LexComply Blog

Sep272024 0

Section 35D of the Income Tax Act, 1961, provides for the amortization of certain preliminary expenses incurred by a business or profession. These expenses are incurred before the commencement of the business or profession and include expenses such as legal fees, registration fees, and incorporation fees for claiming deduction assessee has to submit the form 3AF. […]

Sep262024 0

Securities and Exchange Board of India (“SEBI”) has issued Master Circular for Portfolio Managers for effective regulation of Portfolio Managers vide Circular No. SEBI/HO/IMD/IMD-POD-1/P/CIR/2024/80 dated June 07, 2024 which supersedes the Master Circular for Portfolio Managers dated March 20, 2023. Applicability:- It is applicable to all Portfolio Managers and Association of Portfolio Managers in India […]

Sep252024 0

International Financial Services Centres Authority has issued a Circular F. No. IFSCA-DSI-4-2024-Capital Market- dated 5th Sept 2024 under Regulation 6 of International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021 which states that Capital Market Intermediaries (CMIs) who fails to maintain Net Worth at any time shall not undertake any existing or new business […]

Sep232024 0

Social Security law in the UAE is designed to provide financial protection and welfare benefits to employees and their families. The system primarily focuses on ensuring social stability through pension schemes, unemployment benefits, and health insurance. Social security contributions apply only for UAE and GCC nationals working within the UAE. If UAE/ GCC nationals are […]

Sep212024 0

The Governor of West Bengal has issued guidelines to ensure the timely and fair Payment of Bonus to employees by 30th September 2024 i.e., before Durga Puja 2024, as per the Payment of Bonus Act, 1965 and its 2015 Amendment. These guidelines aim to maintain industrial peace and harmony. The key highlights on actionable are […]

Sep202024 0

The amendment provides that where the transferor foreign company incorporated outside India being a holding company and the transferee Indian company being a wholly owned subsidiary company incorporated in India, enter into merger or amalgamation, both the companies shall obtain the prior approval of the Reserve Bank of India and application shall be made by […]

Sep192024 0

As per notification dated 02.09.2024 (Letter No: EMI/ER-II/2024/979), under the Employment Exchanges (Compulsory Notification of Vacancies) Act, 1959 (Haryana), all private establishments are now required to submit the Biennial Return in Form ER-II to the local Employment Exchange. The directive mandates that all District Units and Private Establishments of Haryana must complete and submit their ER-II return using the statistical data from the ER-I return […]

Sep182024 0

Change is the law of nature. Growth and expansion of business models and the overall economy necessitates the need for new legislations and/or modify the outdated ones. Here is the compilation of various laws notified by Government both at Central and various State levels during recent times along with their scope and applicability: Name […]

Sep172024 0

The Advertising Standards Council of India (ASCI) issued Guidelines for Advertisements Making Environmental/ Green Claims to ensure that Environmental/Green Claims by businesses are reliable, verifiable, and transparent. These guidelines respond to the growing consumer demand for environmentally friendly products and services. These further aim to enable consumers to make informed choices and prevent misleading greenwashing […]

Sep162024 0

Background A recent development has highlighted the important development in the food industry, the Food Safety and Standards Authority of India has suspended the license of a KFC outlet in Thoothukudi, Tamil Nadu. The restaurant in Velavan Hypermarket complex was inspected by a team headed by District Food Safety Designated Officer Mariyappan and Area Food […]

Furnishing of a statement in form 3AF for claiming deduction with regard to preliminary expenses incurred under section 35D under income tax act 1961

Registration and Returns compliances for Portfolio Managers under Master Circular of Portfolio Managers issued vide Circular No. SEBI/HO/IMD/IMD-POD-1/P/CIR/2024/80 dated June 07, 2024

Consequence of failure to maintain Net Worth by Capital Market Intermediaries (CMIs)

SOCIAL SECURITY LAWS IN UNITED ARAB EMIRATES

Payment of Bonus in West Bengal before Durga Pooja

Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2024

Important Notice: Submission of Biennial Return ER-II for Private Establishments in Gurugram Under the Employment Exchanges Act, 1959 (Haryana)

Bird’s eye view of recent notified laws

Guidelines for Advertisements Making Environmental/ Green Claims

FSSAI licence of KFC unit suspended over use of magnesium silicate-synthetic