PSL Advocates & Solicitors

PSL Advocates & Solicitors PSL is a prominent Indian law firm
offering quality legal services to leading Indian and Internation

PSL is a preeminent Indian law firm
offering quality legal services to leading Indian and International Corporations, Governments, PSUs, Individuals etc.

In February 2024, Reliance Industries Limited, Viacom 18 Media Private Limited and The Walt Disney Company announced the...
28/08/2024

In February 2024, Reliance Industries Limited, Viacom 18 Media Private Limited and The Walt Disney Company announced the signing of binding definitive agreements to form a joint venture which will combine the businesses of Viacom18 and Star India.

Our Counsel, Himesh Thakur shares his comments with The Economic Times in an article titled, "Reliance and Disney must divest more; offer concessions for CCI's approval, say experts.”

Read more at : https://legal.economictimes.indiatimes.com/news/regulators/reliance-and-disney-must-divest-more-offer-concessions-for-ccis-approval-say-experts/112845816?utm_source=latest_news&utm_medium=homepage

In an official statement, The Goods and Service Tax Council (GSTC) said that the 54th GSTC meeting will be held on Septe...
16/08/2024

In an official statement, The Goods and Service Tax Council (GSTC) said that the 54th GSTC meeting will be held on September, 9.

Our Principal Associate, Devansh Jain shares his comments with The Economic Times in an article titled, "GST rate rationalisation a challenge; tax-payer friendly reforms awaited, say legal experts."

Read more at : https://legal.economictimes.indiatimes.com/news/law-policy/gst-rate-rationalisation-a-challenge-tax-payer-friendly-reforms-awaited-say-legal-experts/112531005

Let your spirits fly high with the Indian flag today. We wish you and your family a Happy Independence Day!
15/08/2024

Let your spirits fly high with the Indian flag today. We wish you and your family a Happy Independence Day!

Recently, The Supreme Court validated the Lieutenant Governor's decision of of appointing ten aldermen to the Municipal ...
08/08/2024

Recently, The Supreme Court validated the Lieutenant Governor's decision of of appointing ten aldermen to the Municipal Corporation of Delhi (MCD) without the aid and advice of the Delhi government's cabinet.

Our Associate, Mayank Biyani shares his comments with The Economic Times in an article titled, "The concept of ‘aid and advice’ is alien to the administration of MCD, say Legal Experts."

Read more at : https://lnkd.in/g6w8puaR

On August 2, The National Company Law Appellate Tribunal, Chennai Bench invoked Rule 11 which confers inherent powers to...
05/08/2024

On August 2, The National Company Law Appellate Tribunal, Chennai Bench invoked Rule 11 which confers inherent powers to National Company Law Tribunal Rules, 2016 for the purpose of exploring a settlement while setting aside the order of NCLT, Bengaluru Bench.

Our Partner, Soayib Qureshi shares his comments with The Economic Times in an article titled, "IBC is used as a forum for recovery of monies under the threat of possible insolvency, say Legal Experts."

Read more at :- https://legal.economictimes.indiatimes.com/news/litigation/ibc-is-used-as-a-forum-for-recovery-of-monies-under-the-threat-of-possible-insolvency-say-legal-experts/112246831

Income-Tax Returns (ITRs) for the assessment year 2024–25 had to be filed by July 31, 2024. If you missed the deadline, ...
05/08/2024

Income-Tax Returns (ITRs) for the assessment year 2024–25 had to be filed by July 31, 2024. If you missed the deadline, the Income-Tax (I-T) Act allows you to file a belated ITR.

Mr. Sandeep Bajaj, Advocate, Supreme Court of India shares his comments with Business Standard in an article titled, "Missed tax return deadline? There is a belated way to make up for lost time."

Read more at :- https://www.business-standard.com/finance/personal-finance/missed-tax-return-deadline-there-is-a-belated-way-to-make-up-for-lost-time-124080101592_1.html

Income-Tax Returns (ITRs) for the assessment year 2024–25 had to be filed by July 31, 2024. If you missed the deadline, ...
05/08/2024

Income-Tax Returns (ITRs) for the assessment year 2024–25 had to be filed by July 31, 2024. If you missed the deadline, the Income-Tax (I-T) Act allows you to file a belated ITR.

Our Principal Associate, Devansh Jain shares his comments with Business Standard in an article titled, "Missed tax return deadline? There is a belated way to make up for lost time."

Read more at :- https://www.business-standard.com/finance/personal-finance/missed-tax-return-deadline-there-is-a-belated-way-to-make-up-for-lost-time-124080101592_1.html

The July 31 deadline for filing your income-tax return (ITR) has arrived. It is advisable to file your ITR right away an...
05/08/2024

The July 31 deadline for filing your income-tax return (ITR) has arrived. It is advisable to file your ITR right away and not rely on potential extensions.

Our Associate, Mayank Biyani shares his comments with Business Standard in an article titled, "Last-minute tax filing: Follow this checklist to avoid errors, oversights."

Read more at :- https://www.business-standard.com/finance/personal-finance/last-minute-tax-filing-follow-this-checklist-to-avoid-errors-oversights-124073001092_1.html

Sandeep Bajaj, Advocate at the Supreme Court of India, shares his insights on the recent decriminalization of non-report...
29/07/2024

Sandeep Bajaj, Advocate at the Supreme Court of India, shares his insights on the recent decriminalization of non-reporting of foreign movable assets up to Rs 20 lakh.

The Finance Minister on the Budget 2024 said that the assessments can only be reopened beyond three years if the unreported income exceeds Rs 50 lakh, with a maximum reassessment period of five years and in search cases, the limit will be six years instead of 10.

However, Sandeep Bajaj warns, "This reduced timeframe may hinder the tax authorities’ ability to address complex cases of tax evasion involving amounts just below the threshold."

Read more about this important develeopment: https://www.business-standard.com/finance/personal-finance/non-reporting-of-foreign-movable-assets-up-to-rs-20-lakh-de-criminalised-124072501199_1.html

Devansh Jain, Principal Associate at PSL Advocates & Solicitors, shares his insights on the recent decriminalization of ...
29/07/2024

Devansh Jain, Principal Associate at PSL Advocates & Solicitors, shares his insights on the recent decriminalization of non-reporting foreign movable assets up to Rs 20 lakh and changes in reassessment timeframes. The Finance Minister in the recent Budget session added that asessments can now only be reopened beyond three years if the unreported income exceeds Rs 50 lakh, with a maximum reassessment period of five years. In search cases, the limit is six years instead of 10.

He says that " The 10-year time limitation for reassessment led to tax uncertainty and disputes. A notice under Section 148A will now be issued only for the succeeding five years, offering relief to taxpayers". Devansh also stresses the importance of avoiding discrepancies in filings, as the reopening and reassessment process can lead to legal challenges and draw them into litigation.

Read more about these important changes here: https://www.business-standard.com/finance/personal-finance/non-reporting-of-foreign-movable-assets-up-to-rs-20-lakh-de-criminalised-124072501199_1.html

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