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Issuance of Summons in Criminal Cases: A Crucial Examination
IntroductionIn India, the pursuit of a monetary claim through the court system often proves to be a protracted and taxing process. As a result, parties aggrieved in civil matters sometimes resort to i...
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Input Tax Credit Pertaining to Exempt Supplies and Reverse Charge Mechanism
Overview: The provisions for Input Tax Credit (ITC) under the Goods and Services Tax (GST) framework, specifically under Section 17, elaborate on the handling of credits when resources are utilized fo...
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GST on Mining Royalties Post Landmark Supreme Court Verdict: Has Final Clarity Been Achieved?
Overview: A recent decision by the Supreme Court's nine-judge bench clarified that mining royalties are contract-based payments between the mining lessee and the state, rather than a form of taxation....
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Madras High Court Confirms Intelligence Officers' Authority Under GST
Overview: The Madras High Court case, Tvl. Sri Paranjothi Traders v. State Tax Officer (Intelligence), affirmed the capacity of a State Intelligence Officer to issue orders under the Central Goods and...
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Evaluation of Input Tax Credit on Construction-Related Activities in GST
Overview of the Supreme Court RulingThe Supreme Court dealt with the issue of eligibility for Input Tax Credit (ITC) on construction-related activities in India, as outlined in the case of Chief Commi...
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GST Not Applicable on Extra Neutral Alcohol for Alcoholic Liquor Production in India
OverviewThe taxation of Extra Neutral Alcohol (ENA) in India has been under debate due to its dual use in making both drinkable and industrial alcohol. Alcoholic beverages for human drinking purposes...
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GST Amnesty Initiative 2024: Relief from Interest and Penalties
OverviewThe GST Amnesty Initiative for 2024, effective starting November 1, 2024, involves modifications in the CGST Act encompassing Section 128A and Rule 164. These amendments focus on waiving inter...
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Section 43B(h): Effects on MSME Payments as per the Income Tax Act
The Finance Act, 2023 introduced a new provision, Section 43B(h), which is aimed at ensuring timely payments to Micro, Small, and Medium Enterprises (MSMEs). This provision disallows deductions for ex...
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GST Compliance Timetable for November 2024
Updated GST Compliance Timetable for November 2024OverviewNovember 2024 marks an important period for businesses to focus on their GST compliance obligations to ensure smooth functioning and to preven...
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New Reverse Charge Mechanism Time of Supply Regulations from 1st November 2024
Overview:The Finance (No. 2) Act of 2024 introduces significant amendments to the CGST Act, effective from November 1, 2024, impacting the time of supply rules for transactions under the Reverse Charg...
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GST Amnesty Scheme 128A: Waiver of Interest and Penalty for FY 2017-18, 2018-19, and 2019-20
1. Overview of GST Amnesty Scheme 128AThe GST Amnesty Scheme under Section 128A is designed to provide relief to assessees concerning non-fraudulent tax liabilities for the fiscal years 2017-18, 2018-...
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Understanding Composite and Mixed Supply Under GST
In many scenarios, vendors provide their offerings as bundles or packages, which may be inherently associated or otherwise. These combined supplies might include multiple goods or services or a mix of...
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How Artificial Intelligence is Shaping Future Assessment Practices
Artificial intelligence, commonly known as AI, is revolutionizing various sectors, including education. Its integration into assessment methodologies is transforming traditional evaluation processes,...
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Compliance Challenges in Private Placement Offers: An Analysis of M/s Richesm Healthcare Ltd
IntroductionThis article delves into a case concerning the repetitive private placement offers made by M/s Richesm Healthcare Limited, a company located in Noida, without closing previous offers as ma...
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Guidelines on Maximum Dividend Distribution by Indian Companies
Overview:The distribution of dividends by companies in India is primarily regulated by Section 123 of the Companies Act, 2013, along with the Companies (Declaration and Payment of Dividend) Rules, 201...
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Prioritizing Debt Payments: Navigating Between Bank Loans and Income Tax Dues
Prioritizing Loan Repayment: Bank Loans vs. Income Tax ObligationsBackground and Legal ContextThe Madras High Court recently issued a judgement (161 taxmann.com 389) highlighting the precedence of ban...
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Income Tax Reassessment: Key Insights from Supreme Court Decisions in Ashish Agarwal and Rajeev Bansal
Reevaluating Re-assessments under the Income Tax Act, 1961 in Context of Supreme Court Verdicts: Ashish Agarwal and Rajeev Bansal1. Introduction:The process of reassessment is implemented to evaluate...
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Complexities of Section 74 in Launching Proceedings Under GST Regulations
Understanding the Complexities of Section 74 for Initiating GST ProceedingsOverviewUnder the GST framework, Sections 73 and 74 of the CGST Act outline the procedure for addressing unpaid or insufficie...
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Chapter X of the Income Tax Act and Its Inapplicability to Non-Associated Enterprise Transactions
Overview: Chapter X of the Income Tax Act is primarily focused on regulating transfer pricing for transactions involving Associated Enterprises (AEs). It aims to ensure that these transactions are con...
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Understanding the Effects of the Newly Introduced Income Tax System on Salaried Employees
IntroductionIf tomorrow brought the promise of reduced taxes for your existing income, it would be cause for celebration. This is the allure of the revised tax system for many high-income individuals—...