Accounting plays a fundamental role in the operations of all types of business entities, whether they are trading concerns, manufacturing units, or service providers. It […]
Residential Status of Companies: Legal Provisions and Tax Impact
The residential status of a company plays a critical role in determining the scope of its tax liability under the Income Tax Act. Whether a […]
Understanding a Company: Definition, Key Traits, and Recent Legal Developments
A company is essentially a voluntary association of individuals who come together for a common purpose, usually to carry on business for profit. Although the […]
Understanding Digital Banking: Delivery Platforms, User Behavior, and Data Security
Digital banking, also known as internet banking, omnichannel banking, or online banking, refers to the use of digital channels and technology to conduct financial transactions […]
Tax Collected but Not Remitted: Understanding Section 76 Under GST Law
Section 76 of the Central Goods and Services Tax Act, 2017, plays a significant role in ensuring the accountability of taxpayers who collect tax from […]
MCA Extends CSR-2 Filing Deadline to 30 June 2025
Corporate Social Responsibility, or CSR, is a statutory obligation under the Companies Act, 2013, specifically under Section 135. Every eligible company is required to spend […]
Understanding Borrowing Costs Under Ind AS 23: A Complete Guide
Borrowing costs that are directly attributable to the acquisition, construction, or production of a qualifying asset are included as part of the cost of that […]
Reassessment Under the Income Tax Act: TOLA’s Role and Legal Implications
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, commonly referred to as TOLA, was enacted by the Indian Parliament with retrospective […]
Understanding Credit Policy: Framework, Management, and Stability
The credit policy, also known as the loan policy of a bank, is designed to fulfill the institution’s mission and its commitment to customer service […]
Understanding GST: Meaning, Benefits, and Key Features
As per Article 366(12A) of the Constitution of India, Goods and Services Tax refers to a tax on the supply of goods or services or […]
Understanding Share Buybacks: Meaning, Goals, and Strategies
Originally, there was no provision for the buyback of shares in the Companies Act, 1956. However, there had been a persistent demand from the corporate […]
Understanding Liaison, Branch, and Project Offices in India: A Complete Guide
A foreign entity seeking to enter a new territory typically evaluates the local business environment, assesses the market potential, and gauges the acceptability of its […]
Doctrine of Legitimate Expectation: Definition, Principles, and Legal Relevance
The doctrine of legitimate expectation, as the name suggests, refers to something that a person may reasonably or legitimately expect without having any enforceable legal […]
Calculating Turnover for Derivatives in Tax Audit: A Complete Guide
In the context of income tax compliance in India, a tax audit is a significant requirement mandated under Section 44AB of the Income-tax Act, 1961. […]
Understanding the Limited Liability Partnership Act: Purpose, Features, and Legal Structure
The Limited Liability Partnership Act was enacted to provide a legal framework for the formation and regulation of limited liability partnerships in India. The Limited […]