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Evolving Landscape of Intermediary Services under GST
1. Introduction: Evolving Landscape of Intermediary Services under GSTIntermediary services have consistently been a contentious and litigated area within India’s indirect tax regime, both before and...
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Significant Income Tax Reforms Effective from 1st April 2026
IntroductionNumerous amendments to income tax laws in India have come into force starting 1st April 2026, marking the commencement of the Tax Year 2026-27. These reforms center around the enforcement...
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Impact of Section 292BC on the Legal Framework of Section 153D: An Analytical Overview
1. Legislative Framework(i) Requirement of Prior Approval under Section 153DSection 153D of the Income Tax Act mandates that assessment or reassessment orders in search or requisition cases, issued by...
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Presumptive Taxation for Businesses under the Income-tax Act, 2025: An In-depth Review
OverviewPresumptive taxation was designed as a compliance-friendly approach for small businesses, enabling assessees to declare income at a fixed percentage of turnover, thus removing the necessity to...
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The End of the 1962 Regime: Key Strategies and Transitional Dynamics Under the Income-tax Rules 2026
1. Overview of the Regulatory ShiftThe Central Board of Direct Taxes (CBDT) has brought forth the new Income-tax Rules, 2026, which will become operative only with the enforcement of the Income-tax Ac...
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In-depth Overview of Key Modifications in ITR Forms for Assessment Year 2026-27
The Central Board of Direct Taxes (CBDT) has issued the latest versions of ITR Forms 1 to 7, along with ITR-V and ITR-U, for Assessment Year 2026-27, covering income earned during the Previous Year 20...
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Deadline for Imposing Penalties under Income Tax Law: An Analysis
Introduction: Judicial Perspective and Legislative IntentThe Supreme Court, in the landmark case of ITO v. Ch. Atchaiah (1996) 218 ITR 239 (SC), established that the rightful assessee is obligated to...
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Outward Remittance Tax Compliance in India: Transition from Forms 15CA/15CB to Forms 145/146
Overview of the New Compliance RegimeFrom 1 April 2026, India’s cross-border remittance compliance landscape will undergo a significant overhaul. The long-standing Forms 15CA and 15CB, integral to the...
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In-depth Overview of Amendments in the Finance Bill 2026 as Passed by Lok Sabha
On March 25, 2026, the Lok Sabha approved the Finance Bill 2026 (hereafter, 'Finance Bill (Lok Sabha)'), introducing several key changes to the original proposals. The bill, while retaining most of th...
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Minimum Alternate Tax (MAT): Key Judicial Doctrines and Transition under the Income-tax Act, 2025
OverviewIndia’s new Income-tax Act, 2025 (effective from 1st April 2026), together with the Finance Bill 2026, fundamentally reshapes the Minimum Alternate Tax (MAT) regime for companies. Section 206...
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MSME Form I: An In-depth Guide to Compliance and Disclosure Requirements
Overview and BackgroundMicro and Small Enterprises (MSEs) are fundamental to India’s economic landscape, contributing significantly to employment, manufacturing, and exports. Despite their importance,...
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Is Section 122 GST Penalty Provision Timeless? An Analysis of the Limitation Period for Issuing Notices under Section 122
Introduction: The Question of Perpetuity in Section 122Section 122 of the Central Goods and Services Tax Act, 2017 (CGST Act), along with related sections such as Sections 122A, 122B, 123, and 125, em...
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Analysis of Sham Transactions under the Benami Property Transactions Act: Unresolved Definitional Issues
1. Introduction: Regulatory Background and Legislative EvolutionThe Prohibition of Benami Property Transactions Act, 1988 (hereafter “1988 Act”), significantly amended by the Benami Transactions (Proh...
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Major GST Reform for Global Capability Centers: Implications of the Finance Act 2026 for Service Exporters
OverviewMultinational corporations' Global Capability Centers (GCCs) in India, which provide a range of services such as IT, R&D, finance, analytics, and support, have historically faced a critical GS...
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GST Implications on Sale of Old Motor Vehicles by Restaurant Composition Dealers: Rate, Valuation, and Legal Framework
Introduction and Scenario OverviewA practical situation involves a registered assessee who has opted for the Composition Scheme under Section 10(1)(b) of the Central Goods and Services Tax (CGST) Act,...
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Is Section 179 of the Companies Act, 2013 a Complete Code?
1. Overview: Is Section 179 of the Companies Act, 2013 a Complete Code?Section 179 of the Companies Act, 2013 is often misunderstood as a comprehensive catalogue of the Board’s powers, particularly du...
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Understanding Foreign Investment Regulations in India’s Retail Sector
Introduction: Opportunities and Regulatory LandscapeIndia’s retail sector is witnessing robust growth, fueled by increased consumer demand, digital transformation, and the expansion of organized retai...
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Refund Mechanism under Section 54 of the CGST Act, 2017: Judicial Trends and Practical Perspectives
1. OverviewSection 54 of the Central Goods and Services Tax (CGST) Act, 2017, is rooted in the constitutional principle that tax collection must be legally justified. It grants assessees the right to...
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GST Forms ASMT-10, DRC-01B, and DRC-01D: Understanding Their Roles in Scrutiny, Self-Assessment, and Recovery under the CGST Act, 2017
Overview: The Evolving GST Compliance FrameworkSince its inception, the Goods and Services Tax (GST) regime has aimed to simplify indirect taxation. However, over time, a complex set of compliance and...
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Re-examining Coparcenary Rights: Grandchildren’s Entitlement in the Maternal Grandfather’s HUF
Introduction: Revisiting Coparcenary and Inheritance Rights in HUFsThe issue of whether grandchildren, specifically the children of a daughter, possess coparcenary rights in the Hindu Undivided Family...