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Alert from Income Tax Department on Tax Non-Deduction on Rent Payments
Income Tax Notification on Rent Tax Deduction for Assessees under Section 194IB of the Income Tax Act, 1961The Income Tax Department has begun contacting assessees regarding their failure to deduct ta...
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Revamped SEBI Governance Norms for SMEs and High-Value Debt Entities
1. OverviewThe Securities and Exchange Board of India (SEBI) announced amendments on March 27, 2025, to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These changes are...
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GST Implications on Branch Transfers within the Textile Sector: Challenges and Recommendations
Introduction to GST Impact on Branch TransfersGST has reshaped branch transfer practices in the textile sector in India, where movement of goods between different units with separate GSTINs under the...
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New Procedure for Block Assessments Under the Income-tax Act, 1961
1. Definition of Block Period: Scope and DurationSection 158B(a) of the Income-tax Act defines the 'block period' as:(i) The six assessment years preceding the fiscal year of the search or requisition...
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TDS on Payments to Partners: Section 194T
OverviewThe Finance (No. 2) Act of 2024 introduced Section 194T, which comes into effect on April 1, 2025. This section mandates that firms must withhold tax at source (TDS) at a rate of 10% on compen...
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GST Implications on Joint Development Agreements (JDAs)
Overview A Joint Development Agreement (JDA) constitutes a legal arrangement whereby a landowner and a real estate developer collaborate on property projects, typically falling into two categories: ar...
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Obligations of Independent Directors in Relation to Company Defaults
1. Examination of Independent Director's Accountability for Company DefaultsCase Evaluation: Assessing the Accountability of Independent Directors for Company Defaults under Section 149(6) of the Comp...
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Revised Regulations for Taxation on Gold ETFs & Gold Mutual Funds in India
Overview: From April 1, 2025, new regulations will impact the taxation of Gold Exchange-Traded Funds (ETFs) and Gold Mutual Funds (Gold MFs). Gold ETFs function like market-traded stocks linked to rea...
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Key Insights from SEBI's 209th Board Meeting on March 24, 2025
IntroductionAt its 209th board meeting held on March 24, 2025, the Securities and Exchange Board of India (SEBI) sanctioned several amendments aimed at bolstering the regulatory environment and foster...
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Avoiding Common Errors When Filing an Annual Return for an OPC
One Person Companies (OPCs) must submit their annual returns to adhere to legal mandates. However, several business owners encounter pitfalls during the filing process, leading to potential penalties...
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Layering Limitations Under Section 186(1) of the Companies Act: An Analysis
1. IntroductionRegulatory frameworks strive to eliminate opacity in corporate structures and operations. The concealment of ownership and financial misdirection often stem from complex corporate layer...
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Delhi High Court Orders Against Coercive Measures by GST Authorities: An Analysis
1. IntroductionThe High Court of Delhi, on February 13, 2025, in the case 'Nitin Goel v. Directorate General of GST Intelligence, Delhi' (W.P. (CRL) 532/2025), ruled that GST officials must adhere to...
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Appeal Filing Periods under the GST Act
Legal Framework for Appeals FilingThe Central Goods and Services Tax (CGST) Act, 2017, provides guidelines for lodging appeals against decisions made by adjudicating agencies. Specifically, Section 10...
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Bombay High Court Takes Firm Stance on Tax Evasion Strategies in the Case of Buniyad Chemicals
Case Overview and Historical BackgroundIn a pivotal tax ruling, the Bombay High Court made its stance clear on issues surrounding 'accommodation entries' and 'unexplained credits in bank accounts'. Th...
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SEBI Introduces Standardized Norms for Disclosure of Related Party Transactions
OverviewOn February 14, 2025, the Securities and Exchange Board of India (SEBI) issued Circular No. 18 to harmonize and streamline the disclosures required for reviewing and approving Related Party Tr...
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Diving into Dividend Taxation
1. The Evolution of Dividend Taxation in IndiaThe mechanism of dividend taxation in India has undergone several transformations over the years:(i) Early Years to 1997: Before June 1, 1997, dividends w...
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Legality of Seizure of Cash and Valuables under the GST Law
1. Overview The menace of tax evasion significantly impacts economies worldwide, with an annual global tax gap reported at US$492 billion, of which India's share is $28 billion. In India, the Goods an...
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The Role of Joint Audits in Enhancing Audit Quality
Understanding Joint AuditsJoint audits refer to the examination of an entity's financial statements by multiple auditors working collaboratively. These audits involve two or more audit firms collectiv...
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Allowable Deductions Under Section 57: Income Tax Act, 1961
1. Deductions for Dividends and Interest (Section 57(i))Explanation: This clause allows for the deduction of any reasonable expenses, such as commissions or fees paid to a banker or any individual, to...
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Taxation of Online Gaming
OverviewThe online gaming sector in India has witnessed tremendous expansion recently, thanks to the widespread availability of the internet, economical smartphones, and a young, tech-oriented demogra...