The renowned Max Life Insurance Co. Ltd., an insurer has not done the compliance of the directions issued by IRDAI and therefore the penalty of Rs. 1 crore by invoking a section 102(b) of the Insurance Act, 1938. Section 102(b) of the Insurance Act, 1938 attracts the penalty for non-compliances with the orders or notifications … Read more

In one of the recent judgment, SC held that there is no offence for dishonor of cheque under Section 138 NI Act is made out if the cheque is presented for the full amount without endorsing the part payment made by the borrower after the issuance of cheque. The court held that the amount reflected … Read more

The Ministry of Corporate Affairs (MCA) taken several measures such as decriminalization of various provisions of Companies Act, 2013 and LLP Act, 2008 and more for the purpose of ease of doing business. Key Highlights of the changes are as follows: Thresholds for paid up capital is revised from “not exceeding Rs. 2 crores” to … Read more

Central government through its notification dated 6th October 2022 approved the Credit Guarantee Scheme for Startups (CGSS) for providing credit guarantees in case of loans extended by Member institutions (MIs) to the finance eligible borrowers. MIs include all financial intermediaries such as banks, financial institutions, AIFs, NBFCs involved in investing/lending. This scheme provides collateral free loans … Read more

New functionalities are added in the GST Portal to simplify filings in better way. The functionalities are as follows: Registration: When you file for any clarification in Form REG-04, and then click on the registration module two options are enabled with a pop-up window: Open all allowed fields – When user choose this option, he/she will … Read more

The Monetary Policy Committee (MPC) held meeting from 28th September – 30th September 2022 and decided to increase the repo rate by 50 basis points to 5.9% with immediate effect to control the inflation. The standing deposit facility rates stands adjusted to 5.65%, the marginal standing facility and the bank rate to 6.15%. MPC decided to stay … Read more

The Ministry of Personnel, Public Grievances and Pensions Department of Pension and Pensioners’ Welfare through its notification dated 30th September 2022 issued memorandum for timely submission of Annual Life Certificate for pensioners. It is mandatory for every central government pensioner to submit Annual Life Certificate in November for continuation of the pension without any hindrance. The … Read more

The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline for claiming input tax credit (ITC) for FY22 from 20 October to 30 November. Additionally, the deadline for submitting credit notes and declarations for FY22 has been extended until November 30. However, recipients’ ITC might be disallowed if the GSTR-1 (monthly Statement … Read more

The Central Board Of Direct Taxes (CBDT) has recently issued guidelines clarifying that when a return has been furnished in response to a notice u/s 142(1) of the Act, where such notice was issued due to the information contained in NMS Cycle/ SFT information, such return will not be taken up for compulsory scrutiny but … Read more

In a landmark decision, the Delhi High Court ruled that the physical inspection of company premises without notice for the purpose of issuing GST registration is unconstitutional since it violates the principles of natural justice. The department revoked the GST registration of the petitioner, M/s Curil Tradex Pvt Ltd, based on the show cause notice, … Read more