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Section 65 of the CGST Act: Overview of GST Audits Conducted by Tax Authorities
IntroductionGSTN has recently released guidance addressing issues related to Table 8A of the GSTR-9 form. This guidance highlights five particular challenges connected to the reporting system in GSTR-...
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Reevaluation After TOLA & Finance Act 2021: Union of India vs. Rajeev Bansal
The Supreme Court’s recent verdict in the case of Union of India vs. Rajeev Bansal marks a significant development in the realm of tax reassessment in India. This decision addresses the authenticity a...
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Exploring Section 128A: GST Amnesty Initiative – Progress or Setback
Overview: Section 128A, introduced into the CGST Act through the Finance Act of 2024, presents a GST amnesty initiative. This scheme offers waiver of interest and penalties for assessees involved in t...
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Guide to Online Income Tax Payment and List of Approved Banks
Efficient Online Tax Payment for AssesseesFor assessees aiming for timely and smooth tax payments, e-tax payment online is a crucial option. However, confusion often arises when an assessee cannot fin...
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Role of an Independent Director under the Companies Act
An Independent Director in the context of the Companies Act, 2013, as specified in Section 149(6), is characterized by the following essential criteria:Role in Board Composition i. An Independent Dire...
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Guide to Setting Up a Company in India
Introduction to Company Formation in India Initiating a business in India can unlock numerous opportunities in one of the world’s most dynamic economies. The online registration process is streamlined...
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Common Irregularities Noted in Tax Audit Reports for AY 2023-24
Overview of Tax Audit Requirements Tax audits, as mandated by the Taxation Audits Quality Review Board (TAQRB) under the Institute of Chartered Accountants of India (ICAI), are governed by various pro...
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Obligations in Transfer Pricing Assessments: Section 144C of the IT Act
1. Overview of Section 144C in Income Tax Act, 1961Section 144C was incorporated via the Finance Act of 2009, aiming to streamline the assessment process in cases involving international taxation and...
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Significance of GSTR 2A in Enhancing GST Adherence and ITC Precision
The implementation of the Goods and Services Tax (GST) on July 1, 2017, marked a monumental change in India’s taxation framework by consolidating various indirect taxes into a single cohesive system....
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Regulations Governing Open Offers: Essential Procedures and Obligations
Understanding Open Offer RegulationsAn open offer involves a proposal made by an acquirer to the shareholders of a target company, encouraging them to sell their shares at a specified price. The open...
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Non-Taxable Reimbursements, Scholarships, and Stipends
Reimbursement as Non-Income for EmployeesTypically, any money received by an employee from their employer, such as salary, incentives, or commissions, is categorized as income. However, when an employ...
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Challenges Faced by Assessees Due to Arbitrary Denials of Section 154 Rectification Applications
The recent dismissal of a rectification request under Section 154 of the Income Tax Act, 1961, by the Income Tax Department without adequate explanation has sparked criticism. This lack of transparenc...
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Reduction of ROC Penalty for DIN Rule Breach Recognizing Small Company Status
Background Context M/s MPS Distributors Private Limited lodged an appeal contesting the Registrar of Companies, Kolkata's adjudication order dated 13th June 2024, referenced as ROC/Adj/307/091147/2023...
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Regulatory Framework for Female Directors in Corporate Boards
The push for gender diversity in boardrooms has gained momentum, especially with the implementation of the Companies Act, 2013 (the Act). Under this Act, corporations are mandated to have at least one...
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Comparative Analysis of Private Placement and Preferential Allotment
IntroductionIn the framework of the Companies Act, businesses in India have multiple channels for raising capital. These avenues include public offerings, as well as targeting shareholders or employee...
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Inter-Corporate Guarantees in India
Unveiling the Truth about Inter-Corporate Guarantees in IndiaIntroduction to Corporate Guarantees Corporate guarantees play a pivotal role in the financial landscape, particularly among companies with...
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Dematerialization Procedures for Private Company Shares
Overview: In accordance with the amendments instituted by the Ministry of Corporate Affairs in October 2023, all private company shares must be dematerialized by the deadline of September 30, 2024. Th...
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Commencement of GST Appeal Limitation Period from Rectification Order Date
SummationThe Madurai Bench of the Madras High Court clarified a crucial aspect regarding the commencement of the limitation period for filing an appeal under GST. In the case between SPK and Co. and t...
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Understanding the Role of the Foreign Assets Investigation Unit (FAIU) in India
Introduction to FAIUOverview of FAIU(i) The Foreign Assets Investigation Unit (FAIU) was created under the Directorate General of Income Tax (Investigation) to bolster the nation's financial integrity...
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Revised Listing Regulations: SEBI's Immediate Changes
IntroductionOn December 12, 2024, the Securities and Exchange Board of India (SEBI) announced notable modifications to the Listing Regulations. These changes took immediate effect, incorporating numer...