Income Tax Act, 1961, as amended from time to time, has provided for tax rates applicable to the companies. From viewpoint of tax rate, the companies be classified into ‘domestic company[1]’ and ‘foreign company[2]’.

In this article we analyse the rate of income tax payable by ‘domestic company’ in light of changes brought into Taxation Laws (Amendment) Ordinance 2019.

Read more: Tax Rate Changes for Domestic Companies

The recent judgment of Honourable Supreme Court in Pioneer Urban Land & Infrastructure Limited & Others v Union of India[1] apart from holding the constitutional validity of the amendment made to Insolvency & Bankruptcy Code, 2016 (IBC/Code) vide Insolvency & Bankruptcy Code Amendment Ordinance, 2018 (Amendment Ordinance) has held that the provisions of RERA laws should give way to the provisions of Code, when both of them clash. This article is an attempt to understand the fear of developers, the standpoint of allottees and the final verdict of the Court to the extent of the caption of the article. 

Read more: Clash of IBC and RERA Laws - IBC Wins

One of the most vexed question under the Hindu Law, is, whether a property acquires the character of self-acquired property or ancestral property. This is important because, if the property assumes character of self-acquired, then it falls into the hands of his sons as not coparcenary property, but would devolve upon on them in their individual capacity. In other words, the father has unfettered rights to do so with such property and neither his sons or grand sons would not have any claim on such property. However, if the property is held to be assuming the character of ancestral property, then the son, grand son and great grand son would acquire right in such property from the birth itself. In simpler words, the father cannot have unfettered rights qua such ancestral property and requires the consent of all the three downward generations, if existed, at the time of disposing such property.

Read more: Self Acquired vs Ancestral Property - Supreme Court Answers

The uncertainty continues and across the globe, nations are fighting with this ever-growing pandemic. The invention for the vaccine is at a tremendous pace and I am optimistic, the human race will find a solution and this is not the first time we have faced with this adversity. I wish and pray that every one of us should be impacted at the minimum possible and situation may be restored to normalcy at the earliest.

At times like these, in order to demonstrate the positivity and optimism, I have asked our team to work on the journal. The article on holding of board meeting and general meeting vide video conference in light of the recent MCA’s relaxation deals with various provisions relating to conduct of the board meeting and general meeting. The article on special initiatives taken by MCA keeping the pandemic in perspective details major changes at one place.

Read more: SBS Wiki E Journal April 2020