Finance Minister Proposes To Extend Date Of Incorporation For Eligible Start-Ups For Exemption

In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman proposed to extend the date of incorporation for eligible start-ups for exemption.The existing provisions of the section 80-IAC provides for a deduction of an amount equal to 100% of the profits and gains derived from an eligible business by an eligible start-up for three consecutive assessment years out of ten years,...

Finance Minister Proposes Penalty For Cash Loan/Transactions Against Primary Co-operatives

Finance Minister Nirmala Sitharaman in her Budget 2023-24 speech has proposed penalty for cash loan/transactions against primary co-operatives.The government has proposed to amend section 269SS of the Income Tax Act to provide that where a deposit is accepted by a primary agricultural credit society or a primary co-operative agricultural and rural development bank from its member or a loan...

Budget 2023-24: Relief To Start-Ups In Carrying Forward And Setting Off Losses

Finance Minister Nirmala Sitharaman in her Budget 2023-24 speech has provided relief to start-ups in carrying forward and setting off of losses.Section 79 of the Income Tax Act restricts carrying forward and setting off of losses in cases of companies, other than the companies in which the public is substantially interested. It prohibits setting off of carried forward losses if there is change...

Budget 2023-24: Finance Minister Announces Relief For Sugar Co-operatives From Past Demand

In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman proposed that for sugar co-operatives, for years prior to A.Y. 2016-17, if any deduction claimed for expenditure made on purchase of sugar has been disallowed, an application may be made to the Assessing Officer, who shall recompute the income of the relevant previous year after allowing deduction up to the price fixed or...

Delhi Losing Forest Cover Like Anything, We Should Leave Something For Future Generations: High Court

Hearing a suo motu public interest litigation initiated in 2015 on the issue of air pollution in Delhi, the High Court on Wednesday said that the national capital is losing its forest cover drastically.A division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad told ASG Aishwarya Bhati to personally look into the matter, underscoring that “injustice is being done...

Budget 2023-24: Income Tax Deduction Allowed Only On 'Actual Payment' Of Sum Payable By Assessee To MSMEs

With the objective of promoting timely payments to Micro and Small Enterprises, Finance Minister Nirmala Sitharaman in her Budget 2023-24 speech has proposed to insert a new clause (h) in section 43B to provide that any sum payable by the assessee to a micro or small enterprise beyond the time limit specified in section 15 of the Micro, Small and Medium Enterprises Development (MSMED) Act...

Budget 2023-24: Finance Minister Proposes To Increase Threshold Limit For Co-Operatives To Withdraw Cash Without TDS

In the Union Budget 2023-24, Finance Minister Nirmala Sitharaman has proposed to increase the threshold limit for co-operatives to withdraw cash without TDS.The government has proposed to amend section 194N of the Income Tax Act by inserting a new proviso to provide that where the recipient is a co-operative society, the provisions of the section shall have effect, as if for the words...

39,000 Compliances Reduced, Over 3,400 Legal Provisions Decriminalized To Enhance Ease Of Doing Business In India: Finance Minister

In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman said that for enhancing ease of doing business in India, more than 39,000 compliances have been reduced and more than 3,400 legal provisions have been decriminalized. She has also proposed to decriminalise section 276A of the Income Tax Act.Section 276A makes provision for prosecution with rigorous imprisonment up to two years...

Madras High Court Orders Shutdown Of Fake Websites Misleading Devotees, Earning Profit In Name Of Temples

The Madras High Court has ordered closure of all illegal/unauthorised websites that have been created in the name of temples and which have been collecting funds from the devotees by misleading them.Noting that temples are places of worship which people visit to get eternal peace and harmony, the bench of Justice R Mahadevan and Justice Sathya Narayana Prasad held that temples should not...

Karnataka High Court Directs DGP To Hold Departmental Enquiry Against Police Officer For Inordinate Delay In Registering FIR Even After Magistrate's Order

The Karnataka High Court has directed the Director General and Inspector General of Police to hold a departmental enquiry against police inspector Praveen K.Y of the Cottonpet Police station, for failure to comply with the order passed by the Magistrate court directing registration of First Information Report on a private complaint of theft. Justice M Nagaprasanna said lawful...

Offences Under Pre-Conception & Pre-Natal Diagnostic Techniques Act Affect Society, Settlement Between Parties Not Acceptable: Gujarat High Court

The Gujarat High Court has held that settlement between parties in cases where an offence is committed under Pre-Conception and Pre-Natal Diagnostic Techniques Act, 1994 cannot be accepted. The application was filed before the High Court under section Section 482 of the Code of Criminal Procedure, 1973 for quashing and setting aside the FIR related to the offences punishable...

Bombay High Court Pulls Up Foreign Medical Graduate For Filing Complaint In Bar Council Against National Medical Council’s Lawyer

The Bombay High Court on Tuesday rapped a foreign medical graduate who had lodged a complaint in the Bar Council against the National Medical Council’s lawyer alleging that he made a false statement before the court. “This is an attempt to intimidate an advocate at our bar who is appearing for the respondent (NMC) and who is doing his job. He (NMC’s advocate) is pointing out...