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GST Reverse Charge Mechanism: Effects on Government Entities
Issue:Liability Under RCM for Government Registrants:When a Department or Establishment of the Central Government, State Government, Union Territory, local authority, or governmental agency registers...
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Reconsideration of Allowing Section 40(b) Deductions for Firms Opting for Section 44AD
1. Legal Contexti. Provisions of Section 40(b)According to section 40(b), any firm paying salary, bonus, commission, or remuneration to a non-working partner cannot claim deductions on these payments....
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Examining Eligibility of Brick Manufacturers for GST Composition Scheme
Overview of the GST Composition SchemeThe Goods and Services Tax (GST) in India includes a simplified tax compliance option known as the Composition Scheme. This scheme is specifically tailored to ass...
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Possible Outcomes of Reciprocal Tariffs: What Lies Ahead for India
IntroductionIndia is actively engaging in discussions with the United States to forge a Bilateral Trade Agreement (BTA). However, the U.S. Administration's announcement on April 2, 2025, about introdu...
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SEBI Strengthens RPT Approval Norms and Simplifies Corporate Governance for HVDLEs
IntroductionAs the 'Comply or Explain' period for High-Value Debt Listed Entities (HVDLEs) concluded on March 31, 2025, the Securities and Exchange Board of India (SEBI) released the SEBI (Listing Obl...
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Filing MSME-I Under the Updated Classification Framework
Background OverviewOn February 1, 2025, India's Honorable Finance Minister unveiled the Union Budget, bringing forth several significant measures for the micro, small, and medium enterprises (MSMEs)....
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Revised GST Policies for Catering and Restaurant Services in Specific Locations: Updates Effective from April 1, 2025
This piece outlines the critical modifications brought forth by the government via Notification No. 05/2025-Central Tax (Rate) issued on January 16, 2025, set to be in force from April 1, 2025. It als...
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Reversing Input Tax Credit in Light of the 180-Day GST Provision
IntroductionThe introduction of the Goods and Services Tax (GST) in India was hailed as a groundbreaking step towards a unified indirect tax framework, promising a smooth transfer of Input Tax Credit...
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Automatic Expiry of Additional Director’s Tenure at the AGM
Case Analysis on the Expiry of Additional Director’s Term at the AGM under Section 161 of Companies Act, 2013Overview: In the case of Ram Kishan v. Kamal Narain Sharma (1995), which was upheld under S...
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Procedure for Transferring Shares of a Private Company in Dematerialized Format
1. Governing Legal Provisions and Stamp DutyLegal Framework:Depositories Act, 1996: Enforces the electronic custody and transfer of securities.Companies Act, 2013 (Sections 56 & 58): Pertains to the t...
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MCA Compliance Timeline for 2025-26: Vital Submission Deadlines
1. OverviewCompanies and LLPs operating in India must adhere to the annual submission requirements outlined in the Companies Act, 2013, and the LLP Act, 2008. These submissions, which are filed with t...
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Income Tax Audit Forms 10B & 10BB: Updates and Deadline for Submission
IntroductionThe submission of Form 10B plays a pivotal role under the Income Tax Act, 1961, primarily affecting charitable and religious organizations that seek exemptions under Sections 11 and 12. Th...
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Exemptions in GST for Training Services Linked to Art, Culture, Yoga, and Sports
GST Exemption Criteria for Educational and Cultural ServicesIn the framework of GST, services associated with education, art, culture, sports, and yoga may qualify for tax exemption, contingent on cer...
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India Enforces Tax Compliance on Crypto Transactions Using Offshore Platforms
Indian crypto investors attempting to circumvent tax responsibilities by trading on international platforms like Binance are facing increased scrutiny from the Income Tax department. This move comes i...
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Reevaluating Assurance: Challenges of the Principal Purpose Test in the Context of BEPS Action 6 and the Multilateral Instrument
Introduction to the Uncertainties of Taxation Taxes, much like death, are uncertain in their nature. Despite Benjamin Franklin's 1789 assertion that taxes are one of life's only certainties, the unpre...
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Revised Rates for TDS and TCS Starting April 1, 2025
Updated Tax Deduction at Source (TDS) RatesChanges to TDS effective from April 1, 2025, encompass diverse income streams like salaries, interest, rents, commissions, and gambling winnings. Assessees f...
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Section 34: A Deep Dive into Credit Notes under GST
Understanding the implications of Section 34 of the GST Act is crucial for handling credit notes effectively. Credit notes serve as a mechanism for rectifying discrepancies in the invoiced amount. The...
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Rule 39 of the CGST Act: Detailed Breakdown and Practical Applications for Input Service Distributors
1. Overview of the ISD Mechanism under GSTThe Input Service Distributor (ISD) framework in India's GST system is essential for facilitating efficient allocation of input tax credit (ITC) across busine...
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Property Co-Ownership: Does It Imply Joint Taxation Liability?
Overview: While joint property ownership is not uncommon in India, especially within families, it doesn't inherently result in shared tax obligations. This was elucidated in the 2025 ruling of the Mum...
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Does Allowing Possession of Immovable Property through an Unregistered Agreement Constitute a 'Transfer'?
IntroductionThe Income-tax Act, 1961 broadly defines taxable income, making it impractical to enumerate all taxable incomes comprehensively. There are instances where income is earned but not received...