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Implications of Joint Ownership of Property with Spouse for Tax Matters Under Indian Law
Taxation of Jointly Owned House Property(i) Taxation of Income from Joint Property Held for Social PurposesWhen examining the legal tax implications under the Income Tax Act, 1961, specifically Sectio...
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Valuation of Inventories According to Accounting Standard 2
OverviewThe valuation of inventories involves assessing them at the lower of their acquisition cost or their net realizable value. Since inventories represent assets with the potential to provide futu...
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Investment Avenues for Foreign Portfolio Investors in India
IntroductionForeign Portfolio Investors (FPIs) have the opportunity to engage in India's equity market following the mandates of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, and...
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How to Obtain a Lower Tax Deduction Certificate (LTDC) in India
1. IntroductionIn today's business environment, maintaining liquidity is crucial. Section 197 of the Income Tax Act, 1961, offers a strategic tool for those looking to streamline their cash flow manag...
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Telecommunication Towers and ITC Eligibility: A Delhi High Court Perspective
IntroductionThe Delhi High Court in the case Bharti Airtel Limited v. Commissioner, CGST Appeals-1, Delhi [W.P.(C) 13211/2024, dated December 12, 2024], concluded that telecommunications towers qualif...
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Indoor Management Principle: A Counter to the Constructive Notice Principle
IntroductionA company is recognized as a separate legal entity created to engage in business activities. The fundamental legal frameworks for any corporation are the Memorandum of Association (MoA) an...
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GST Compliance Tasks for the Financial Year 2024-25 to be Completed by March 2025
As the fiscal year 2024-25 nears its conclusion, businesses in India must fulfill essential GST compliance responsibilities. The following outlines crucial actions to be taken:Submission of Letter of...
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Switzerland Halts Unilateral MFN Clause Enforcement in Tax Treaty with India
Switzerland's unilateral enforcement of the Most Favored Nation (MFN) clause within the India-Switzerland Double Taxation Avoidance Agreement (DTAA) will be suspended as of January 1, 2025. This decis...
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Influence of TDS Rationalization on Assessee Liquidity
Have TDS Rates and Threshold Relaxations Increased Assessee Cash Liquidity?Provisions in Income Tax Act 1922The concept of TDS originated from the former Income Tax Act of 1922, specifically articulat...
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Key Tax Implications for Freelancers and Gig Economy Participants in India
In the evolving job market of today, freelancing and participating in the gig economy have become popular career paths. These options provide flexibility and autonomy yet come with unique tax responsi...
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Decoding the Standard Deduction: A Significant Tax Advantage
IntroductionIncome tax plays a critical role in financial planning, and comprehending different tax deductions can substantially affect an individual's tax burden. The standard deduction ranks among t...
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Rebate under Section 87A: Insights from Bombay High Court Verdict
Overview of the JudgementThe Bombay High Court's decision in the case of The Chamber of Tax Consultants v. Director General of Income Tax (Systems), reinforces that technical shortcomings in tax filin...
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Understanding the Concept of Previous Year and Assessment Year in Indian Taxation
The concepts of Previous Year and Assessment Year are vital components in the Indian taxation system, specifically for calculating income tax. The Previous Year refers to the 12-month financial period...
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Penalty Imposed on Company for Non-Issuance of Dematerialized Securities
Overview of the CaseThis matter involves M/s. BCL Homes Limited, an unlisted public company based in Chandigarh, Punjab. The company neglected the statutory requirement to issue securities in a demate...
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End-of-Year Financial Procedures for Accurate Compliance and Reporting
Essential Financial Duties at Year-EndAccount Reconciliation:Reconciliation of Ledgers:Ensure consistency across all general ledger balances, bank accounts, and subsidiary ledgers by reconciling any d...
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GST Amnesty Scheme 2025: Relief Under Section 128A
The Indian government has rolled out a GST Amnesty Scheme aimed at offering businesses a reprieve from interest and penalties in specific dispute cases, with this initiative coming into force on Novem...
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Tax Benefits for Senior Citizensunder the Income Tax Act
Tax Benefits for Senior Citizens in India under the Income Tax ActSenior citizens receive numerous tax advantages under the Income Tax Act, which are crucial for many assessees who might not be aware...
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Initial Preparations for IPO: Structuring the Board of Directors
1. IntroductionAn Initial Public Offering (IPO) represents a pivotal event in the expansion trajectory of a company. By transitioning to a publicly-listed entity through the issuance of shares, the co...
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Director Penalized for Failing to Disclose Interests in Other Entities
Overview of the CaseObligations Under the Companies Act 2013 Every director in a company is required under the Companies Act 2013 to declare any interests in other companies, firms, or entities during...
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GST Major Amnesty Scheme under Section 128A: Interest and Penalty Waiver
Introduction to GST Amnesty SchemeThe GST Amnesty Scheme 2024, introduced via Section 128A of the CGST Act, facilitates a conditional exemption from interest and penalties for certain tax demands from...