-
New Guidelines on Reverse Charge Mechanism Self-Invoicing from November 1, 2024
Overview of CBIC's Recent NotificationThe Central Board of Indirect Taxes and Customs (CBIC) issued Notification No. 20/2024 - Central Tax on October 8, 2024. This directive unveils significant modifi...
-
GST Input Tax Credit Restrictions on Works Contracts and Construction
Introduction:India's construction and works contract sector substantially contributes to the nation's economic momentum by generating jobs and developing infrastructure. The advent of the Goods and Se...
-
Detailed Overview of GST TDS and Reverse Charge Mechanism in the Metal Scrap Sector
IntroductionThe 54th GST Council Meeting introduced significant changes affecting the taxation framework for metal scrap under the Goods and Services Tax. Specifically, two major updates were unveiled...
-
Understanding Recent Changes in Income Tax Reassessment in India
In a pivotal shift, reassessment procedures under the Income Tax Act, 1961 in India witnessed significant transformation starting 1st April 2021 due to amendments brought by the Finance Act, 2021. Thi...
-
Special Approach for Correcting GST Orders Under Section 148: ITC Adjustment
IntroductionThe GST Council has put forward a unique procedure as delineated in Section 148 of the CGST Act, 2017. This initiative aims to reconcile historical disparities in Input Tax Credit (ITC) cl...
-
Abolish Section 194T: TDS on Partners' Salary and Interest
Abolition of Section 194T: TDS on Partners' Salary and InterestOverview: The advent of Section 194T, slated for activation on April 1, 2025, introduces a 20% tax deduction at source (TDS) on salaries,...
-
Navigating Income Tax Notices for Salaried Individuals in India
Understanding the Importance of Income Tax ComplianceIncome tax compliance is crucial for individuals deriving income from salaries. With the income tax department employing advanced data analytics an...
-
Scrutinizing Circular Transactions Under SEBI Regulations
1. Investigating SEBI's Regulatory Attention to Circular TransactionsThe Securities and Exchange Board of India (SEBI) remains committed to promoting transparency in corporate financial disclosures, e...
-
GST Registration Cancellation Cannot Be Denied Due to Tax Investigation
OverviewThe Delhi High Court, in a significant decision in the case of M/s Sanjay Sales India v. Principal Commissioner of Department of Trade and Taxes, Government of NCT, Delhi, pronounced that the...
-
Reasons Behind Issuance of Income Tax Notices: Understanding and Compliance Strategies
Introduction:The recent surge in income tax notices can be attributed to enhanced data analytics by the tax authorities and the rise in digital transactions, which has intensified scrutiny. Notices ma...
-
Latest Communications from GSTN on Portal Improvements and Compliance Directions
Overview of GST Advisories Issued in November 2024GST Network (GSTN) has disseminated essential guidance to assessees, elaborating on numerous compliance standards and enhancements recently configured...
-
Classification of Hydrated Lime with Less Than 98% Calcium Content Under GST Regulations
OverviewThe Rajasthan Authority for Advance Rulings (AAR) in the case of M/s Balveer Singh [Advance Ruling No. RAJ/AAR/2024-25/2017] provided clarity on the Goods and Services Tax (GST) classification...
-
Initiation of Penalty Under Section 130 of the CGST Act for Excess Stock: Legal Insights
OverviewThe Allahabad High Court in the case involving PP Polyplast (P.) Ltd. v. Additional Commissioner Grade 2 [Writ Tax No. 1183 of 2024, dated July 30, 2024] ruled that imposing penalties under Se...
-
Supreme Court's Landmark Decision on Tax Reassessment: Challenges and Implications
India recently witnessed a significant transformation in its tax laws due to the Supreme Court's decision in Union of India v. Rajeev Bansal, bringing profound changes to tax reassessment processes. T...
-
Taxation After Mergers: Evolution of Corporate Identity in Indian Tax Legislation
Introduction: Evolution in Corporate Taxation Laws With a landmark verdict from the Delhi High Court in the case of Religare Securities Limited v. Income Tax Officer in September 2024, India's corpora...
-
Admissibility of Loans under IBC for Breaches of Section 186 of the Companies Act, 2013
IntroductionSection 186 of the Companies Act, 2013 stipulates that a company cannot extend loans that exceed 60% of its paid-up share capital, free reserves, and securities premium account, or 100% of...
-
GST Act, 2017: Mandatory Registration Overview
1. Introduction to GST RegistrationThe registration under the Goods and Services Tax Act, 2017, serves as a vital compliance measure for enterprises. Suppliers exceeding an annual turnover of ₹20 lakh...
-
M&A and GST: Essential Considerations
Overview: Mergers and acquisitions (M&A) have become a cornerstone of modern business strategy. In executing these complex transactions, a critical area of focus is conducting comprehensive due dilige...
-
Royalty and Taxation in India: An In-Depth Legal Perspective
1. OverviewThe debate regarding whether royalty qualifies as a tax has been a longstanding legal issue within India, significantly impacting state finances and the mining industry. Important clarifica...
-
GSTN Guidance on the GST Relaxation Initiative under Section 128A
IntroductionIn an effort to reduce tax burdens and mitigate disputes, the GST Council recommended a relief initiative during its 53rd meeting, as articulated in Section 128A of the CGST Act, 2017. Thi...