Breaking: Interest On Motor Accident Compensation To Be Tax-Free Under Budget Proposal

Interest received on compensation awarded by Motor Accident Claims Tribunals may soon be taken out of the income-tax net. While presenting the Union Budget 2026–27, Finance Minister Nirmala Sitharaman announced a proposal to exempt such interest from tax and remove the requirement of tax deduction at source. “I propose that any interest awarded by the Motor Accident Claims Tribunal to a natural person will be exempt from income tax, and any TDS on this account will be done away with,”...

Union Budget 2026-27: Govt. Proposes Major Push To Promote Ayurveda

While presenting the Union Budget 2026 in the Parliament today, Finance Minister Nirmala Sitharaman has made announcements that are aimed at promotion of India's native healthcare system - Ayurveda and the AYUSH ecosystem, with a focus on infrastructure expansion, quality enhancement, and global integration As part of the initiative, three new All India Institutes of Ayurveda will be set up across the country. These institutes are aimed at boosting education, research, and clinical practice in...

Budget 2026–27 Proposes Allowing Individuals Resident Outside India To Invest In Listed Shares Through PIS

The Union Budget 2026–27 on Sunday proposed allowing individuals resident outside India to invest in equity instruments of listed Indian companies through the Portfolio Investment Scheme, while also raising the permissible holding limits.Presenting the budget, Finance Minister Nirmala Sitharaman said, “Individual persons resident outside India will be permitted to invest in equity instruments of listed Indian companies through the Portfolio Investment Scheme.” She announced an increase in...

Union Budget 2026-27 Proposes 'Corporate Mitras' To Support MSME Compliance

The Union Budget 2026–27 on Sunday proposed the creation of a cadre of trained paraprofessionals, referred to as “Corporate Mitras”, to support micro, small and medium enterprises in meeting compliance requirements.Presenting the Budget, Finance Minister Nirmala Sitharaman said, “The government will facilitate professional institutions such as the Institute of Chartered Accountants of India, Institute of Company Secretaries of India and Institute of Cost Accountants of India to design short-term...

Union Budget 2026-27 Today: LIVE UPDATES

Union Finance Minister Nirmala Sitharaman will present the Union Budget 2026–27 in Parliament at 11 am today, marking her ninth consecutive Budget and an unusual first for Sitharaman, with the annual fiscal exercise being tabled on a Sunday.Follow this page for live updates.

Commercial Courts Act | Institution Of Suit Means Presentation, Not Registration, For Mandatory Mediation: Bombay High Court

The Bombay High Court has held that the requirement of pre-institution mediation under Section 12-A of the Commercial Courts Act does not apply where a suit was instituted before the provision was declared mandatory, even if the suit was registered after that date. The court clarified that, for the purposes of Section 12-A, a suit is instituted when the plaint is presented before the court and not when it is subsequently registered by the registry. A Single Judge Bench of Justice Gauri...

Supreme Court Slaps Rs 5 Lakh Costs On Union Govt For Stalling IRS Officer's ITAT Appointment

The Supreme Court on Friday allowed a petition filed by Captain Pramod Kumar Bajaj, a former Indian Revenue Service officer and ex-Army personnel, holding that he was subjected to sustained institutional bias, mala fide conduct and deliberate obstruction by departmental authorities in relation to his appointment as Member (Accountant) of the Income Tax Appellate Tribunal. It also imposed costs of Rs 5 lakh on the Union Government for rank procrastination and deliberate obstruction in his...

LiveLawBiz: Business Law Daily Round-Up: January 30, 2026

TAX CESTAT Holds MRI Monitors Attract 18% IGST, Sets Aside 28% Levy On Wipro GE Healthcare Imports'Reason To Believe' Not Required To Inspect Seized Jewellery Under Income Tax Act: Calcutta High CourtNew Limitation Plea Without Records Not Maintainable Before CESTAT: Madras High CourtSupreme Court To Examine If PF, ESI Deposits Late Under Welfare Laws but Paid Before IT Return Are DeductibleServices For Private Railway Sidings Are Exempt From Tax: Karnataka High CourtDGFT Revises Bulk Drug...

Supreme Court Declines To Interfere With HC Decision Treating Education Consultancy To Foreign Universities As Export

The Supreme Court recently refused to interfere with a Delhi High Court judgment that had held that educational consultancy services provided by Indian entities to foreign universities qualify as exports of services and are not taxable as intermediary services under the GST law. A Bench of Justice Dipankar Datta and Justice Satish Chandra Sharma dismissed the Special Leave Petition filed by the Revenue. The Court also extended by two months the time granted to the Department to process the...

Madras High Court Grants Ad-Interim Relief To Yash Raj Films Against Illegal Broadcast of 'Mardaani 3'

The Madras High Court on Wednesday granted ad-interim protection to Yash Raj Films Pvt. Ltd., restraining the unauthorised broadcast of the Hindi film Mardaani 3, starring Rani Mukerji, released theatrically on January 30, 2026.Justice Senthilkumar Ramamoorthy passed the interim order on January 28, 2026, in a suit filed by the production house against internet service providers and cable television operators, apprehending infringement of its copyright in the film.While granting the interim...

Supreme Court To Examine If PF, ESI Deposits Late Under Welfare Laws but Paid Before IT Return Are Deductible

The Supreme Court has recently said that it will examine a long-standing dispute under the Income Tax Act on whether employees' provident fund and ESI contributions, deposited late under labour welfare laws, can still be allowed as deductions if paid before the income tax return due date. A Bench of Justice J.B. Pardiwala and Justice Sandeep Mehta, while hearing a petition filed by Woodland (Aero Club) Private Limited, noted that High Courts across the country have taken conflicting views on...

Supreme Court Asks NCLT To Re-Examine RP Appointment In Finefacilis Personal Guarantor Insolvency

The Supreme Court recently sent the issue of appointing a resolution professional in insolvency proceedings against a personal guarantor of Finefacilis Management Private Limited on a plea by Samman Capital back to the National Company Law Tribunal. It directed the tribunal to hear objections on whether the appointment followed the procedure under the Insolvency and Bankruptcy Code. The NCLT has been asked to pass a fresh order on the Section 95 application (Personal Guarantor Insolvency) ...