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As the financial year 2024-25 draws to an end, businesses must focus on essential GST obligations to ensure seamless operations in FY 2025-26. Companies engaged in zero-rated sales such as exports mus...

OverviewThe Updated Income Tax Return Form (ITR-U) is designed to enable assessees to rectify discrepancies or omissions in their initially submitted Income Tax Returns (ITRs). Launched in the Union B...

M/S Ashok Leyland vs Assistant Commissioner of Income TaxDecision Summary: Partial win for Assessee, Partial win for RevenueLegal Query: (i) Can capital R&D expenditure be deducted under Section 35(1)...

Finding yourself in a situation where a tax deadline was missed or discovering previously unreported income in past returns can be challenging. Indian tax regulations provide two crucial mechanisms fo...

IntroductionIncome tax is a crucial source of revenue for the government, enabling the funding of public services and infrastructure. Among the mechanisms used to collect this tax are Tax Deducted at...

1. GST Compliance Deadline for March 2025(i) Key Dates: (a) TDS under GST: File GSTR-7 by March 10 (b) E-commerce Statement: File GSTR-8 by March 10 (c) Large Turnover Filers: GSTR-1 due by March 11 (...

Overview of TDS on Rent Under Section 194-IBSummary: The Union Budget 2024 introduced a change in the TDS rate on rent under Section 194-IB, reducing it from 5% to 2%, starting from October 1, 2024. T...

Modifications in Income Tax Act Provisions(i) Individual Taxation ProvisionsAfter the introduction of the Budget 2025, the New Tax Regime (NTR) remains unchanged. However, revisions have been made to...

Income Tax: eTDS Returns and the Influence on Amendment FilingsThe online submission of eTDS returns, including Forms 24Q and 26Q, on a quarterly basis enables Deductees—such as employees, depositors,...

Overview of Income Tax Rebates and Filing RequirementsRecent updates in India's tax regulations, specifically the introduction of new rebates, have stirred misunderstandings among assessees regarding...

OverviewMonthly compensation for Non-Executive Directors (henceforth “NEDs”) refers to a fixed and regular payment provided to directors who are not actively engaged in the daily operations of the com...

In accordance with Sections 4(2), 4(3), and 13(2) of the Companies Act, 2013, as read with Rules 8 and 29 of the Companies (Incorporation) Rules, 2014, companies established under the act have the opt...

Utilizing Multiple Sale Proceeds Under Section 54F of the Income Tax Act, 19611. Overview of Section 54FUnder the stipulations of Section 54F of the Income Tax Act, 1961, individuals who accrue long-t...

1. OverviewThe Supreme Court of India's pivotal decision in Mineral Area Development Authority v. Steel Authority of India [2024] 165 taxmann.com 477 (SC) has considerably influenced the understanding...

Introduction The Revenue Department undertakes investigations, audits, or searches of assessees periodically. These audits often encompass more than one financial year. Upon conclusion, the results ty...

India's shift to the Goods and Services Tax (GST) framework marked a significant stride towards unifying the nation's tax structure with the motto ‘One Nation, One Tax’. This transformation included t...

1. Introduction: Recent Amendments and ProposalsThe introduction of the Finance Bill, 2025, brought forward a noteworthy amendment to section 139(8A) of the Income-tax Act. This modification now grant...

IntroductionWith the enactment of new provisions from July 23, 2024, under Section 48 of the Income Tax Act, the landscape for capital gains taxation has undergone a noteworthy transformation. The dis...

The introduction of the Goods and Services Tax (GST) in India has facilitated an organized and transparent procedure for assessees to fulfill their tax responsibilities. A pivotal element in this fram...

Revised Section 34(2) of the CGST Act: Insights into Credit NotesBackgroundThe Central Goods and Services Tax (CGST) Act's Section 34(2) authorizes suppliers to issue credit notes for adjustments in t...