NRI- Non Resident Indian

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.

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.

Full details of IGAS-3 can be read through Link below :- 

Indian Government Accounting Standard-3 (IGAS-3)

Compulsory E- filing of ITR by Individual/HUF

1) An individual or HUF must file the return of income electronically

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.