What is the Pagdi or Pagdi System? Pagdi is a traditional and unique tenancy model in India since the pre-Independence era, although the number of people, who are tenants under such a system today, may not be high. Similar to other renting arrangements, it also involves a tenant and a landlord, and pays a nominal rent as compared […]
Taxpayers who have already registered under the GST Act can apply for cancellation of GST registration any time if they think they should close their business or in case any situation arises. Once the registration is cancelled it is no longer required to pay tax or collect tax from ordinary people. WHAT WILL HAPPENED ONCE […]
In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration. For certain businesses, registration under GST is mandatory. If the organisation carries on business without registering under GST, it will […]
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 is an incredible instrument in the possession of the banks and Financial Institutions (FIs) as lenders. This Act assists them with upholding protections held as security to credits dispensed by them should such advances turn out as non-performing assets (NPAs) during the […]
Section 5 of the Transfer of Property Act, 1882 defines the phrase “transfer of property”. The section provides that “transfer of property” means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself and one or more than one living persons; […]
The Central Board of Indirect Taxes and Customs, via Notification No. 31/2021 – Central Tax has exempted taxpayers having an aggregate turnover of Rs. 2 crores from the requirement of filing an annual return for FY 2020-21. This notification shall come into force from 1st August 2021 onwards. “In exercise of the powers conferred by the […]
The Central Board of Indirect Taxes and Customs, via Notification No. 29/2021 – Central Tax has announced that provisions of sections 110 and 111 of the Finance Act, 2021 shall come into force from 1st August 2021. Thus, starting 1st August 2021, taxpayers will not be required to get their annual accounts audited by a […]
Transfer of Property Act Under the Indian legal system, properties are divided into two categories – movable and immovable. The Transfer of Property Act (ToPA), 1882, which came into force on July 1, 1882, deals with the aspects of transfer of properties between living beings. One of the oldest laws in the Indian legal system, […]
A legal heir is a person who succeeds or enters into the ownership of a person who died unexpectedly without a will. Legal heir certificate denotes the relationship between the legal heir and the deceased and is mandatory, especially when a nominee is not specified. Legal Heirs of the Deceased To get a legal heir certificate, […]
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