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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...
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Penalties for Non-Disclosure of Transactions with Associate Companies in Board Reports: Key Lessons from Recent ROC Order
Non-Disclosure of Transactions with Associate Company: ROC Imposes Penalty on Company and Directors for Inadequate Board Report Disclosure1. Introduction and ContextThis article addresses the regulato...
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Bail in CGST Cases: A Judicial Perspective
Judicial Approach to Grant of Bail Under Section 132 of the CGST Act: Key Principles and Recent DevelopmentsIntroduction: Judicial Attitude Towards Bail in CGST Offences(i) A Trend of Mechanical Bail...
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Clarification on Input Tax Credit Availability for Demo Vehicles under GST
Analysis of GST Input Tax Credit on Demonstration Vehicles: Clarification and ComplianceIntroductionThe Goods and Services Tax (GST) framework in India permits assessees to claim Input Tax Credit (ITC...
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Judicial Discipline in Indirect Taxation: Necessity or Choice?
1. Judicial Discipline in Indirect Taxation: Mandate or Mere Discretion?The Goods and Services Tax (GST) was introduced in India with the intention of consolidating several indirect taxes imposed by t...
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Restricted Input Tax Credit under Section 17(5) of the GST Law
1. Overview: Restrictions on Input Tax Credit (ITC) under Section 17(5) of the CGST Act, 2017Section 17(5) of the Central Goods and Services Tax (CGST) Act, 2017, imposes several limitations on the av...
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E-Way Bill Compliance Under GST: Frequent Errors That Result in Penalties
Introduction: Importance of E-Way Bill ComplianceThe e-way bill (EWB) system, established under the Goods and Services Tax (GST) framework, plays a crucial role in monitoring the movement of goods and...
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Highlighting an Inconsistency in the CGST Act, 2017: Penalties for Minor vs Major Offenses
1. Exploring an Intriguing Disparity in the CGST Act, 2017: “Why Lesser Infractions Invite Harsher Penalties”The Central Goods and Services Tax Act, 2017 (CGST Act) is characterized not only by its te...
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Tax Implications on Agricultural Land in India According to the Income Tax Act, 1961
1. Taxation of Agricultural Land in India under the Income Tax Act, 1961(i) Overview of Taxation of Agricultural LandAgricultural land in India receives special treatment under the Income Tax Act, 196...
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CBDT’s AI-Driven Scrutiny of Income Tax Returns: Key Insights for Chartered Accountants
Introduction to AI Scrutiny for ITRsThe Central Board of Direct Taxes (CBDT) is transforming the scrutiny process of Income Tax Returns (ITRs) by incorporating Artificial Intelligence (AI) and Machine...
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Section 194T: Tax Deduction at Source on Payments to Partners by a Firm
1. Overview:A new addition to tax laws, Section 194T, targets the tax deduction at source (TDS) for payments from a firm to its partners. Traditionally, certain payments to partners were not subjected...
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Overview of Reassessment Procedures Under Sections 148A(b) and 148A(d)
1. Overview: New Procedural Safeguards in Reassessment under Sections 148A(b) and 148A(d)The Finance Act, 2021, overhauled the process for reopening income tax assessments under the Income-tax Act, 19...
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Understanding the Shift from 1981 to 2001 Base Year for Capital Gains Tax Calculations
1. Introduction to Capital Gains TaxationCapital gains taxation applies to profits realized from the transfer of capital assets. The Income Tax Act comprehensively defines both capital gains and the a...
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Judicial Bar on Issuing GST Notices Based on Market Value Comparisons: Insights from the Jharkhand High Court
(i) IntroductionIn a recent judgment, the Jharkhand High Court in Sri Ram Stone Works v. State of Jharkhand [W.P. (T) Nos. 5535/2024, dated May 09, 2025] decisively invalidated Goods and Services Tax...
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Introduction to the New GST Invoice Management System (IMS)
Understanding the New GST Invoice Management System (IMS)1. Introduction to the GST Invoice Management SystemThe Goods and Services Tax framework in India continues to evolve with technological advanc...
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Understanding Undisclosed Income Under Income Tax Law
1. Categories of Undisclosed IncomeUndisclosed income refers to income that an assessee fails to report in their income tax return. This includes income, investments, or expenditures that are either a...
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GST Implications on Ocean Freight in International Trade
GST Implications on Ocean Freight for Import and Export Transactions1. Introduction to Ocean Freight TransportationOcean freight remains the backbone of international trade, facilitating over 90% of g...
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Introduction: Evolving Landscape of GST Law – Emergence of Section 74A
Understanding the New GST Framework: Section 74A and Its Implications1. Introduction to Section 74A(i) Background of GST AmendmentsThe Goods and Services Tax (GST) framework in India has witnessed con...
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Understanding Significant Economic Presence (SEP) in Light of Export-Oriented Purchases
Understanding Significant Economic Presence: The Export Purchase Exemption1. Introduction to Significant Economic Presence(i) The Concept and Its EvolutionThe Income-tax Act under Section 9(1)(i) intr...