-
Transition to Interim Board from Settlement Commission Starting April 2025
IntroductionThe Union Budget for the fiscal year 2025-26 has introduced a significant change in the framework for resolving pending excise duty cases. A proposal has been made to establish an Interim...
-
Union Budget 2025: Anticipated Changes in Indirect Taxation
To realize the vision of 'Viksit Bharat' (Developed India) by 2047, the Indian government is expected to focus on enhancing domestic manufacturing capabilities, nurturing Global Capability Centers (GC...
-
Allocation of ITC to Incorrect Tax Heads: A Pathway
IntroductionGST Framework: The GST legislation embodies the principle of “One Nation, One Tax, and One Market,” integrating multiple taxes into a singular system, categorized based on the place of sup...
-
Input Tax Credit under Section 16(2)(c) and Support for Genuine Purchases
Input Tax Credit under Section 16(2)(c)1. Interpretation of Section 16(2)(c) of the CGST/AGST Act, 2017Under Section 16(2)(c), it is mandated that the tax levied on such supply has been paid to the Go...
-
February 2025 Compliance Deadlines for Income Tax and GST in India
Income Tax ObligationsTDS/TCS Payments: Assessees must deposit tax deducted or collected at source for January 2025 by February 7, 2025. The government offices must remit such taxes on the same day wi...
-
SEBI Overhauls Social Stock Exchange Norms: Innovation Meets Transparency
IntroductionOn January 20, 2025, the Securities and Exchange Board of India (SEBI) took a pivotal step to transform the social sector by unveiling a consultation paper aimed at revising the Social Sto...
-
Budget 2025: India's Path to Tax Simplification and Growth
1. IntroductionAs the anticipation builds for February 1 and the unveiling of Budget 2025, various stakeholders are eagerly awaiting potential transformations in the realm of direct taxation. This dis...
-
Analysis of Section 194T: Partner Pay TDS and Expectations for Budget 2025
IntroductionThe Finance (No. 2) Act, 2024, enacted a novel section, 194T, within the Income-tax Act of 1961, which necessitates Tax Deduction at Source (TDS) on certain payments made by firms to their...
-
GST Updates from GSTN in January 2025: Enhancements and Precautions
OverviewJanuary 2025 witnessed crucial updates from the GST Network (GSTN) aimed at streamlining compliance procedures and ensuring efficient operations for assessees. Noteworthy enhancements include...
-
GST Revisions in Restaurant Services
Overview: Since its implementation in July 2017, the Goods and Services Tax (GST) relating to restaurant services has seen substantial modifications. Initially, the rates depended on factors such as t...
-
Company and Director Penalties for Non-compliance with Independent Director Appointment and Board Committee Formation
Context of the CaseThe Punjab and Chandigarh Registrar of Companies (ROC) conducted an inspection of M/s. XYZ Estates Limited, uncovering violations of the Companies Act 2013, specifically sections 14...
-
Consequences of Exceeding Borrowing Limits under the Companies Act 2013
IntroductionRecently, the Registrar of Companies in Punjab and Chandigarh scrutinized the financial affairs of M/s. BCL Homes Limited. The inspection unveiled discrepancies concerning Section 180(1)(c...
-
Essential Board Resolutions for MGT-14 Submission: Compliance for Public & Private Corporations
Overview: Board resolutions hold immense significance in adhering to the MGT-14 submission requirements as outlined in the Companies Act, 2013. Public companies are mandated to adopt resolutions relat...
-
Obligations on Companies for Maintaining Accounting Records: Guidelines and Consequences
A company, funded by its shareholders, is obligated to provide them with an accurate representation of its financial health, as shareholders do not engage in daily management tasks. Thus, it is legall...
-
Are Demat Provisions Mandatory for a Private Company that is a Wholly-Owned Subsidiary of a Public Company?
IntroductionThe Ministry of Corporate Affairs amended the Companies (Prospectus and Allotment of Securities) Rules, 2014, by introducing Rule 9B through a notification dated October 27, 2023. This mod...
-
Navigating the Complexities of GST and Leasing in the Automobile Industry
In the current global discourse surrounding green transportation and sustainability, electric vehicles (EVs) and innovative financing methods like leasing are at the forefront. As countries work towar...
-
Comprehensive Analysis of TDS and RCM Under GST for Metal Scrap Transactions
The Goods and Services Tax (GST) framework includes provisions for Tax Deducted at Source (TDS), initially applicable only to government entities and public sector units as per Section 51 of the Centr...
-
Navigating GST Registration for International Entities in India Amid E-commerce Expansion
IntroductionGrowth of E-commerce in India: International businesses are increasingly leveraging the surge in Indian e-commerce, leveraging digital platforms to penetrate new markets and overcome geogr...
-
Review of GST Audit and Financial Statements (GSTR 9 & GSTR-9C)
1. Evaluating Audited Financial Statements from a GST Perspective (GSTR 9 & 9C)GST audits are critical for ensuring adherence to the Goods and Services Tax statutes; they validate the truthfulness of...
-
In-Depth Analysis of GST Return Examination by the Competent Officer
OverviewThe examination of tax returns under the Central Goods and Services Tax (CGST) Act, 2017, plays a pivotal role in ensuring adherence to GST regulations and reducing inconsistencies in tax subm...