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Seeking Tax Relief in the UAE: The Indian Business Exodus to Dubai
Exploring the Appeal of Dubai for Indian Businesses and IndividualsIn recent times, a notable question has arisen: Why is there a surge of Indians migrating to Dubai? A thorough investigation reveals...
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Disallowances under the Income Tax Act and Tax Audit Reporting Obligations
When transition from book profit amounts to taxable income, assessees must diligently abide by various sections outlined in the Income-tax Act. This involves allowances and disallowances of incomes an...
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Tax Consequences on Share Repurchases by Domestic Companies Starting October 1, 2024
Introduction to Changes in Share Buyback TaxationWith the enactment of the Finance Act (No. 2) in 2024, effective from October 1, there are notable revisions in how share buybacks are taxed for compan...
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GST on Renting Immovable Properties: Regulations, Exemptions and Checklists
Introduction The leasing of immovable property is recognized as a service delivery under the GST regimen, warranting an 18% tax imposition. The rental of commercial properties always incurs GST charge...
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GST Act and IPC: A Ruling by MP High Court
OverviewIn a landmark ruling, the Madhya Pradesh High Court in the case of Deepak Singhal v. Union of India (Writ Petition No. 21641 of 2024) (2024) TaxCorp(GST) 43580 (HC-MP) underscored that GST aut...
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All About Notice Service under GST Law
Modes of Notice Service: Section 169 of the CGST Act, 2017Section 169(1) of the Central Goods and Services Tax (CGST) Act, 2017 specifies various methods by which the department may serve notices, whi...
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Checklist for Exemption from Interest and Penalty under Section 128A of CGST Act, 2024
IntroductionSection 128A of the CGST Act, 2017 introduces an avenue for assessees to clear outstanding tax dues without incurring interest or penalties, provided certain conditions are met. This provi...
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Director Resignation: Compliance and Procedure
According to the Companies Act, 2013, the resignation of a director is governed by Section 168.The actual date when a director's resignation becomes effective will be determined by whichever is later...
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Amendments to TDS Regulations Effective From October 1, 2024
Overview of Upcoming TDS Modifications Commencing October 1, 2024The Indian Budget for 2024 introduces pivotal changes to the Tax Deducted at Source (TDS) framework, taking effect from October 1, 2024...
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Recent Tax Rulings by ITAT: An Analysis
1. Nalanda Constructions (P) Ltd. v. DCIT I.T.A. No. 763/Kol/2022Background: Nalanda Constructions appealed against the order made by the Commissioner of Income Tax, challenging the additions by the A...
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Nil TDS Returns - Necessity and common pitfalls
Understanding the Necessity of Nil TDS ReturnsA Nil TDS Return is necessary when no TDS is deducted by an assessee within the relevant fiscal year. Filing is required even without deductions to mainta...
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Maximizing Tax Efficiency through Health-Related Deductions
Introduction: Understanding the Benefits of Section 80DSection 80D of the Indian Income Tax Act provides an avenue for individuals and Hindu Undivided Families (HUFs) to receive deductions on health i...
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Act Promptly: e-DRS – Limited Time Offer!
Overview of e-Dispute Resolution Scheme (e-DRS):The e-Dispute Resolution Scheme, also known as e-DRS, is an initiative designed to accelerate the resolution of tax disputes for smaller assessees. This...
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FMV for Long-Term Capital Gains under Section 112A
Background and PurposeThe Finance Act of 2018 introduced significant changes to the taxation of long-term capital gains on certain securities. Section 10(38), which previously provided an exemption, w...
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Mutual Fund Taxation : A Ready Reckoner
1. Overview of Mutual Fund Taxation in IndiaThe tax implications of capital gains arising from the transfer of mutual fund units are determined by the proportion of the scheme's total proceeds investe...
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Guidelines to Safeguard Rights and Interests During GST Search and Seizure Operations
The procedural framework for seizure during search operations under the GST Act, 2017, is designed to balance the government's enforcement needs with the rights of assesses. Although it grants signifi...
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Transporters Require Only Duplicate GST Invoice Copy During Transit: Karnataka High Court Ruling
Case Background:The Karnataka High Court, in the case of Kolvekar Logistics v. Joint Commissioner of Commercial Taxes (Appeals), Hubbali, (2024) TaxCorp(GST) 41800 (HC-KARNATAKA) ruled that transporte...
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Taxability of Vouchers as Goods: Insight from the UP AAR Decision
Overview and Legal ContextThe Uttar Pradesh Authority for Advance Ruling (AAR) delivered a significant judgment concerning the classification of vouchers in the case of M/s Payline Technology Pvt. Ltd...
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Obligation for Personal Hearing Before GST Registration Cancellation: Insights from Delhi HC
Comprehensive Overview: The Delhi High Court, in its ruling concerning M/s Abhishek Appliance (P.) Ltd. v. Assistant Commissioner CGST [Writ Petition (Civil) No. 8920 of 2024 dated July 03, 2024] repo...
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The Remand Authority of Appellate Bodies under GST: Key Considerations
Overview of GST Appellate Authority's RoleThe Goods and Services Tax (GST) framework in India empowers adjudicating authorities to issue decisions which can be contested before an Appellate Authority....