2019 – Quaserv

Fugitive Economic Offenders Act, 2018 received the assent of President

July 25, 2019

The Act aiming to deter the offenders who are involving in economic offences amounting minimum Rs. 100 crores from evading the process of law in India by staying outside the jurisdiction of Indian courts. The bill has been cleared by Rajya Sabha and Lok Sabha on 25th July, 2018 and 19th July, 2018 respectively and received the assent of president on 31st July, 2018. [Source: Act notified in the gazette by Ministry of Law &…

Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through extending the scope of Circular 3 of 2018 -Measures for reducing litigation

July 25, 2019

Basab Baruah

income tax

There is no charge under Wealth Tax Act, 1957 w.e.f 1st April, 2016. Therefore, as a step towards litigation management, it has been decided by the Board that monetary limits for filing of appeals in Income tax cases as prescribed in Circular No. 3 of 2018 dated 11.07.2018 shall also apply to Wealth Tax appeals through extension to Wealth tax matters in a mutatis mutandis manner and with modifications as prescribed. [Source: Circular No. 5/2019 dated 05th February,…

Applicability of section 56(2)(viib) of Income Tax Act, 1961 i.e. Income from other sources

July 25, 2019

Basab Baruah

income tax

Provision of section 56(2) (viib) of Income Tax Act, 1961 shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares in the case of Start-up. [Source: Notification No. 13/2019 dated 05th March, 2019]

SEBI directives to dematerialise the shares by 5th December, 2018

July 11, 2019

shantanu

legal updates

SEBI vide notification dated 8th June, 2018 has amended the SEBI (Registrars to an issue and Share Transfer Agent) Regulations 1993 to restrict the transfer of shares held in physical forms after 5th December, 2018. [Source: No. SEBI/LAD-NRO/GN/2018/25 dated 8th June, 2018]