RNM Alert - July Edition
RNM Updates:
During the month of July 2024 our CEO, Mr. Raghu Marwah visited the Indian Parliament to hear the Honorable Finance Minister deliver her Budget Speech on the floor of the Lok Sabha. The full Union Budget of 2024, after the vote on account in February 2024, has created many flutters and I am sure you would have enjoyed reading the RNM Budget Analysis shared separately. The onset of monsoon weather across India has brought its own charm and delectable treats.
Direct Tax Updates:
1. Granting a license to developer for land development is not transfer of land; SLP dismissed
2. HC set-asides order passed by AO who didn’t hear assessee as it violates principle of natural justice
Indirect Tax Updates:
1. SC Upholds Legislative Power of States to Impose Taxes on Mineral Rights
2. Clarification on Taxability of Corporate Guarantee
3. Notification on Place of Supply for Deliveries to Unregistered Persons
Internal Audit Update:
RERA Compliances to check for Internal Audit of Real Estate Companies
Corporate Finance Updates:
1. Mankind Pharma to Buy Bharat Serums as Advent International Exits
2. KKR to Acquire Kerala Hospital in Year’s Third India Healthcare Deal
3. Abu Dhabi Wealth Fund ADIA Bets $120 Mn on Purplle
Transaction & Regulatory Updates:
1. Companies (Appointment and Qualification of Directors) (Amendment) Rules, 2024
2. Foreign Exchange Management (Overseas Investment) Directions, 2022 - Investments in Overseas Funds
3. Notification under Section 7 of Aadhaar Act 2016 to identify the targeted beneficiaries by Aadhaar Authentication in in respect of ESDP Scheme
UK Tax Update:
Consumer Duty: Ongoing Progress and Future Steps
Foreign Market Update:
China's New Company Law: Key Changes and Business Implications
Click HERE to read the complete newsletter: