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Prohibition of Acceptance of Deposits for the purpose of Lending by Unincorporated Business under the RBI Act, 1934
Section 45S of the RBI Act, 1984 prohibits any person being an individual, a partnership firm or an unincorporated association of individuals from accepting deposits if (a) his or its business, wholly or partly includes – the financing, whether by way of making loans or advances or otherwise, of any activity other than its own;…
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Blockchain & Crypto friendly jurisdiction : Malta
Malta (a small Island country in Mediterranean Ocean, near Italy in Europe) is a Blockchain & crypto-friendly Jurisdiction. It has promulgated 3 progressive laws to transparently regulate Blockchain & Cryptocurrency & NFTs etc. The Laws include The Malta Digital Innovation Authority Act, The Technology Arrangements and Services Act and the Virtual Financial Assets Act. Further,…
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SC Order on Revenue Appeal against quashing of Section 148 (old) Reassessment Notices by various High Courts
1 The Hon’ble Supreme Court of India has allowed in PART the appeals of Revenue against the orders of various High Courts in matters relating to issue of Reassessment Notices u/s 148 (from 01.04.2021 till date 04.05.2022) following the procedure under the unamended section 148 of Income Tax Act, 1961. 2 The Supreme Court has…
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(Reblog) Perspectives on Life Insurance Industry In India
First published on 31 January 2013 Synopsis 1 Background of the Insurance Sector 2 Snapshot of the Performance of the Life Insurance Sector post Liberalisation 3 Is LIC – A beneficiary of Liberalisation? 4 The Effect: Increase in Insurance Consumption 5 Role of Advertising – To create Insurance Awareness a. Bima Bemisaal – The Insurance…
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Validity of Gifts by Karta of ancestral property of HuF
The Supreme Court of India in the matter of KC Laxmana vs KC Chandrappa Gowda | 2022 LiveLaw (SC) 381 has HELD : “It is trite law that Karta/Manager of a joint family property may alienate joint family property only in three situations, namely, (i) legal necessity (ii) for the benefit of the estate and…
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Dispute Resolution for Small Assessee’s
The Finance Act, 2022 has amended Section 245MA therein in the Income Tax Act, 1962 wef 01 April, 2022 creating for a new procedure for Dispute Resolution for Small Assessee’s. The CBDT has further amended the Income Tax Rules, 1962, to introduce Part IX-A and new Rules 44DAA, 44DAB, 44DAC and 44DAD and Form 34BC…
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New Scheme for Taxation of Digital Assets such as Cryptocurrencies & NFTs
The Finance Bill, 2022 has proposed a new Scheme for Taxation of Digital Assets such as Cryptocurrencies & NFTs. It may be duly noted that Transactions in Cryptocurrencies and NFTs were taxable in earlier years as well. The classification of Income under Heads of Income such as Business or Capital Gains or Other Sources with…
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Proposition : Paperless International Trade – A Use case for XBRL GL, Blockchain – Distributed Ledger & Smart Contracts, ISO 20022 Payment Messaging Standard, UNCITRAL MLETR, etc
A proposition on a use case for XBRL / Blockchain in Automation of International Trade Documentation. Problem Statement : At present, Business Enterprises (including those engaged in International Trade) & Regulators thereof receive and send Transaction Documents – in closed formats – thus involve manual extraction & re-keying – in the recipient’s Accounting Package /…
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Multi-lingual Tech Applications in Commercial & eGovernance Applications : A Methodology
India is a land of diversity including of linguistic diversity. This proves difficult to provide services to citizens in their preferred language a mammoth task particularly when there are also inter-state migrants who all speak different languages. In this regard, my observation is that there is a very high degree of compatibility of Transcription &…
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Simplification of Tax Audit Report Forms – A Suggestion
The Income Tax Audit Report Forms 3CD alongwith applicable Forms 3CA / 3CB / 29B / 29C / 10B etc prescribed under Income Tax Rules are very expansive and seek a lot of details, which in many cases, are not applicable to the respective category of assessee’s. My submission is that instead of a combination…