MCA Notifies Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023

MCA issued LLP (Significant Beneficial Owners) Rules, 2023 (“SBO Rules”) on 9th November 2023, requiring LLPs to identify and report details of Significant Beneficial Owner (“SBO”) to MCA. NON-APPLICABILITY The SBO Rules shall not apply to: Contribution held by the... Read More →

Posted in Regulatory |

Supreme Court’s Landmark Ruling on Double Tax Avoidance Treaties (DTAA)

Hon’ble Supreme Court in the case of Nestle SA & Others [Civil Appeal No 1420/2023] has ruled that the issuance of a notification under Section 90 of the Income Tax Act, 1961 (the Act) is an indispensable and obligatory requirement... Read More →

Posted in Direct Tax |

Rule 114B: CBDT Amends PAN-related Rules for Foreign Companies and NRs Transacting with IFSC Banking Units

The Central Board of Direct Taxes (CBDT) has amended rules related to obtaining and quoting Permanent Account Number (PAN). The amendments have been made in Rule 114B, 114BA and 114BB of the Income Tax Rules, 1962 (the Rules). Amendment in... Read More →

Posted in Regulatory |

Family Investment Fund (FIF)

On April 19, 2022, the International Financial Services Centres Authority (IFSCA) published the International Financial Services Centres Authority (Fund Management) Regulations, 2022 (“FM Regulations”) overhauling the fund regime in International Financial Services Centre (IFSC) and introduced Family Investment Funds for... Read More →

Posted in Family Office |

Rule 11UA: New Methods for Valuing CCPS and Unquoted Shares

The Finance Act, 2023 amended section 56(2)(viib) of the Income Tax Act, 1961 (‘the Act’) to bring into account the consideration received from non-residents for issuance of shares. Now, the CBDT has notified Income-tax (Twenty-First Amendment) Rules, 2023, amending Rule... Read More →

Posted in Regulatory |