#lexcomply

Ease of doing business – Delhi VAT

As we know that every dealer is required to get himself registered under DVAT, if his turnover exceeds taxable quantum i.e. Rs. 20 lakh in current year; or to pay tax, or is registered or required to be registered under Central Sales Tax Act, 1956.

Department has been focusing on “Easy of Doing Business”and to proceed it further the Department of Trade & Taxes, Govt. of NCT of Delhi, has decided…

Holding 100% Control over a company – Section 89 of the Companies Act, 2013

Companies Act, 2013, gives freedom to the Companies to do anything, which is legal and in the interest of stakeholders but with the approval of authority or by intimating authority in a manner as may be prescribed by the act.

In Companies Act, 2013, section 89 is the only section which gives a way to a person/company to hold 100% control over a company.Under section 89 we have 2 options to…

Lexcomply always take an initiative for creating awareness between the Corporates and Professionals about the importance of the Law Compliances by issuing Articles, Blogs and others. Now, one more step is taken by the Company to move ahead by introducing a new resource tab on Procedures on the Companies Act 2013 for free at the following link:- Companies Act 2013 Procedures

The Companies Act is the first and foremost part for every Company operating under the India’s Boundaries. Or we can say Companies Act is the back bone for every Company it attracts on the Company from very first day even to incorporate the Company.

For making an ease doing of work the Lexcomply has brought 40 Procedures of the Companies Act, 2013 (including the enactment and modifications if any) as of now which is also in compliance of the Secretarial Standards issued by the Institute of Company Secretaries And planning to come up with some more in near future.

Every Professional needs the planning for executing any compliance in the Company. In that case, this tab will provide enormous benefit to them.

LexComply.com is pleased to announce launch of Act-Encyclopedia. Free access to all the custodians of compliances. Just click on the link : ACT ENCYCLOPEDIA - LEXCOMPLY to use the facility.

Ordinarily, a company operating in the Indian regulatory environment needs to comply with Central, State and Local legislation depending on the following:

1. Business of the Company; 2. Operational Process followed to do such business; 3. Locations where such business is being carried on; and 4. HR involved in the process.

For this it is essential that we articulate a list of applicable laws.

Further we are often faced with situations that where we need to check the applicability of an Act/Regulations may be due to notice from any government department or queries raised by clients/Auditors/Management etc.

In that case Act encyclopedia will prove to be immense value.

Some of the key benefits are as under:

1. On click of button you can see the applicability criteria ; 2. It was provides for exemption provisions ; 3. Covers more than 230 Central and State Acts and Regulations; and 4. Periodic update.

Real Estate (Regulation and Development) Act, 2016

The Real Estate (Regulation and Development) Act, 2016 came into force on May 01, 2016. Union Ministry of Housing and Urban Poverty Alleviation (HUPA) notified 69 of the total 92 sections of the Act to bring it into force from 1 May 2016. This culminates the eight year long efforts in this regard.

Applicability of the Act: An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto.

It extends to the whole of India except the State of Jammu and Kashmir.

Implementation Date: Act contain 92 Section out of which Central Government (Ministry of Housing & Poverty Alleviation) has notified 69 Section with effect from May 01, 2016. As per notification rules under the Act have to be formulated by the Union and State Governments within a maximum period of six months from the act coming into force that is by 31 October 2016 under Section 84 of the Act.

Main Provisions:

Registration of Real Estate Project & An agent who facilitate sale or purchase of real estate,

obligation of Promoters regarding insurance of real estate project,

Opening a Separate Bank Account for the purpose of depositing the amount realized for the real estate project from the allottees,

Return of amount & compensation if promoters fails to give possession as per, agreement of sale,

Establishment and incorporation of Real Estate Regulatory Authority,

Establishment of Real Estate Appellate Tribunal.

Benefit to Consumer

It is likely to stabilize Housing Price,

Ensure timely possession of Property,

Disclosure of ‘carpet area’ for sale will curb unfair trade practices,

Model agreement would end one-sided agreements.

Benefit to Devlopers/Builders:

The builders will also benefit from the proposed legislation, as it proposes to impose penalty on allottee for not paying dues on time. Also the builder will have the opportunity to approach the regulator in case there is any issue with the buyer,

Like other sectors such as telecom, electricity, banking, securities insurance etc provides for specialised regulations and enforcement,