Self-redevelopment of housing society’s building: Benefits, disadvantage, and process explained
There are several things to keep in mind while dealing with self redevelopment of a building, out of which conveyance of property in the name of the society is most important. If the conveyance is not executed in favour of the Society, the Society does not have legal rights or ownership of the land on…
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The subscription for Sovereign Gold Bonds opened today at an issue price of Rs.4711
The issue of the seventh series of the Sovereign Gold Bonds (SGBs) scheme 2021-22 was announced by the Reserve Bank of India. The subscription for gold bonds opens for the public from October 25, 2021, and will close on October 25, 2021. The nominal value of the bond based on the simple average closing price…
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Redevelopment of Housing Society’s building: How to get down into task?
[This article elucidates on various types of problems to be encountered by the Society’s members in redevelopment of their building, procedures to be adapted for selecting a reliable builder/developer for the redevelopment project, and important conditions to be included while entering into a redevelopment agreement with the builder.] The redevelopment works best when a society…
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Disclosure and treatment of Contingent Liabilities and Contingent Assets in a financial statement
Accounting Standard (Ind AS 37) defines and specifies the accounting for and disclosure of provisions, contingent liabilities, and contingent assets. A contingent liability is a liability that may occur depending on the outcome of an uncertain future event. It is a possible obligation that may or may not arise depending on how a future event…
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Global pact on minimum tax deal agreed as Nations back 15% rate
A global deal has been agreed by 136 countries, to set a minimum tax rate of 15 percent as governments look to end a race to the bottom on corporate taxation. This is one of the sweeping overhauls of international tax rules finalised on Friday (October 8, 2021) at an Inclusive Framework meeting under the…
Transaction Limit in IMPS enhanced to ₹5 lakh
In the Statement on Developmental and Regulatory Policies on October 8, 2021, the Reserve Bank of India announced that the transaction limit of Immediate Payment Service (IMPS) to be increased to ₹5 lakh. “In view of the importance of the IMPS system in the processing of domestic payment transactions, it is proposed to increase the…
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