Jaipur, January 4, 2024 – The Rajasthan High Court, Jaipur Bench, has quashed reassessment notices issued by the Income Tax Department against Bijendra Singh in connection with alleged undisclosed cash deposits for the Assessment Year 2015-16. The court found procedural lapses, including non-compliance with mandatory timelines and jurisdictional errors, rendering the notices invalid. Background […]
Finance Minister Nirmala Sitharaman presented the Finance Bill 2025 on 01.02.2025, introducing several amendments to the Central Goods and Services Tax Act (CGST). These amendments clarify definitions, ITC distribution, compliance requirements, penalties, and track & trace mechanisms. Below is a detailed breakdown: Key Amendments and Their Impact Amendments to Definitions (Clause 116) Section Amendment Effective
In the evolving realm of corporate sustainability, transparency and accountability are key. To address this need, India’s Business Responsibility and Sustainability Reporting (BRSR) framework offers various reporting formats catering to diverse company sizes and complexities. This system allows companies to communicate their environmental, social, and governance (ESG) efforts through different levels of detail, ensuring inclusivity and accessibility
In recent years, India’s startup ecosystem has experienced rapid growth, with entrepreneurs exploring a range of legal structures—from corporations and Limited Liability Companies (LLCs) to partnerships and Limited Liability Partnerships (LLPs). Despite the operational and compliance advantages of LLPs for small-scale or professional service businesses, venture capitalists tend to favor corporate entities (such as private
In 2012, the Securities and Exchange Board of India (SEBI) introduced a framework for ESG (Environmental, Social, and Governance) reporting in India. This was initially done through the Business Responsibility Report (BRR), which was mandatory for the top 100 listed companies by market capitalization. However, as businesses and global expectations evolved, SEBI recognized that the
Non-financial reporting has gained global significance as businesses recognize their impact on the environment, society, and governance (ESG). This shift has encouraged companies to adopt more sustainable business models, ensuring greater transparency and accountability. Several international institutions, such as the Sustainability Accounting Standards Board (SASB), the Global Reporting Initiative (GRI), and the Task Force on
The understanding of NGBRC is relevant to appreciating the BRSR reporting framework. The National Guidelines for Responsible Business Conduct (NGRBC) were introduced to help businesses go beyond regulatory compliance and adopt responsible practices. These guidelines align with international standards and frameworks, promoting transparency and sustainability. Evolution of NGRBC Year Development 2011 MCA issued National Voluntary Guidelines (NVGs)
What is Sustainability Reporting? Sustainability reporting provides an overview of a company’s economic, environmental, and social impacts caused by its daily activities. It is not just about presenting data but demonstrating an organization’s commitment to sustainability transparently. This helps organizations assess, measure, analyze, and present their performance across various parameters, setting challenging targets and goals.
The Indian government has introduced Section 285BAA in the Income-tax Act, making it mandatory for reporting entities to disclose details of crypto transactions. This section will come into effect from April 1, 2026. If you are a crypto exchange, broker, or any entity involved in crypto transactions, here’s what you need to know about the
What is ITR U? ITR U is a form introduced by the Income Tax Department of India that allows taxpayers to file an Updated Return. If you made a mistake in your original tax return or forgot to report some income, you can correct it using ITR U. This form was introduced under Section 139(8A) of
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