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.
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The Central Government has withdrawn the Income Tax Bill, 2025, originally introduced in February this year, with plans to reintroduce a revised version on August 11 based on the recommendations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.
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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.
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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.
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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.
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