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Comprehensive Guide to ITC Reporting in GSTR-9 for FY 2024-25
Overview of ITC Reporting in GSTR-9The reporting of Input Tax Credit (ITC) in the GSTR-9 annual return for the financial year 2024-25 involves precise categorization of claims, reversals, and reclaims...
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Incorrect Reporting of Board Meetings in MGT-7: Penalty Imposed on Company and Directors under Section 134 of Companies Act, 2013
Overview of the Matter(i) Background of the CaseThis article delves into the regulatory action taken against Tech Matrix Solutions Private Limited, a company headquartered in Pune, Maharashtra. The Re...
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Comprehensive Guide to Vehicle and Goods Detention under GST: Appeal, Detention Procedures, and Penalty Refund
1. OverviewThe detention of goods and vehicles under the Goods and Services Tax (GST) framework is a frequent source of disputes between assessees and tax authorities. While the Central Board of Indir...
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Addressing Non-Payment Issues under GST: Remedies Beyond the Portal
Introduction to Non-Payment Scenarios under GST(i) Overview and Context(a) In India’s Goods and Services Tax (GST) environment, timely payments are essential for maintaining healthy cash flows and bus...
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Restrictions on Late Withdrawals and Fresh Claims through Time-Barred Revised Returns: Supreme Court Guidance
Judicial Standpoint on Late Claims and Fresh Claims in Income Tax Returnsi) Supreme Court Precedents and Their Implications(a) The Supreme Court has firmly reiterated in Goetze (India) Ltd. v. CIT [20...
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Infosys Share Buyback 2025: Tax Implications for Long-Term Shareholders
1. Overview of Infosys Share Buyback Announcementi. Background of the BuybackInfosys, on 12th September 2025, initiated its largest-ever buyback proposal to repurchase 10,000 shares, equating to rough...
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Key Insights from the Telangana High Court Decision on GAAR
OverviewJohn Maynard Keynes’ famous observation that “the avoidance of taxes is the only intellectual pursuit that still carries any reward” succinctly expresses the persistent tension between legitim...
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Presumptive Taxation Scheme in India: Overview, Eligibility, and Key Considerations
Introduction to Presumptive Taxation Schemes(i) Concept and Legislative BackgroundThe Income Tax Act, 1961, under various provisions such as sections 44AD, 44ADA, and 44AE, introduces presumptive taxa...
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Frequently Asked Questions on Taxation of Income from House Property
1. Overview of House Property Income TaxationRental proceeds are taxed under the head "Income from House Property" exclusively in the hands of the legal owner or deemed owner of the property, as speci...
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Understanding Salary Income: Key Issues and Clarifications
Overview of Salary Income under Indian Tax Laws(i) Definition and Scope of Salary IncomeSection 17 of the Income-tax Act, 1961, outlines what constitutes salary income. In essence, salary includes any...
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GST on Online Gaming in India: The 28% Levy, Retrospective Taxation, and Constitutional Questions
1. Overview of the Online Gaming Sector and GST Implementation1.1 Rapid Digital Expansion and Taxation ChallengesIn recent years, India’s online gaming sector has surged in popularity, drawing in mill...
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The New MSME-1 (V3) Regime: Essential Compliance Insights and Triggers
Introduction to MSME-1 ComplianceThe Ministry of Corporate Affairs (MCA) has mandated the filing of Form MSME-1, aiming to ensure timely payments to Micro and Small Enterprises (MSEs) and to hold comp...
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Board of Directors’ Annual Report for Base Layer NBFC-MFI
Dear Members,The Board of Directors is pleased to present the Annual Report of [Company Name] Private Limited (“the Company”) along with the audited financial statements for the financial year ending...
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Comprehensive Guide and Checklist for Rights Issue of Shares in a Private Limited Company
Ensuring Compliance with Authorised Share Capital (a) Before initiating a rights issue, confirm that the proposed share issue does not exceed the company’s current Authorised Share Capital as per the...
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Understanding GST Registration Requirements: A Comprehensive Guide
Goods and Services Tax (GST) in India is a unified indirect tax system applicable to the supply of goods and services throughout the country. A cornerstone of GST compliance is timely and appropriate...
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Comprehensive Overview of New GST Registration Rule 14A: Fast-Track 3-Day Approval
Introduction to Rule 14A and Recent UpdatesThe implementation of Rule 14A, introduced via the Central Goods and Services Tax (Fourth Amendment) Rules, 2025 (Notification No. 18/2025 – Central Tax date...
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Document Identification Number (DIN) in CGST and Income Tax: A New Frontline of Legal Dispute
IntroductionThe implementation of the Document Identification Number (DIN) has emerged as a significant area of contention within both the Central Goods and Services Tax (CGST) and the Income Tax fram...
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Limitation Period under Section 54 of CGST Act Inapplicable to Refund of GST Paid on Exempt Services: Andhra Pradesh High Court’s Perspective
Background and Key Takeawaysi) Factual Matrix:(a) Nspira Management Services Private Limited (“the Petitioner”), an entity engaged in providing educational management and hostel accommodation services...
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Filing Appeals Before GST Appellate Tribunal: A Practical Guide for Business Assessees
Introduction to GSTAT and Its E-Filing SystemThe Government of India has set up the Goods and Services Tax Appellate Tribunal (GSTAT) effective from September 24, 2025. GSTAT handles appeals exclusive...
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Strict Preconditions for Invoking Section 74 GST: Allahabad High Court Interpretation
Background and Legal Context(i) Section 74 – Purpose and Statutory RequirementsSection 74(1) of the Central Goods and Services Tax Act, 2017, empowers tax authorities to issue a show cause notice and...