Latest news with #1961
Indian Express
2 days ago
- Politics
- Indian Express
Lawyers don't need to wear black coats in summer: Delhi Bar Association
In a major relief to lawyers practising in the Capital amidst the scorching heat, the Delhi Bar Association (DBA) has decided that advocates will be exempt from wearing black coats, their usual dress code, from May 16 to September 30. Rules framed under Section 49(1)(gg) of the Advocates Act, 1961, prescribe a dress code for all practising advocates. This comprises a black buttoned-up coat, chapkan, achkan (a knee-length upper garment with long sleeves, side slits and a standing collar), black sherwani and white bands with advocate's gown for men advocates. Women advocates have to wear a black and full or half-sleeve jacket or blouse, white collar, stiff or soft, and white bands with advocates' gowns or sarees and long skirts (white or black without any design). 'All the members are hereby informed that advocates are exempted from wearing a black coat during summer (from May 16 to September 30) as per amendment in rules under Section 49(1)(gg) of the Advocates Act,1961,' DBA said in a circular dated May 24. 'Therefore, the members are at liberty to appear in the Courts subordinate to the Delhi High Court without wearing a black coat… The members are, however, advised to adhere to other rules of the dress code…,' the circular issued by Vikas Goyal, Secretary, DBA, said. DBA also said the district and sessions judges of various court complexes across Delhi have been informed of this decision. 'This is a very good step. The weather is very erratic and humid. In June, the heat will be way worse. This should be done by all Bar Associations and Councils across North India,' said Advocate Dhir Singh Kasana, former Saket Bar Association secretary. 'Indian district courts lack proper infrastructure in terms of fans, air conditioners, unhygienic washrooms, and sitting rooms, coupled with rising temperatures, it has become a daily physical and mental challenge for the advocates to wear black coats during court hours, especially in summer…This move is a welcome step towards the welfare of the advocates practising at district courts,' Advocate Paras Jain, who practices in Delhi, said. On February 27 this year, the Bar Council of Maharashtra and Goa (BCMG) issued a circular stating that advocates need not wear black coats from March 1 to June 30 every year. Similarly, Bhopal's Bar Council gave a similar exemption to lawyers from April 15 to July 15, 2025.
New York Times
4 days ago
- Entertainment
- New York Times
Book Club: Let's Talk About ‘The Safekeep'
MJ Franklin, who hosts the Book Review podcast's monthly book club, says that whenever someone asks him what book to read next, Yael van der Wouden's 'The Safekeep' is his go-to recommendation. So he was particularly excited to discuss the novel with a fellow editor at the Book Review, Joumana Khatib, and Anna Dubenko, a passionate reader who heads The New York Times newsroom's audience team, for this week's episode. (We've also been talking about the book with readers online. Join that conversation here.) Set in the Netherlands in 1961, 'The Safekeep' is the kind of book it's best not to know too much about, as part of the delight is discovering its secrets unspoiled. As our reviewer coyly wrote in her piece about the novel, which was shortlisted for the Booker Prize in 2024 (alongside former Book Club picks 'James' and 'Orbital'): 'What a quietly remarkable book. I'm afraid I can't tell you too much about it.' Here are some other works discussed in this week's episode: 'The Torqued Man,' by Peter Mann 'The Little Stranger,' by Sarah Waters 'Mice 1961,' by Stacey Levine 'The New Life,' by Tom Crewe We would love to hear your thoughts about this episode, and about the Book Review's podcast in general. You can send them to books@
Time of India
26-05-2025
- Politics
- Time of India
HC warns against private citizens representing litigants, cites ethical & legal risks
Chandigarh: The Punjab and Haryana high court has made it clear that allowing a private citizen to represent a relief-seeker before the court can prove to be unethical at multiple levels. "First and foremost, placing the fate of a person's life into the untrained hands of an individual could yield immutable consequences. In fact, the same would amount to placing a wager, with a human life at stake," the HC has held. The HC has further observed that in such a situation, advocates are trained professionals who can be held accountable for their conduct as they are also liable for disciplinary actions for any professional misconduct. The legal training imparted to them enables them to represent their client in the best possible manner. Furthermore, they are required to abide by a certain code of ethics as they are not just representing their client but are also duty bound to assist the court in arriving at a correct decision, the HC has held. Justice Harpreet Singh Brar has passed the orders while dismissing a petition filed by Manjeet Singh seeking bail in a drug case registered against him in Jalandhar. During the hearing of the case, one Pardeep Kumar appeared in person on behalf of the petitioner and submitted that he, being a public-spirited individual, has been authorised by the mother of the petitioner to represent him. He contended that according to the rules framed by the HC under Section 46-A of the Punjab Courts Act, 1918, he is eligible to file a petition as he falls within the definition of a 'petition writer.' However, rejecting his plea, Justice Brar observed that a bare perusal of the abovementioned provisions indicates that by default, only advocates can appear before the court and practise law. The court further observed that section 32 of the Advocates Act, 1961 does provide for private citizens to appear before the court, however, the same is qualified by a prior permission from the court. "The present petition pertains to grant of regular bail to the petitioner. The decision of the same would have direct implications on the liberty of the petitioner, therefore, he deserves to be represented by a domain expert, who will be held accountable for any laxity on his part. With that in view, this court is not satisfied with the arguments put forth by Pardeep Kumar, to be allowed to represent the petitioner. As a matter of fact, he has not even been engaged by the petitioner himself but has appeared at the request of his mother. Therefore, it cannot be reasonably said that the petitioner has consented to being represented by him, observed the judge while dismissing the plea. The bench, however, has directed the District Legal Services Authority, Jalandhar, to facilitate filing of a fresh petition for the grant of regular bail to the petitioner.
Time of India
21-05-2025
- Business
- Time of India
New Income tax bill: Get one-time set off of long-term capital loss against short-term capital gains from tax year 2026–27
A one-time tax relief proposed under the new Income Tax Bill, 2025 could significantly reduce capital gains tax liabilities for many individual taxpayers. The new Income Tax bill allows long-term capital losses (LTCL) incurred up to March 31, 2026, to be set off against any short-term capital gains (STCG) from tax year 2026–27 onwards. This marks a key departure from the current provisions under the Income Tax Act, 1961, which only allow LTCL to be set off against long-term capital gains (LTCG). The proposed change, found in Clause 536(n) of the new bill, enables broader capital gains tax planning and faster loss absorption. 'Under clause 536(n) of the new tax bill, 2025 any capital loss, whether long-term or short-term, computed under the old Income Tax Act, 1961 and brought forward as on 31 March 2026, may be set off and carried forward against 'income under the head Capital gains' under the new tax bill 2025. Notably, this provision does not draw a distinction between long-term and short-term capital gains for the purpose of set-off,' said Chartered Accountant Dr Suresh Surana, according to an ET report. What's changing? Currently, under Section 74 of the Income Tax Act, 1961, long-term capital losses can only be set off against LTCG. This restriction limited the flexibility for taxpayers to manage losses. 'Currently, the Income Tax Act, 1961 allows the set-off of brought forward LTCL only against LTCG, limiting taxpayers' flexibility to offset LTCL with STCG,' said Aseem Mowar, Tax Partner at EY India. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like ตลาดหุ้นกำลังส่งสัญญาณว่าอยู่ในช่วงขาลง? IC Markets สมัคร Undo However, as per the transitional provision in the new Income Tax Bill, this restriction is being eased — but only temporarily — for losses incurred up to March 31, 2026. 'The proposed new Income Tax Bill, 2025 continues this restriction for LTCL incurred after April 1, 2026, but the 'Repeal and Saving' clause in Section 536 (specifically 536(2)(n)) permits the set-off of LTCL incurred until March 31, 2026, against any capital gains under ITB 2025 for tax years starting on or after April 1, 2026, for up to eight financial years immediately succeeding the financial year in which such loss was first computed under the current Income Tax Act, 1961,' Mowar explained. Why it matters This one-time relief can significantly reduce tax outgo for individuals who have accumulated LTCL over the years and have struggled to match it with sufficient LTCG. 'The transitional provision under Section 536(n)... carries significant implications for taxpayers holding accumulated capital losses, particularly long-term capital losses (LTCL), as on 31 March 2026,' Surana said. 'By permitting the set-off of such brought forward losses, whether long-term or short-term, against any form of capital gains... the legislation offers a temporary but meaningful departure from the restrictive loss-set-off rules under the current Income-tax Act, 1961.' It also opens the door for tax planning strategies ahead of FY 2026–27. 'Taxpayers can sell investments likely to incur long-term losses before April 1, 2026, allowing them to offset these losses against future short-term capital gains,' Mowar added. 'This dispensation, albeit temporary, allows taxpayers to leverage their losses more effectively, reducing overall tax liabilities.' Why is this only a one-time relief? Since the relief falls under the 'Repeal and Saving' clause of the new bill, it is designed to offer transitional assistance as the old Income Tax Act, 1961 is replaced. 'It is important to note that 'Repeal and Saving' clauses are typically included when old legislation is replaced with new one, ensuring that certain rights or obligations under the old law are preserved,' said Mowar. 'The majority may argue that this appears to be a well-thought-out dispensation... others may view it as an oversight, as it contradicts established provisions. Thus, it remains to be seen how the provision is ultimately enacted.' he added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
21-05-2025
- Business
- Economic Times
One-time set-off of long-term capital loss against STCG: New income tax bill 2025 allows this from tax year 2026-27 onwards
What did the New Income Tax Bill 2025 say about long term capital loss? What does this mean? Live Events How different is the proposed change in comparison with the old provisions of capital gains? What might be the impact of these changes for individual taxpayers? A temporary relief from the otherwise restrictive loss set-off rules under Income Tax Faster utilisation of capital losses and reduced income tax outgo This can help with tax planning process for FY 2026–27 onwards Why is this set-off provisions relief a one-time measure and not recurring? The new income tax bill, 2025 has introduced a one-time relief for those who want to reduce their capital gains tax outgo by reducing their short-term capital gains (STCG). In technical terms, the new income tax bill , 2025 allows any brought forward long-term capital loss (LTCL) incurred up to March 31, 2026, to be set-off against any short-term capital gains (STCG). If you notice closely, the word is 'any', so it means any LTCL if incurred under the Income Tax Act, 1961 can be set-off with STCG . But since this is the New Income Tax Bill , 2025 so it is likely to be applicable from April 1, 2026 onwards i.e. tax year 2026–27 onwardsThis is a big positive development especially when you consider the fact that the existing Income Tax Act, 1961 allowed long term capital loss to be set-off only against long term capital gains (LTCG). So, by opening up the feature to set-off LTCL with both LTCG and STCG, the total capital gains tax outgo of an individual may get significantly lower. This may help many taxpayers, including ones who have been carrying forward the losses and are eligible to do so for the next two below to know more about this change in the proposed income tax bill, 2025 and what are its eligibility New Income Tax Bill, 2025 said: 'any amount of loss under the head capital gains, whether related to a long-term capital asset or a short term capital asset, referred to in section 74 of the repealed Income-tax Act, brought forward from the tax year beginning before the 1st April, 2026 had the Income-tax Act, 1961 not been repealed, shall be set off and carried forward against the income under the head 'Capital gains' computed under this Act for any tax year beginning on or after the 1st April, 2026 up to eight financial years immediately succeeding the financial year in which such loss was first computed under the repealed Income-tax Act;'This means under clause 536 (n) of the Income Tax Bill, 2025 taxpayers are allowed to carry forward and set off of brought forward LTCL incurred up to 31 March 2026 against all future capital gains (including STCG) from tax year 2026-27 Accountant (Dr.) Suresh Surana explains: 'Under clause 536(n) of the new tax bill, 2025 any capital loss, whether long-term or short-term, computed under the old Income Tax Act, 1961 and brought forward as on 31 March 2026, may be set off and carried forward against 'income under the head 'Capital gains'' under the new tax bill 2025. Notably, this provision does not draw a distinction between long-term and short-term capital gains for the purpose of set-off.'Surana says, previously under Section 74 of the Income-tax Act, 1961 , long-term capital losses (LTCL) could be carried forward and set off only against long-term capital gains (LTCG), now STCG is also Mowar, Tax Partner EY India, explains: 'Currently, the Income Tax Act, 1961 allows the set-off of brought forward Long-Term Capital Losses (LTCL) only against Long-Term Capital Gains (LTCG), limiting taxpayers' flexibility to offset LTCL with Short-Term Capital Gains (STCG).'Mowar adds: 'The proposed new Income Tax Bill, 2025 continues this restriction for LTCL incurred after April 1, 2026, but the 'Repeal and Saving' clause in Section 536 (specifically 536(2)(n)) permits the set-off of LTCL incurred until March 31, 2026, against any capital gains under ITB 2025 for tax years starting on or after April 1, 2026, for up to eight financial years immediately succeeding the financial year in which such loss was first computed under the current Income Tax Act, 1961.'We have asked experts about what might be the impact of these proposed changes in the new tax bill, 2025, here's what they said:Surana says: The transitional provision under Section 536(n) of the Income-tax Bill, 2025, carries significant implications for taxpayers holding accumulated capital losses, particularly long-term capital losses (LTCL), as on 31 March 2026. By permitting the set-off of such brought forward losses, whether long-term or short-term, against any form of capital gains under the new Income Tax Bill, 2025 the legislation offers a temporary but meaningful departure from the restrictive loss-set-off rules under the current Income-tax Act, says: 'This broader scope of set-off could result in faster absorption of losses, leading to reduced tax outgo in the initial years of transition and better cash flow management. It also opens up tax planning opportunities for taxpayers who might have been unable to fully utilise their LTCL due to the absence of corresponding LTCG in the past.'Mowar from EY India says: There exists tax planning opportunities. 'Taxpayers can sell investments likely to incur long-term losses before April 1, 2026, allowing them to offset these losses against future short-term capital gains. This one-time measure also aids taxpayers in adjusting to the new tax regime.'Notably, the 'Repeal and Saving' clause under which clause 536 (2)(n) falls, does not require that long-term and short-term losses be utilised separately. 'This dispensation, albeit temporary, allows taxpayers to leverage their losses more effectively, reducing overall tax liabilities. However, losses incurred after April 1, 2026, will still face the same limitations, with long-term losses offsetting only long-term gains,' says says the clause 536 (2)(n) of the new tax bill, 2025 is written under the 'Real and Saving clause'.'It is important to note that 'Repeal and Saving' clauses are typically included when old legislation is replaced with new one, ensuring that certain rights or obligations under the old law are preserved. This was clarified by the tax department in the General FAQ issued with the new tax bill, 2025 also,' says says: 'The majority may argue that this appears to be a well-thought-out dispensation given the distinction and specific provisions made, others may view it as an oversight, as it contradicts established provisions. Thus, it remains to be seen how the provision is ultimately enacted.'
