Memorandum of Partition – Requirement of Registration

In the matter of Popatlal Devaram vs CIT (1970) 77 ITR 1013, the Hon’ble Orissa High Court has HELD : The sole question on which this court, is to express its opinion is whether the memorandum dated May 1, 1957, is compulsorily registrable. Law is well settled that a partition of the joint family properties…More

Hindu Undivided Family – Coparcener versus Member

A coparcener is a person who acquires a right in the ancestral property by birth and a person who has a right to demand partition in the HUF property. Any person who is a part of the family other than a coparcener is simply called a member. The coparcener is also a member of the…More

INTERPLAY OF BENAMI LAW, AS AMENDED IN 2016, TRANSFER OF PROPERTY ACT, 1882 AND REGISTRATION ACT, 1908 IN CASE OF PART PERFORMANCE OF CONTRACT OF TRANSFER OF IMMOVEABLE PROPERTY (SECTION 53A)

According to para 2 of Section 54 of The Transfer of Property Act, 1882 – Transfer by way of Sale in a Immoveable property of value exceeding Rs 100 can only be made by way of a Registered Instrument. However, on account of Part Performance as enumerated in Section 53A of the Transfer of Property…More

The Direct Tax Vivad Se Vishwas Act 2020 : Criminal Intimidation to settle case pending at a judicial forum by ITD Authorities to meet Revenue Targets : Illegality and Judicial recourse thereof.

Section 3 of the Direct Tax Vivad Se Vishwas Act, 2020 assumes jurisdiction “.. where a declarant files under the provisions of this Act on or before the last date, a declaration to the designated authority in accordance with the provisions of section 4 in respect of tax arrear, ..” . There is no provision…More

Carbon Tax on fossil fuel to fund oil saving infrastructure

Oil prices have fallen to record low levels and Indian government has raised taxes keeping pump prices artificially high. The Government should consider earmarking a portion of the carbon tax on fuel so collected on modern public transport infrastructure such as metro railways, suburban railways, electric bus rapid transit systems (eBRTS), and high-speed (350 km/hr)…More

The wealthy are like sheep : You can fleece them many times but skin them only once

Ex Chief Economic Advisor, Arvind Subramanian in an Interview to The Economic Times published 16 April 2020 suggested the re-Introduction of Wealth Tax and I quote :”The government should consider a Solidarity Fund with a one-time annual contribution coming from the wealthy and the employees in the organised sector… The wealthy could contribute via a…More

Accounting Automation Product – Trial Version 0.1

We are an India based Accounting Automation startup. We have developed an Accounting Automation product which takes away some of the mundane accounting tasks and lets the system and a business’ external trade partners be the trigger for automated data entry and processing into an enterprise’s accounting records / ERP; all still within the your…More

TDS ON CASH WITHDRAWLS

The Finance Bill, 2019 has introduced Section 194N in the Income Tax Act 1961 to provide for TDS @2% on cash withdrawls exceeding 1 crore from one or more bank accounts. 1. According to section 4(2) of the Income Tax Act, 1961, the charging section for TDS, “income tax shall be deducted at source in…More