Please watch out for new section 194R under Income Tax Act, 1961 which requires deduction of TDS @10% on any benefit provided by one person to another which is more than Rs 20,000.
The new framework would come into force with immediate effect. SEBI has issued detailed procedure that needs to be followed for issuance of DRs, besides eligibility criteria for listed companies and obligations of Indian as well as foreign depositories and domestic custodians. Further, only a listed company is allowed to…
Enforcement of the Insolvency and Bankruptcy Code, 2016 (the ‘Code’)amended many other statutes including Companies Act, 2013 (the ‘Act’) in terms of eleventh schedule of the Code (with effect from 01.12.2016) which inter alia dealt with the substituted Section 434 of the Act. Section 434 (c) of the…
Reserve Bank of India has issued Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 (‘New Regulations’) on 17th December, 2018 in supersession of Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 and Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000 (collectively, ‘Erstwhile Regulations’)…
BACKGROUND: Acceptance of deposits being receipt of money by various entities is governed by regulatory authorities but such acceptances are also being made apart from the banking sector and it is difficult to regulate these large, diverse and complex non-banking sources leading to unauthorized use.Some of the examples…
NRIs wishing to sell their properties in India need to be aware of the taxation on the same. Let us have a look at the tax implications on the sale of property in India concerning the NRIs: Short-Term Capital Gains Tax A property owned by an NRI for…