India: Accounting and Audit

On 20th June 2025, UDIN Directorate of ICAI announced that the information regarding Auditor's Opinion, henceforth, would be required to be filled in, while generating UDIN...

We are pleased to feature this guest article by white collar attorneys from the Law Offices of Panag & Babu, Sherbir Panag and Jaskaran Bhullar.

Regulation 23 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (LODR Regulations) inter alia requires listed entities to obtain the approval...

It is codified in Section 145(1) of the Income-tax Act, 1961 (‘IT Act'), that income under the head ‘Profits or Gains from...

In the June edition of our monthly newsletter "Legalaxy", our team analyses some of the key developments in securities market, corporate affairs, banking and finance, labour, environment and consumer affairs.

On May 30, 2025, the MCA in India has via notification G.S.R. 357(E) introduced significant amendments to the Companies (Accounts) Rules, 2014, through the Companies (Accounts) Second Amendment Rules, 2025, effective from July 14, 2025.

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.