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Comprehensive Guide to Financial Statements under the Companies Act, 2013 and ICAI Standards
Introduction to Financial Statements in IndiaFinancial statements serve as the core instruments for financial disclosure in a corporate environment. They encapsulate a company’s financial standing and...
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Understanding Private Placement under Section 42 of the Companies Act, 2013
Introduction to Private Placement(i) Defining Private Placement(a) Section 42 of the Companies Act, 2013, governs the process through which a company may offer its securities to a select group of indi...
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Tax Deduction at Source on Common Area Maintenance (CAM) Charges: Applicability of Section 194I vs 194C
Introduction: The CAM Charges Dilemma in TDSThe application of Tax Deduction at Source (TDS) on Common Area Maintenance (CAM) charges has been a contentious subject under the Income Tax Act, 1961. The...
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Essential Deductions Available Under Both Old and New Tax Regimes for AY 2025-26
Introduction: Major Shifts in Tax Filing with the New RegimeThe introduction of the new tax regime in 2020 fundamentally altered how assessees approach their income tax computation. While the traditio...
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Taxation of Minor’s Earnings and TDS Handling: A Comprehensive Guide for Parents
Overview: Scope and ApplicabilityThis article provides a detailed understanding of how income earned in a minor’s name is treated under the Income-tax Act, 1961, especially in relation to Tax Deducted...
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Comprehensive Guide to InvIT Taxation
This comprehensive analysis empowers assessees to navigate InvIT investments with complete clarity regarding their tax obligations and benefits.1. InvIT Framework: Foundation of Infrastructure Investm...
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Tax Treatment of Public Issue Expenses: Navigating Deductibility Challenges
India's equity markets continue to witness robust activity as companies increasingly seek public capital through initial public offerings. While this trend presents significant opportunities for capit...
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GST Treatment of Corporate Guarantees - Contemporary Analysis & Implementation Guidelines
1. Overview and BackgroundThis comprehensive analysis examines the Goods and Services Tax implications on corporate guarantees within the Indian taxation framework. The discussion encompasses contempo...
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56th GST Council Meeting: Paving the Way for Substantial GST Overhaul?
Overview of the 56th GST Council Meeting(i) Introduction and SignificanceThe upcoming 56th meeting of the GST Council, scheduled for September 3 and 4, 2025, is widely anticipated as a pivotal event i...
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GST 2.0: Anticipating a Paradigm Shift in India’s Indirect Tax System
Introduction: The Threshold of GST 2.0The 56th meeting of the GST Council, scheduled for September 3-4, 2025, in New Delhi, is anticipated to be a milestone in the evolution of India’s indirect taxati...
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India’s Approach to GST Rate Rationalization: Readiness and Implications
Introduction: India’s Vision for Tax ReformsOn August 15, 2025, during India’s 79th Independence Day celebration, Prime Minister Narendra Modi articulated a forward-thinking vision for a self-reliant...
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Section 185 of the Companies Act, 2013 – Navigating the Rules on Loans to Directors
Overview: Balancing Governance and Business NeedsThe Companies Act, 2013, through Section 185, establishes a regulatory framework for companies when providing loans, guarantees, or securities to their...
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Comprehensive Overview and Practical Guidance on CARO 2020 for Auditors and Companies
Introduction and Applicability1.1 CARO 2020 – Background and PurposeThe Companies (Auditor’s Report) Order, 2020 (CARO 2020), enacted under Section 143(11) of the Companies Act, 2013, details expanded...
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Schedule III of the Companies Act, 2013: An In-Depth Manual for Financial Statement Presentation in India
1. Structure and Scope of Schedule III(i) Overview of Schedule III DivisionsSchedule III under the Companies Act, 2013 serves as the statutory blueprint for the format and disclosure requirements of f...
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Revised Income Tax Exemption Limits for Perquisites to Salaried Assessees: Updates via Rule 3C and 3D
Introduction to Amended Perquisite Exemption LimitsRecent notifications, particularly Notification No. 133/2025-Income Tax dated 18 August 2025, have brought substantial changes to the Income-tax Rule...
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In-Depth Clause-Wise Handbook for Tax Audit Form 3CD
1. Overview Form 3CD, stipulated under Rule 6G(2) of the Income-tax Rules, 1962, is a comprehensive statement of particulars that accompanies the Tax Audit Report (Form 3CA/3CB), required as per Secti...
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Exploring the Legality of Intra-Spousal Gifts for Tax Savings: Key Takeaways from Recent ITAT Ruling
OverviewThis article examines how intra-spousal transfers, particularly those structured as gifts, interact with Indian tax laws, drawing insights from the Bangalore Income Tax Appellate Tribunal (ITA...
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A New Dawn in Indian Direct Taxation: The Income-Tax Act, 2025
1. IntroductionThe Income-Tax Act, 2025, which obtained the President’s assent on August 21, 2025, represents a monumental transformation of India’s direct tax landscape. Superseding the earlier Incom...
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Supreme Court Clarifies the Boundaries: No Parallel GST Proceedings After Show Cause Notice
OverviewGST Compliance and Judicial RulingThe Supreme Court, in the landmark case of Armour Security (India) Ltd. v. Commissioner, CGST, Delhi East Commissionerate [2025] 177 taxmann.com 478 (SC), has...
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Restriction on GST Seizure Powers: Supreme Court Clarifies Scope to Goods Tied to Tax Evasion, Not Merely Unaccounted Assets
Background and Judicial History(i) Case OverviewIn the matter of Commissioner of CGST v. Deepak Khandelwal, the Supreme Court of India reaffirmed its previous stance by rejecting a review petition, th...