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Taxation Dilemma for Associations of Persons: Discrepancies Despite Section 115BAC(1A) Advantage
1. IntroductionFor the Assessment Year (AY) 2023-24, the provisions of Section 167B of the Income Tax Act, 1961, dictated that an Association of Persons (AOP) was subject to the maximum marginal rate...
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Streamlining Mergers with Negative Net Worth: Key Amendments for Improved Efficiency
Overview of Modern Merger PracticesMergers and acquisitions have become a routine yet significant activity for corporations aiming for synergistic advantages and business expansion. Under the previous...
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TDS on Salary: Filing of Form 24Q, Payment Deadlines, and Compliance Essentials
Overview of TDS on Salary(i) Applicability of Section 192 for TDS Deduction on Salary:(a) The obligation to deduct tax at source (TDS) on salary arises under Section 192 of the Income Tax Act, 1961.(b...
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Section 54F Deduction: Permissibility of Investment in House Construction Prior to Asset Sale
Overview of Section 54FSection 54F of the Income-tax Act, 1961, offers relief from capital gains tax for assessees who, after selling a long-term capital asset (excluding a residential house), invest...
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Section 270A: Why India’s Under-Reporting Penalty Misses the Mark
1. Introduction: The Persistent Challenges in Section 270ASection 270A of the Income Tax Act, introduced to penalize under-reporting and misreporting of income, was intended as a clear-cut, machine-dr...
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Major Amendments to Income Tax Refund Rules for NRIs Effective April 2024
Overview of the New Refund PolicyEffective from April 1, 2024, the Indian Income Tax Department has implemented significant procedural changes regarding the issuance of income tax refunds. This revise...
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Time Limits for Completion of Income Tax Assessments in India
OverviewThe Income-tax Act, 1961 prescribes specific deadlines for various types of assessments, including summary assessments, scrutiny assessments, best judgment assessments, and reassessments. If t...
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Analysis of GST Taxation on Commodities: Evolution from Branding to Pre-Packaged and Labelled Goods
1. OverviewSince the introduction of the Goods and Services Tax (GST) in India in July 2017, the tax treatment of key commodities—such as cereals, pulses, flour, and dairy items—has been a focal point...
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Reframing Input Tax Credit (ITC) Eligibility in Real Estate and Infrastructure: Legal Framework and Practical Insights
1. Overview: Navigating ITC in Real Estate and Infrastructure SectorsThe real estate and infrastructure industries play a pivotal role in India’s economic landscape. The introduction of the Goods and...
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Transforming GSTR-2A/2B Reconciliation: The Role of Artificial Intelligence for Chartered Accountants
Introduction: Easing the Burden of GST Reconciliation with AIGSTR-2A and GSTR-2B reconciliation has long been considered one of the most challenging aspects of Goods and Services Tax (GST) compliance...
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Modernizing Corporate Compliance: MCA’s Transition of 38 E-Forms to MCA21 V3 Portal from July 14, 2025
Background and ObjectiveThe Ministry of Corporate Affairs (MCA) has embarked on a major upgrade of its regulatory infrastructure by reviewing and updating a wide array of e-forms under the Companies A...
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GST Consequences of Business Transfers in India
1. Overview of Business Transfer and Associated GST Effects1.1. Modes of Business TransferAssessees may transfer their business through a variety of arrangements, such as outright sale, mergers, demer...
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Step-by-Step Procedure for Conducting Board Meetings via Video Conferencing under the Companies Act, 2013 and SS-1
IntroductionThe Companies Act, 2013, along with the Secretarial Standard-1 (SS-1) issued by the Institute of Company Secretaries of India (ICSI), lays down detailed requirements for conducting Board m...
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Essential Guide to Preventing Critical GST Filing Errors in India
1. Introduction: The Significance of Precise GST ComplianceNavigating the Goods and Services Tax (GST) regime in India has redefined how assessees approach tax compliance. Since its inception in July...
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Why Timely Filing of Your Income Tax Return Is Essential
Common Reasons for Delay in Filing Income Tax Returns(i) Factors Leading to Procrastination(a) Many assessees delay income tax return filing due to a busy professional life, which often leaves little...
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Managing Goods Returns in the Textile Industry under GST: Key Challenges, Errors, and Compliance Measures
Handling Goods Returns in India's Textile Sector: GST Compliance Framework and Operational Challenges1. Overview of Goods Returns in Textile Business OperationsThe textile sector in India, characteriz...
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Reassessment Proceedings Based on Audit Objections: A Detailed Review
Background: Reassessment Prior to 1st April, 2021i) Legal Foundation for Reassessment Prior to 2021Before 1 April 2021, the provisions under the Income Tax Act permitted the Assessing Officer (AO) to...
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HSN Code Reporting in GSTR-1: Is It Compulsory for Grocery Shops?
Understanding HSN Codes Under GSTi) Definition and Purpose:(a) The Harmonized System of Nomenclature (HSN) is an internationally recognized classification system for goods. It assigns a specific code...
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Validity of Denying Input Tax Credit to Buyers Due to Supplier Non-Compliance Under GST
1. Overview of GST Input Tax Credit FrameworkThe Goods and Services Tax (GST) system, implemented in 2017, was designed to establish a unified taxation structure that facilitates seamless Input Tax Cr...
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Guide to Documentation for Input Tax Credit (ITC) under GST in India
Essential Prerequisites for Availing ITCA registered assessee, including those acting as Input Service Distributors (ISDs), can only avail Input Tax Credit (ITC) under the Goods and Services Tax (GST)...