The LLP Act permits inactive LLPs to apply for strike off through Form 24. Proper compliance, nil liabilities, and updated filings are mandatory before dissolution.
The new law broadens the definition of Virtual Digital Assets to include NFTs, tokenized assets, and future digital innovations. While tax rates remain unchanged at 30%, the scope of coverage is significantly widened.
CBDT placed Draft Income Tax Rules and Forms 2026 in the public domain ahead of the new Act’s implementation. Stakeholders are invited to suggest simplification and compliance reforms.
The Court held that ITC cannot be mechanically reversed merely because the supplier failed to pay GST. Authorities must prove fraud or collusion before denying credit.
The 2025 amendment broadens eligibility under Section 233, allowing more small, start-up, and unlisted companies to use the Regional Director route. Auditor certification and compliance safeguards are mandated.
The new GST regime taxes the full face value of bets instead of operator revenue. The key issue is whether this shift promotes revenue certainty or burdens the digital gaming industry.
The Tribunal held that MLI provisions like the Principal Purpose Test cannot apply automatically in India. Treaty changes require country-specific notification under Section 90(1) before enforcement.
The Income Tax Act treats salary and house property income under distinct principles of employment and ownership. The key takeaway is that taxability depends on the source and statutory classification of income.
Indian law treats NFTs as Virtual Digital Assets taxable at 30% under Section 115BBH. The key takeaway is that traditional asset classification is overridden by a special tax regime.
India’s Budget 2026 introduces long-term tax holidays, safe-harbour reforms, and semiconductor incentives to transform the country into a global digital infrastructure hub. The case highlights how fiscal policy is being redesigned to support AI growth while balancing tax certainty, sovereignty, and global investment risks.
