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As per the Motor Vehicles Act, the registration of a leased motor vehicle should be in the name of the lessee. However, as per the Income Tax Act, the asset must be owned by the person claiming depreciation.
"Fugitive Economic Offender" means any individual against whom a warrant for arrest in relation to a Scheduled Offence has been issued by any court in India.
Where the consideration for transfer of the asset is less than the stamp duty value, the value so adopted shall be deemed to be the full value of the consideration, for computing income under PGBP.
We can define insurance is a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium or we can say that insurance a thing providing protection against a possible eventuality.
The provisions of Section 64VB of the Insurance Act, 138 provides that an insurance company will not resume/accept risk unless insurance premium received in advance or before the date of assumption of risk.
The government has provided various forums for resolution of disputes of dissatisfied policyholders and the “Insurance Ombudsman" is one of them.
It is necessary to take strict steps to curb the nexus of ML and Terrorism. The government to coup with above has made changes in the Anti Money Laundering Act, 2002 and Unlawful Activities (Prevention) Act, 1967.
The Companies Act, 2013, SEBI (LODR) Regulations, 2015 and other acts have specified some disqualifications on occurring of which a person cannot be appointed as director of a company.
Now the subscribers of NPS can remain in this investment medium after the age of 60 years or after their superannuation. Also, people above the age of 65 who want to open a new account in NPS can also do so.
A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from the tedious job of maintenance of books of accounts and also from getting the accounts audited.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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