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Domestic Transactions: A New FrontierThe Transfer Pricing Officer (TPO) is set to gain significant powers to deal with domestic transactions, a move aimed at strengthening the country's transfer prici...

In a significant move aimed at easing compliance burdens and addressing the challenges faced by businesses during the initial implementation of the Goods and Services Tax (GST), the Union Budget 2024...

The Union Budget has introduced a series of proposals to incentivize operations in International Financial Services Centres (IFSC), aiming to stimulate investment and employment. The proposed amendmen...

The GST Council has proposed several significant changes to the Goods and Services Tax (GST) regime, aimed at simplifying and clarifying various provisions. These proposals are designed to address con...

Retrospective Amendment Proposed for Transitional Credit ProvisionEnhancing Availment of Transitional Credit for Input Services DistributorsThe Finance Minister has proposed a significant retrospectiv...

Streamlining Tax Exemption RegimesThe Union Budget has proposed a significant overhaul of the tax exemption regimes for charitable trusts, aiming to merge two existing regimes into one. This move is d...

GST Council's Recommendations ImplementedThe Budget 2024 has proposed a significant amendment to the GST laws, in line with the recommendations made by the GST Council during its 53rd meeting. This am...

Union Budget 2024-25The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, introduced significant changes to the capital gains tax structure in India. One of the most notable chan...

Tax ReformsStandard Deduction Increased: The standard deduction for the new ITR regime has been increased to Rs 75,000.Revised Tax Rates: Tax rates have been revised for all income slabs, resulting in...

Understanding Section 54B of the Income Tax Act, 1961Section 54B of the Income Tax Act, 1961, provides a valuable exemption to individuals and Hindu Undivided Families (HUFs) who transfer their agricu...

Background of the CaseThe Delhi High Court's decision in the case of PCIT Vs Pavitra Realcon Pvt. Ltd. revolves around the complexities of tax assessments following a search and seizure operation. The...

Time Limit f or Availing ITC under Reverse Charge Mechanism (RCM)The introduction of Section 9(4) of the CGST Act under GST was initially challenging for recipients. It required them to pay tax on sup...

Understanding Input Tax Credit (ITC) under GST: Rules & BenefitsAbstract Input Tax Credit (ITC) is an essential feature of the Goods and Services Tax (GST) system, allowing businesses to reduce their...

IntroductionThe 53rd GST Council Meeting clarified the valuation of corporate guarantees, building on the 52nd meeting's decisions about personal guarantees by directors and corporate guarantees, incl...

IntroductionThe concept of "Supply" under the GST Act, 2017, is quite unique. It includes certain supplies for which no consideration has been received, such as the supply of goods or services between...

Goods and Services Tax (GST) system in India allows for the refund of tax paid on inward supplies of goods by the Canteen Store Department (CSD), as outlined in Circular No. 227/21/2024-GST issued by...

The 53rd GST Council Meeting was held on 22nd June, 2024 in New Delhi under the Chairmanship of Hon’ble Union Finance Minister. The GST Council has introduced several reforms aimed at easing complianc...

Preface: Steering the country through compacts and consensus The economy continues to expand In April, we commenced a new financial year. In May, we learnt that the Indian economy is estimated to have...

IntroductionSection 87A of the Income Tax Act, 1961, offers a rebate of up to ₹25,000 for individual taxpayers whose income is below ₹7 lakh under the new tax regime. This provision ensures that indiv...

IntroductionSection 87A of the Income Tax Act offers a rebate of ₹25,000 for individual taxpayers whose income is below ₹7 lakh under the New Taxation regime. This article explores the significant iss...