The parties have to abide by the provisions of the LCA 2010, rules of arbitration centre if the Arbitration is an institutional arbitration and also any directions or decisions of the arbitral tribunal and competent court. Carrying out voluntary arbitral awards is encouraged by the arbitral tribunal by the State.
Archives: FAQs
Is the arbitration agreement valid even though the main contract is void?
An arbitration agreement exists independently of the contract made. Any extension, rescission of the contract or modification, unenforceability or invalidity of the contract would not affect the invalidity of the arbitration clause in the contract.
When should I start an arbitration?
Unless otherwise mentioned by any other specific law from the date of infringement of legal rights or interests, Arbitration should be initiated in 2 years.
How many arbitrators can be appointed to an arbitration tribunal?
The parties mutually decide the number of arbitrators and the procedures for the appointment of the arbitrators. If the parties do not concede to a mutual decision in regards to the arbitrators, then three arbitrators would be appointed. In case of a failure to appoint an arbitrator, an arbitrator can be appointed by the president of the arbitration centre or any Court that has the jurisdiction.
How is the tax liability of an NRI determined?
Determination of Tax on an individual’s income depends on the source of such income and the residential status in India.
Am I Required to File My Income Tax Return in India when I am filling my return regularly abroad?
Any individual, whether NRI or not, is liable to file ITR if his/her income is above INR 2,50,000 subject to certain conditions.
Is an NRI liable to pay tax in India on rental income earned from house property in India?
Yes, an NRI is liable to pay tax on the rental income earned from a house property situated in India.
Is a non-resident taxable on salary income for the period of services rendered in India?
A non-resident is taxable on the salary income in respect of the services rendered in India under a deputation or any other arrangement.
What Is a Short-Term Capital Gain?
If an individual buys a property and sells it within two years of the purchase, then the profit from the sale is called short-term capital gains. Short term capital gains add up to the taxable income of the individual and attract taxes as per the individual’s applicable Income Tax slab. Short term capital gains are calculated by deducting the cost of purchase from the Full Sale Price of the property as per the provisions.