Economic Law Practice

In order to improve liquidity of businesses, the Central Board of Indirect Taxes and Customs (CBIC) has decided to allow full transfer of cash balances in electronic ledgers to taxpayers after they has paid their tax dues. In a circular, the CBIC has said that the amount deducted/collected as TDS/TCS by deductors under the...

Global wealth tripled over the last two decades, with China leading the way and overtaking the U.S. for the top spot worldwide. Net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000, according to the study. China accounted for almost one-third of the increase. Its wealth skyrocketed...

ACIT vs Arihant Kumar Jain (ITA 5342/DEL/2018 | ITAT- Delhi) Facts: During scrutiny proceedings, the Assessing Officer noticed that the assessee has claimed “capital gains” of Rs.2,72,85,500/- as exempt under section 10(38) of the Income Tax Act from the sale of scrip of M/s. Kappac Pharma Limited.The AO has taken...

Austria has announced that it is considering applying the same 27.5% levy to crypto assets it currently uses to tax capital gains from traditional stocks and bonds.The reform provides for the integration of cryptocurrencies into the existing taxation system for income from capital assets.Austria intends to impose the measure as part of a wider tax overhaul...

RBI integrates the three Ombudsman schemes i.e. the Banking Ombudsman Scheme, 2006, as amended up to July 2017, the Ombudsman Scheme for Non-Banking Financial Companies, 2018, and the Ombudsman Scheme for Digital Transactions, 2019 into the Reserve Bank - Integrated Ombudsman Scheme, 2021 which shall be effective from November 12, 2021; The Scheme covers...

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Our Recruitment Division is working on an assignment for Recruitment of a Financial Controller, who may be elevated as C.F.O. in a few months based on Performance. The organization is a top notch Startup Fund which has already raised INR 400 Crores and launching more such Funds. We are looking for Candidates having hands on experience in...

👉The Central Board of Direct Taxes (CBDT) notified the provision regarding Furnishing of declaration and evidence of claims by senior citizens for Exemption from Income Tax Return Filing under section 194P of the Income Tax Act. 👉The CBDT inserted Rule 26D through the Income-tax (26th Amendment) Rules, 2021. 👉The declaration required to be furnished by the specified...

MCA proposed to do away with Statutory Audit as per the Companies Act 2013 for small companies As per news updates, the Ministry of Corporate Affairs (MCA) might do away with Statutory Audit as per the Companies Act 2013 for small companies. This decision has been taken in line with the ease of doing...

The government is set to announce a 50% cut in penalties for nearly a dozen offences by startups incorporated as limited liability partnerships (LLPs), an official aware of the development said. The offences include non-compliance relating to requirements of filing statutory documents and returns, appointing a designated partner responsible for all compliances and having...