Income Tax
Prem Prakash Gupta v. ITO – ITAT Jaipur Ruling on Turnover Definition for Stamp Vendors
Introduction
The concept of turnover under the Income-tax Act often appears straightforward, until it is applied to agency-based businesses. For licensed stamp vendors, where sales are made on behalf of the government, the question becomes...
Income Tax
AI Hallucination in Court: ITAT Recalls Order Over Fake ChatGPT-Generated Case Laws in Buckeye Trust Tax Dispute
A recent tax tribunal order, hastily withdrawn after citing non-existent court judgments, has sparked concerns over the possible use of generative AI—a groundbreaking technology reshaping the world but notorious for sometimes fabricating information.
In December,...
Company Law and IBC
Incorporating a Wholly Owned Company in India
India is a lucrative destination for foreign investors looking to expand their business presence. One of the most popular ways for foreign entities to establish a business in India is by setting up a...
Company Law and IBC
Section 139 of the Companies Act, 2013
When it comes to running a company, transparency and accountability are key. One of the pillars supporting these values is the role of auditors. In India, Section 139 of the Companies Act, 2013 lays...
Company Law and IBC
Foreign Exchange Management Act (FEMA) for Foreign Transactions
In a globalized world, businesses, individuals, and governments engage in cross-border transactions. So, we must regulate foreign exchange to ensure stability and legality. The Foreign Exchange Management Act (FEMA), enacted in India in 1999,...
Company Law and IBC
Government Schemes and Incentives for Private Limited Companies in India
India is an entrepreneurial powerhouse, offering countless opportunities for businesses to grow and thrive. The government provides many schemes and incentives for Private limited companies, designed to ease financial burdens, promote innovation, and encourage...
Company Law and IBC
Private Limited Company and its Registration Process
What is a Private Limited Company?
Private company means a company having a minimum paid-up share capital as may be prescribed, and which by its articles
(i) restricts the right to transfer its shares;
(ii) except in...
Startups
Startup Tools for Success in India
Starting a startup is a thrilling journey, especially in India. Its vibrant ecosystem is full of entrepreneurial opportunities. However, to move from idea to execution, you need the right tools in your arsenal. Whether...
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