newsletter

Benefits for Retired Employees under Income Tax Law

Highlight Higher Basic exemption limit Exemption from tax on amount received as Gratuity, Commuted Pension, Leave Encashment and from Provident Fund Higher deduction for Medical Insurance Premium Higher deduction limit for interest from Banks and Post Office.   BENEFITS UNDER DIRECT TAXES FOR RETIRED EMPLOYEES I am retired from service, after serving for 35 years, […]

ibc
newsletter

100 homebuyers’ nod must for IBC against realtor-Supreme Court

In a move that will safeguard real estate companies from frivolous litigation, the Supreme Court (SC) has upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC) amendment that requires at least 100 allottees, or 10 per cent of creditors, to invoke an insolvency petition against a company. A Bench of Justices R F […]

nclt
newsletter

NCLT admits petition against real estate developers Omaxe

Chandigarh bench of the National Company Law Tribunal (NCLT) has admitted a petition against Omaxe ltd, filed by group chairman Rohtas Goel’s youthful brother and former joint managing director Sunil Goel. “We are of the considered view that the present case is one of the exceptional and compelling circumstances which entitle the applicants for granting […]

pre pack insolvency
newsletter

Pre-pack insolvency scheme banks on fair debtor-creditor ties

The journey of a pre-pack insolvency starts with an informal understanding, engages stakeholders, and ends with a judicial blessing of the outcome The pre pack insolvency scheme, touted as the next stage in the evolution of the Insolvency and Bankruptcy Code (IBC) 2016, will attempt a balancing act, as lawmakers put together an informal arrangement […]