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Accounting and Reporting Complexities in Fintech Companies
Revenue Recognition in Fintech Businesses(i) Diversification of Revenue StreamsFintech enterprises, initially established as payment facilitators, have increasingly broadened their portfolio to includ...
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A Progressive Move Towards Uniform KPIs Disclosure in Offer Documents
OverviewThe Securities and Exchange Board of India (SEBI), through its circular dated 28 February 2025, has introduced mandatory guidelines titled 'The Industry Standards on Key Performance Indicators...
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Comprehensive Guide to Impairment Testing under Ind AS 36
Overview and PurposeImpairment arises when the book value of an asset surpasses its recoverable amount. In other words, an asset is deemed impaired if its carrying amount cannot be recouped through on...
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Analysis of Employment Bonds in India: Legal Perspective and Practical Implications
IntroductionEmployment bonds, which require employees to remain with their employer for a specified duration or pay a predetermined sum for early departure, have long been a subject of legal scrutiny...
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Arbitration in MSE Payment Disputes: Legal Framework and Judicial Responses
Introduction: Ensuring Timely Payments for MSEsTimely receipt of payments is crucial for the Micro and Small Enterprises (MSEs) sector, as any delay can significantly impact their operations and finan...
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Safeguarding Corporate Rights: Forfeiture of Gratuity for Employee Misconduct Without Requirement of Criminal Conviction
OverviewIn February 2025, the Supreme Court of India, in the landmark case of Western Coal Fields Ltd. v. Manohar Govinda Fulzele (2025 SCC OnLine SC 345), evaluated whether an employer can lawfully f...
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SCN - Appeal Under Section 107 of the CGST Act, 2017 Against Ex Parte Adjudication Order in Alleged Fake Invoice Case – Appeal in Form GST APL-01
ToThe Appellate Authority[Jurisdictional Details to be Inserted] 1. Appellant Details GSTIN/TEMP ID/UIN: [To be inserted]Legal Name: [To be inserted]Trade Name (if any): [To be inserted]Address: [To b...
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SCN - Response to Show Cause Notice Regarding Non-Issuance of E-Invoice under GST Provisions
Subject: Response to Show Cause Notice Regarding Non-Issuance of E-Invoice under GST ProvisionsToThe Deputy CommissionerWard No. ___, State GSTRoom No. ___, ___ Floor[Office Address]Sub: Submission of...
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GST Implications on Renting Motor Vehicles with Operators: A Comprehensive Guide
Introduction: Navigating GST on Vehicle RentalsRenting a car or a fleet for business or personal use may seem straightforward, but GST regulations add layers of complexity to these transactions. Asses...
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Gauhati High Court Clarifies: Summary Notices and Orders are Inadequate under CGST Act
The Gauhati High Court, in a significant judgment (Ranjit Dutta v. State of Assam & Others, W.P.(C) No. 1953 of 2025, dated April 08, 2025), has held that issuing only summary show cause notices (SCNs...
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Regulatory Updates and Legal Developments: Week Ending 25th May 2025
Income Tax(i) Revised Procedures for Filing Updated Income Tax Returns (ITR-U)The Central Board of Direct Taxes has updated the Income Tax Rules, specifically replacing the old Form ITR-U in Appendix-...
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Key Compliance Guidelines for TDS on Payments to Non-Residents
Obligation to Deduct Tax at Source(i) Who Must Deduct TDS?(a) As per Section 195(1) of the Income Tax Act, any person (other than an individual paying salary) responsible for making payments to a non-...
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Artice - Evolving Framework of Capital Gains Taxation and Section 87A Relief Provisions
1. Understanding Capital Gains: Concept and DefinitionCapital gains represent the appreciation in value of an asset beyond its original acquisition cost. This financial concept encompasses the profit...
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Comprehensive Guide to Goods and Services Tax (GST) and Input Tax Credit (ITC) Framework
1. Overview of the Goods and Services Tax SystemThe Goods and Services Tax represents a comprehensive indirect taxation system implemented across India from July 1, 2017. This unified tax structure op...
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Digital Revolution in Tax Assessment: Understanding the Faceless Evaluation System
1. Overview of Digital Assessment FrameworkThe Income Tax Act, 1961, has witnessed significant evolutionary changes aimed at improving transparency, operational efficiency, and assessee compliance. Ho...
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Gujarat High Court Directs GST Council to Reconsider Compensation Cess Exemption for Export Supplies
1. Judicial Pronouncement OverviewThe Honourable Gujarat High Court, in the matter of M/s. Sopariwala Export (P.) Ltd. versus Joint Commissioner, CGST and Central Excise [R/Special Civil Application N...
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Regulatory Framework for Immovable Property Acquisition by Foreign Individuals in India
1. Overview of Property Investment Opportunities for Foreign EntitiesIndia's property market presents significant investment potential for global investors, driven by economic expansion, metropolitan...
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SCN - Reply to Show Cause Notice — Alleged Wrongful Claim of Input Tax Credit under Incorrect GST Head
Subject: Reply to Show Cause Notice — Alleged Wrongful Claim of Input Tax Credit under Incorrect GST HeadTo,The Deputy Commissioner,Ward No. [to be inserted], State GSTRoom No. [to be inserted], [Floo...
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Distinction Between Reopening/Recasting of Financial Statements and Voluntary Revision under the Companies Act, 2013
Introduction to Reopening and Voluntary Revision under Companies Act, 2013The Companies Act, 2013 introduced novel provisions regarding the reopening and revision of financial statements and Board rep...
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Strategic Disclosure and Governance Duties Stemming from Insider Agreements under SEBI LODR and Companies Act, 2013
Strategic Disclosure of Insider Agreements and Governance Responsibilities under SEBI LODR and Companies Act, 20131. Overview: The Imperative of Disclosure and Transparency1.1. Core Principle – Ensuri...