New GST Rates – Outcome of 56th GST Council Meeting and Key Recommendations
GST rates rationalised, 28% and 12% rates removed. Key common man items moved to 5%. Small cars at...
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Indian Contract Act 1872: Performance of Contract
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.
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Indian Contract Act 1872 : Quasi Contracts- Necessaries, Payments, Non-Gratituous Act, Finder of Goods & Money by Mistake OR Coercion
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.
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Government passes revised Income Tax Bill,2025 in the Lok Sabha.
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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Government withdraws Income Tax Bill, 2025 from Lok Sabha, Set to introduce revised Income Tax Bill
The Central Government has withdrawn the Income Tax Bill, 2025, originally introduced in February this year, with plans to reintroduce a revised version on August 11 based on the recommendations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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