India: Accounting and Audit

Securities and Exchange of India vide circular dated June 26, 2025, has issued revised Industry Standards on minimum information to be provided to the Audit Committee...

Securities and Exchange Board of India vide circular dated May 14, 2025, has issued Composition of the Internal Audit team for CRAs.

This June newsletter covers categories of relevant updates notified by the Ministry of Corporate Affairs ("MCA") and Reserve Bank of India ("RBI").

Investigations in the corporate landscape are referred to by a multitude of typologies, such as workplace, fraud, forensic or ethics investigations, to name a few and these typologies are representative of the myriad methods, techniques and processes deployed to achieve a singular objective.

This June newsletter covers categories of relevant updates notified by the Ministry of Corporate Affairs ("MCA") and Reserve Bank of India ("RBI").

In today's fiercely competitive business world, companies are constantly seeking innovative ways to optimize costs, boost efficiency, and hone in on what they do best.

Legislation should be amended, if necessary, to ensure MNEs do not face undue hardship.

The threshold level of income exempt from tax is proposed to be raised from Rs: 50,000 to Rs: 1,00,000. The threshold level for women who have not attained the age of 65 is proposed at Rs: 1,25,000. This replaces the rebate allowable to women u/s 88 – C which now stands eliminated. The threshold level for senior citizens is proposed at Rs: 1,50,000. This replaces the rebate allowable to senior citizens u/s 88 – B which now stands eliminated

Novelty is one of the basic criteria of patentability, inventiveness and industrial applicability being the other two. If the use of a substance or a composition for a specified medical purpose is new, a claim in a patent application directed at this use will be considered as novel even if the same substance had previously been used in medicine for a different purpose.