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Assessment Orders and Their Deviation from Appellate Directions: Concerns for Taxpayers
OverviewIn the realm of income tax proceedings, taxpayers are often required to stay alert alongside an observant officer as the process moves through various authorities such as Commissioner of Incom...
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Computing the Value of Rent-Free Accommodation Perquisite
1. IntroductionThe method of determining the value of rent-free accommodation provided as a perquisite by employers is primarily governed by Section 17 of the Income Tax Act, 1961. This section define...
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From Policy to Practice: Optimal Implementation of the POSH Act in India
Introduction to Corporate Governance in India: Corporate Governance has gradually evolved in India since the initial guidelines were issued by the Securities and Exchange Board of India (SEBI) in 2000...
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Consideration of Online Appeal Filing Date When Orders are Uploaded on GST Portal
Overview of Online Appeal Filing in GST ContextThe Madras High Court has clarified in the case of Sunbeam Generators (P.) Ltd. v. Additional Commissioner (Appeals-I) [W.P. No. 16140 of 2024] that the...
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Integration of Income Under Section 64: Major Provisions
Overview: Section 64 of the Income Tax Act outlines the integration, or clubbing, of incomes where earnings from certain individuals such as spouses, minor children, or other dependents are incorporat...
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In-Depth Examination of SPL Forms under the GST Framework
The Goods and Services Tax (GST) system has established Special Procedure Law (SPL) forms to aid assessees in managing waiver requests for interest and penalties in line with Section 128A of the Centr...
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Addressing the Misappropriation of Input Tax Credit (ITC) Under Incorrect Tax Heads
1. IntroductionThe implementation of GST, with its principle of "One Nation, One Tax, One Market," consolidates various taxes into GST, distributed under the following categories:IGST - Transactions b...
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GST Regulations for Second-Hand Vehicle Transactions: A Comprehensive Guide for Assessees
Editorial Note: This article provides an in-depth analysis of the Goods and Services Tax (GST) framework applicable to used vehicle sales in India. It aims to elucidate the complex tax implications fo...
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Interest Not Applicable Unless ITC is Both Availed and Used: Calcutta High Court's Ruling
1. Introduction The Calcutta High Court in the landmark case of M/s Utpal Das v. State of West Bengal (2024) TaxCorp(GST) 45081 (HC-CALCUTTA) asserted that interest on wrongly availed Input Tax Credit...
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ITC Claims in Incorrect Tax Categories: Avoiding Legal Challenges
Navigating the Complexities of Input Tax Credit Utilization Under GST 1. Introduction to GST and ITC Challenges The Goods and Services Tax (GST) regime, implemented with the vision of "One Nation, One...
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Analysis of BOT Contracts Under Indian GST Laws: A Critical Examination of the MP High Court Ruling
1. Introduction to BOT Projects and Their Legal ImplicationsBuild-Operate-Transfer (BOT) projects have become a cornerstone of infrastructure development in India. These projects involve a complex arr...
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Special Framework for Amending Orders with New Sections 16(5) and 16(6)
OverviewThe Indian government's adoption of GST Council's suggestions led to the Finance (No. 2) Act, 2024, introducing new subsections (5) and (6) to Section 16 of the CGST Act, 2017. These changes,...
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Examining the Disallowance of Rebate under Section 87A for Capital Gains Tax
OverviewThe Income Tax Department's recent approach to processing tax returns has led to unexpected tax demands, especially for those with capital gains income. This stems from the incorrect disallowa...
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Consequences of Non-Compliance in TDS/TCS & Measures to Prevent It
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are crucial elements of the Indian tax framework, designed to enhance tax compliance and ease the financial burden on assessees by preven...
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ITAT Special Bench Ruling: Clarification on Post-Search Deduction Claims
Introduction The Special Bench of the Hyderabad Income Tax Appellate Tribunal (ITAT) has delivered a significant ruling that clarifies the rules regarding fresh claims of deductions under Chapter VIA...
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Section 143(2) Notices: Validation by ACIT/DCIT (International Taxation) and CBDT Authority
Jurisdiction and AuthorityThe Delhi High Court has affirmed that the Assistant Commissioner of Income Tax/Deputy Commissioner of Income Tax (International Taxation), Circle-1 (1)(1), Delhi (2024) TaxC...
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Analysis of Notification No. 09/2024-Central Tax (Rate): Implications for Related and Distinct Persons under GST
1. IntroductionNotification No. 09/2024 – Central Tax (Rate), effective from 10.10.2024, has introduced significant alterations in the Reverse Charge Mechanism (RCM) for renting commercial properties,...
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Provision Relaxation for Smaller Listed Entities: Clarifications on Corporate Governance Compliance by SAT
IntroductionListed entities in India are subject to rigorous compliance mandates, driven by the need for accountability due to public funding and retail investor participation. The Securities Exchange...
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Decoding the Rajiv Bansal Ruling: Implications for Reassessment Notices in AY 2015-16
Overview and Key Considerations (i) Resolution of Critical IssuesThe Supreme Court's judgment in Rajiv Bansal (2024) TaxCorp (DT) 93583 (SC) has addressed several crucial matters. A primary concern wa...
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Exploring Tax Benefits for Startups: Leveraging New Prospects in India
Introduction The Startup India initiative, launched by the Ministry of Commerce and Industry through the Department for Promotion of Industry and Internal Trade (DPIIT) on 16 January 2016, aims to boo...