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Clarification by CBIC on Review, Revision, and Appeal for Orders Passed by Common Adjudicating Authorities on DGGI Show Cause Notices
Overview of the Recent CBIC CircularThe Central Board of Indirect Taxes and Customs (CBIC), through Circular No. 250/07/2025-GST dated 24th June 2025, has provided essential clarifications regarding t...
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Compliance Framework for Income Tax and GST Obligations in July 2025
1. Introduction to Tax Compliance RequirementsTax compliance represents a fundamental obligation for all assessees operating within the Indian taxation framework. The adherence to prescribed timelines...
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Promoter and Public Shareholder Reclassification under SEBI LODR: Legal Framework, Practical Considerations, and Governance Best Practices for 2025 and Beyond
1. Overview: The Strategic Importance of Reclassification under SEBI LODR(i) Context and RationaleTransitioning promoters to public shareholder status, or vice versa, is a key maneuver for listed comp...
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CBDT Issues Notification No. 67/2025: Transforming Taxation for IFSC Units and Advancing India’s Financial Ambitions
Introduction: Shifting the Landscape for IFSC OperationsIndia’s aspiration to position itself as an international financial powerhouse has taken a significant leap with the issuance of Notification No...
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Determining the Value of Supplies Between Distinct or Related Persons Under GST Rule 28 (Excluding Agents)
IntroductionGST Rule 28 prescribes the framework for valuing supplies of goods or services exchanged between distinct persons (such as different branches of a company registered in separate states) or...
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Recent Disclosures and Key Modifications in ITR Forms for Assessment Year 2025-26
Overview: The process of filing Income Tax Returns (ITR) for Financial Year 2024-25 has been updated with more detailed requirements. The new ITR forms have been restructured to request sharper clarit...
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GST Refunds for Inverted Duty Structure: A Comprehensive Guide
1. OverviewThe concept of Inverted Duty Structure under the Goods and Services Tax (GST) framework in India often leads to confusion among assessees. This scenario arises when the GST rate on inputs (...
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Distinction Between Shareholders and Directors under the Companies Act, 2013
Understanding Shareholders(i) Meaning and Legal StandingAs per the Companies Act, 2013, a shareholder—also referred to as a member—is any person, corporate entity, or institution that possesses at lea...
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A Comprehensive Review of India's Insider Trading Regulatory Framework: An Insider’s Analysis
1. Background and Evolution of Insider Trading Laws in India1.1 OverviewInsider trading refers to the act of trading securities of a company based on confidential, non-public information, typically wi...
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Relocating a Company’s Registered Office from One State to Another: Comprehensive Legal Process and Compliance Guide
Introduction: Strategic Shifting of Registered OfficeRelocating a company’s registered office from one state to another is a significant corporate move, impacting legal, operational, and regulatory en...
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Ensuring Robust GST Compliance: Insights from Recent Government Notices
Introduction: The Significance of GST NoticesGST notices play a pivotal role in the Indian tax compliance landscape. As evidenced by recent demand notices sent to industry giants such as LIC, Tata Ste...
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Re-examining Multi-Year Clubbing of GST Show Cause Notices: Legal Perspective and Checklist
Introduction: Role and Issuance of Show Cause Notices in GSTShow Cause Notices (SCNs) serve as critical instruments in the GST framework, initiating proceedings when tax has been unpaid, short paid, e...
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Regional Director Upholds ROC Penalty on Statutory Auditor for Section 143 Non-Compliance: Analysis and Key Takeaways
Case OverviewThe Regional Director (Eastern Region), Ministry of Corporate Affairs, Kolkata, recently adjudicated an appeal brought by the statutory auditor of M/s. Maheep Marketing Pvt. Ltd., CA Rahu...
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Interrelationship Between Section 153C and Section 147 of the Income Tax Act, 1961
Key Statutory Provisions(i) Section 147: Reassessment of Escaped IncomeSection 147 empowers the Assessing Officer (AO) to assess, reassess, or recompute income, loss, depreciation, or any deduction fo...
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Capital Gains Taxation on Buyback of Foreign Shares by Non-Resident Assessees
1.1. Introduction to Cross-Border Share BuybacksWith the globalization of investment portfolios, both Indian residents and non-residents increasingly hold equity in companies incorporated outside Indi...
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Significance of Correct Format in Income Tax Scrutiny Notices
Overview of Recent Scrutiny Noticesi) Large-Scale Issuance of NoticesThe Income Tax Department has recently dispatched approximately 1.65 lakh scrutiny notices under Section 143(2) of the Income Tax A...
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TDS Return Form 27Q: Comprehensive Guide to Due Dates for Returns and Challans
Overview of Form 27Q(i) Applicability of Form 27QTax Deducted at Source (TDS) return in Form 27Q is specifically required for all payments (other than salary) made to non-resident assessees, as per th...
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Analysis of Eligibility for Waiver under Section 128A in Cases of GSTR-1 and GSTR-3B Mismatch
Background and Context of GST Implementation(i) Evolution and Early ChallengesThe Goods and Services Tax (GST) regime was launched in India on 1st July 2017, absorbing a majority of existing indirect...
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Entitlement to ITC Refund Under GST upon Cessation of Business Activities
Overview of Judicial Precedents on ITC Refund Due to Business Closure(i) Recent Sikkim High Court RulingThe Sikkim High Court, in the case of SICPA India Private Limited and Another v. Union of India...
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Managing Faceless Income Tax Scrutiny Assessments in India
Introduction: Navigating Faceless AssessmentsFaceless income tax scrutiny assessments represent a major shift towards transparency and digitalization in Indian tax administration. This system requires...