Corpdaily by CS Kartik Arora

  Focus groups: It's all about getting valuable insights and building trust with participants. But in today's data-driven world, there's another crucial element to consider: privacy. Let's see the privacy considerations that should be kept in mind while conducting interviews with focus groups. Consent: Obtain explicit, informed consent from participants before any data collection. Clearly explain: Purpose of data collection and processing, types of data collected, how data will be used and shared and participant rights (access, rectification, erasure, withdrawal) Obtain consent for specific processing activities (e.g., recording, transcription). Provide a clear and easy opt-out mechanism for participants to withdraw consent at any time.It is pertinent to note that legitimate interest may also be used as a legal basis (given that no sensitive personal data is being processed) where the data is processed in a manner that individuals/data subjects would reasonably exp...

Amazon has recently been slapped with a hefty €32 million fine in France for excessively monitoring their warehouse workers. They were tracking EVERYTHING: scan speed, breaks, idle time, even storing data for a month (31 Days)! But hey, it's not just Amazon! This case is a wake-up call for ALL organizations using privacy intrusive technologies to monitor their employees. It's time to ask ourselves: Are we respecting our workers' privacy? Is the technology we use too intrusive? Can other less intrusive technologies serve the purpose? Are we striking a balance between efficiency and data collection? Are we protecting their data responsibly? Here's how YOU can ensure compliance and avoid such hefty fines: DPIA to the Rescue: Before deploying any new tech, it's important to conduct a Data Protection Impact Assessment (DPIA)! Think of it as a roadmap for privacy, analyzing potential risks and implementing safeguards. A DPIA will not only help in analysing the ris...

Many times due to several technical/non-technical reasons the tax payment made on the Income Tax Portal gets deducted from your bank account, however, the challan does not get generated or isn't downloadable. So here's a quick way to see the challan details through the portal itself. Step -1 Login to the Income Tax Portal (https://eportal.incometax.gov.in/iec/foservices/#/login} Step -2 Click on e-Pay Tax in the e-file tab  Step-3 Click on Payment History.   Step -4 Click on Actions to download/view the challan details.  Kindly note that you will be required to fill in the "Challan Number" and "BSR Code" along with the amount of tax paid in the return before filing.  Kind Attention: The information provided herein is for education purpose only and the author assumes no responsibility or liability for any errors or omissions in the content.  

In terms of Section 45 of the Income Tax Act, 1961 (“Act”), tax under the head capital gain arises only upon transfer of capital asset. Section 2 of the act puts light on the term “transfer” in relation to capital assets and tries to cover all transactions that would be considered as transfer for the purpose of computing capital gain tax. Further, Section 47 of the act talks about certain transactions which are not regarded as transfers in the eyes of the law and hence not liable to tax under the head capital gain. Transfer Transactions not regarded as transfer  Kind Attention: The information provided herein is for education purpose only and the author assumes no responsibility or liability for any errors or omissions in the content.

  Issuance of shares at a price higher than its Fair Market Value  Money is important for getting the business up and running, the importance of money in business cannot be exaggerated. Until the company is profitable, it is highly dependent on funding for its day-to-day operations. Private Companies usually raise funds by way of issuance of shares or by availing financial assistance in the form of debt. It is important for corporates to comply with the provisions of Sec 42, Sec 62 and the rules made thereunder before issuing shares. Further, it is also important to ensure compliance with the provisions contained under Section 56(2)(viib) of the Income Tax Act, 1961. Section 56(2)(viib) states that in case a company in which the public is not substantially interested issues shares at a price greater than the face value of such shares and the aggregate consideration received from a resident person for such shares exceeds their Fair Market Value, then the amount received in ...

Hi Readers, Shareholders are the owners of the company, they have the ultimate control over the affairs of the company which is generally exercised by the directors appointed by them.  Especially in closely held companies, shareholders reach out to the company with a request for a loan to meet their personal necessities. In such cases, the first question that comes to our mind is whether the company can grant a loan to the shareholders and what will be the tax implication of such transaction. In this blog, we have made an endeavor to enlighten you with the relevant provisions relating to granting of loan to the shareholders of the company. Kind Attention: The information provided herein is for educational purposes only and the author assumes no responsibility or liability for any errors or omissions in the content.  

Dear Readers, The Reserve Bank of India has recently revised the Late Submission Fee ("LSF") payable for delay in reporting under the provisions of the Foreign Exchange Management Act, 1999. The revised rates of LSF are given below for your kind reference:  Click here to download the revised LSF in PDF Format

Ever wondered how can you change the authorized signatory/authorized official on the website of the Legal Entity Identifier India Limited.  It is a general practice to authorize the employees of the company to undertake various statutory registrations and compliances. However, companies often feel stuck when their authorized employees leave the organization.  In today's blog, we will help you with the procedure to change the authorized signatory/authorized official of the company on the LEI Portal.  1) Board's Authorization The first and foremost step for changing the authorized signatory is to get the approval of the board for revoking the authorization granted to the existing employee (who is leaving the organization) and to authorize another official in this regard. This can be done in a duly convened board meeting or by way of a circular resolution. 2) Execution of Letter of Authority Once the board has authorized another official of the company, a "Letter of Authorit...

                                                                  Case Study Case: Omissions in the explanatory statement annexed to the notice of the Extra-Ordinary General Meeting of the Company Governing Section: Section 102 of the Companies Act, 2013 In terms of the provisions of Section 102, a statement setting out the following material facts concerning each item of special business to be transacted at a general meeting shall be annexed to the notice calling such meeting, namely:— (a) the nature of concern or interest, financial or otherwise, if any, in respect of each item of— (i) every director and the manager, if any; (ii) every other key managerial personnel; and (iii) relatives of the persons mentioned in sub-clauses (i) and (ii); (b) any other information and facts that may enable members to und...

                                                               Case Study Case: Failure to furnish the proof of sending the notice of AGM and Balance Sheet to the Members by hand delivery/ordinary post. Governing Section: Section 136(1) of the Companies Act, 2013   As per the provisions of Section 136(1), a copy of the financial statements, auditor’s report, and other relevant documents which are required by law to be annexed or attached to the financial statements are required to be sent to every member of the company, to every trustee for the debenture-holder of any debentures issued by the company, and to all persons other than such member or trustee, being the person so entitled, at least 21 (“Twenty One”) days before the date of the Annual General Meeting. Penal Section: Section 136(3) of the Companies A...

  Case Study Case: Delay in the filing of Special Resolution for alteration of the objects clause of the Memorandum of Association (“MoA”) of the Company Governing Section: Section 117(1) of the Companies Act, 2013   As per the provisions of Section 117(1), Companies are required to file a copy of the resolution/agreement relating to matters specified in Section 117(3), along with the explanatory statement under Section 102 of the Companies Act, 2013, with the office of the Registrar of Companies within 30 (“thirty”) days of passing of the resolution. Penal Section: Section 117(2) of the Companies Act, 2013 In terms of the provisions of Section 117(2) of the Companies Act, 2013, if a Company fails to file the resolution/agreement which is required to be filed in terms of the provisions of Section 117(1), such Company shall be liable to a penalty of INR 10,000/- (Rupees Ten Thousand Only) and in case of continuing default, with a further penalty of INR 100/- (...