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Guide to Reverse Charge Mechanism (RCM) under GST: Rates and HSN/SAC Codes
The Reverse Charge Mechanism (RCM) under the Goods and Services Tax (GST) framework in India signifies the shifting of tax liability from the supplier to the recipient for certain notified transaction...
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Mandatory Submission of Form 10F for Availing DTAA Benefits in India
Introduction: Essentials of Form 10F for Double Taxation Avoidance AgreementsForm 10F plays a pivotal role for non-resident assessees seeking relief under a Double Taxation Avoidance Agreement (DTAA)...
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Deferred Tax under the Income Tax Act, 1961: Guide to Assets, Liabilities, and Calculation Rules
1. Introduction to Deferred TaxDeferred tax emerges from the divergence between the profits reported in financial statements and the taxable profits computed as per the Income Tax Act, 1961. This diff...
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How Tenants Can Recover Excess TDS on Rental Payments: Stepwise Process After TDS Rate Revision
Overview of TDS on Rent under Section 194-IBi) Applicability of Section 194-IBSection 194-IB of the Income Tax Act, 1961 was implemented from 1st June 2017 to enhance tax compliance on high-value rent...
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Consequences of Non-Specific Penalty Notice under Section 271(1)(c) of the Income-tax Act, 1961: Analysis, Case Law, and Appeal Approaches
Overview: The Necessity for Clear Specification in Section 271(1)(c) Penalty ProceedingsAssessing Officers (AOs) frequently initiate penalty actions under Section 271(1)(c) of the Income-tax Act, 1961...
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Mandatory Board Report Disclosures: Legal Framework, Key Elements, and Repercussions of Omission with Reference to Recent ROC Adjudications
Overview of the Board’s Report(i) Significance and Purpose of the Board’s ReportEach financial year, companies are obligated to prepare a Board’s Report, an essential document that accompanies the ann...
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Guide to Strategic Risk Oversight in Listed Companies: Roles, Duties, and Governance of the Risk Management Committee under SEBI LODR and International Standards
1. Overview: The Significance of Risk Management TodayIn today’s unpredictable and rapidly changing business environment, the responsibility of boards extends well beyond sporadic risk reviews. Modern...
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Ambiguities in Section 270A: Decoding Penalty on Tax Payable for Under-Reported Income
1. Overview: Evolving from “Concealment” to “Under-Reported Income”Historically, the concept of “concealment of income” under the Income Tax Act, 1961, was closely linked to the notion of “mens rea” o...
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Applicability of AS 18 to Transactions Preceding Related Party Relationship
i) Background and Scenario:(a) MarcInternational Engineering Private Limited (the "company") is an unlisted public entity specializing in the manufacturing of customized automotive components. In the...
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New Restrictions on GST Return Filing: GSTN Advisory Effective July 2025
A significant change has been introduced in the Goods and Services Tax (GST) compliance framework through an advisory issued by the GST Network (GSTN) on June 7, 2025. Taxpayers should be aware that,...
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GSTN to Implement Fixed Auto-Populated Tax Liability in GSTR-3B Effective July 2025
Starting with the tax period of July 2025, which requires returns to be filed in August 2025, the Goods and Services Tax Network (GSTN) will enforce a significant procedural change: the tax liability...
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CBDT Grants Extended Window for Processing Income Tax Returns for AY 2023-24
In a recent move aimed at providing relief to certain taxpayers, the Central Board of Direct Taxes (CBDT) has announced an extension for completing the processing of income tax returns for Assessment...
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Reconciling Shareholder Agreements and Articles of Association: Navigating Legal Constraints
Introduction to Articles of Association and Their Legal Effecti) Role and Significance of Articles of AssociationArticles of association serve as a fundamental document for every company, outlining th...
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Compliance Calendar - June 2025
Guide to Legal Compliances and Regulatory Updates in India (June 2025)1. Foreign Exchange Management Act (FEMA), 1999Monthly Obligations:By 5th June 2025: AD Category-I Banks must upload data on outwa...
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Advance Tax in India: Due Dates, Computation Methods & Exemptions
Understanding the Concept of Advance TaxAdvance tax refers to the system where assessees are required to pay income tax in periodic installments during the financial year, rather than remitting the en...
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Transforming Term Sheets into Shareholder Agreements: A Guide to Comprehensive Corporate Governance
Introduction: The Role of Shareholders’ AgreementsA Shareholders’ Agreement (SHA), executed alongside a Share Purchase Agreement (SPA) or Share Subscription Agreement (SSA), is indispensable for estab...
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Arbitration Clause Supersedes Exclusive Jurisdiction Clause
1. OverviewRecently, the Delhi High Court delivered a significant judgment in the matter of M/s KLA Const. Technologies Pvt. Ltd. vs M/s Gulshan Homz Private Limited (Arbitration Petition No. 90 of 20...
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Bombay High Court Ruling on the Legality of Mortgages Contravening Lease Deed Provisions
Overview of the DecisionThe Bombay High Court, in the case of Maharashtra Industrial Development Corporation v. Union Bank of India (Writ Petition No.1930 of 2011, dated May 26, 2025), clarified that...
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Employment Bonds and Post-Employment Non-Compete Clauses: Insights from the Vijaya Bank Judgment
OverviewOn May 14, 2025, the Supreme Court of India delivered a landmark decision in Vijaya Bank & Anr. v. Prashant B. Narnaware (2025 INSC 691), clarifying the legal standing of employment bonds vers...
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Re-examining Minimum Service Clauses and the Legality of Employment Bonds in India: Insights from the Supreme Court’s 2025 Decision in Vijaya Bank v. Prashant B. Narnaware
Introduction: Employment Bonds and Their Legal Standing in IndiaThe Supreme Court of India, in its recent pronouncement in Vijaya Bank & Anr. v. Prashant B. Narnaware (decided May 14, 2025), addressed...