Shruti

Madhya Pradesh Birth Certificate

Madhya Pradesh Birth Certificate

As per the Act of Registration of Births & Deaths Rule of year 1969, it is mandatory to register the birth of every child born in state of Madhya Pradesh. A citizen (applicant) can also fill the Birth Registration Form online available at the ULB portal. The applicant fills the form, attaches scanned copy of supporting documents while submitting the application form on-line and submits it on the portal. After online form submission, the required fees will displayed, the applicant has to make online payment. Once the payment has been successfully made, the system will generate a number on the payment receipt. However citizens who cannot make the online payment can take print out of filled up online form & submit at local ULB office. In case of birth at private hospital, the hospital provides Hospital Discharge card. The applicant submits the hospital discharge card and other supporting documents to the ward office while collecting the Birth Registration Certificate. In case of a birth at Govt. hospital, the birth registration can be done directly at the Govt. Hospital and the applicant need not visit the ULB ward office. Only Govt. Hospital has the authority to register and provide Birth Registration Certificate to the applicant whose child is born in that Govt. Hospital Registration fee is non-refundable in case of cancellation of registration due to false information or documents provided. Municipality cannot be forced to refund the money in such cases and legal course can be initiated against the applicant. Registering Birth If a birth occurs in a hospital, the person authorized by the medical officer is required to record the birth. If a birth occurs in a house, the household head or adult person in the house is eligible to record the birth with the concerned authority. Finally, if birth occurs in a public place, the head of the corresponding village in the case of a town or the officer in charge of the local police station is required to register the birth. Documents Required Proof regarding the place of birth (where the child was born) from the hospital. Parent’s identity proof. Marriage certificate of the parent, optional. Government Fee Period Charges Registration within 21 days of birth. No Fee. Registration is after 21 days but within 30 days of birth. Rs.2/- Registration after 30 days but within one year of birth. Rs.5/- Registration after one year of birth. Rs.10/- Application Procedure Step 1: Please visit the official website of Madhya Pradesh Government. Step 2: Click on “Birth Registration” option which is visible on the homepage of the portal. Step 3: Select your city from the drop-down list and click on the “Continue” button. Step 4: Fill up the application with the required details and upload the scanned documents. Step 5: Finally click on the “Continue” button for successful registration. FAQs What is a birth certificate? A birth certificate is an official document issued by the government that records the birth of a person. It includes essential details such as the name, date of birth, place of birth, and the names of the parents. How can I apply for a birth certificate in Madhya Pradesh? Visiting the local municipal corporation or nagar panchayat office where the birth was registered. Alternatively, you can apply online through the MP Online Portal.

Madhya Pradesh Birth Certificate Read More »

How to Exchange Rs 2000 Notes in Bank

How to Exchange Rs 2000 Notes in Bank

The Reserve Bank of India (RBI) has stated that the facility to exchange or deposit Rs 2,000 banknotes will not be available on April 1 i.e. Monday. It is pertinent to mention that the Central Bank announced the withdrawal of Rs 2,000 denomination bank notes from circulation on May 19 last year. According to the RBI, around 97.62 per cent of the Rs 2,000 banknotes have already returned to the banking system at the close of business on February 29. Only around Rs 8,470 crore worth of the withdrawn notes are still with the public. The RBI announced that the the exchange and deposit of Rs.2000 banknotes is not available on 1 April 2024 at 19 of its issuing offices. This facility will resume on 2 April 2024. The government introduced Rs.2000 in 2016 after the demonetisation drive. On 19 May 2023, the Reserve Bank of India (RBI) announced that Rs.2000 note, India’s highest denomination currency, will be withdrawn from 30 September 2023. The RBI extended the last date to exchange or deposit Rs.2000 notes to 7 October 2023 from 30 September 2023. The RBI stated that withdrawing Rs.2000 was due to its ‘Clean Note Policy’ However, Rs.2000 will still remain legal tender after 7 October 2023. The RBI stated that people could visit their nearest bank branches and deposit or exchange their Rs.2000 banknotes by 7 October 2023. From 8 October, people can exchange or deposit Rs.2000 at 19 RBI Issue Offices up to a limit of Rs.20,000 at a time. Total Rs.2000 notes printed by RBI Around 89% of the Rs.2000 denomination notes were issued before March 2017. The total value of Rs.2000 banknotes in circulation has declined from Rs.3.56 lakh crore as on 19 May 2023, to Rs.8,470 crore as on 29 February 2024. It has been observed that Rs.2000 denomination currency is not commonly used for transactions. Further, the banknotes in other denominations continue to be adequate for meeting the currency requirements of the public. Deposit limit of Rs.2000 notes People can deposit Rs.2000 banknotes at the bank where they have an account. The RBI has stated that there is no deposit limit for Rs.2000 notes. But, the general KYC and other cash deposit statutory norms will apply. When a person deposits Rs.2000 notes in a Basic Savings Bank Deposit (BSBD) or Jan Dhan account, the usual limits will apply. In this regard, Canara Bank has informed that they are giving a 100% waiver on cash remittance charges on Rs.2,000 denomination notes deposits. This applies to savings and current accounts. As per Bule 114B of the Income Tax Rules, it is mandatory for an individual to quote the PAN number when the cash deposit in a single day with a  post office or bank exceeds Rs.50,000. Thus, if a person wants to deposit Rs.2000 banknotes amounting to more than Rs.50,000 in a single day, he/she must quote the PAN number. Quoting the PAN is not mandatory when the amount deposited is below Rs.50,000 in a day.  Last date The RBI has stated that people can approach the any bank or post office to deposit or exchange their Rs.2000 notes from 23 May 2023. The last date for the deposit or exchange of Rs.2000 notes was 30 September 2023, which is extended to 7 October 2023.  How to exchange Rs.2000 note in the bank? People can also exchange Rs.2000 banknotes at any nearest bank branch from 23 May 2023 within 7 October 2023. For exchange of Rs.2000 notes before 7 October 2023, the RBI provided clear instruction that exchange of Rs.2000 notes can be done across the counter without insisting on a request slip or ID proof since these notes continue to be legal tender. However, certain public sector banks have adopted a different strategy.  Certain public sector banks have issued guidelines for the exchange Rs.2000 banknotes from non-account holders to submit identity proof mandatorily. Below is a list of a few banks that have issued instructions regarding ID proof for exchanging Rs.2000 notes by 7 October 2023. FAQs Why is the Rs 2000 note being exchanged? The Reserve Bank of India (RBI) has announced the withdrawal of the Rs 2000 note from circulation. While the note remains legal tender, the RBI has advised people to exchange or deposit them in banks before the deadline. This measure is part of the ongoing efforts to streamline currency management. How can I exchange Rs 2000 notes in the bank? You can exchange Rs 2000 notes at any bank branch by visiting the counter and filling out a simple exchange form. You must present a valid government-issued ID proof (such as Aadhaar, PAN card, or voter ID) to complete the exchange process.

How to Exchange Rs 2000 Notes in Bank Read More »

Coconut Palm Insurance Scheme

coconut palm insurance scheme

The “Coconut Palm Insurance Scheme (CPIS)” is being implemented by the Coconut Development Board, Ministry of Agriculture and Farmers Welfare, Government of India with the objective of insuring coconut palms against natural calamities, climatic risks, pests, diseases and other perils. Under this scheme, all healthy nut bearing coconut palms in the age group from 4 years to 60 years in a contiguous area (Mono/mixed) can be insured against natural perils leading to death/loss of palm/becoming unproductive. The scheme is being implemented in all coconut growing States through Agriculture Insurance Company and implementing State Governments. Objectives: Assist coconut growers in insuring coconut palms, against natural and other perils. Provide timely relief to farmers, who suffer income loss due to sudden death of palms. Minimize risk and encourage replanting and rejuvenation to make coconut farming remunerative. Applicability: The CPIS will be applicable to all healthy nuts bearing coconut palms; grown as mono or intercropped; on bunds farms or homestead and to all varieties of coconut, including Tall, Dwarf and Hybrids. Since, Dwarf and Hybrids begin to yield fruit from 4th year of planting, this variety of coconut palms in age range of 4-60 year will be covered under the scheme, but Tall variety coconut palms will be eligible for coverage for age range of 7-60 year. Unhealthy and senile palms will be excluded from coverage. Risks covered: The scheme covers following perils leading to death/loss of palm or palm becoming un-productive: Storm, hailstorm, cyclone typhoon, tornado, heavy rains. Flood and inundation. Pest and diseases of widespread nature causing, irreparable damages to palm. Accidental fire, including forest fire and bush fire, lightening. Earthquake, landslide and tsunami Severe drought and consequential total loss Objective of the Scheme Extend financial assistance to the coconut growers in insuring their coconut palms against the natural and climatic disasters. Help stabilise the income for the coconut growers, especially during the disastrous years. Ensure risk minimisation Encourage coconut palm replanting among the farmers Restore coconut farming Eligibility As per the Scheme, individual farmers/growers offering at least 5 healthy nuts-bearing palms for insurance in specified age groups, (4-60 years for dwarf, hybrid, and 7-60 years for tall) contiguous area/plots will be eligible for insurance. Note 01: Insurance is for individual palms and not area-based.Note 02: Partial insurance of the plantation is not allowed.Note 03: A minimum of 5 healthy nut-bearing palms is the criterion to come under the insurance scheme. Scope of cover: The scheme will cover all healthy palms within the insurable age group in areas/districts selected for implementation of the scheme. Partial insurance of plantations in contiguous areas is not allowed. Insurance coverage is from the 4th/7th year to the 60th year, and split into two age groups i.e. 4-15 years and 16-60 years, for fixing premium and sum insured. Self-declaration of age group by insured farmer/grower in insurance proposal will be acceptable. Insurance Company may get the insured palms verified for authenticity, at any time before expiry of the policy period or payment of the claim. Insurance becomes void in the event of a wrong declaration of age or any material fact by the insured, concerning insurance. Franchise: The claim is assessed only if a number of palms damaged, due to perils insured are in a contiguous area is more than the palms lost as shown for different slabs: Sl. No. No. of Insured Palms in a contiguous area Franchise (Palms lost) 1 < 30 1 2 31-100 2 3 >100 3 Waiting period: Loss/death of palms, within 30 days from inception of insurance, sum insured is not payable under the scheme, but this condition is not applicable in case of renewal of insurance, without time gap. Benefits Sum Insured & Premium: Under this scheme, 50% of the premium is borne by the Board and balance is shared between the State Government and Farmers @ 25% each, as below: Age group of Palms Premium per plant/year Board’s Share (50%) State Govt. Share (25%) Farmer’s Share (25%) Sum insured per palm 4-15 years ₹9 ₹4.50 ₹2.25 ₹2.25 ₹900/- 16-60 years ₹14 ₹7 ₹3.50 ₹3.50 ₹1750/- Premium Subsidy: Of amount under above, 50% will be paid by Coconut Development Board (CDB) and 25% by State Government concerned and balance 25% will be paid by farmer/grower. In case, the State government does not agrees to bear 25% share of premium, farmers/growers, will be required to pay 50% of premium, if interested in insurance scheme. In case some planters/growers’ association wishes to bear the premium on behalf of planters/growers, such associations may do so if they have ‘insurable interest’. In any case, the planters/ growers shall have to bear a minimum of 10% premium. Premium subsidy amount (50% by CDB and 25% by participating States) will be released to Insurance Company in advance based on estimates, which will be replenished / adjusted on quarter/year basis. Insurance Term: A policy can be issued for a maximum period of three years for which rebate in premium @7.5% for two year policy and 12.5% for three year policy will be provided to the planters/growers. Effort will be made to ensure that all eligible farmers/growers join the scheme by 31st March of year. However, those farmers/growers who do not join the scheme by 31st March may join the scheme subsequently, and in which case risk is covered from 1st day of succeeding month. Application Process Farmers/growers desiring insurance may directly contact representatives/authorized agents of the Insurance Company or may contact the nearest office of the Agriculture/Horticulture Department. Premium will be paid by farmer/grower, net off premium subsidy, through cash, cheque/bank draft, drawn in favour of Insurance Company. Claim assessment & settlement procedure: Loss of insured palms will be intimated by insured farmers to the insurance company within 15 (fifteen) days from the occurrence of peril, with all relevant details. The claims may also be intimated through concerned State Government Call Centers until the Implementing Agency (i.e. insurance company) sees up its own call centre. Loss assessment certification is required to be furnished by the Coconut Development Board (CDB)/Agriculture/Horticulture

Coconut Palm Insurance Scheme Read More »

Intimation Under Section 143(1) of Income Tax Act

Intimation Under Section 143(1) of Income Tax Act

The taxpayers’ income tax returns are first collected electronically at the Centralised Processing Centre (CPC). Following the processing of the refund, the IRS sends an intimation to the taxpayers under section 143 (1) of income tax informing them of the findings. Individuals with a certain amount of taxable income in India are required by law to file an Income Tax Return within a certain time frame, according to government regulations. An income tax return is a form or a set of forms that assists a taxpayer in disclosing his gross taxable income, deductions, and net tax liability from different sources. Salaried people, self-employed individuals, businesses, banks, Hindu Undivided Families, and others have to file income tax returns. By visiting the Income Tax Department’s website, you can file your income tax returns online.  E-filing is the term used to describe the method of filing an income tax return electronically. Following e-filing, the Income Tax Department is responsible for handling the Income Tax Return applications. During the processing of the request, the Income Tax Department may discover inconsistencies in data, errors in calculations, incorrect entry of such data, and so on. The Department will issue a note, also known as an Intimation Order, in such situations. What is Intimation u/s 143(1)? The details submitted to the tax department and the details considered by the department to process the tax return are summarised in the Intimation u/s 143(1). The following are the details present in the Intimation u/s 143(1): Sequence number of refund Details of assesses, such as name, address, etc. As per Tax Department, the tax computed under section 143 (1) Other details related to Income Tax filing, such as filing date, acknowledgement number, etc. The tax calculation as provided in the Income Tax return Why is the Intimation u/s 143(1) Issued? Basically, when a return is submitted to the Income Tax Department, the department applies the following computerized checks as a part of its review procedure: An incorrect claim, which is apparent from any information in return. For example, if the deduction u/s 80C is claimed more than the maximum permissible deduction u/s section 80C i.e., Rs 1,50,000, the excess shall be disallowed and reflected in your intimation u/s 143(1). Another example may be that rent income is deducted from business income, which is not shown under Income from House Property. Disallowance of expenditure indicated in the audit report but not taken into account in computing the total income in the return Comparison of Advance Tax, Self-assessment tax and TDS, etc., from 26AS. Addition of income appearing in Form 26AS or Form 16A or Form 16 which is not included in ITR Claiming the losses for carry forward to next year when the return is submitted after the due date / set off of losses of the previous year where the return was filed after the due date. Whether deduction under section 10AA, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID, 80-IE has been taken after the due date of the Income Tax Return Calculation of Tax, Late filing fees, Interest, etc. When does one Receive Intimation on ITR?   Discrepancies in the return filed When there is a difference between the sums you report and the records kept by the Income Tax Department, this condition will arise.  You may have failed to report any of your earnings or given incorrect details. You will be notified by the Income Tax Department in certain situations. TDS error The most popular form of error with Income Tax Returns is the TDS number error. Your boss may have deducted money from your paycheck for TDS purposes in the past.  You will get a notification from the IRS as a result of this. Document review The Income Tax Department may request a review of the documents on which a taxpayer has filed his Income Tax Returns in a variety of circumstances.  The Department should submit an intimation to the taxpayer for this reason, and the taxpayer should reply promptly with the appropriate documentation. Declaration of investments made in name of spouse Many citizens want to purchase valuable assets such as property, fixed deposits, buildings, and other items under the names of their spouses or other immediate relatives in order to avoid paying taxes.  These funds, on the other hand, belong to the owner and must be reported when filing an income tax return. Citizens will be notified by intimation from the Income Tax Department. Random Scrutiny The Income Tax Department may simply submit an intimation to the taxpayer to conduct a random audit of the records and data used to file Income Tax Returns.  Under this situation, the taxpayer must work with the Department to supply them with all relevant information. Intimation u/s 143(1) Both income tax returns are processed to correct arithmetical errors, internal irregularities, tax estimation, and tax payment verification at the Intimation u/s 143(1) level.  At this time, no income verification is carried out. It is done entirely by data engineering, with no human intervention. Types of Income Tax Intimations Intimation under 143(1) Income Tax Act- If an assessee has spent more or less than the sum he is currently entitled to pay, he will obtain intimation under Section 143(1). The assessee must make the payment and settle the problem if the payment is less than the real sum.In the event that he makes a reimbursement that is greater than the real sum, he will be notified of the refund amount by intimation. Notice under Section 142(1)- The Income Tax Department sends this notification with the purpose of collecting papers, books of accounts, or other written evidence in order to examine the assessee’s records and return. Notice under Section 143(2)- The Income Tax Department sends this notice to the assessee to remind him that his request for an income tax return will now be submitted for a thorough examination.This notice is normally submitted after the Notice under Section 142 has been sent (1). It indicates that the Assessing Officer has not acquired any valid documentation or that the collected documents are not

Intimation Under Section 143(1) of Income Tax Act Read More »

What is the validity of a Trademark?

validity of a Trademark

In India, a Trademark is an essential tool for protecting the identity of a business. A Trademark is a sign or symbol used to distinguish the goods or services of a particular business from those of its competitors. The validity of a Trademark in India is determined by the Trademark Act, 1999, which sets out the requirements for registering a Trademark. The Act also outlines the duration of the Trademark’s validity, ranging from a minimum of seven years to an indefinite period. Additionally, the Act establishes the grounds for opposition and cancellation of a Trademark and the process for renewal of a Trademark. Trademarks are symbols or logos used by companies to represent their services and brand. It assists people to recognise the firm, service, or business. These logos can be registered under the Trademark Act, 1999 with the trademark registry department. It prevents the copying of trademarks. However, one cannot permanently register a trademark, it has to be renewed from time to time. What is Trademark? A trademark is an important legal tool that provides protection for the unique branding of a business, product or service. It is a symbol, logo, phrase, or word that distinguishes a business from its competitors. In India, the Trademarks Act, 1999, governs the registration and protection of trademarks. The validity of a trademark in India is based on two main factors: registration and use. Removal of an Inactive Registered Trademark According to Section 47 of the Trademarks Act of 1999, the Registrar may remove trademarks from the Register for the following reasons: No valid (bona fide) intention to use the trademark A third party can file an application with the Registrar to remove a trademark from the Registry on the ground that the holder obtained the registration without intending to use it. However, the third party must ensure the trademark proprietor has not used the trademark for three months before filing an application to remove it from the Register. No usage of the trademark for five years following registration The Registrar may remove a trademark from the Registry if the owner hasn’t used it to identify the products or services for a continuous period of five years or more. Five years will be deducted by the Registrar from the date the trademark was first entered into the Register. As a result, after five years from the date of registration, a person or company loses ownership of a registered trademark if they do not use the mark. Validity of a Trademark The trademark is registered for ten years by the Registrar. Hence, following the date of registration indicated in the registration certificate, a trademark registration will be valid for ten years. The trademark registration must be entered into the Register of Trademarks by the Registrar when it is issued. By submitting a trademark renewal application to the Registrar prior to the initial registration expiry, the trademark owner can extend the trademark registration for an additional 10 years. Under the Trademark Act 1999, the duration of trademark registration in India is ten (10) years. The renewal for a further 10-years period will require prescribed renewal fees. You’ll have to decide if you want to renew or not before the expiration date. Anyone can claim your trademark after 10 years if not renewed. Trademark Renewal Trademark duration and validity is limited up to 10 years. After that, it must be renewed if you want to continue with the legal protection for your asset. Trademark renewal request must be filed within 6 months prior to the expiration of the registration. You will receive a notice of a reminder about the expiry of your trademark registration from the registrar of trademarks. The letter will include the conditions of the expiration and the payment of the fees required for the trademark renewal. If the registration or renewal is not obtained as mentioned in the conditions, the Registrar will remove your trademark for the official Trademark Register, known as the Trademark Journal. You’ll have 2 ways to renew your trademark registration. Application for renewal without any changes Application for renewal with changes and alteration to any sign or words in the existing trademark  You need to file a TM-R form which can be filed by an authorised representative or agent. There’s no need of the registered owner of the trademark to be involved whatsoever. Once the application is approved, the trademark will be republished in the official Trademark Journal. It will give the owner further legal protection on his/her asset while extending the trademark registration duration for another 10 years. FAQs What is the validity period of a trademark in India? In India, a trademark is valid for 10 years from the date of registration. After this period, the trademark can be renewed for another 10 years, and this process can continue indefinitely as long as the renewal fees are paid on time. How can a trademark be renewed in India? To renew a trademark in India: File a renewal application using Form TM-R with the Registrar of Trademarks. Pay the required renewal fee. The renewal should be done before the expiry date to avoid penalties. The renewal application can be filed within 1 year before the expiry date of the trademark.

What is the validity of a Trademark? Read More »

Rajasthan Sukhad Dampatya Jeevan Yojana

Rajasthan Sukhad Dampatya Jeevan Yojana

The Rajasthan government, led by Bhajan Lal, aims to cater to the needs of the disadvantaged groups. Recently, the state government has announced a new scheme for disabled couples called the “Rajasthan Sukhad Dampatya Jeevan Yojana”. Under this scheme, the state government will provide financial support to disabled couples. As we have seen, there are several disabled couples who face numerous challenges in their daily life. Among these challenges, financial constraints are the foremost as they couldn’t secure a good job that met their financial needs. Scheme Introduction Summary of the Scheme Name of Scheme Rajasthan Sukhad Dampatya Jeevan Yojana Launched Year 2024 Benefits Grant of Rs 50,000/- and Rs 5 lakhs. Beneficiaries Disabled Couples of Rajasthan Scheme Benefits A grant of Rs 5 lakh for couples with a disability of more than 80% . A grant of Rs 50,000/- to couples with a disability of more than 40% and less than 80%. Eligibility Must be a domiciled resident of Rajasthan. Either both or one partner have a disability. The disability must be at least 40%. State or central government employees are not eligible to apply. Family annual income should not exceeds 2.5 lakhs from all sources. Not receiving similar benefits from other schemes. Required Documents Janaadhaar Certificate. Disability Certificate. Marriage Certificate (must be six month old from the date of application) Birth Certificate. Income Certificate. Affidavit from parents. Affidavit of not receiving grant money in the past. Bank passbook. Passport Photo. Mobile Number. Apply Through SSO Portal First, applicants need to visit the Rajasthan SSO Portal. Now, login with your registered details (new applicants need to register first). Once logged in, select the “SJMS DSAP” button. From the options, select the “Rajasthan Sukhad Dampatya Jeevan Yojana”. Enter your Janaadhar Number. Select the relevant family member from the list appeared. Enter the OTP sent to your Janaadhar registered mobile number. Confirm the OTP AND proceed with the details required. Review the submitted details before final submission. After submission, a confirmation message will be sent to your mobile through SMS. The concerned department will verify the documents and authenticity of the received applications. Thereafter, the shortlisted applications will receive the benefits via DBT mode. Through E-Mitra Centres First, applicants need to visit the nearest E-Mitra Centre. Now, request the representative to fill out the application form for Rajasthan Sukhad Dampatya Jeevan Yojana. Provide the necessary details and documents to the representative. Once the application form is submitted, you will receive a confirmation on your registered mobile number. Submitted application will be verified by the concerned department. Successfully verified applicants will be notified via SMS. Once verified, applicants will receive the scheme benefits directly into their bank account through DBT mode. FAQs What is the Rajasthan Sukhad Dampatya Jeevan Yojana? The Rajasthan Sukhad Dampatya Jeevan Yojana is a welfare scheme introduced by the Government of Rajasthan to support married couples from economically weaker sections. The scheme aims to improve the well-being of couples by providing financial assistance and promoting a healthy and supportive marital life. What benefits does the Sukhad Dampatya Jeevan Yojana provide? Under the scheme, eligible couples receive a financial grant aimed at supporting their living expenses and encouraging a stable marital life. This grant may also cover healthcare support and other benefits that contribute to the couple’s welfare.

Rajasthan Sukhad Dampatya Jeevan Yojana Read More »

Section 20 – Finance Acts

Amendment of section 48 In section 48 of the Income-tax Act, in the second proviso, after the words “where long-term capital gain arises from the transfer”, the brackets, words, figures and letters “(which takes place before the 23rd day of July, 2024)” shall be inserted and shall be deemed to have been inserted with effect from the 23rd day of July, 2024.

Section 20 – Finance Acts Read More »

Section 18 – Finance Acts

Amendment of section 46A  In section 46A of the Income-tax Act, the following proviso shall be inserted before the Explanation, with effect from the 1st day of October, 2024, namely:— “Provided that where the shareholder receives any consideration of the nature referred to in sub-clause (f) of clause (22) of section 2 from any company, in respect of any buy-back of shares, that takes place on or after the 1st day of October, 2024, then for the purposes of this section, the value of consideration received by the shareholder shall be deemed to be nil.”.

Section 18 – Finance Acts Read More »

Section 17 – Finance Acts

Insertion of new section 44BBC After section 44BBB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2025, namely:— ’44BBC. Special provision for computing profits and gains of business of operation of cruise ships in case of non-residents – (1) Notwithstanding anything to the contrary contained in sections 28 to 43A, in the case of an assessee, being a non-resident, engaged in the business of operation of cruise ships subject to such conditions as may be prescribed, a sum equal to twenty per cent of the aggregate of the amounts specified in sub-section (2) shall be deemed to be the profits and gains of such business chargeable to tax under the head “Profits and gains of business or profession”. (2) The amounts referred to in sub-section (1) shall be the following, namely:— (a)   the amount paid or payable to the assessee or to any person on his behalf on account of the carriage of passengers; and (b)   the amount received or deemed to be received by or on behalf of the assessee on account of the carriage of passengers.’.

Section 17 – Finance Acts Read More »