Navigating Trusts: Understanding Composition, Registration, Structure, and Tax Effects
Navigating Trusts: Understanding Composition, Registration, Structure, and Tax Effects INTRODUCTION Anyone can create a trust in India. The Indian Trust Act, 1882 (‘Act’) governs the private trusts established in India. This Act is applicable to the whole of India. But, it does not apply to the Waqf, mutual relations of the members of an undivided […]
Recover by Financial Creditors by Filing Application Under Section 7 of The Insolvency and Bankruptcy Code, 2016
Recover by Financial Creditors by Filing Application Under Section 7 of The Insolvency and Bankruptcy Code, 2016 INTRODUCTION The Insolvency and Bankruptcy Code (IBC), 2016, was enacted to consolidate and amend the laws relating to insolvency resolution in India. It was introduced to provide a streamlined and time-bound process for resolving insolvency among corporate entities, […]
Consultancy Agreement
CONSULTANCY AGREEMENT Consultancy agreement is a contract that makes it easier for the entrepreneur and consultant to work together. In exchange of fees and payments to the consultant, the entrepreneur decides to provide consultancy services. The consultant is to provide a specific benefit under the terms of consultancy agreements. The clients hire the consultant to […]
TCS limit hiked for Foreign Remittances in Budget 2025
TCS limit hiked for Foreign Remittances in Budget 2025 The Finance Minister proposed welcoming changes to TDS and TCS rules with the goal of rationalizing threshold limits, providing relief, and reducing the compliance burden for both taxpayers and deductors. FM has increased the tax collected at source limit from Rs.7 lakh to Rs.10 lakh in Budget […]
Blocked Credits under GST
Blocked Credits under GST Blocked credits refer to specific purchases where GST is paid, but businesses cannot claim these as Input Tax Credit (ITC). Below is a clause-by-clause analysis of Section 17(5) of the CGST Act with examples. Conveyance & Transportation ITC cannot be claimed on vehicles purchased for passenger transportation such as: Four-wheeler motor […]
Whether Non-Resident Indians (NRI) can invest in INDIA?
Whether Non-Resident Indians (NRI) can invest in INDIA? Yes, Non-Resident Indians (NRIs) can invest in mutual funds in India through their NRE or NRO accounts. However, some mutual fund companies may have restrictions for NRIs from certain countries. Eligibility NRIs need to have a PAN card. NRIs can complete their KYC online. Investment process NRIs […]
What is the Insolvency and Bankruptcy Code (IBC)?
What is the Insolvency and Bankruptcy Code (IBC)? The Insolvency and Bankruptcy Code, 2016 (IBC), is a comprehensive and consolidated framework enacted by the Government of India to address insolvency and bankruptcy issues in a time-bound and efficient manner. Before IBC, insolvency laws in India were scattered across multiple legislations, leading to delays, inefficiencies, and […]
HOW TO FILE A CASE BY MSME FOR RECOVERY OF DELAYED PAYMENTS
HOW TO FILE A CASE BY MSME FOR RECOVERY OF DELAYED PAYMENTS INTRODUCTION The Micro, Small, and Medium Enterprises (MSME) sector is vital to the Indian economy, contributing significantly to GDP and employment. However, delayed payments often cause severe cash flow problems for MSMEs. To address this issue, the Ministry of MSME launched the MSME […]
Personal Guarantor to Corporate Debtor: A Comprehensive Overview
Personal Guarantor to Corporate Debtor: A Comprehensive Overview INTRODUCTION A personal guarantor to a corporate debtor is an individual who pledges their personal assets to secure a loan or credit facility extended to a corporate entity. Often a director, promoter, or stakeholder of the company, the guarantor ensures that in case the corporate debtor defaults […]
Legal Framework Of Voluntary Liquidation Of Corporate Persons
Legal Framework Of Voluntary Liquidation Of Corporate Persons INTRODUCTION The process of voluntary liquidation for corporate entities in India is governed by Section 59 of the Insolvency and Bankruptcy Code (IBC) 2016, alongside the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. These laws provide a comprehensive framework for Liquidation of the […]
