An Indian staying abroad for a quite time is
popularly known as NRI and family having such member feel proud in our society but I am not here to discuss social prospective of the NRI, I will try to throw a light on the legal prospective.No doubt, Person having NRI status has some privileges over
other but there are some restrictions also. Here I am going start a series just
to sum up the related provisions in the different law & regulation which may be useful, however it
should be kept in mind that this series is an insight of the provisions which have
been compiled on the basis my various readings in the time and no decision should not be taken just on the basis of this material.
NRI- Non Resident Indian
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Indian Government Accounting Standard-3
The Government
of India is empowered by clause (2) of the article 293 of the constitution to
make loans to as may be laid down by the
law made by parliament, any such sums required for purpose of making loan shall
be chargeable to the consolidated Fund of India.
In exercise of
power conferred by Article 150 of the constitution, Government has issued an
accounting standard on loan and advance made by government.
This Accounting
standard deals with the norms for Recognition,
Measurement, Valuation and Reporting in respect of Loans and Advances made by
the Union and the State Governments in their respective Financial Statements to
ensure complete, accurate, and uniform accounting practices, and to ensure adequate
disclosure on Loans and Advances made by the Governments consistent with best
international practices.
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Compulsory E- filing of ITR by Individual/HUF
1) An individual or HUF must file the return of income electronically
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Business information, contracts, records etc are “intangible assets” & eligible for depreciation under section-32(1)(ii)
The assessee company acquired a transmission and distribution business as a going concern for a lump sum consideration of Rs.44.7 crores through slump sale agreement.
Sharing information and knowledge on subject like investment, personal finances,GST,income tax
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