined with Sec
5A which governs apportionment of
income between spouses governed by
Portuguese Civil Code
5 The due date for filing belated or revised return
of income is proposed to be earlier of the
following:
- ‘Within’ 3 months prior to the end of the
relevant AY or
- Before the completion of assessment
The words “within 3 months” have been
substituted with “before 3 months”
The substitution of the word ‘before’
instead of ‘within’ clarifies the intention of
the lawmakers to confirm the due date as
December 31st of the relevant AY.
6 Sec 147 has been substituted with a new section,
in line with the revamping of assessment
procedures.
In amended Sec 147, the word
“reassessment” has been substituted with
“reassessment or re-computation”
The amendment brings consistency across
various provisions in the Act.
7 New amendment The power to revise orders passed by AO
under any proceedings under this Act
which are prejudicial to the interest of the
Revenue have now been bestowed to
Principal Chief Commissioner and Chief
Commissioner in addition to Principal
Commissioner and Commissioner.
The amendment is made since any
reopening of case beyond a period of ten
years from the end of relevant AY now
requires prior approval from Principal
Chief Commissioner and Chief
Commissioner as per Section 151.
23. S.
No
Amendment by Finance Bill, 2021 Amendment introduced in Lok-Sabha Ramification
8 Section 148 has been amended to include certain
events which would deem for AO to have
information that the income chargeable to tax
has escaped assessment
Searches done by income tax authorities for
the purpose of verifying TDS compliance or
in suspicion of higher income levels of the
assessee, indicated by certain events/
ceremonies conducted by the assessee, will
not mean that the AO has information on
income escaping assessment.
This would allay unnecessary difficulties
posed by the department to the assessee
9 As evident in the previous slide, events have been
mentioned which would deem for AO to have
information that income escaped assessment.
One such event was requisition of books of
accounts, documents, money, bullion or jewellery
in case of any other person, which belongs to
assessee
It is clarified that said requisition should be
mandatorily under Sec 132 (Search and
Seizure) or under Sec 132A (Power to
Requisition of books of accounts)
Requisition under search and seizure has
been given additional weightage for the
purpose of income escaping assessment
10 Substitution of new section for Sec 149 for issuing
notice for income escaping assessment – even
asset, represented in the form of income, are
included for the purpose of assessment for cases
falling under 3 to 10 years
It is clarified that asset shall include
immovable property, being land or building
or both, shares and securities, loans and
advances, deposits in bank account
The definition of asset provides more
clarification for reopening assessments
after 3 years have lapsed from the end of
the relevant AY but before 10 years.
24. S.
No
Amendment by Finance Bill, 2021 Amendment introduced in Lok-Sabha Ramification
11 It is proposed to discontinue Income-tax
Settlement Commission (ITSC) and to constitute
Interim Board of settlement for pending cases.
ITSC shall cease to operate on or after 1st
February, 2021.
In respect of applications pending with the
Income Tax Settlement Commission and
withdrawn before 01.02.2021, the period of
limitation for assessment or re-assessment
or re-computation by AO shall not be less
than 1 year and if less than 1 year, it shall
be deemed to be extended to 1 year
The same time limit shall apply to time limit
for notice for income escaping assessment
and rectification of mistake.
The above two proposals shall also apply in
case of time limit for completion of
assessment in case of search or requisition.
The amendments align the existing
provisions with the Ministry’s proposal to
discontinue ITSC.
12 Authority of Advance Ruling (“AAR”) shall cease to
operate from a notified date and CG shall
constitute one or more Board for Advance Ruling
Consequential amendments have been
made in sections relating to time limit to
complete the assessments including that of
search or requisition, to include the words
“Board for Advance Ruling” along with the
the word “AAR”
Consequential amendment
25. S.
No
Amendment by Finance Bill,
2021
Amendment introduced in Lok-Sabha Ramification
13 - Transfer of capital asset by India Infrastructure Finance
Company Limited (IIFCL) to an institution established for
financing the infrastructure and development, set up under an
Act of Parliament and notified by the Central Government for
the purposes of this clause, shall be exempt from capital gains
taxation. Further, consequential amendment has been made in
Section 49 so as to provide that cost of acquisition of any capital
asset, shall include cost of acquisition and improvement for
previous owner. Further, provisions of gift taxation shall not be
applicable for the aforesaid transfer.
The amendment is in line with the
infrastructure development goals of the
country.
14 - Transfer of a capital asset, under a plan approved by the Central
Government, by a public sector company to another public
sector company notified by the Central Government for the
purpose of this clause or to the Central Government or to a
State Government shall be exempt from capital gains taxation.
Further, consequential amendment has been made in Section
49 so as to provide that cost of acquisition of any capital asset,
shall include cost of acquisition and improvement for previous
owner. Further, provisions of gift taxation shall not be
applicable for the aforesaid transfer.
The amendment makes way to efficient
merger of PSUs in the future.
26. S.
No
Amendment by Finance Bill, 2021 Amendment introduced in Lok-Sabha Ramification
15 Transfer of undertakings shall mean not
only by way of sale (i.e. that which
involves monetary consideration) but
shall also include any mode of transfer
defined under Section 2(47) such as
exchange, relinquishment, etc.
Fair market value of the capital asset, being the
undertaking or division, on the date of transfer,
calculated in the prescribed manner (yet to be notified)
shall be deemed to be the full value of consideration
received or accruing as a result of such transfer
(Amendment vide Finance Act, 2021). Though rules for
computation of fair value are yet to be notified,
reference could be made to Rule 11UA or Rule 11UAA.
Value of asset being goodwill of a business or profession
which has not been acquired by the assessee by
purchase from a previous owner shall be considered as
nil.
The amendments provide required
clarifications on computing capital
gains on slump sale.
16 Sec 115JB is proposed to be amended to
provide for the AO (on an application
made in this behalf) to recompute the
book profit of the past year and tax
payable during the PY, where past year
income is included in PY books of
account on account of APA or Secondary
adjustment.
Amendment shall be applicable only if the assesse has
not utilized the credit of tax paid under 115JB in any
subsequent assessment year under Section 115JAA
(availment of tax credit).
Further, the amendment shall be applicable only for A Ys
beginning on or before 01.04.2020 and no interest shall
be payable on refund arising out of the said re-
computation.
27. S.
No
Amendment by Finance Bill, 2021 Amendment introduced in Lok-Sabha Effect of Lok-Sabha Amendment
17 Existing Provision: Late filing fees for return
of income
- Rs. 5,000 if return is furnished on or
before 31st December of A Y and Rs.
10,000 in any other case
- Total Income not exceeding Rs. 5 lakhs,
the fees payable shall be Rs. 1,000
Late fees payable u/s 234F has been kept at flat
5,000 rupees.
The amendment allays the ambiguities
arising at the time of extension of
deadline. Under old provisions, the
assessee would have been liable to pay tax
even where the deadline is extended
beyond December 31st of the relevant AY.
18 New amendment >>> The Due date for intimating Aadhaar number u/s
139AA is 31.03.2021. Consequentially, any
person who intimates the aadhaar number after
due date shall pay a fee of Rs.1000 on doing so.
The fee is to urge Indian nationals to link
their Aadhaar number with PAN within the
stated deadline
19 ULIPs, for which the exemption under
Section 10(10D) is not available on account
of single premium or aggregate premium
exceeding Rs. 2,50,000 for any previous year,
shall be regarded as an equity oriented fund
While defining the equity oriented fund, the
condition of minimum investment requirement
of 90% in case fund invests in units of another
fund which is traded on a recognised stock
exchange) and 65% in any other case, while
classifying the capital asset as an equity-oriented
fund, is required to be satisfied throughout the
term of such insurance policy