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Addressing Procedural Issues in GST Recovery for Unfiled Returns
Assessees frequently encounter cash flow challenges near the deadline for submitting GSTR-3B, especially after settling unavoidable business expenses such as wages, office rent, and payments to suppli...
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Landmark Principles Established by ITAT Mumbai on Approval Quality and Statutory Interpretation
Approval Process Under Section 153D: Substance Over Formality(i) Requirement for Substantive Approval:The Mumbai Income Tax Appellate Tribunal (ITAT), in its ruling dated 03.04.2025 in Utility Supply...
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Jharkhand High Court Rules on Authority under GST Sec 61 in Valuation Cases
1. Background of the Case(i) Overview of the Case:In the legal matter of Sri Ram Stone Works against the State of Jharkhand (Case No. 5535 of 2024), the High Court of Jharkhand delivered a significant...
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Obligations Relating to TDS Under Section 194J: Professional, Technical Fees, and More
Section 194J: TDS on Professional and Technical Services – A Comprehensive GuideOverview of Section 194JSection 194J of the Income Tax Act, 1961, requires specified persons to deduct tax at source (TD...
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Veterinary Healthcare Services: GST Insights
GST Implications on Veterinary Healthcare Services in India1. OverviewHealthcare is a fundamental need for all living beings, including animals and birds. While healthcare services have traditionally...
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SCN - Response to GST Scrutiny Notice: Rebuttal of Alleged Tax Shortfall
1. Factual Background(i) Entity InformationABC Enterprises ("the Respondent") is a registered entity under the Goods and Services Tax (GST) regime, holding GSTIN: XYZ, with its registered business add...
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SCN - Reply to Show Cause Notice for General Penalty Under GST Act
To, The Office of the Deputy Commissioner Ward No. [●], [●] State GST Room No. [●], [●] Floor [City Name] [State], [Pincode]Subject: Response to Show Cause Notice dated [●] for ABC Enterprises (GSTIN:...
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Delay in Income Tax Return (ITR) Filing for FY 2024-25 – An Emerging Challenge
The Central Government has already issued the Income Tax Return (ITR) forms relevant to individual assessees for the financial year 2024–25 (assessment year 2025–26). However, despite these notificati...
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Overview of Regulatory Developments in ESG Disclosure in India
1(i) Background and Current TrendsIndia’s regulatory regime for environmental, social, and governance (ESG) disclosures is evolving, with a foundation laid over several years. Multiple regulators, not...
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Overview of Gift Taxation and Zero-Rating for Individuals under Section 56(2)(x) of the Income Tax Act, 1961
(i) Introduction to Section 56(2)(x) and Its ObjectiveSection 56(2)(x) of the Income Tax Act, 1961, serves as a comprehensive anti-abuse mechanism designed to curb tax avoidance strategies that exploi...
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Section 270AA: Comprehensive Overview on Immunity from Penalty and Prosecution
Overview and Purpose of Section 270AASection 270AA, brought into effect by the Finance Act, 2016 (operative from 1st April 2017), marks a pivotal step in India’s income tax framework. This provision e...
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Capital Raising through Debentures: A Comprehensive Overview for Private Limited Companies
Introduction: Capital Acquisition for Private Limited CompaniesPrivate Limited Companies in India encounter notable complexities when seeking to mobilize funds, primarily due to strict statutory barri...
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Overview: Distinct Tax Treatment of REITs and InvITs in India
Both Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) are trust-based investment vehicles governed by the Securities and Exchange Board of India (SEBI). They are str...
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Strategies to Minimize Tax Liabilities When Selling Agricultural Land in India
Selling agricultural land, particularly when located near urban areas, can lead to significant capital gains. Although agricultural income itself is not taxed under the Income-tax Act of 1961, the sal...
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Protect Yourself from the Tax Season: File TDS and SFT Returns by 31st May
Overview: May Compliance Deadlines for AssesseesThe month of May brings with it crucial statutory deadlines for assessees, particularly concerning Tax Deducted at Source (TDS) and Statement of Financi...
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Recent GSTN Advisories: May 2025 Compliance Updates for Assessees
IntroductionThe Goods and Services Tax Network (GSTN) has rolled out several key advisories in May 2025, aimed at improving compliance, enhancing the accuracy of reporting, and streamlining processes...
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CBDT extends due date of filing ITRs which are due for filing by 31st July 2025
1. Extended Timeline for Filing Income Tax Returns for AY 2025-26(i) Introduction and BackgroundThe Central Board of Direct Taxes (CBDT), operating under the Ministry of Finance, has officially announ...
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Taxation and Repatriation Process for Property Sales by Non-Resident Indians (NRIs)
Fundamentals of Capital Gains on Property Transactions(i) Definition and Scope of Capital GainsCapital gains refer to the profit earned upon the transfer of a capital asset, which includes immovable p...
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Major Reforms in Long-Term Capital Gains Taxation on Immovable Properties Post-Budget 2024
(i) Overview of the Legislative ShiftThe Union Budget 2024 introduced a pivotal amendment concerning the taxation of Long-Term Capital Gains (LTCG) arising from the sale of immovable properties such a...
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Assessment of Notices Issued Under Section 148 Post-31st March 2022 for AY 2021-22 and Earlier: The Impact of the First Proviso to Section 149(1)
Overview and Judicial Developmentsi. Landmark Supreme Court Rulings and Their InfluenceThe Supreme Court’s decision in Union of India v. Ashish Agarwal ([2022] 138 taxmann.com 64) significantly affect...