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Discrepancy Between Law and Practice: PAN-Based OTP Authentication for GST Registration
IntroductionThe GST registration process in India has undergone several amendments for enhanced transparency and fraud prevention. One such significant update was the introduction of mandatory PAN-lin...
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Virtual CFO Services: Engagement Letter Template
Date: [DD/MM/YYYY]To,[Client Name][Client Address]Subject: Appointment for Virtual CFO (vCFO) ServicesDear [Client Name],We are delighted to acknowledge our appointment as the Virtual Chief Financial...
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Reinvigorating Equity: Share Buy-Back by Private Companies under the Companies Act, 2013
OverviewShare buy-back by private companies, as governed by the Companies Act, 2013, has emerged as a prominent financial strategy. This process entails a company repurchasing its own shares from its...
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Corporate Social Responsibility (CSR): Computation and Compliance under Section 135 of the Companies Act, 2013
Introduction: CSR Mandate and Applicabilityi) When Does CSR Become Applicable?Corporate Social Responsibility (CSR) in India is mandated through Section 135 of the Companies Act, 2013, compelling cert...
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Faceless Assessment Mechanism under Section 144B of the Income Tax Act, 1961
1. Overview of Faceless AssessmentThe Income Tax Department has implemented a groundbreaking approach to tax scrutiny by introducing the Faceless Assessment system under Section 144B of the Income Tax...
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Reporting under Clause 30B of Form 3CD
1. Introduction Clause 30B of Form 3CD requires the tax auditor to report whether the assessee has incurred expenditure during the previous year by way of interest or expenditure of a similar nature e...
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Reporting under Clause 19 of Form 3CD 1. Introduction
Clause 19 of Form 3CD requires the tax auditor to report admissible deductions under specified provisions of the Income-tax Act, 1961—such as Sections 32AD, 33AB, 33ABA, 35 series (e.g., 35(1)(i) to 3...
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A New Dawn in Indian Taxation: An In-Depth Look at the Income Tax Bill, 2025 and Comparative Analysis with the Previous Regime
Introduction: The Paradigm Shift in Indian Income Tax LegislationThe Indian government has ushered in a transformative chapter in tax law with the introduction of the Income Tax Bill, 2025 on 11th Aug...
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Guidance on Filing SPL-01/SPL-02 When Table 4 Payment Details Are Not Auto-Populated under Section 128A: GSTN Advisory
(12-06-2025)Overview of the AdvisoryThe Goods and Services Tax Network (GSTN) has released an advisory dated 12th June 2025 addressing difficulties encountered by assessees when submitting Form SPL-01...
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Lok Sabha passes Income-tax Bill, 2025
(New Income-tax Bill)
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Key Highlights from the Taxation Laws Amendment Bill, 2025
The government today tabled the Taxation Laws Amendment Bill, 2025 in the Lok Sabha, introducing a range of targeted changes to the Income-tax Act, 1961. The proposals reflect a mix of fresh measures...
- Copy of Taxation Laws Amendment Bill, 2025 as introduced in Lok Sabha
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HC Orders on Assessment against Deceased, Demand under Sections 73/74/130, and Related GST Disputes
This compilation summarises recent High Court rulings addressing key GST-related disputes, including assessment against deceased taxpayers, the scope of confiscation proceedings, violation of natural...
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ITR-5 Form for AY 2025-26: Comprehensive Update, Eligibility, and Filing Procedures
Overview of ITR-5 for AY 2025-26The Central Board of Direct Taxes (CBDT) has introduced substantial amendments to the ITR-5 form for Assessment Year 2025-26 to align with the legislative changes of th...
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In-Depth Overview of Form 3CD Tax Audit Clauses: Essential Insights and Reporting Checklist
Form 3CD is a cornerstone in the Indian tax audit process, guiding Chartered Accountants and trainees through a detailed reporting structure as mandated by Section 44AB of the Income-tax Act, 1961. Th...
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Interpretation of ‘Relative’ under Various Provisions of the Income Tax Act
Different Definitions of ‘Relative’ under Income Tax LawThe Income Tax Act, 1961 assigns varying meanings to the term 'relative' based on the context and specific provision involved. Understanding the...
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GST Implications on Electricity Charges: Can Clarificatory Circulars Override Constitutional and Statutory Safeguards?
Introduction: Electricity’s Unique Status in Indirect TaxationElectricity is an essential service, central to India’s economic and daily life. Historically, it has been shielded from indirect taxes su...
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Reassessment Ordered Due to Absence of ASMT-10 and DRC-01 Notices in GST Proceedings
OverviewThe Himachal Pradesh High Court, in the matter of Hindustan Construction Company Limited versus Union of India & Others, annulled a GST demand and recovery notice issued against Hindustan Cons...
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Recent Amendments in TDS and TCS Provisions Effective from FY 2025-26
Overview of TDS/TCS Applicability and Need for AwarenessIn the present tax landscape, almost every entity, including individuals in certain circumstances, is required to deduct or collect tax at sourc...
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Presumptive Taxation, Accounting Records, and Tax Audit Obligations: Analysis of Sections 44AA, 44AB, 44AD, and 44ADA
Overview of Key Compliance Provisions for SMEs and ProfessionalsUnderstanding Sections 44AA, 44AB, 44AD, and 44ADA of the Income Tax Act, 1961, is crucial for small and medium enterprises (SMEs) as we...