MCA Mulls faster Transfer of Old Unclaimed Shares to Beneficiaries
| |

MCA Mulls faster Transfer of Old Unclaimed Shares to Beneficiaries

The corporate affairs ministry is considering a faster way of transferring to beneficiary’s shares, dividends and matured debentures in inactive accounts that have not been claimed for years, said a person privy to the development. Such securities, dividends and debentures that remain unclaimed for more than seven years are transferred by companies to the Investor…

SC Junks Traders’ Petition Against MSME Payments clause in I-T Act
| |

SC Junks Traders’ Petition Against MSME Payments clause in I-T Act

The Supreme Court on Monday refused to entertain a petition by traders’ associations, challenging the constitutionality of Section 43B(H) of the Income Tax Act that requires businesses to settle their dues with micro, small and medium enterprises (MSMEs) within 45 days to claim tax benefits. A bench led by Chief Justice DY Chandrachud instead as…

Buying a Home in Dubai? Do a FEMA Reality Check

Buying a Home in Dubai? Do a FEMA Reality Check

Frequent fairs hosted by Dubai builders, countless insta ads dang ling easy payment plans, and cold calls by brokers can be a regulatory minefleld for the wealthy as well as the wannabe dreaming to own a property in the Gulf’s most happening and cosmopolitan city. Many resident Indians, unwittingly walking into deals that require a…

ICAI Lens on Big Four Affiliates over their Association with Global Entities
| |

ICAI Lens on Big Four Affiliates over their Association with Global Entities

The Big Four affiliate firms doing audits are poised for a drawn-out legal clash with The Institute of Chartered Accountants of India (ICAI), centering on association with global entities, resource sharing and control, and referral fees, prompted by the institute’s disciplinary committee directive to EY affiliates to cease existing arrangements with multinational entities (EY Global),…

HC Action on ‘Mr. Bean Theme Park over Trademark Issue
|

HC Action on ‘Mr. Bean Theme Park over Trademark Issue

The Bombay High Court has restrained a theme park near Lonavala from using the trademark and associated artwork related to the 1990s popular British sitcom Mr. Bean following an application from the UK-based company that holds the rights of the hit series. The temporary injunction rest- rains Mr. Bean Trampoline Park from using in any…

Report All High-Value Transactions of FY23 by June 30: CBDT
| |

Report All High-Value Transactions of FY23 by June 30: CBDT

The Central Board of Direct Taxes (CBDT) has asked self-reporting organizations (SROs) including banks, post offices, co-operatives, fintechs and mutual fund houses to file details of all high-value transactions carried out in 2022-23 by June 30. There are about 6,000 reporting entities that have either not filed the information or provided in- complete information or…

High Court to ED: Can’t Deny Sleep, Fix Timings to Record statement
| | |

High Court to ED: Can’t Deny Sleep, Fix Timings to Record statement

Denying Sleep to person violates his human rights, the Bombay high court observed on Monday, and told the Enforcement Directorate to provide direction to its officials on the timing for recording statements of people summoned by the agency in money-laundering cases. When summoned under section 50 of the prevention of money laundering Act (PMLA) where…

Rice Exporters Face ₹2000 cr Tax Bill
| |

Rice Exporters Face ₹2000 cr Tax Bill

Customs authorities in Indian have demanded additional duty payments from about 45 major rice exporters due to imposition of 20% export duty potentially disrupting future rice shipments from the country. The department has issued notices to these exporters for the September 2022 to January 30 2023 period and the tax demand could be about ₹2000…

AAP Govt to Give ₹1,000/M to Women Above 18 Years, Keeps Out I-T Payers
| | | |

AAP Govt to Give ₹1,000/M to Women Above 18 Years, Keeps Out I-T Payers

Putting women at the centre of its budget, the Aam Aadmi Party (AAP) government on Monday promised Rs 1,000 per month to all women above 18 years of age for the 2024-25 fiscal in the national capital. Presenting the budget 2024-25, Delhi finance minister Atishi announced the Mukhyamantri Mahila Samman Yojana under which the AAP…

Report on Audit at Byju’s Soon: ICAI Chief
|

Report on Audit at Byju’s Soon: ICAI Chief

The Financial Report Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) will soon submit its report on the standards and processes followed by the auditor of edtech major Byju’s, ICAI’s new president Ranjeet Kumar Agarwal told ET on Wednesday. The report by the FRRB, which looks at misreporting in financial reporting,…