Sectorwise New GST Rates- Outcome of 56th GST Council meeting with effect September 22nd of 2025
SECTOR WISE NEW GST RATES WITH EFFECT 22nd SEPTEMBER 2025. The GST council has recommended...
Read MorePosted by The Tax Herald | Sep 5, 2025 | GST, Rates |
SECTOR WISE NEW GST RATES WITH EFFECT 22nd SEPTEMBER 2025. The GST council has recommended...
Read MorePosted by The Tax Herald | Sep 4, 2025 | GST, Rates |
GST rates rationalised, 28% and 12% rates removed. Key common man items moved to 5%. Small cars at...
Read MorePosted by The Tax Herald | Aug 22, 2025 | Indian Contract Act |
Performance of a contract is a fundamental aspect of the Indian Contract Act, 1872. It outlines the obligations of parties, essentials of a valid tender, and rights and liabilities of joint promisors. Sections 37 to 61 detail how actual and attempted performance work, the conditions for valid tender, and how payments can be appropriated when multiple debts exist. A clear understanding of these provisions helps businesses and individuals ensure compliance and avoid disputes.
Read MorePosted by The Tax Herald | Aug 22, 2025 | Indian Contract Act |
Quasi-contracts under the Indian Contract Act ensure fairness where no formal agreement exists. Sections 68–72 cover supply of necessaries to persons incompetent to contract, payment by interested persons, benefits of non-gratuitous acts, finder of goods, and recovery of money paid by mistake or coercion. These provisions protect parties from unjust enrichment and define rights and liabilities even without an express contract.
Read MorePosted by The Tax Herald | Aug 12, 2025 | Income tax, Posts |
The Lok Sabha has passed the Revised Income Tax Bill, 2025, replacing the old Income Tax Act, 1961. The bill simplifies provisions, removes redundancies, and introduces the “Tax Year” concept. Recommendations from the Parliamentary Select Committee have been incorporated, making tax laws clearer and more efficient without altering core principles.
Read MorePosted by The Tax Herald | Aug 9, 2025 | Income tax, Posts |
The Central Government has withdrawn the Income Tax Bill, 2025, originally introduced in February this year, with plans to reintroduce a revised version on August 11 based on the recommendations of the Baijayant Panda-led Select Committee. Key proposed changes include extended TDS refund timelines and continued tax exemptions for anonymous donations to charitable trusts.
Read MorePosted by The Tax Herald | Aug 8, 2025 | Indian Contract Act |
Understanding Contingent Contracts under Section 31 of the Indian Contract Act, 1872, where obligations depend on uncertain future events. Learn when such contracts become enforceable or void based on specific conditions, and Quasi Contracts, where legal duties arise without a formal agreement. These are enforced by law to ensure fairness and prevent unjust enrichment.
Read MorePosted by The Tax Herald | Aug 7, 2025 | Indian Contract Act |
Void agreements are those that are not legally enforceable and hold no binding value under the law. The Indian Contract Act, 1872 identifies specific types of agreements such as those in restraint of trade, marriage, or legal proceedings as void due to their nature or objective. This article provides a detailed overview of various void agreements, their legal consequences, and the key exceptions recognized under the Act.
Read MorePosted by The Tax Herald | Aug 6, 2025 | Indian Contract Act |
Understand when an agreement becomes unlawful under Section 23 of the Indian Contract Act. This article explores the meaning and implications of illegal objects and considerations, including cases of fraud, injury, immorality, and public policy violations. It also covers the validity of maintenance and champerty agreements, and what happens when a contract is partially unlawful. A must-read for students, professionals, and anyone dealing with legal contracts.
Read MorePosted by The Tax Herald | Aug 5, 2025 | Indian Contract Act |
Consent is the cornerstone of any valid agreement. This article explains the concept of free consent as defined under the Indian Contract Act, 1872, including its essential conditions and the impact of coercion, fraud, misrepresentation, undue influence, and mistake on contractual validity.
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