Legal and Policies
Zee’s Independent Investigation Committee finds no material irregularities
Mumbai: The Independent Investigation Committee (IIC) constituted by the board of directors of Zee Entertainment Enterprises (Zee) submitted its report to the board of the company.
The committee, chaired by High Court of Allahabad’s former judge Justice Dr Satish Chandra, comprises Zee’s two independent directors – Audit Committee chairman and the Institute of Chartered Accountants of India former president Uttam Prakash Agarwal and Nomination and Remuneration Committee chairman, lawyer, author, and academic practitioner in HR and organisation development Dr. P.V Ramana Murthy. The committee conducted a thorough review of all allegations raised by the regulatory agencies. They carried out an extensive fact-checking exercise to verify all the documents and information provided by the company during the investigations to SEBI.
Since its inception, the committee invested substantial time to delve deeper into the areas of concern highlighted by regulatory agencies to curb the spread of misinformation. The committee sought advice from reputed external audit firms, taxation, and regulatory experts to ensure a comprehensive review.
Key points from the report include:
. The committee noted that the company provided complete support and shared detailed responses with SEBI.
. The company has implemented necessary remedial measures in respect of past issues already reviewed by SEBI.
. The company and board have provided evidence that appropriate and timely actions were taken to address SEBI’s concerns.
. The transactions under investigation did not adversely affect the company or its shareholders and were part of normal business operations. No material irregularities were reported.
. No further corrective or legal measures are required.
Dr Chandra commented, “We conducted a detailed review of all allegations, and necessary submissions have been made to the Board. The efforts of the Committee members, along with external advisors, enabled a comprehensive evaluation. We have not found anything adverse in the Company’s operations.”
The board has advised Zee to settle any pending adjudication proceedings with SEBI in a time-bound manner and focus on enhancing performance and profitability in line with the strategic growth plan implemented by the MD & CEO.
On 27 February 2024, the board of Zee instituted the IIC to address allegations raised by regulatory authorities in the interest of shareholders and stakeholders.
Legal and Policies
India’s new income tax law and higher F&O levies take effect from 1st April
A sweeping overhaul of the tax code, stiffer securities transaction taxes and relief for travellers and tech firms all land at once
NEW DELHI: India’s tax landscape shifts gears on Tuesday. The Income-tax Act, 2025, which replaces the Income-tax Act, 1961, comes into force from April 1, 2026, alongside a clutch of budgetary measures that will be felt by traders, tourists, technology firms and ordinary taxpayers alike.
The new Act is not a reinvention of tax policy so much as a tidying up of it. Gone is the unwieldy distinction between the assessment year and the previous year; in its place comes a single “tax year” framework designed to be more logical and reader-friendly. Taxpayers will also, for the first time, be able to claim tax deducted at source refunds even when income tax returns are filed after the deadline, without incurring penal charges.
For those who trade derivatives, however, the news is less comfortable. Securities transaction tax on futures contracts rises to 0.05 per cent from 0.02 per cent, while STT on options premiums and the exercise of options is hiked to 0.15 per cent from 0.1 per cent and 0.125 per cent respectively. The government has made no secret of its intent: the higher levy is aimed squarely at curbing speculative bets in the futures and options segment and shielding retail investors from ruinous losses. The numbers tell a grim story. The number of individual investors active in the F&O segment fell from 1.06 crore in FY25 to about 75.43 lakh by December 2025. A Sebi study found that individual investors had racked up net losses of more than Rs 1.05 lakh crore in FY25 alone.
Overseas travellers and those remitting money abroad for medical and education purposes get some relief. Tax collected at source on overseas tour packages has been slashed to 2 per cent from 20 per cent, while TCS on Liberalised Remittance Scheme transfers for medical and educational purposes drops to 2 per cent from 5 per cent.
The data centre industry, too, has reason to cheer. Any foreign company procuring data centre services in India will enjoy a 20-year tax holiday stretching to 2047, shielding its global income from Indian tax authorities. Whether a global firm sets up its own facility or simply buys services from an Indian data centre, the tax treatment will be identical, ensuring a level playing field. India’s effective corporate tax rate stands at 25.17 per cent.
Software companies get a further fillip: the safe harbour threshold for IT services has been raised sharply from Rs 300 crore to Rs 2,000 crore, a move designed to reduce litigation and give the sector greater certainty.
On the transition, the income tax department has confirmed that its e-filing portal will handle compliance under both the old and new Acts during the switchover period. Taxpayers filing returns for assessment year 2026-27, which covers the period governed by the old Act, will do so in July 2026 using the old forms. Advance tax payments for tax year 2026-27, commencing from June 2026, will follow the new Act.
One sweeping law, several sharp edges, and a deadline that waits for no one.
