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All about Income Tax Return-1

Right of First Refusal (ROFR)

It is a right in a contract that offers a party a chance to acquire something beneficial before it is offered to a third party.

For instance,in case of shares, ROFR is the right given to a shareholder (or a set of shareholders) to have an opportunity to buy shares of the selling shareholder at the same price and terms or higher as being offered by a potential third party buyer.

In a bid to keep polluting and old cards off the road, finance minister Nirmala Sitharaman announced the arrival of a vehicle scrappage policy, in her Budget 2021 speech. Cars that are over 15 years old would be required to undergo mandatory emission tests. If your car fails this test, you will no longer be allowed to drive it.

Cars that are over eight years old would have to go for a fitness test. If they fail this test, you would not be allowed to drive the car on the road anymore. But if your car passes this test, a ‘green tax' (roughly 10-25 percent) would be charged every time you renew the fitness certificate, which itself would be valid for five years. In other words, holding on to older vehicles may become a more expensive proposition. Granular details of the scrappage policy are awaited.

As per recent decision by Supreme Court, Advocates cannot be covered under MSME Act 2006 and thus are not entitled to benefits enlisted in act.

SC dismisses plea seeking inclusion of Advocates under the MSME Act, 2006 The Apex Court dismissed the plea seeking inclusion of Advocates under the Micro, Small and Medium Enterprises (MSME) Development Act 2006.

Agriculture Infrastructure and Development Cess (AIDC), has been proposed in the bill as a duty of customs. Enabling provisions has been made for levy of this cess on all imported goods at the rate not exceeding the rate specified in the First Schedule to the Customs Tariff Act, 1975.
For the purpose of calculating the AIDC, the import value of such goods shall be calculated in the same manner as the value of goods is calculated under the provisions of section 14 of the Customs Act, 1962.