#TaxmannWebinar #TaxmannUpdates #ElectoralBonds #SupremeCourt #RBIAct #IncomeTaxAct
📋 Coverage of the Webinar:
✔️ Supreme Court's Judgment [Association for Democratic Reforms v. Union of India | [2024] 159 Taxmann.com 383 (SC)] on Electoral Bonds
• Impact on Corporate Disclosure Requirements
• Responsibilities of auditors and management
• Issues in the Judgment
• Some interesting facts about Electoral Bonds
• Key Features of Electoral Bonds
• How Electoral Bonds Work?
✔️ Detailed Analysis of Legislative Amendments
• Review of the Finance Act 2017 amendments
• Amendments to critical legislation:
◦ Companies Act, 2013
◦ Income Tax Act, 1961
◦ RBI Act, 1934
✔️ Political Donations - Limits and Regulations
• Comparison of donation limits before and after the amendments
✔️ Corporate Disclosure Requirements
• Disclosures in Financial Statements
• Special considerations for new and loss-making companies
✔️ Balancing Transparency and Privacy
• RTI v. Right to Privacy
• Disclosure of politicians' antecedents and their donations
✔️ Analysis of Donor-Recipient Relationships
• Correlation between donors and donees
• Examining the potential of quid pro quo versus policy-making
✔️ Corporate Ethics and Responsibilities
• Corporate Social Responsibility vs. Corporate Governance
• Expenses v. Deductions in Political Contributions
✔️ Conclusion
• Summary of key points
• Implications for future corporate governance and transparency
✔️ Q&A Session
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📢 Speakers:
• Nipun P. Singhvi - Practicing Advocate
• Kumar Pal Mehta - Company Secretary
• Sunil Maloo - Chartered Accountant
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00:00 Introduction
8:40 Facts of the Case Association for Democratic Reforms v. Union of India | [2024] 159 Taxmann.com 383 (SC)] on Electoral Bonds
9:42 Major Amendments under the Finance Act 2017
10:22 Issues in the Judgment
12:22 Some interesting facts about Electoral Bonds
13:19 Key Features of Electoral Bonds
14:55 How Electoral Bonds Work?
16:05 Amendment under the Companies Act
16:16 Journey of Political Contribution Law
19:44 Amendment under the Income Tax Act
20:01 History of Political Funding in Income Tax Law
20:48 Impact of amendment by Finance Act 2017 Qua Political Parties
22:04 Provisions of Income Tax Act Qua Donor Assessee
22:49 Compliance Requirements
24:31 Section 29C of the Representation of the People Act 1951
25:34 Section 31 of the RBI Act 1934
27:55 Election Commission of India Objections
29:01 Submission of Petitioners
39:45 Democracy vs. Corporate Democracy
41:33 Governance vs. Corporate Governance
43:56 Corporate Democracy Submission
45:50 Electoral Bond Scheme and Foreign Influence
48:05 Discussion on Important Judgments
1:03:18 Impact Analysis of the Judgment
1:10:12 Q&A Session