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Policy Shifts in the Income Tax Act, 2025: Analysis of Capital Gains Provisions
1. IntroductionThe transition from the Income Tax Act, 1961 (ITA, 1961) to the Income Tax Act, 2025 (ITA, 2025) was primarily aimed at making tax legislation more accessible and comprehensible for the...
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Reinventing FCRA Compliance: Shifting from Reactive Enforcement to Preventive Oversight in India
1. Contextual Overview: The Evolution of Foreign Contribution RegulationIndia’s landscape of foreign funding for the not-for-profit sector has witnessed notable changes over the last decade. Organisat...
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ITC Apportionment and the GST Dilemma
1. Overview: ITC Apportionment and the GST Dilemmai) Background and ScopeThe allocation and reversal of Input Tax Credit (ITC) under India’s Goods and Services Tax (GST) framework is a challenging are...
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Impact of Section 147A: Has the JAO vs. Faceless Assessment Controversy Been Resolved for Pre-1 April 2026 Assessments?
Introduction and Legislative BackgroundThe Finance Act, 2021 brought transformative changes to the reassessment procedure under the Income-tax Act, 1961, specifically by revamping Sections 147 to 151....
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Can Designated Persons Subscribe to IPOs?
1. Introduction: Can Designated Persons Subscribe to IPOs?Background Scenario A Ltd, a private company, is preparing to launch its Initial Public Offer (IPO) of equity shares. The IPO is set to open i...
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Regulatory Penalties for Non-Compliance with Secretarial Standard-2 and Defective AGM Minutes: Lessons from ROC Action Against Company Officers
Introduction: Regulatory Scrutiny on Record MaintenanceThe case of M/s. Rashi Steel and Power Limited, headquartered in Bilaspur, Chhattisgarh, highlights the consequences of neglecting statutory reco...
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Major Overhaul of FEMA Regulations 2026: Key Developments and Operational Insights
Overview of the Regulatory ShiftThe Indian government has consistently prioritized reform of cross-border trade regulations to facilitate global business operations and remove procedural hurdles. In a...
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Comprehensive Summary of Recent Regulatory Developments Pertaining to Alternative Investment Funds (AIFs) in India (October 2025–April 2026)
1. IntroductionBetween October 2025 and April 2026, several significant circulars, notifications, and regulatory directives have been introduced by various Indian regulatory authorities concerning Alt...
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GST and Contractual Damages: Delineating the Taxability of Settlement Payments in Breach of Contract Cases
OverviewOver recent years, the Goods and Services Tax (GST) legal framework in India has developed clear boundaries between legitimate business supplies and monetary remedies paid due to breach of con...
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Communication Window Facility in Income Tax Appeals
1. Introduction: Communication Window Facility in Income Tax AppealsThe Enablement of Communication Window, referred to as "the window," is a digital solution implemented by the Income Tax Department,...
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Bridging the Transition Gap in Section 195: Ensuring Fair Taxation under the Income Tax Act, 2025
Introduction: Understanding Key Provisions for Return FilersTax compliance requires assessees to be aware of pivotal provisions that impact the way unexplained incomes are taxed. Section 107 of the In...
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Determining the Deadline for Issuing GST Show Cause Notices for FY 2020–2021: 28th or 30th November 2024?
OverviewIn numerous instances, GST authorities have served Show Cause Notices (SCNs) under Section 73 of the Central Goods and Services Tax Act, 2017 (CGST Act) for the financial year 2020–2021 on dat...
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Judicial Acceptance of Consolidated Show Cause Notices under GST: Karnataka High Court’s Landmark Decision
Background and OverviewThe development of judicial principles under India’s Goods and Services Tax (GST) regime has continually addressed critical procedural questions. A major issue recently resolved...
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Section 16(2)(c) of CGST Act: Gujarat High Court’s Awaited Decision and Its National Impact
Introduction: The Core Issue of Section 16(2)(c) and Its Constitutional ChallengeThe Central Goods and Services Tax Act, 2017, under Section 16(2)(c), stipulates that an assessee can only claim Input...
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Unaddressed Shortcomings in the Income-tax Act, 2025 from a Mergers and Acquisitions Standpoint
OverviewThe Income-tax Act, 2025 (ITA, 2025), which supersedes the long-standing Income-tax Act, 1961 (ITA, 1961), has been operational since April 1, 2026. The principal aim of this legislative overh...
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Trust Registration and Donor Approval Under the Income-tax Act, 2025: Key Provisions and Compliance Roadmap
Introduction: Shifting Landscape for Charitable TrustsCharitable organisations in India have long benefitted from special tax exemptions, provided they met the statutory requirements. With the coming...
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Re-examining Director’s Vicarious Liability: Supreme Court Defines the Boundaries across Fiscal Statutes
OverviewThe Supreme Court’s ruling in Saroj Pandey v. Govt. Of NCT Of Delhi ([2026] 185 taxmann.com 280 (SC)) offers critical insight into the scope of directors’ liability under fiscal and penal stat...
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Deduction of Interest Income for Cooperative Societies under Section 80P(2)(d) and Its Successor Section 149: The Effect of Legislative Changes and Judicial Interpretation
Overview: Cooperative Societies and Their Tax BenefitsCooperative societies in India have traditionally benefited from specific tax incentives, notably under Section 80P of the Income-tax Act, 1961. T...
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Allowability of Deductions for Vastu Consultancy Expenditure under the Income-tax Act, 2025
Overview of Deduction Principles under Section 34Section 34 of the Income-tax Act, 2025, which is a re-enactment of the earlier Section 37, sets forth the general framework for claiming business-relat...
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Interpretational Challenges in Determining ‘Cost of Acquisition’ under Section 49(1)(iii)(c) and Explanation to Section 55(2), Income-tax Act, 1961
OverviewCapital gains taxation remains one of the more contentious areas within Indian tax law, often leading to disputes over the correct interpretation of statutory provisions. Central to several of...