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Penalty Reduction in Non-Compliance with Resident Director Requirement: A Case Analysis
Overview of the Case A non-profit organization, M/s. Urban Solutions for Water and Sanitation in India, failed to comply with the Companies Act 2013, section 149(3) requirement to appoint a resident d...
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Interpretation of 'Resident of India' Under Schedule V of the Companies Act, 2013
Introduction:Legal Framework:As defined under Section 196(4) of the Companies Act, 2013 (henceforth referred to as 'the Act'), the appointment of a managing director, whole-time director, or manager (...
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US Implements New Tariff Framework with Significant Import Duties
Introduction of New US Tariff StrategyUnder President Donald Trump's administration, the United States has unveiled a novel tariff regime named "Liberation Day" tariffs. This strategy indicates a majo...
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Section 194T: A Paradigm Shift in Tax Compliance for Partnership Entities
1. IntroductionThe Finance Act, 2024, ushered in a pivotal change for partnership firms and LLPs in India by implementing Section 194T of the Income Tax Act, 1961. Effective from April 1, 2025, this s...
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Section 44AD: Simplified Method for Business Income Calculation on Presumptive Basis
Eligibility and Applicability(i) Section 44AD of the Income Tax Act, 1961 offers a streamlined approach to calculate business income, excluding the transportation of goods using vehicles. This provisi...
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Union Budget 2025-26: Encouraging Savings and Reducing Tax – Key Tax Reforms
Greater Relief for the Middle-Class: Increased Income, No TaxA standout proposal allows assessees earning up to ₹12 lakh annually to be exempt from tax under the revamped regime.(i) Tax Exemption Thre...
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Rebate Considerations under Section 87A and STCG Taxation for FY 2024-25
Overview: In the context of the new tax system effective for the Financial Year 2024-25, resident individuals with a net annual income up to ₹7,00,000 can claim a rebate under Section 87A of the Incom...
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Significant Revisions in Individual Income Tax – Effective April 1, 2025
Default Option - New Tax RegimeStarting from the Financial Year 2025–26, the new tax regime is established as the default choice. Although assessees can still select the old regime, the government has...
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Audit Reports for Computation of MAT & AMT: Understanding Forms 29B & 29C
1. IntroductionThe concept of Minimum Alternate Tax (MAT) under Section 115JB and Alternate Minimum Tax (AMT) as per Section 115JC of the Income Tax Act, 1961 play crucial roles in ensuring that entit...
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Tax Benefits for Contributions to Political Parties: Sections 80GGB and 80GGC
Key Elements of Sections 80GGB and 80GGC(i) Eligible Assessee: As per Section 80GGB, Indian companies can claim deductions, subject to the provisions of Section 182 of the Companies Act, 2013. Under S...
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Strategic Tax Planning for Non-Resident Indians Returning from Tax Havens
OverviewThe global economy's interconnected nature often leads Non-Resident Indians (NRIs) to work in countries with low tax rates, commonly referred to as tax havens (such as the UAE, Singapore, Berm...
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Essential Committees Under the Companies Act, 2013
The Companies Act, 2013, outlines the necessity for establishing various committees to ensure effective corporate governance and compliance. This article rephrases the initial discussion of these mand...
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SEBI's Clarification on Compliance Officer’s Role in Listed Companies
IntroductionSEBI released a circular on April 1, 2025, clarifying the role and placement of Compliance Officers within listed companies. This is aligned with Regulation 6(1) of SEBI's Listing Obligati...
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Rule 39 of the CGST Act: A Complete Overview for Input Service Distributors (ISD)
IntroductionUnder the Goods and Services Tax (GST) regime in India, the Input Service Distributor (ISD) system provides a streamlined process for transferring input tax credits (ITC) across multiple b...
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Implications of GST on Arbitral Awards
Introduction to Arbitration as a Dispute Resolution MechanismArbitration provides an alternative to traditional court proceedings for resolving contractual disputes, especially in commercial transacti...
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Overview of GST Case Law - March 2025
Can Recovery Actions Begin If an Appeal Is Filed Late?The Honorable Madras High Court, in Tvl. R. Selvarathinam v. Deputy State Tax Officer-II, Chennai [Writ Petition No. 26893 of 2024 dated September...
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Section 34: Understanding GST Debit Notes – Definition, Issuance, and Rules for Input Tax Credit
A GST debit note serves as a corrective measure when the invoice showcases a lower amount than the genuine value of delivered goods or services. This provision becomes relevant when the true value sur...
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In-Depth Examination of SEBI's Regulation 6 of LODR Regulations, 2015 and the April 2025 Circular
Legal Context: Regulation 6(1) of the LODR Regulations stipulates that the Compliance Officer must be a full-time employee of the listed entity, positioned not more than one tier below the board and t...
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Review of Finance Act 2025: Essential Updates in Indirect Taxation
Central Goods and Services Tax (CGST)(i) Distribution and Reversal of Input Tax Credit:The definition in CGST Section 2(61) is revised to clearly allow Input Service Distributors to disseminate input...
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Guide on Declaring Overseas Income and Assets in Your Income Tax Return in India
Indian residents face potential penalties reaching ₹10 lakh annually if they fail to declare their foreign assets on their Income Tax Returns (ITR). Understanding the nuances of reporting overseas inc...