Home Highlights January 2018 Year 2018 This

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1. Register of significant beneficial owners in a company - a declaration is to be given to the company by every individual acting alone or together or through one or more...

2. Exemption from wealth-tax in respect of assets specified in declaration - THE INCOME DECLARATION SCHEME, 2016

3. "Significant beneficial owner" means an individual holding ultimate beneficial interest of not less than ten per cent., but whose name is not entered in the register of...

4. Benefit of the VSV Act - The disputed interest is defined under Sub Clause h (ii) of Sub Section 1 of Section 2 to mean “the interest determined in any case under the...

5. Interest payable u/s 234B for the purpose of adjustment against the tax paid u/s 140A has to be computed with respect to assessed tax determined on the basis of total...

6. Declaration in respect of beneficial interest in any share - Amendments to sub-section (6) and (7) came into effect from 7.5.2018 whereas new sub-section (10) came into...

7. Demand u/s 201(1) with interest u/s 201(1A) - non deduction of TDS on the interest paid to HUDCO - minor delay in submitting the declaration that the payee (HUDCO) has...

8. Initiation of CIRP - It is true that after invocation of the pledge, Shares were transferred in dematerialised form in the DP Account of SBI CAP Trustee Company Ltd. and...

9. Investigation of ownership of company - New Clause - determination that, who have or had beneficial interest in shares of a company or who are or have been beneficial...

10. Central Government may appoint inspectors for determining true persons who have or had beneficial interest in shares of a company or who are or have been beneficial...

11. Initiation of CIRP - NCLT admitted the application - Financial Creditors - Share Application Money in the event of non-allotment of shares - Loan/Debt or not - Share...

12. Declaration of undisclosed income - THE INCOME DECLARATION SCHEME, 2016 - When the declaration can be filed - Determination of fair market value - No deduction in...

13. Real income - co-operative society - The interest paid on the share capital goes to reduce the interest collected by the society from its members and it did not form...

14. Deemed dividend - The expression "shareholder being a person who is the beneficial owner of shares" referred to in the first limb of Section 2(22)(e) refers to both a...

15. Conversion of partly up equity shares into fully paid-up equity shares - the board of directors are well within the powers to make a call on the shareholders in respect...