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Proposed Changes to Schedule IV of the Income Tax Act, 2025: An Analysis of the Need for Revamping
1. Overview1.1 Section 11(1) of the Income Tax Act, 2025, stipulates that income types listed in Schedules II through VI are to be excluded from the computation of total income for any assessee, provi...
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Rethinking the NPO Tax Regime: Key Issues in the Income-tax Act, 2025 and Urgent Recommendations for Budget 2026
1. Overview of the New Legislation and NPO Taxation ModelThe Income-tax Act, 2025, slated to replace the Income-tax Act, 1961 and effective from 1 April 2026, represents a comprehensive overhaul of In...
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Appointment of Non-Resident as Managing Director: Regulatory Breach and Penal Consequences under Companies Act, 2013
Background of the Legal Issuei) Introduction to the CaseM/s Sushruta Medical Aid and Research Hospital Limited, an entity operating in the healthcare sector, was found in breach of provisions under th...
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Trading on Unpublished Price Sensitive Information under Regulation 4 of SEBI (Prohibition of Insider Trading) Regulations, 2015: Presumptions, Defences, and Governance Structure
1. Overview: Regulation 4 as the Pillar of Insider Trading EnforcementRegulation 4 of the SEBI (Prohibition of Insider Trading) Regulations, 2015 forms the cornerstone of the insider trading regulator...
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Comprehensive Review of GST Applicability on Transfer of Development Rights (TDR) in Residential Apartment Construction
1. OverviewThe Indian real estate landscape has witnessed considerable evolution, with the Joint Development Agreement (JDA) model becoming increasingly prominent. In this model, landowners and develo...
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A New Era of Reassessment: Jurisdictional Boundaries under Sections 148A(1) and 148A(3) of the Income-tax Act
OverviewThe framework for reassessment under the Income-tax Act has long been subject to rigorous judicial oversight. This is largely because reopening finalized tax assessments not only affects the r...
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Disallowance of Expenses Linked to Exempt Income under Section 14A: An In-Depth Overview
Introduction: Context and Legislative EvolutionSection 14A and Its Legislative BackgroundTax professionals are frequently confronted with questions about the disallowance of expenditure related to exe...
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Understanding the Object Clause: Definition, Scope, and Legal Implications
Overview of the Object Clause in Company LawThe object clause forms the backbone of a company’s Memorandum of Association (MOA), laying out the permissible range of activities for which the company is...
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Secretarial Auditor Appointment Post-Listing: Navigating Compliance in a New Regulatory Era
Introduction: Post-Listing Governance TransitionCompanies reaching the milestone of stock exchange listing enter a new compliance regime. While the initial focus is on meeting IPO requirements, the tr...
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SEBI’s 2025 Rights Issue Overhaul: A New Era for Capital Raising via Rights Issues
1. OverviewOn March 3, 2025, the Securities and Exchange Board of India (SEBI) introduced the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulati...
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DGFT’s Revamped eBRC Format: Mastering the Digital Compliance Era in Export Realisations
Overview of the Revised eBRC Compliance LandscapeThe Directorate General of Foreign Trade (DGFT) has implemented a significant overhaul to the Electronic Bank Realisation Certificate (eBRC) mechanism,...
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Delayed Filing of Declaration for Commencement of Business: ROC Penalty on Company and Directors – A Detailed Analysis
Background of the MatterM/s. QZ Energies (India) Private Limited, based in Bengaluru, Karnataka, was incorporated on 10th April 2023 under the Companies Act, 2013. As mandated by section 10A(1)(a) of...
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Legal and Procedural Dimensions of Compromise, Arrangement, and Amalgamation under Companies Act, 2013
IntroductionEvery commercial entity experiences various phases throughout its existence, ranging from growth and prosperity to periods of hardship and financial challenges. For instance, a company tha...
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Launch of the Companies Compliance Facilitation Scheme, 2026 (CCFS-2026)
1. Overview: Launch of the Companies Compliance Facilitation Scheme, 2026 (CCFS-2026)The Ministry of Corporate Affairs (MCA), via General Circular No. 01/2026 dated February 24, 2026, has rolled out t...
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Comprehensive Analysis of the Interplay Between Section 122 and Sections 73 & 74 of the CGST Act, 2017
OverviewThe Central Goods and Services Tax (CGST) Act, 2017, though operative since July 2017, continues to evolve as its provisions are increasingly subjected to judicial interpretation. While the ap...
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Critical Analysis of Penalties under Sections 42 & 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Background and Purpose of the Black Money ActThe Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (“Black Money Act”) was enacted to address the issue of undisclosed...
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Comprehensive Restructuring of Tobacco and Pan Masala Taxation in India Effective February 2026
Introduction to the New Taxation LandscapeThe Indian government has initiated a substantial overhaul of the taxation framework for tobacco and pan masala products, following the enactment of the Centr...
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The State’s Right to Retain Amounts Collected Without Legal Authority
1. Overview – The State’s Right to Retain Amounts Collected Without Legal AuthorityThe Fundamental QuestionTaxation statutes are built on accuracy, setting out detailed frameworks for rates, valuation...
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Addressing Procedural Lapses in GST Returns: Rectification Beyond Limitation Where No Revenue Loss Occurs
Introduction to GST Compliance EvolutionThe implementation of the Goods and Services Tax (GST) in 2017 signaled a shift from a fragmented indirect tax regime to a unified, technology-centric complianc...
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Major Policy Shift in GST for Exporters and Importers of Intermediary Services: Key Implications and Checklist
Introduction: Evolution of Intermediary Services TaxationThe GST Council's September 2025 session led to a pivotal recommendation concerning the taxation of intermediary services in India. This recomm...