Tax Laws in India: Quick, Practical Overview
India’s tax framework covers direct taxes like Income Tax, transaction levies like Commodity Transaction Tax (CTT), and indirect taxes under Goods and Services Tax (GST), each with distinct bases, timelines, and compliance rules for taxpayers and businesses. Income Tax Key updates FY 2025–26 Corporate tax snapshot Commodity Transaction Tax (CTT) CTT compliance and impact Goods…
Read article The Law of Limitation: A Practitioner’s Overview
The Law of Limitation, primarily governed by the Limitation Act, 1963, prescribes time limits for filing suits, appeals, and applications, and lays down detailed rules for computing these periods to balance finality with fairness. Core definitions Limitation and its computation Computation of the period Acts giving rise to a fresh period Special interruption or start…
Read article The Legal Services Authorities Act, 1987: Lok Adalats Explained
Lok Adalats under the Legal Services Authorities Act, 1987 provide a statutory, conciliatory forum for amicable settlement of disputes at both pre-litigation and pending-case stages, with awards deemed decrees of civil courts and binding on parties without appeal. Lok Adalats are organized by legal services institutions at national, state, district, high court, and taluk levels,…
Read article The Bankers’ Books Evidence Act, 1891: Practical Guide for Bankers and Litigators
The Bankers’ Books Evidence Act, 1891 streamlines how banking records are proved in legal proceedings, making certified copies and authenticated printouts/e-records admissible as prima facie evidence without producing original ledgers in court. Applicability and definitions Conditions in the printout Mode of proof of entries When bank officers need not produce books Court‑ordered inspection of books…
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The Recovery of Debts and Bankruptcy Act, 1993: A Comprehensive Overview
The Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) is a landmark legislation enacted to streamline the process of recovering debts due to banks and financial institutions. Against the backdrop of mounting non-performing assets in the early 1990s, this Act was introduced to ensure faster adjudication of claims and reduce the burden on traditional…
RBI widened the scope of ARCs; they can now act as resolution applicants
The Reserve Bank of India on Tuesday raised the minimum capital requirement for asset reconstruction companies (ARC) and widened the scope of their activities by allowing them to act as resolution applicants under the bankruptcy law. Previously, the Central Bank opposed the proposal allowing ARCs to bid for debt resolution under bankruptcy courts. ARCs are…
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