The Finance Bill 2026 represents a seminal moment in the evolution of the Indian fiscal landscape, mataxzrking the formal transition from the venerable Income-tax Act, 1961, to the streamlined and modernized Income-tax Act, 2025. This transition, scheduled to take effect from April 1, 2026, is not merely a linguistic update but a fundamental reconfiguration of the relationship between the taxpayer and the state. The primary objective of the 2026-27 Budget is to foster a "trust-based" compliance environment, prioritize the ease of living for individual taxpayers, and establish India as a…

Charitable trusts, religious institutions, NGOs, and similar entities registered under Sections 12A/12AA/12AB are under an important obligation. The law requires renewal of their registration, failing which they risk losing tax‐exempt status and related benefits. For most of those trusts,  30th Sep is the due date for application to continue the benefit of exemption for next 5 or 10 years as the case may be. Below is a concise guide to what has changed, what must be done, and what happens if you don’t comply.What Has Changed: Finance Act, 2025 – 10‑Year…

IntroductionThis memorandum offers a comprehensive legal and factual analysis of the interim order dated April 15, 2025, issued by the Securities and Exchange Board of India ("SEBI") against Gensol Engineering Limited ("Gensol" or "the Company"), its promoter-directors Mr. Anmol Singh Jaggi and Mr. Puneet Singh Jaggi, and several related parties. The order reveals significant violations involving diversion of institutional funds, circular financing schemes, undisclosed related-party transactions, falsified disclosures to stock exchanges, and manipulation of the securities market.FACTUAL MATRIX AND DETAILED FINDINGSA. Diversion and Misutilization of Institutional BorrowingsGensol and its subsidiary…

IntroductionThe Ministry of Corporate Affairs (MCA) has issued an adjudication order against M/s. Baby Memorial Hospital Limited, an unlisted public company, for violations of the Companies Act, 2013 concerning the dematerialisation of securities. This article summarises the background, nature of default, penalties imposed, and the compliance process.Background of the CompanyBaby Memorial Hospital Limited is incorporated under the Companies Act, 2013 and has its registered office within the jurisdiction of the Registrar of Companies, Kerala.Nature of DefaultThe Company voluntarily filed an application for adjudication admitting default under:Section 29(1A) of the Companies…

IntroductionIndia’s social consciousness is deeply engraved with the generosity of social service, which have evidently existed in various forms since ages, like the conceptof daana, dakshina, bhiksha etc. There are many different ways through which individuals, companies etc. can help bring wellbeing, prosperity to one’s life aswell as society at large. There are innumerable ways for providing social benefits it is not restricted only to single individuals but individual altogether as societyat large can contribute and take active part, the most common structures for providing social benefit is forming a Non-Profit…

APPLICABLE LAWCompany Act, 2013Depositories Act, 1996WHAT IS DEMATERIALIZATION OF SHARES?The process by which the physical share certificates of a company are converted to an electronic form commonly known as the dematerialization of shares. These dematerialized shares are then held in an online Demat that you open with a depository.COMPANY ACT, 2013Section 29 of the Company Act, 2013: -(1) Notwithstanding anything contained in any other provisions of this Act(a) Every company making public offer; and(b) such other class or classes of public companies as may be prescribed:shall issue the securities only…

Circular No. 12/2024, Dated 15th October, 2024F. No. 370142/22/2024 -TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesSub.: Guidance Note 1/2024 on provisions of the Direct Tax Vivad se Vishwas Scheme, 2024 - reg.1. The Direct Tax Vivad Se Vishwas Scheme, 2024 (hereinafter referred as DTVSV Scheme, 2024) has been enacted vide Chapter IV of Finance (No.2) Act, 2024 to provide for dispute resolution in respect of pending income lax litigation. The objective of the Scheme is to, inter alia, reduce pending income tax litigation, generate timely revenue…

The 2023 Budget has confused taxpayers about choosing between old and new tax regirme tax rules. The government of India has added incentives to promote the new system, aiming to phase out the old one. Even though the new system is default now, the old one still exists.Let's compare both for the best choice in 2023.New Tax RegimeIn Budget 2020, a new tax system changed tax slabs and offered lower rates. But it didn't attract many due to limited exemptions like HRA, LTA, 80C, 80D, etc.In Budget 2023, the government…

Key Points FY-2024 fiscal deficit target at 5.9% of GDPOutlay for capital spending increased 33% to 10 trillion rupees in 2023/24Cigarettes to get costlier as Budget proposes 16% hike in dutyTo set up agriculture accelerator fundIncreases budget allocations to 790 billion rupees for affordable housing in 2023/24Finance Minister says increase in public capex key to crowding in private investmentsIndian economy has become the fifth-largest economy in the world in last nine yearsBudget adopts seven priorities including inclusive, green growthAgricultural credit target raised to 20 trillion rupees ($244.42 billion) for 2023/24Sitharaman…

Introduction: Today on 9th of December 2023, UAE has issued the  Federal Decree-Law No. 47 of 2022 on Taxation of Corporations and Businesses (the “Corporate Tax Law”). This means all the businesses will be subject to UAE Corporate Tax (“Corporate Tax”) from the beginning of their first financial year that starts on or after June 1, 2023 subject to certain condition.The UAE’s Corporate Tax regime will levy a standard rate of tax of 9% for taxable profits exceeding AED 375,000. Profits up to and including that threshold will be taxed…