All articles

Overview of MCA Demat RequirementsThe Ministry of Corporate Affairs (MCA) has implemented a requirement for Non-Small Private Companies to dematerialize their shares, effective from October 2023. Acco...

Overview of the Case3F Industries Limited (ITA No 434/VIZ/2024), an Indian multinational manufacturing firm located in Tadepalligudem, Andhra Pradesh, follows the mercantile system of accounting. In t...

SummaryThe Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 was introduced to tackle the issue of unreported foreign earnings and properties, brought into effect fol...

Comprehensive Tax Overview on Employee Stock Option Plans (ESOPs) for Employees and EmployersIntroduction to ESOPsEmployee Stock Option Plans (ESOPs) have become a widely adopted employee benefit sche...

The Genesis of Rule 96(10): Restriction on RefundsRule 96(10) of the Central Goods and Services Tax (CGST) Rules, 2017, was formulated with a primary focus on limiting exporters from claiming refunds...

IntroductionBackground of the CaseUnder the Companies Act 2013, specifically subsection (3) of section 173, it is imperative for companies to give written notice to every director before holding board...

Background of the SituationThis piece investigates the consequences of not signing corporate financial statements as required by Indian law. M/s Loin Technology Private Limited, established under the...

Introduction to Challenges and Government InitiativesIndia currently faces a significant challenge in the form of chronic unemployment, particularly affecting educated youth from economically weaker s...

IntroductionThe Income Tax Act of 1961 mandates taxation on capital gains arising from the transfer of a capital asset by an assessee. However, exemptions exist to mitigate this, particularly under se...

Overview: In the recent ruling of Pr. CIT v. Naveen Kumar Gupta (2024) TaxCorp (DT) 93902 (HC-DELHI), the Delhi High Court has brought clarity to the procedural nuances involved in the reassessment of...

Contextual PreludeHusband and Wife's Discussion on Employment: In a candid exchange, the husband expresses concerns that income tax authorities might consider any salary paid to their son, working at...

Overview: In the framework of India's Goods and Services Tax (GST), understanding the concepts of Time of Supply (ToS) and Place of Supply (PoS) is essential for correctly determining tax liabilities...

OverviewThe Central Goods and Services Tax (CGST) Act, 2017, outlines differing time frames for appealing and rectifying decisions: assessees are given three months, while the department is afforded s...

Overview of the AAAR RulingIn a notable ruling, the Uttar Pradesh Appellate Authority for Advance Ruling (AAAR) has clarified the Goods and Services Tax (GST) classification applicable to a cream prod...

1. Allahabad High Court Rules on Section 130's Inapplicability in Excess Stock CasesThe Allahabad High Court, in the case of Vijay Trading Company v. Additional Commissioner (Writ Tax No. 1278 of 2024...

Overview: The terms "appointed date" and "effective date" are pivotal in the context of a scheme of arrangement. The "appointed date" is crucial for determining when transactions become effective unde...

Introduction to Tax Collected at Source (TCS) and Tax Deducted at Source (TDS)Over recent years, the Indian tax framework has implemented new strategies to enhance compliance and curb tax evasion. Amo...

Introduction to TDS Defaults and Legal ImplicationsThere has been a notable increase in the initiation of prosecution under Section 276B of the Income-tax Act, 1961 (hereafter referred to as 'the Act'...

Background of the SituationThe Companies Act of 2013 mandates that directors disclose their interests in companies, firms, or other associations during the first board meeting or whenever there is a c...

Crucial Aspects of Reporting Global Income and Assets Accurately by AssesseesIn an era of expanding global financial interactions, it is paramount for assessees to ensure precise reporting of their ov...