learn

Every PAN allotted by the Income Tax Department is valid for a lifetime. There are instances where one can lose the PAN Card, or it can even be stolen, and in certain situations, it could be damaged. In such cases, the Income Tax Department issues a duplicate PAN Card on request.  When a request for the duplicate PAN Card is raised, the PAN details and number remain the same without a change, only a new PAN Card is issued, and all the other information remains as it was in the lost/stolen, or damaged PAN. The Income Tax Department has made it very easy to get a duplicate PAN Card What is a Duplicate PAN Card? A duplicate PAN card is a document issued by the income tax department to a PAN bearer when the card is lost, misplaced, or damaged. People frequently expose crucial papers to various threats daily and then question how to recover them. The Income Tax Department has made it quite simple to obtain a duplicate PAN card. Let’s see how it goes. When to Apply for a Duplicate PAN Card? Loss/theft:  Because people frequently carry their PAN cards in their wallets or pockets, they will probably be lost if their wallet/purse is stolen. Multiple applications to the department are fairly prevalent in India. In case of theft, an FIR of theft needs to be filed, and a copy of the FIR needs to be sent along with the application and other supporting documents. Misplaced: There are several instances where people leave the card somewhere and then are unaware of where they keep it. Damaged:  The sole option for any type of damage to the current PAN card needs to be led to the PAN Card reprint.  Documents Required to Apply for Duplicate PAN Card Self-attested identity documents include a driver’s license, Aadhaar card, voter ID, etc. Address proof that has been self-attested, such as bank account statements, utility bills, Aadhaar, and so on. A PAN allocation letter or a self-attested copy of the PAN Card. Self-attested documents with your birth date, such as a birth certificate, passport, matriculation certificate, etc. How to Apply for a Duplicate PAN Card? Visit TIN-NSDL and choose the application type “Changes or corrections in existing PAN data/Reprint of PAN card (specify ‘No changes in existing PAN data’). (If your PAN card is lost, forgotten, or stolen, you should reprint it without altering any of the information.) Fill in the essential fields and then submit the form. A token number will be produced and delivered to the email address you entered on the previous page. Make a note of the token number for future reference, and then proceed with the application filing. Fill out the essential information in the “Personal Details” tab and choose the mode of submission for your PAN application form. The three possible modes are as follows: Physically provide application paperwork: The acknowledgement form generated after payment must be printed, together with the copies of the papers requested, and mailed to the NSDL’s PAN services section. Submit digitally using e-KYC and e-sign (paperless): Aadhaar is required to use this option, and all of the information provided in your Aadhaar card should be utilized alone in the duplicate PAN card application. An OTP will be given to the Aadhaar-registered phone to verify the information supplied. It is not necessary to upload a photo, signature, or any other paper. When using this option to submit the completed form, a digital signature (DSC) will be required to e-sign the form. iii. Submit scanned photos through e-sign: Aadhaar is required for this option, however, you must submit scan images of your portrait, signature, and other documents. Only an OTP will be required to authenticate the application form. Then you must decide whether you require a physical PAN card or an e-PAN card. If you choose an e-PAN card, you must supply a valid email address. The digitally signed e-PAN card will be sent to the email address given. Before applying, fill out the “Contact & other details” and “Document details” pages. You will be routed to the payment page, and once you have made your payment, an acknowledgement will be created. Using the 15-digit acknowledgement number generated, you may verify the status of your duplicate PAN card. After the department accepts the application, the duplicate PAN card will be sent out within two weeks. FAQs How long will it take to get a duplicate PAN Card? You will get your duplicate PAN Card within the time frame of 15-20 days from the date of application. Do I have to re-link my Aadhaar with PAN after getting a duplicate one? If your PAN number has not changed, you do not need to link your Aadhaar to your PAN.

Infrastructure Investment Trust (InvITs full form), their units are listed on different trading platforms like stock exchanges and are a wholesome combination of both equity and debt instruments. The primary objective of InvITs is to promote the infrastructure sector of India by encouraging more individuals to invest in it which can be modified according to a given situation. Typically, such a tool is designed to pool money from several investors to be invested in income-generating assets. The cash flow thus generated is distributed among investors as dividend income. When compared to Real Estate Investment Trust or REITs, the structure and operation of both are quite similar. Infrastructure Investment Trusts (InvIT) InvITs are instruments that work like mutual funds. They are designed to pool small sums of money from a number of investors to invest in assets that give cash flow over a period of time. Part of this cash flow would be distributed as dividends back to investors. The minimum investment amount in an InvIT Initial Public Offering (IPO) is Rs 10 lakh, therefore, InvITs are suitable for high net-worth individuals, institutional and non-institutional investors. Similar to stocks, InvITs raise capital through IPOs and are then tradable on stock exchanges. Examples of listed InvITs include the IRB InvIT Fund and India Grid Trust. InvITs are regulated by the Securities and Exchange Board of India (SEBI) (Infrastructure Investment Trusts) Regulations, 2014. Types of InvITs Investment in Revenue-generating Finished Projects –  One of the types allows investment in revenue-generating finished projects and tends to invite investors through a public offering. Investment in Projects Under Construction –  Additionally, investors are also allowed to invest in projects that are under construction or have been finished. Notably, this type opts for a private placement of its units. What is the Purpose of InvITs? The purpose of InvITs is to enable Infrastructure Companies to repay their debt obligation quickly and effectively. Since infrastructure-oriented projects tend to take time to generate substantial cash flow, InvITs come in handy for paying off loan interests and other expenses conveniently. Structure of InvITs in India An InvIT is established as a trust and is registered with the SEBI. Typically, infrastructure investment trust SEBI comprises 4 elements, namely – Trustee: They are required to be registered with SEBI as debenture trustees. Also, they are required to invest at least 80% into infra assets that generate steady revenue. Sponsor: Typically, a body corporate, LLP, promoter or a company with a net worth of at least Rs. 100 crore classifies as a sponsor. Further, they must hold at least 15% of the total InvITs with a minimum lock-in period of 3 years or as notified by any regulatory requirement. When it comes to a public-private partnership or PPP projects, sponsors serve as a Special Purpose Vehicle (SPV). Investment manager: As a body corporate of LLP, an investment manager supervises all the operational activities surrounding InvITs. Project manager: The authority is mostly responsible for executing projects. However, in the case of PPP projects, it serves as an entity that also supervises ancillary responsibilities. The table below highlights the structure of infrastructure investment trust. Elements Role  Trustee Invest a minimum of 80% in infra assets. Sponsor/s Holds 15% of the total InvITs. Investment manager Manages investment and supervises operational activities concerning InvIT. Project manager Executes projects. Who Should Invest in InvITs? InvITs are also listed on exchanges through IPO. However, the minimum amount required to invest in such an IPO is Rs. 10 lakh. Notably, small investors may struggle a little if they intend to invest directly in InvITs through IPO. Regardless, high-net-worth institutions, individuals, etc., tend to find infrastructure investment trust a profitable investment option due to its capacity to invest and its return prospects. Prospects of InvITs in India It is anticipated that investment in InvITs in India has a promising future and may prove beneficial in the following ways. Existing projects would be provided with substantial refinancing options in the long run. It would help disengage developers’ capital to facilitate reinvestment towards new infrastructure projects. It is expected to facilitate the refinancing of current debt with cost-effective capital for the long term. It would encourage international investors to invest in the Indian infrastructure sector. Prospects of increasing opportunity to diversify an investment portfolio with the help of quality infrastructure assets remain. FAQs How to invest in InvIT? One can invest in InvITs by buying and selling in a similar manner to equities. Note Public InvITs are listed on the NSE/BSE, and the units can be traded without lock-in. An individual can open their respective brokerage account and start trading in InvITs that are publicly listed using the instrument symbol.There is no minimum investment limit for InvITs. What are the examples of InvITs? Examples of InvITs include roads, railways, power generators, telecommunications, airports.

The Importer Exporter Code (IEC) is a crucial 10-digit identification number issued by India’s Directorate General of Foreign Trade (DGFT). It is mandatory for businesses engaged in importing and exporting goods, serving as a gateway for accessing global markets and facilitating various international trade processes. The IEC is recognized by customs, the Export Promotion Council, and other trade authorities, making it essential for Indian companies to have an IEC to participate in global trade. IEC(Import Export Code) is a mandatory identification document for carrying out any import/export activity in the Country. A business cannot make any import/export supply until and unless IEC has been obtained except under expressly provided exemptions. Earlier after making an application for IEC, a separate identification number used to be issued by the department. But after the introduction of GST, the PAN of an individual or a business entity acts as his IEC number after making an application with DGFT(Directorate General of Foreign Trade). The application is approved on a self-certification basis using the authorised representative’s digital signature or using aadhar based KYC. Benefits of IEC 1.Facilitates Global Trade: Essential for importing and exporting goods. 2. Customs Clearance: Simplifies the process of clearing shipments. 3. Government Schemes: Enables businesses to benefit from export-promotion schemes. 4. No Filing of Returns: No need to file returns once obtained. 5. Lifetime Validity: Remains valid for the lifetime of the entity. 6. Bank Transactions: Necessary for foreign trade transactions with banks. 7. Easy Processing: Straightforward digital application process. 8. Recognition: Adds credibility and recognition by trade and export bodies. What Is an IEC Modification? ll holders of the Importer Exporter Code (IEC) are now mandated to update and verify their IEC details annually, regardless of whether there have been changes. The online system must complete this process between April and June each year. Non-compliance will result in the deactivation of the IEC, consequently blocking any import or export activities. Following Notification No. 58/2015-2020, the Directorate General of Foreign Trade made significant amendments to the Importer Exporter Code (IEC) provisions in chapters 1 and 2 of the Foreign Trade Policy (FTP). These amendments include the following key points: Mandatory Annual Update: Every IEC holder must ensure their IEC details are updated electronically annually during April-June. Confirmation of Unchanged Details: In cases with no changes to the IEC details, this status must be confirmed online within the same period. Deactivation for Non-Update: An IEC will be de-activated if it is not updated within the stipulated timeframe. Reactivation Post Deactivation: A de-activated IEC can be reactivated upon successful updating. However, this reactivation is subject to compliance with other FTP provisions, and non-compliance may invite additional actions. Scrutiny and Compliance: IECs may be flagged for scrutiny. The IEC holder is responsible for promptly addressing any risks or issues flagged by the system. Failure to do so will result in the deactivation of the IEC. Details That Can Be Modified During the IEC renewal process, businesses can update: – Registered and branch addresses – Contact information (mobile numbers and email IDs) – Bank account details – Directors or partners in the business – Nature of business activities Deadline for IEC Modification The update must be completed annually between April and June, with the final deadline being June 30th. Required Documents for IEC Modification A recent photograph of the applicant – Self-attested PAN card of the entity – Proof of address (Sale Deed, Rent Agreement, latest utility bills) – Pre-printed cancelled cheque or bank certificate Procedure to Update IEC 1.Access the DGFT official website and select the IEC profile management option. 2. Click on the “update IEC” option and log in. 3. If not registered, complete the registration process. 4. Link the IEC using the OTP sent to the registered email ID. 5. Update details or confirm unchanged details and save each section. 6. Submit the application summary with the Digital Signature Certificate (DSC) of the registered person. 7. The updated IEC will be reactivated and submitted to the Customs system. FAQs What is IEC modification? IEC modification refers to updating or making changes to the Importer Exporter Code (IEC), a unique 10-digit code issued to businesses involved in import and export in India. This update could include changes to business details, such as the address, contact information, or bank details linked with the IEC. Why is it necessary to update the IEC yearly? As per recent regulations by the Directorate General of Foreign Trade (DGFT), IEC holders must review and confirm their IEC details yearly, even if there are no changes. This mandatory update ensures that the IEC details are current and correct in DGFT’s records.

MGT 14 is obliged to be furnished through the firm within the registrar of companies (ROC) under sections 94(1) and 117(1) of the companies act 2013 and the rules built in it. But the private companies get privileged from furnishing the board resolutions. The private organizations do not need to furnish MGT 14 for the concerns shown under section 179(3) of the companies act 2013 read with rule 8 of the firm’s meetings of the board and its powers rule 2014. Hence the private organizations do not have to furnish the e-form MGT 14 within ROC on practising the powers of the board beneath the law of section 179(3) of the companies act 2013 Purpose of Filing A company holds various meetings during the year, such as meetings of the Board of Directors, Shareholders or Creditors, and resolutions are passed at the said meetings. The particulars of these resolutions must be filed with the ROC by the company or liquidator, as the case may be, within 30 days of passing them in Form MGT-14. MGT 14 Board Resolutions to be Filed Under Section 117(3) Special Resolutions Resolutions have been accepted to get passed as special resolutions through all the members of the organizations. Any resolutions have been passed through the BOD with respect to the appointment /reappointment/renewal/distinction of the appointment courses of the managing director. The resolutions have been accepted to get passed through the particular majority or through a specific way via a class of members. The resolutions needed to fold up of the firms as provided beneath section 59 of the insolvency and bankruptcy code 2016. Resolutions are declared beneath section 179(3) MGT 14 Form List of Board Resolutions Annexure A Board Resolutions- Beneath Annexure A the mentioned way deal through the board resolutions requirement to furnished: Investigation of the books of accounts and the other records of the subsidiary. Permission of building political enrichment. Doing investments or providing the loan or guarantee or security through the firm. Relevant party transaction contract/agreement. Appointment of a whole-time key managerial personnel of a corporation. Appointment of an individual as managing director if he is the manager/managing director of another company. Permission of self prospectus. Appointing/ re-appointing/renewing of appointment/variation of the terms of appointment of a managing director. Calling of the unpaid amount on the shares via shareholders. Permission of buy-back of securities as given beneath Section 68. Providing the securities (engaging debentures) in India/outside India. To borrow money. Permission of the Board’s report and financial statements. Extension of the business of the organization. To accept amalgamation, alliance, or reconstruction. Taking a stake in the company or obtaining the controlling stake in a different firm. Annexure B Special Resolutions- Beneath Annexure B the mentioned objectives deal through the appropriate resolutions required to get furnished: Addition of law of entrenchment in Articles of Association through the firms. Revisions of an enrolled office from one city to different in the same state. Change of Memorandum of Association. Revolution in the thing towards the money borrowed is unutilized. Change of Articles of Association. Change towards the contract or things in the prospectus. Providing the depository receipts to outside nations. Modification of shareholder rights. Providing the sweat equity shares. Issuance of employee stock options. A private offer of securities. Issuance of debentures or loans holding an option for conversion to shares. Decrease of share capital. Buying or subscribing to the fully paid shares for the advantage of employees. Buyback of shares. Excluding the registered offices maintaining the registers at different locations in India. Elimination of auditor prior to the expiry of the term. Appointment of exceeding the 15 directors. Reappointment of Independent Director. Limiting the number of directorships of a director. Selling, leasing or otherwise disposing of the whole or substantially the whole of the undertaking of the firm or towards the firm owns exceeding the one undertaking of complete or substantially the complete of any of these undertakings. Investing differently in trust securities, the amount of compensation received through the result of an amalgamation or alliance. Borrowing the money in which the money is to be borrowed and the money previously borrowed through the firm shall be more than the average of its paid-up capital along with the free reserves other than the temporary loans received from the firm’s bankers in the normal business. Give the time for the repayment of the debt left from the director. Scheme for furnishing the loans to directors. Loan and investment through the firm who have more than 60% of the paid-up share capital, free reserves, and securities premium account or 100% of the free reserves and securities premium account whichever is higher. Appointment of a director, i.e. a managing director/whole-time director/manager exceeding the age of 70 years. Company operations needed to get examined. Application to the registrar for the prevention of the name from the registrar. Scheme concerning the amalgamation of the sick organizations through the other firms. Winding up of the company through the bench. Voluntary winding up of the company. To furnish the liquidator through the powers to accept the shares etc as per the acknowledgement of the property sale. Permission for the arrangement amid the firm that seems to be wound up and its creditors to be binding. Sanctioning the firm liquidator to practice the specific powers. Disposal of the books and paper of the firm when the organization gets fully wound up and is directed to get dissolved. Annexure C Ordinary Resolutions- Beneath Annexure C the mentioned things deal through the normal resolutions required to furnish: The company can amend its name post to obtain the objectives from the registrar if it revealed that the name was applied to or by filing the wrong details. The company revised its name post to obtain the commands from the central governments if the name or trademark is similar to the previous name of the organization or enrolled trademark. Receiving deposits from the public. Representation of Corporations at the meeting of organizations. Representation at any

Reserves can be classified based on the source of earnings. A revenue reserve is created out of profits generated from the trading activities of a company and a capital reserve is created out of the profits which are capital in nature such as revaluation of assets, write-back of depreciation and amalgamation etc. When a company incurs capital losses, the fund from the capital reserve is used to write-off the same. A ‘free reserve’ is defined under the Companies Act, 2013 (“Companies Act”) as any reserve available for distribution of dividends as per the last audited balance sheet. The definition excludes any amount earned from unrealized gains, notional gains or revaluation of assets from being treated as a free reserve. Similarly, any change in carrying the amount of an asset or liability in equity will not be a part of a free reserve. What is Reserve Capital The Companies Act mandates a Capital Redemption Reserve (CRR) for companies repurchasing or redeeming their own shares. This safeguards the company’s financial stability in two key scenarios: Buy-Backs: When a company buys back its own shares, the paid-up capital shrinks. To counteract this, a portion of reserves is allocated to the CRR, ensuring a buffer against future capital depletion. Preference Capital Redemption: Redeeming preference shares can also weaken the capital base. The Capital Redemption Reserve requirement mitigates this by capturing a portion of distributable profits, providing security for lenders who may have concerns about the company’s financial health after the redemption. Meaning of Surplus Unlike free reserve, the surplus from the profits earned by a company is not included while calculating the net worth of the company. The surplus has not been specifically defined under the Companies Act.  However, for the purposes of preparing balance sheet the following accounting explanation has been provided under Schedule III of the Companies Act: “Surplus i.e., balance in Statement of Profit and Loss disclosing allocations and appropriations such as dividend, bonus shares and transfer to/ from reserves, etc:…” Further, “Debit balance of statement of profit and loss shall be shown as a negative figure under the head “Surplus”…” What is a Capital Redemption Reserve Account and why is it maintained? Capital redemption reserve account is a type of reserve maintained by a company limited by shares and as the name suggests this reserve deals with shares which are redeemable. The shares which are purported to be redeemed are paid out of the profits of a company. For this purpose, out of the profits, an amount equivalent to the nominal value of the share supposed to be redeemed is transferred to a reserve. This reserve is called a capital redemption reserve account. A company may issue preference shares which can be redeemed within a period of twenty years from the date of issue. However, it is subject to the following conditions as prescribed in the Companies Act: The Articles  of Association of the company must permit the same; The redemption must be out of the profits of the company which would otherwise be distributed as dividends or out of the earnings of a fresh issue of shares (made for the purposes of such redemption); Only fully paid-up shares can be redeemed; The company has to maintain a capital redemption reserve account (the provisions relating to the reduction of the share capital of a company will apply as if the Capital Redemption Reserve Account is paid-up share capital of the company); In case the premium is payable at the time of redemption for certain class of companies (as prescribed) which complies with the accounting standards under Section 133 of the Companies Act, it must be paid out of the profits of the company before the shares are redeemed: If the premium is payable for preference shares issued on or before the commencement of the Companies Act, before such shares are redeemed, the premium must be paid out of profits of the company or out of the securities premium account maintained by the company. Why Do Lenders Benefit? Maintaining a healthy Capital Redemption Reserve benefits lenders in several ways: Increased Confidence: A strong CRR demonstrates the company’s commitment to maintaining its financial strength, bolstering lender confidence and potentially improving borrowing terms. Enhanced Security: The CRR acts as a safety net, protecting lenders from potential losses if the company’s capital base is eroded due to future redemptions or buy-backs. Transparency and Stability: The CRR requirement promotes transparency in the company’s financial practices, further stabilizing the relationship with lenders. Impact of Mergers and Acquisitions on Reserves The Accounting Standards 14 has laid the treatment of reserve(s) in case of Mergers and Acquisitions. In a merger, the identity of the reserve(s) is preserved and is shown in the financial statements of the transferee company. They retain their nature and value. Thus, for instance, the capital redemption reserve account of the transferor company becomes the capital redemption reserve account of the transferee company. However, in case of an acquisition (amalgamation by purchase), the identity of reserves is not preserved except for the statutory reserves. Further, with respect to the reserves created by the transferor company for the purposes of the Income Tax Act, 1961, the identity of such reserves should be preserved for a specified period. Tax Benefit for Special Reserve which are allowed as a deduction when computing the income from a business and profession under Section 36 of the Income Tax Act, 1961. When a special reserve is created and maintained by certain specified entities including a financial corporation, a banking company, a housing finance company, and a portion from the profits earned from an eligible business is transferred to this reserve, the aforementioned entities are entitled to claim a deduction. This deduction has been capped at a maximum of twenty percent of the profits earned and should not be more than twice the amount of paid-up share capital and general reserves of the entity specified. The eligible business includes providing long-term finance for the development of industry, agriculture, infrastructure, and housing. Redemption of Preference Capital Redemption of

It is often said that humans are social animals. Yet there are some aspects of human life that the individual wants to keep to himself or the selected person he wants to share them with. Privacy has been declared one of the essential facets of liberty guaranteed to an individual. The term privacy has been derived from ‘privatus‘, a Latin word meaning private, secret, or personal, different from what is public or does not belong to the state. Thus, the word ‘privacy’ entails the sense of something belonging to oneself, something that the individual would not want to share with others. What is the right to privacy Privacy means the state of being alone and keeping one’s personal matters and relationships secret. The Black’s Law Dictionary defines it as “the right that determines non-intervention in secret surveillance and protecting an individual’s information. It is of four categories. First, physical: an imposition whereby another individual is restricted from experiencing an individual or situation. Second, decisional: the imposition of an exclusive restriction on an entity. Third, informational: the prevention of searching for unknown information. Fourth, dispositional: the prevention of attempts made to know the minds of individuals.”  Constituent assembly on the right to privacy The Advisory Committee on Fundamental Rights was tasked with formulating a draft of the fundamental rights of the citizens. Eminent members, like Harman Singh, K. M. Munshi, and Dr. Ambedkar, staunchly advocated for the inclusion of privacy as a right. Inspired by the Czech Constitution, Harman Singh stated in his note on fundamental rights, “Every dwelling shall be inviolable”. Dr. Amedkar, in his note, mentioned the protection against unreasonable searches and seizures. The Sub-Committee on Fundamental Rights proposed two rights. First, the right to the inviolability of one’s home is protection against unreasonable searches and seizures; second, the secrecy of correspondence. However, Sir B.N. Rau, K.M. Pannikar, and A. K. Ayyer dissented against the proposals, citing that it could hinder the process of law enforcement. Finally, the Advisory Committee on Fundamental Rights did not approve, and the rights were not included in the report. In the Constituent Assembly, Mr. Kazi Syed Karimuddin moved an amendment to protect the privacy of individuals from unreasonable state interference, searches, and seizures along the lines of the American and Irish Constitutions. Dr. B.R. Ambedkar replied, accepting his amendment, that the Criminal Procedure Code has the provision to provide a safeguard against such interference. However, privacy was not given a mention in the Constitution. The amendment to include these rights was moved several times, but the moves could not gather consensus, and the assembly moved forward, leaving the provision undecided. Article 21 of the Constitution and the right to privacy Article 21 is the heart of the Constitution of India. It guarantees the right to life and personal liberty to every person, whether a citizen or non-citizen residing in India. It is the base of all other rights that are provided by the Constitution because life is an essential element for enjoying other rights such as freedom, equality, or religion. The Article includes in itself all other rights that are necessary for a human to live to its full potential, such as the right to health, the right to a clean environment, the right to sleep peacefully, the right to livelihood, the right to free legal aid and speedy trial, or the right to privacy. Previous Supreme Court Rulings Against the Right to Privacy A.K Gopalan v. The State (1950)- In this case, the petitioner argued that the search and seizure operation carried out in his property violated the provision of Right To Property, as mentioned in Article 19(1). However, the court rejected the argument regarding the right to privacy, saying that the act of police did not obstruct his right to utilise his property. The court also mentioned the caveat of ‘reasonable cause’, which gives police the power to search and seize.  Kharak Singh V. The State of UP- In this case, the petitioner argued that the nightly domiciliary visit to his home by the police violated his right to move freely across India, as enshrined by Article 19 of the Indian Constitution. The petitioner also objected to the police shadowing him. While the court agreed that the nightly domiciliary visits did violate the petitioner’s right to live a dignified and free life, it also agreed that the right to privacy was not a fundamental right, and hence surveillance of his movements did not violate the Constitution. Justice K.S. Puttaswamy (Retd) vs Union of India (2017)- During the hearing of a petition that challenged the constitutional validity of the Aadhar based biometric system, the Supreme Court of India unanimously agreed that the right to privacy is a fundamental right as enshrined by the Constitution. The court expanded the purview of Article 21 and said that the Right to Life and Liberty, as stated in Article 21, also included the right to privacy. Since Article 21 falls under Part III of the Indian Constitution, which deals with fundamental rights, the right to privacy thus automatically became a fundamental right after the judgement. Since then, the right to privacy has been a fundamental right in India.. The Digital Personal Data Protection Act, 2023 The enactment of the Data Protection Act for India has been long sought. The first draft data protection bill was tabled in Parliament in 2018 under the title Personal Data Protection Bill, 2018. The draft was prepared by the Justice Srikrishna Committee ( a committee formed by the Ministry of Electronics and Information Technology). The bill was sent for reconsideration as it mandated the data fiduciary to maintain at least one copy of serving copy of customers’ information in India so that it would be easy for law enforcement agencies to access the information. This mandatory requirement posed a serious threat to  privacy by allowing the state to process the personal data. The regulatory framework established by the bill was given minimal autonomy, and it would have worked largely under the central government.  Other two bills were also

Transfer pricing is an accounting practice that represents the price that one division in a company charges another division for goods and services provided. Transfer pricing allows for the establishment of prices for the goods and services exchanged between subsidiaries, affiliates, or commonly controlled companies that are part of the same larger enterprise. Transfer pricing can lead to tax savings for corporations, though tax authorities may contest their claims. How Transfer Pricing Works Transfer pricing is an accounting and taxation practice that allows for pricing transactions internally within businesses and between subsidiaries that operate under common control or ownership. The transfer pricing practice extends to cross-border transactions as well as domestic ones. A transfer price is used to determine the cost to charge another division, subsidiary, or holding company for services rendered. Typically, transfer prices are reflective of the going market price for that good or service. Transfer pricing can also be applied to intellectual property such as research, patents, and royalties. Section 92 of the Income Tax Act, 1961 Section 92 of the Income Tax Act, 1961 – Computation of income from international transactions having regard to arm’s length price. This section states that any international or specified domestic transaction between associated enterprises which has been mutually agreed and undertaken for the purpose of allocation or apportionment of any cost or expense incurred or to be incurred for a benefit, service or facility undertaken or to be undertaken by one or more of the enterprises, then the cost or expense allocated, must be contributed having regard to the arm’s length price of such benefit, service or facility. Section 92A of the Income Tax Act, 1961 Section 92A of the Income Tax Act, 1961 – Meaning of Associated Enterprises For the purpose of Sections 92, 2B, 92C, 92D, 92E, and 92F the term associated enterprises in relation to another enterprise shall mean, an enterprise- Which participates either directly or indirectly or through one or more intermediaries in the control or management or capital of the other enterprise. In respect of one or more persons that participate either directly or indirectly or through one or more intermediaries in the control or management or capital are the same persons that participate either directly or indirectly or through one or more intermediaries in the control or management or capital of the other enterprise. For the purpose of this section, two enterprises will be deemed to be associated enterprises if any time during the previous year at any time- One enterprise holds directly or indirectly, shareholding carrying not less than 26% of the voting power in another enterprise. Any individual or an enterprise holds directly or indirectly not less than 26% of the voting power in each of such enterprises. Any loan advanced from one enterprise to the other company constitutes not less than 51% of the book value of the total assets of the other enterprise. The guarantees of one enterprise is not less than 10% of the overall borrowings of the other enterprise. More than half of the board of directors or the governing board, or the executive members or directors are appointed by the other enterprise. One enterprise has a dependency in terms of know-how, patents, trademarks, rights or any other business or commercial rights or any data, documentation, drawing or specification relating to any such patent, invention, model or design for manufacturing or processing of goods, and the other enterprise holds the rights to such patents. 90% or more of the raw materials or consumables are supplied by the other enterprise or by persons specified by the other enterprise, and the prices and other conditions relating to supply are influenced by such other enterprises. The goods or articles required by one enterprise are supplied by another enterprise, and the prices and other several conditions relating to supply are influenced by such other enterprises. Where one enterprise is controlled by an individual and the other enterprise is also in control of the same individual or his relative jointly. Where one enterprise is controlled by an undivided Hindu family, the other enterprise is controlled by a member of such Hindu undivided family or by a relative of a member of such Hindu undivided family or jointly by such member and his relative. Where one enterprise is a firm, association of persons or body of individuals, the other enterprise holds not less than 10% interest in such a firm, an association of persons or body of individuals. There exists between the two enterprises, any relationship of mutual interest, as may be prescribed. Section 92B of the Income Tax Act, 1961 Section 92B of the Income Tax Act, 1961 – Meaning of international transaction This section defines international transaction(s) for the purpose of this Section and the Section(s) 92, 92C, 92D and 92E as a transaction between two or more associated enterprises, wherein either one or both the enterprises are non-residents. (Non-resident means a body corporate whose control and management lies outside India) The nature of transaction can be purchase, sale or lease of tangible or intangible assets, or provision of services, or lending or borrowing money, or any other transaction having an effect on the profits, income, losses or assets of such enterprises. Section 92E – Audit Under Transfer Pricing A report from an accountant has to be furnished by persons who are entering into an international transaction or a specified domestic transaction. A report from an accountant in a prescribed form, duly signed and verified by the accountant must be obtained before the specified date by any person entering into an international transaction or specified domestic transaction in the previous year. The audit is applicable to both international and specified domestic transactions. Form 3CEB must be filed. The due date for complying with Form 3CEB requirement is 31st October of the Assessment Year and the due date of ITR filing for persons who are subjected to comply with Form 3CEB is 30th November of the Assessment Year. FAQs What Are the Disadvantages of Transfer Pricing? One of the key disadvantages is that the seller is

The Chhattisgarh government issues ration cards through the Department of Food and Civil Supplies to provide commodities such as wheat, rice, pulses, sugar, kerosene, etc., at subsidised rates to the residents of Chhattisgarh. Types of Chhattisgarh Ration Card Priority Household (PHH) Ration Card Issued to – The households in rural areas of the state. Benefits – Provides 35 kg of wheat and rice for Rs.2 per kg and 2 kg of pulses at Rs.10 per kg. Antyodaya Anna Yojana (AAY) Ration Card Issued to – The family with annual income less than Rs.15,000. Benefits – Provides 35 kg of wheat and rice at Re.1 per kg. Below Poverty Line (BPL) Card Issued to – The native residents with annual income less than Rs.10,000. Benefits – Provides necessary commodities at subsidised prices. Above Poverty Line (APL) Card Issued to – The native residents with annual income above Rs.10,000. Benefits – Provides 15 kg wheat and rice at 15% lower than the Minimum Support Price. Annapurna Ration Card: Issued to – Senior citizens who are not eligible for an old-age pension, aged above 65 years and do not have any earning member in the family. Benefits – Annapurna cardholders receive a specified quantity of food grains free of charge each month. Benefits of Ration Card Identity proof Ration card is used to establish one’s identity. It does the ration card serves as an identity proof in availing government services which are offered for the citizens of the state. It also serves as an identification proof for your whole family since it comprises of details like the number of family members, children, income levels, gender, photographs, etc. Residence Proof Ration card is essential in the case of proof of residential address to secure loans from the banks. Also, the Aadhaar card can be linked to your ration card, as linked with the bank account. Eligibility for Chhattisgarh Ration Card Resident of Chhattisgarh. Individuals or any family member should not have existing ration cards in their name. Should not have a house in the urban areas with area above 10,000 sq. ft. Should not have irrigated and non-irrigated land more than 4 hectares or 10 acres and 8 hectares or 20 acres, respectively. As per the guidelines mentioned under sub-section(a) of Section 15 of the Chhattisgarh Food and Nutrition Security Act (CFNSA), no member of the household should fall under a restricted family for ration cards. Documents Needed to Apply for Chhattisgarh Ration Card Aadhar card Bank Passbook Proof of address Photo identity proof Domicile certificate Category and Disability certificates (if applicable) Passport-sized photograph of each family member How to apply for a Ration Card in Chhattisgarh? Step 1 – Visit the official website of the Directorate of Chhattisgarh Food Supplies. Step 2 – Under the ‘New and Announcement’ section, click on ‘Application for Ration Card cum Declaration form’. Step 3 – Download and print the application form that appears on the new page. Step 4 – Fill in the application form. Step 5 – Submit the application form to the concerned Gram Panchayat or Urban Local Body. FAQs What is the difference between orange ration card and white ration card? Red or orange ration cards are issued to people who come under special government schemes such as the Antyodaya scheme. While White ration cards are for those people who belong to Above Poverty Line (APL) group.  How can I change my ration card location? Visit the Assistant Commissioner (AC) /Taluk Supply Officers (TSO) and apply for a ration card address change. After processing the application, change the address mentioned in the ration card in person. The address gets changed after successful verification and you will be informed about the completion of the process. 

Accounting today is much more than bookkeeping. Two important aspects of accounting are debit and credit. We must only enter a transaction after understanding the detailed meaning of which account should be debited or credited. When a financial transaction takes place, it affects two accounts, and in the dual entry system of accounting, we have two columns for entering our transactions. As we all know, one is the debit side, and the other is the credit side. To understand an accounting entry, first, we need to understand the account types and their corresponding debit credit rule Types of Accounts Personal Account: Debit the Receiver, Credit the Giver: When dealing with personal accounts like individuals or organizations, debit what comes in and credit what goes out. Types of Personal Account – Artificial Personal Account: Non-human bodies that act as separate legal entities as per the law. These include hospitals, banks, companies, government bodies, partnerships, and cooperatives. Natural Personal Account: This type of account represents human beings. It includes individual capital accounts, debtors account, creditors account, drawings account. Representative Personal Account: This account represents the accounts of natural or artificial entities. Real Account Real Accounts are a set of tangible aspects of business like furniture, cash, etc. It contains transactions related to the assets and liabilities of the company. The asset category can be further subdivided into tangible and intangible assets. Real accounts deal with material assets of the business. If the item that belongs to the real account is coming into the business, it should be written on the Debit side while making the accounting entries. If the item of the real account is going out of business, it should be written on the Credit side while making the accounting entries. Personal Accounts   Personal accounts can be considered general ledgers related to people, associations, and companies. If the person/ group of persons/ legal body is receiving something from the business, then – Debit the receiver. If the person/ group of persons/ legal body is paying something to the business – Credit the payer or giver Nominal Accounts   Nominal Accounts represent all the transactions of business like Expenses, Losses, Income, and gains incurred while doing business. Some common, e.g., are Electricity Expenses, Telephone Expenses, Interest Received, Profit on the Sale of Machines, etc. If it’s an expense or loss for the business – DebitIf it’s an income or gain for the business – credit Type Of Account Golden Rules of Accounting Nominal Account Debit the loss or expense of the business Credit the profit or income of the business Personal Account Debit the receiver Credit the giver Real Account Debit what comes into the business Credit what goes out of the business Benefits of Accounting Procedures Maintaining financial transaction accounts in accordance with accounting’s golden standards provides some benefits. Maintenance of Business Records – Maintaining business records is crucial to a company’s success. Accounting makes sure that all of the business transactions are documented in a secure location in the correct order and, more significantly, in a methodical manner. Business Valuation – A solid accounting procedure aids in correct business valuation, allowing for more investment and expansion. Budgeting and Future Projections – A healthy budget based on proper accounting processes may provide a solid foundation for any organization to grow. With a solid accounting process in place, future estimates are more accurate. Financial Statement Preparation – If the golden rules of accounting are followed, financial transactions will be recorded correctly. If the accounting is done correctly – financial statements like profit and loss statements, trading accounts, and balance sheets could all be created rapidly. Comparison of Financial Results – Accounting done according to the golden principles makes it easy to compare one year’s financial outcomes to another. Analysis of year-on-year financial performance becomes simpler and more reliable. Regulatory Compliance – Accounting is critical for organizations in order to comply with regulatory bodies. It would be hard to accomplish regulatory compliance without the basic basis laid down by the accounting rules. Aids in Taxation Matters – Tax shortfalls caused by faulty accounting methods may result in substantial penalties from government agencies, negatively harming image and brand value. Corporate Decision-Making – The accounting procedure based on the accounting rules ensures that financial data are trustworthy and valuable in the decision-making procedure of senior management. Golden Rules of Accounting Rule 1 “Debit what comes in – credit what goes out.” This rule pertains to personal accounts and ensures accurate recording of transactions where value is exchanged between parties. It mandates that every financial transaction is properly documented by tracking both the giver (payer) and the receiver (payee). To maintain accurate records: When a business receives value: Debit the corresponding account. When a business gives value: Credit the corresponding account. This approach guarantees clear and reliable financial records, enhancing the accuracy of financial statements. Example: If your business pays 500 in rent to your landlord: Landlord: Giver (providing rental space) Your Business: Receiver (benefiting from rental space) You need to: Debit the Rent Expense account by 500 Credit the Cash/Bank account by 500 Rule 2 “Credit the giver and Debit the Receiver.” The principle for real accounts is “Debit what comes in, and credit what goes out.” This rule ensures that all inflows and outflows of resources are accurately recorded, providing a systematic approach for tracking assets and liabilities. Key Points: Debit what comes in: When a business acquires an asset, the asset account is debited to reflect the increase in value. Credit what goes out: When a business disposes of an asset, the asset account is credited to reflect the decrease in value. Importance: Effective management of assets and liabilities is crucial for maintaining sound financial health. This rule provides transparency in showing both the acquisition and disposal of assets. By adhering to this rule, businesses ensure that their accounting records accurately reflect changes in their assets and liabilities, aiding in clear and organized financial reporting. Example: If a business acquires equipment worth 1,000: Equipment Account: Debit 1,000 (to record the increase in asset value) If the business later disposes of the same equipment: Equipment Account: Credit

LIC Mutual Fund was set up by the Life Insurance Corporation of India (LIC), a government-run insurance provider, on 20 April, 1989. Being in the asset management sphere for more than 2 decades, LIC Mutual Fund has managed to carve a name for itself by coupling systematic investment discipline, corporate governance, and a high degree of financial ethics. With its robust and innovative investment strategies, LIC Mutual Fund intends to generate value for its investors, across all segments. LIC Mutual Funds currently operate with funds worth Rs. 30170.82 Crores. Currently, LIC Mutual Fund provides investors with about 26 different schemes catering to investors of varied risk appetites. It has 90.06% investment in the Indian Stock market, of which 87.62% is in large-cap stocks, and 2.43% is in mid-cap stocks. LIC AMC recorded a CAGR of 14.56% in the last 3 fiscal years, making it one of the most preferred large and mid-cap mutual funds amongst investors. Customers can also avail tax benefits from LIC MF Tax Plans, both of which are ELSS based investment options. Types of LIC Mutual Fund LIC Mutual Fund offers schemes in 5 categories – Equity, Debt, Hybrid, Solution Oriented, and ETFs & Index Funds. In total, it offers 28 schemes in the open-ended, close-ended, and interval subcategories. Features of LIC Mutual Funds Life Insurance Corporation has gained the trust of many investors ever since its inception. Therefore, the mutual funds offered by it are always the most preferred choice of the Indian mutual fund investors. LIC mutual funds have been in existence for a longer period of time. The funds have a wide range of options to offer investors which can be opted for based on affordability. Equity schemes by LIC Mutual Fund LIC MF Banking and Financial Services Fund This is an open-ended equity scheme that concentrates its investments in equities of companies in the banking and financial services sector. Scheme features: Benchmark IndexNifty Financial Services IndexMonthly Average Expense RatioAs on 1 May 2018, TER: Direct Plan – 1.44%, Regular Plan – 3.22%Investment OptionsGrowth and DividendMinimum InvestmentRs.5,000Entry LoadNot ApplicableExit Load1% exit load will apply for redemption or withdrawal before 1 year from unit allotment date. No exit load for withdrawal after 1 yearRiskometerHighFund ManagerMr. Saravana Kumar Investment objective – To create capital growth for the investor by investing a significant part of its investment in equity and its related instruments of firms engaged in banking and financial services. Ideal for – Investors who seek capital gains over a longer duration and who wish to invest in equity and its related securities of firms engaged in financial services and banking. LIC MF Multicap Fund – This is an open-ended equity scheme that invests in equities of large, mid, and small cap companies to achieve growth of capital.Scheme features:Benchmark IndexNifty 500 IndexMonthly Average Expense RatioAs on 1 May 2018, TER: Direct Plan – 1.95%, Regular Plan – 3.12%Investment OptionsGrowth and Dividend. The dividend option offers payout and reinvestment facilitiesMinimum InvestmentRs.5,000Entry LoadNot ApplicableExit Load1% exit load will apply if investor exits the scheme before 1 year from unit allotment date. No exit load for exit after 1 yearRiskometerModerately HighFund ManagerMr. Saravana Kumar Investment objective – To offer capital appreciation to the investor by focusing its investments on equity and its associated instruments. Ideal for – Investors who prefer to invest in stocks of large, mid and small cap companies and who wish to achieve capital growth over a long term. The scheme is also suitable for investors who seek current income. LIC MF Large Cap Fund – This is an open-ended equity scheme that mainly invests in equities of large cap companies and was previously known as Dhanasamriddhi.Scheme features:Benchmark IndexNifty 100 IndexMonthly Average Expense RatioAs on 1 May 2018, TER: Direct Plan – 1.86%, Regular Plan – 3.13%Investment OptionsGrowth and Dividend (Reinvestment and Payout)Minimum InvestmentRs.5,000Entry LoadNot ApplicableExit Load1% exit load will apply if investor exits the scheme before 1 year from unit allotment date. No exit load for exit after 1 yearRiskometerModerately HighFund ManagerMr. Sachin Relekar Investment objective – To generate capital appreciation for the investor by concentrating the investments on equity and its associated instruments including derivatives, of large cap companies. Ideal for – Investors who seek capital growth over a long term and who wish to invest in equities of large cap firms. LIC MF Infrastructure Fund – This is an open-ended equity scheme that invests in infrastructure and its allied sectors. This scheme was initially launched as a close-ended scheme in 2008 but later was opened for subscription with effect from 24 March 2011.Scheme features:Benchmark IndexNifty Infrastructure IndexMonthly Average Expense RatioAs on 1 May 2018, TER: Direct Plan – 1.47%, Regular Plan – 3.25%Investment OptionsGrowth and Dividend (Reinvestment and Payout)Minimum InvestmentRs.5,000Entry LoadNot ApplicableExit Load1% exit load will apply if investor exits the scheme before 1 year from unit allotment date. No exit load for exit after 1 yearRiskometerHighFund ManagerMr. Sachin Relekar Investment objective – To produce capital appreciation for the investor by investing in equities of firms engaged in the infrastructure sector. Ideal for – Investors who wish to grow their capital over a long term and have a high appetite for risk to invest in equities of infrastructure and its allied sectors. LIC MF Large & Mid Cap Fund – This is an open-ended scheme that invests in equities of both large and mid cap firms.Scheme features:Benchmark IndexNifty LargeMidcap 250 IndexMonthly Average Expense RatioAs on 1 May 2018, TER: Direct Plan – 0.58%, Regular Plan – 2.89%Investment OptionsGrowth and Dividend (Reinvestment and Payout)Minimum InvestmentRs.5,000Entry LoadNilExit Load1% exit load will apply if investor exits the scheme before 1 year from unit allotment date. No exit load for exit after 1 yearRiskometerModerately HighFund ManagerMr. Sachin Relekar Investment objective – To create capital appreciation for the investor by investing in large and mid cap stocks. Ideal for – Investors who wish to achieve capital gains and prefer investing in stocks of large and mid cap firms. LIC MF Tax Plan – This is an open-ended equity linked savings scheme that has a statutory lock-in period of 3 years and offers tax benefits to the investor. This