Author: Legal Parivar

Taxpayers have the right to report any mistakes they find in their Annual Information Statement (AIS). The tax department will verify the source when notified of the issue. If discrepancies persist, a notification under the e-verification process may be issued. What is the Annual Information Statement (AIS)? The AIS provides a comprehensive view of a taxpayer’s information, displayed in Form 26AS. Taxpayers can give feedback on the information shown in AIS. It includes both the reported value and the modified value (i.e., value after considering taxpayer feedback) under each section (such as TDS, SFT, Other information). Objectives of AIS: How…

Byju’s, the embattled ed tech company, has approached the Karnataka High Court to challenge a National Company Law Tribunal (NCLT) order that prevents it from proceeding with its second rights issue. Typically, NCLT orders are appealed at the National Company Law Appellate Tribunal (NCLAT), but Byju’s has opted for a writ petition in the Karnataka High Court, often used to contest governmental actions violating fundamental rights. The High Court’s website shows the plea was briefly heard on June 18 and 21, with no effective order issued on those dates. On June 12, the NCLT in Bengaluru instructed Byju’s to maintain…

Finance Minister Nirmala Sitharaman announced several significant measures during the 53rd GST Council meeting held on Saturday, June 22, 2024. Chaired by Sitharaman and attended by state finance ministers, the session focused on tax amendments, Aadhaar biometric integration, and exemptions in railway services. Here are the key takeaways: Aadhaar-based Biometric Authentication“There will be a nationwide rollout of biometric-based Aadhaar authentication to combat fraudulent input tax credit claims made through fake invoices,” announced Finance Minister Nirmala Sitharaman. This initiative aims to enhance tax compliance by curbing fraudulent practices. GST Rate on Milk CansA uniform GST rate of 12% was announced for…

The primary market is set to remain busy as ten new companies, including two in the mainboard segment and eight in the small and medium enterprise (SME) segment, are preparing to launch their initial public offerings (IPO) in the upcoming week. In addition to new public offerings, the market will also witness 11 new listings next week. Last week, the IPOs of DEE Development Engineers and Akme Fintrade received strong responses from investors, with overall subscriptions reaching 99 times and 55 times, respectively. Here are the IPOs open for subscription next week: Allied Blenders and Distillers IPO Vraj Iron and…

Four members of the Hinduja family, known as Britain’s wealthiest clan with an estimated net worth of £37 billion ($47 billion), were sentenced to jail by a Swiss court on Friday. The court criticized them for exploiting Indian staff at their Geneva residence, describing their actions as “selfish.” While cleared of human trafficking charges, Prakash Hinduja, Kamal Hinduja, Ajay Hinduja, and Namrata Hinduja were found guilty of other offenses. Prakash Hinduja and Kamal Hinduja received four years and six months each, while Ajay Hinduja and Namrata Hinduja received four-year terms, according to the presiding judge in Geneva. The Hinduja Group,…

Defence PSU Garden Reach Shipbuilders & Engineers Limited (GRSE) entered into an agreement on June 22 with German firm Carsten Rehder Schiffsmakler and Reederei GmbH & Co KG for the construction and delivery of four multi-purpose vessels, each with a capacity of 7,500 DWT (Deadweight Tonnage). The contract, valued at $54 million, includes an option to build an additional four ships in the future. Under the terms of the agreement, GRSE will design, construct, and deliver these vessels within a period of 33 months. The ships, measuring 120 meters in length, 17 meters in width, and with a maximum draft…

The Cost of Carry Model is used to determine the fair price of a futures contract based on the relationship between the spot price of the underlying asset, the cost of holding or carrying that asset until the futures contract expiration, and any benefits or costs associated with holding the asset. Components of the Cost of Carry Application in Different Markets Example Scenario: Calculation of Cost of Carry (C): C = r – y = 0.08 – 0 = 0.08 Calculation of Fair Futures Price (F): F = S + C = 40,000 + 0.08 * 40,000 = 40,000 +…

An anonymous tip-off to Patna police on May 5, just hours before the NEET-UG exam, about “four suspected criminals in an SUV headed to a safe house” exposed a nationwide fraud network, plunging the medical entrance test into controversy and creating uncertainty for lakhs of aspirants. Acting on this tip, a team from Patna’s Shastri Nagar police station intercepted four suspects who then led them to a meeting place in Ram Krishna Nagar. There, around 30 NEET-UG candidates had allegedly gathered to memorize leaked questions and answers. Authorities have since identified dozens of medical aspirants and their “handlers.” Police Interception…

Managing debt can be challenging, but employing the right repayment strategy can make a significant difference in achieving financial freedom.

The law of torts in India deals with civil wrongs that cause harm or loss to individuals, entitling them to seek compensation from the wrongdoer.