How to deal with Rs 500 and Rs 1,000 currency notes ban?

How to deal with Rs 500 and Rs 1,000 currency notes ban? In a bold move, today prime minister Shri Narendra Modi announced that Rs. 500 and Rs. 1000 notes cannot be used as legal tender from midnight 8th Nov. 2016. The main point is handling this crisis calmly until next week or so until things […]

Press Release Fake Indian Currency Notes

Government of India Ministry of Finance Department of Economic Affairs ******* Press Release With a view to curbing financing of terrorism through the proceeds of Fake Indian Currency Notes (FICN) and use of such funds for subversive activities such as espionage, smuggling of arms, drugs and other contrabands into India, and for eliminating Black Money […]

Is your marriage solemnized before a Marriage Registrar?

One must know that if you have given a notice of 30 days before the solemnization of marriage and later appeared before the Marriage Registrar to solemnize your marriage, you are married under the Special Marriage Act, 1954. One must understand that when a person is married under Special Marriage Act, in such scenario, property […]

Winding up of a Company

The shareholders of a Company have decided on Winding up of Company. They plan to close the business and pay off the debts and liabilities of the company. Broadly there are 3 options available for winding up a Company, most of the times “voluntary winding-up” option seems to be the most viable for reasons set out in this […]

Nomination – is it effective?

If you make a nomination in your assets (for property, insurance, provident fund, demat account etc.) would the assets devolve as mentioned in your Will or would it go to the person nominated absolutely or would it be governed by law of succession? A nomination is made during the life of the holder / owner […]

A lesson to the Defaulter Developers

SC to builders: deliver possession on time or go to jail The Supreme Court came down heavily against the erring builders & developers how mighty big they may be in case they fail to deliver possession on time to the small time investors. The Court has directed the real estate giant Unitech to deposit Rs. […]

Cabinet approves amendments to GST Bill

Recently Cabinet approved amendments to GST Bill & removed 1% additional tax. Key points to note based on  what is available in public domain today are: 1.be ready for 36 to 49 returns per year. 2.lumpsum turnover limit 50 lacs 3.input tax credit available only if Electronic data matches. 4.15 digit pan based GST no. 5.Penalty […]

How to Maintain Safe Distance from Income Tax Department

How to Maintain Safe Distance from Income Tax Department Do you want to keep an Arm’s Length Distance from the Income Tax Department? Obviously the Answer is YES!!! But the question here is HOW??? Here are a list of expenses/ investments, which at any point of time performed by you may invite undue attention from […]

GST on Cooperative Societies

GST on cooperative societies

GST on Societies: There is no basis to levy any GST on Co-operative Housing Societies or their members living in Flats / Apartments. Societies are run on Concept of Mutuality. Hon’ble Supreme Court has upheld that no tax could be levied on organizations running on the mutual Benefit basis. I. CHS works on non-profit, no‐loss […]

Your Cheque has bounced? Basics you should know…

Section 138 of the Negotiable Instruments Act, 1881 (“NI Act”) is the principal section dealing with dishonor of cheque. The offence under section 138 is not a natural crime like injury or murder. It is a civil liability transformed into a criminal liability by a legal fiction in the statute, imprisonment under which can be […]