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Major Amendments in Form 3CD for AY 2025-26: Key Updates in Income Tax Audit Rules
Overview of Recent Amendments in Form 3CDThe Central Board of Direct Taxes (CBDT) has introduced significant revisions to Form 3CD for the Assessment Year 2025-26. These updates center around five mai...
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Refund of Unutilized Input Tax Credit upon Business Closure under GST: Analysis of SICPA India Private Limited vs. GST Authorities
Background and Key Eventsi. Parties Involved and Business CircumstancesSICPA India Private Limited, a company specializing in security inks and related solutions, was registered for GST in the state o...
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Revised Article: Zero GST on Health Insurance in India: An Analytical Perspective on Reform, Global Practices, and Potential Pitfalls
Introduction: Evolution of Health Insurance Taxation in Indiai) Shifting Trends in Health Insurance PenetrationHealth insurance has historically experienced minimal uptake in India, as individuals wer...
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GST 2.0: Rate Reductions—Implications for Unregistered Retailers
Introduction: GST Rate Reductions and Their Unintended ConsequencesThe introduction of the Goods and Services Tax (GST) was intended to harmonize India’s indirect tax system and create a seamless mark...
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GST Rate Rationalization and Effective ITC Management After the 56th GST Council Meeting
Overview of GST Rate Rationalization Post-56th Council MeetingThe 56th meeting of the GST Council has brought in significant changes from 22 September 2025, aiming to simplify the rate structure by re...
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GST 2.0: Reshaping India’s Indirect Tax Landscape
Introduction to GST 2.0: A New Era in Indirect TaxationGST 2.0 signifies a major overhaul of India’s indirect tax system, focusing on simplifying the rate structure and easing compliance for assessees...
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GST 2.0: Practitioner’s Guide to Compliance and Preventive Measures for Upcoming Assessment Years
1. OverviewThe rollout of GST 2.0, commencing from September 22, 2025, represents a pivotal evolution in India’s indirect taxation regime. This guide offers a comprehensive compliance matrix tailored...
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Rule 42 of GST: Proportionate Reversal of Input Tax Credit (ITC) on Inputs and Input Services in Case of Exempt Supplies
OverviewRule 42 of the Central Goods and Services Tax Rules, 2017, lays down the framework for the proportionate reversal of Input Tax Credit (ITC) relating to inputs and input services, when a regist...
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Determining Employment Status of Consultant Doctors for TDS Purposes: Key Takeaways from CIT (TDS) Vs Dr. Balabhai Nanavati Hospital (Bombay High Court)
Background and Issues Before the CourtIn the case of CIT (TDS) Vs Dr. Balabhai Nanavati Hospital, the Bombay High Court reviewed whether consultant doctors, who do not receive Provident Fund (PF) or E...
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Section 44AD vs. 44ADA: Tax Compliance Challenges for Content Creators and Consultants
Introduction: Taxation Dilemmas for Digital Professionals and ConsultantsThe evolving landscape of digital content creation and consultancy has brought unique compliance issues under the Indian Income...
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From Mistake to Correction: A Comprehensive Guide to Filing a Revised Income Tax Return
IntroductionFiling Income Tax Returns (ITR) can be a stressful process, especially with looming deadlines and technical hiccups on the e-filing portal. In such haste, it is common for assessees to mak...
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Reinterpreting “Undertaking” for Investment Demergers: Legal and Practical Perspectives
IntroductionThe definition and scope of the term “undertaking” under Indian company law and tax statutes, especially where investment portfolios are involved, has created substantial interpretative ch...
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Directors Penalised for Incomplete Disclosure of Related Party Transaction Voting in Statutory Registers under Companies Act
1. Case IntroductionThe Registrar of Companies, Coimbatore, during an inspection of M/s. Kovai Medical Center and Hospital Limited’s statutory records, observed non-compliance with mandatory requireme...
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India’s Income-tax Act, 2025: A New Paradigm in Direct Taxation
Introduction: Ushering in a New Era of TaxationIndia’s Income-tax (No. 2) Act, 2025, marks a landmark transformation in the nation’s direct tax regime—the most sweeping revision since the 1961 Act. Ef...
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Limitation of Benefit Provisions in Double Taxation Avoidance Agreements: An Indian Perspective
Overview of DTAAs and the Need for LOB ClausesDouble Taxation Avoidance Agreements (DTAAs) play a crucial role in international tax regulation, ensuring that income is not subjected to taxation in bot...
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GST Council’s 56th Meeting: Comprehensive Overview of Tax Rate Adjustments and Systemic Reforms
1. Introduction: A New Era in GST ImplementationThe 56th session of the GST Council convened on September 3, 2025, in New Delhi, marked a pivotal development in India’s taxation system. Under the lead...
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Clarification on GST Rate Revisions: Input Tax Credit, Pricing Adjustments, and Time of Supply
Introduction Changes in GST rates frequently raise queries regarding their impact on input tax credit (ITC), pricing to consumers, and the determination of the applicable tax rate for outward supplies...
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GST 2.0: Modernized Tax Framework, Key Benefits, and Compliance Essentials
The Government of India, following the 56th meeting of the GST Council on September 3, 2025, has introduced a path-breaking reform titled “GST 2.0.” This reform, which was referenced by Prime Minister...
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GST Implications on Post-Sale Discounts: Analysis up to Circular No. 251/08/2025-GST
Overview of Recent Developments on Post-Sale DiscountsThe Central Board of Indirect Taxes and Customs (CBIC) has released Circular No. 251/08/2025-GST dated 12 September 2025, providing updated guidan...
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Belated ITR Filing for Assessment Year 2025: Penalties, Interest, and Consequences of Missing the Due Date
Understanding Belated Income Tax Return Filing for AY 2025(i) Meaning of Belated ITR Filing(a) For individuals whose accounts are not subject to audit, the statutory due date for filing the Income Tax...