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Compulsory ISD Registration Starting 1st April 2025: Important Changes in GST Provisions
New regulations in the Goods and Services Tax (GST) regime taking effect on April 1, 2025, require all GST-registered entities holding multiple GSTINs under one PAN to register as an Input Service Dis...
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Input Tax Credit (ITC) on Construction of Immovable Properties: Recent Transformations
When it comes to availing the Goods and Services Tax (GST) Input Tax Credit (ITC) on materials or services used in constructing immovable assets for business purposes, many assessees find themselves b...
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New TDS Regulations Under Section 194T: Effects on Assessees & Enterprises – Commencing 1st April 2025
IntroductionThe Finance (No. 2) Bill, 2024 brings forth Section 194T in the Income Tax Act, effective from April 1, 2025. This section requires Partnership Firms and LLPs to deduct Tax at Source (TDS)...
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Essential Tax Tasks to Complete by March 31, 2025
Essential Income Tax Tasks to Finalize by March 31, 2025Overview:As we approach the conclusion of the financial year 2024-25 on March 31, assessees must finalize several crucial tasks to remain compli...
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Key Taxation Updates for Partnership Entities Starting April 1, 2025
The Finance (No. 2) Act of 2024 introduces two crucial tax modifications for partnership entities, including Limited Liability Partnerships (LLPs), effective from April 1, 2025. These changes include...
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Role of Independent Directors in Evaluating Related Party Transactions
IntroductionIn the contemporary corporate landscape, robust governance practices are more vital than ever, ensuring that business operations remain transparent, equitable, and law-abiding. Independent...
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Homebuyer Rights in Flat Cancellations: Understanding GST Refunds
1. IntroductionA recent ruling from the Madras High Court in Emerald Haven Realty Developers (Paraniputhur) Pvt. Ltd. v. S.V. Ramesh (2025) TaxCorp(GST) 48503 (HC-MADRAS) examined essential legal prin...
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Overview of the Income Tax Bill, 2025: A Look at Regulations for Non-Profit Organisations' Commercial Activities
1. Analysis of Proposals for "Commercial Activities of Registered Non-Profit Organisations"The framework for these subjects is articulated in sub-chapter 3 of Chapter XVI-B, encompassing Sections 344...
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Understanding Amortization of Public Issue Expenses under Section 35D
1. Introduction to Section 35DAs per the Income Tax Act, 1961, revenue expenditures are typically deductible unless explicitly disallowed, whereas capital expenditures aren’t deductible unless express...
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Recovery of Excess Input Tax Credit Allocated by an Input Service Distributor
OverviewThe role of an Input Service Distributor (ISD) entails the allocation of input tax credit (ITC) based on received invoices within the framework of GST regulations. The ISD is mandated by Secti...
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Is GST Registration Compulsory for Export of Services?
Key Provisions of the GST Law:Persons Obligated to Register (Section 22 CGST Act)Suppliers in states or union territories, excluding special categories, must register if their yearly aggregate turnove...
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Recent Changes in GST Regulations for Hotels and Restaurants
IntroductionOn January 16, 2025, two pivotal notifications were released, significantly impacting the hotel sector in relation to GST compliance. With these changes, effective April 1, 2025, questions...
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Income Tax Bill 2025: Noteworthy Amendments and Streamlining
1. Introduction of Income Tax Bill 2025The Income Tax Bill for the year 2025 was introduced in the Parliament on February 1, 2025. Following deliberations and potential modifications during discussion...
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Revised Tax Rates and Key Amendments for FY 2025-26
Introduction:The Union Budget for 2025 has introduced notable revisions to the New Tax Regime. Understanding these modifications is crucial for individuals aiming for efficient financial planning. Thi...
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Evaluating the New and Old Tax Regimes in India: Determining Your Optimal Option
In India, assessees are presented with two distinct income tax regimes: the Old Tax Regime and the New Tax Regime. Making an informed choice between these two can lead to substantial savings. Let's de...
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In-depth Analysis of Biometric-Based Aadhaar Verification for GST Registration
1. Introduction to Aadhaar-Based Authentication in GSTUnder the provisions of Section 25 of the Central Goods and Services Tax (CGST) Act, 2017, and Rule 8 of the CGST Rules, 2017, every individual ap...
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Tax Withholding on Payments to Non-Residents
Overview of TDS on Non-Resident PaymentsTax withholding at the source on transactions with non-residents in India is a crucial mechanism for ensuring tax compliance and preventing potential tax evasio...
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Termination of Licence and Taxation of Received Amounts
Introduction to Deductibility of ExpensesWhen an assessee incurs an expense that generates or accrues income directly related to it, there exists a connection justifying the expense's deduction. In co...
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Year-Long Battle: Delhi High Court Commands Swift GST Refund, Providing Relief to Assesse
Background of the CaseTruth Fashion, a proprietorship under Ms. Sadia, found itself embroiled in a prolonged legal struggle for a GST refund amounting to ₹18,33,000. The appellate authority initially...
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Significance of ROC Submission for Private Limited Companies
Filing ROC returns is a crucial compliance obligation for privately held entities in India. Timely submission of ROC returns helps companies remain compliant, avoid penalties, and maintain a good stan...