India: Accounting and Audit

CBDT vide press release dated September 25, 2025 provides relaxation by extending the time limit for furnishing the Report of Audit, prescribed to be filed under any provisions...

The Real Estate (Regulation and Development) Act, 2016 (RERA Act) was introduced by the Government of India to bring transparency, accountability, and discipline into the real estate sector. Following this.

In corporate reporting, consistency between statutory requirements and accounting standards is essential for ensuring transparency and accurate classification.

The Ministry of Corporate Affairs ("MCA") on August 13, 2025, issued the Companies (Indian Accounting Standards) Second Amendment Rules...

In this Lexpresso special, we decode the Companies (Indian Accounting Standards) Second Amendment Rules, 2025—a major shift for CFOs and finance leaders.

In corporate reporting, consistency between statutory requirements and accounting standards is essential for ensuring transparency and accurate classification.

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.