Buoyed by a transcendental approach to propel India towards “all-round, all-pervasive, and all-inclusive development”[1], India’s Finance Minister, Ms Sitharaman heralded the interim budget, reinvigorating the twin-peaks of good governance and maximum results. The outlook of the government is ubiquitous, with 2024 being an election year as India readies itself to go to the polls. The…

In the ruling administration’s last full budget before India goes to the polls, India’s Finance Minister, Ms Sitharaman, laid out the government’s vision – “Making India a technology-driven and knowledge-based economy with strong public finances, and a robust financial sector.” She identified four transformative opportunities for India: (i) economic empowerment of Women (ii) upliftment of…

Introduction India’s 2021 Finance Bill proposes to add a definition of “liable to tax” in its domestic direct tax law. As per the definition, the term ‘liable to tax’, “in relation to a person, means that there is a liability of tax on such person under any law for the time being in force in…