-
Deductibility of Portfolio Management Service (PMS) Fees under Section 48 for Capital Gains in India
OverviewThe surge in the use of Portfolio Management Services (PMS) and Investment Management Services (IMS) by affluent assessees has sparked a recurring debate under the Income-tax Act, 1961:Is it p...
-
Taxation Framework for Virtual Digital Assets in India: Direct and Indirect Tax Analysis
Introduction to Virtual Digital Asset Taxation in IndiaThe proliferation of Virtual Digital Assets (VDAs), including cryptocurrencies and Non-Fungible Tokens (NFTs), has dramatically altered the finan...
-
Critical Tax Compliance Obligations for September 2025: Income Tax and GST
The month of September 2025 presents numerous crucial compliance requirements under the Income Tax Act, 1961 and the Goods and Services Tax laws. Assessees must navigate through multiple deadlines spa...
-
Comprehensive Illustration of Block Assessment Procedures: Sections 158B to 158BI
This restructured article delivers an extensive, stepwise illustration of the block assessment regime outlined in Sections 158B to 158BI of the Income-tax Act, 1961. The aim is to distill the technica...
-
Taxation of Alternative Investment Funds (AIFs) in India: Key Judicial Insights and Recent Developments
Introduction to Alternative Investment Funds (AIFs)AIFs represent a specialized class of investment vehicles in India, offering diverse opportunities beyond conventional avenues. These funds operate t...
-
Doctrine of Prospective Overruling in Indian Tax and Constitutional Law
Understanding the Doctrine of Prospective OverrulingProspective overruling, also termed as prospective operation or application, refers to the practice where a court departs from an established legal...
-
Comprehensive Guide to “Income from Other Sources”
Introduction: Understanding the Scope of 'Income from Other Sources'Income from Other Sources is often considered the most inclusive and flexible category under the Indian Income Tax Act, 1961. This h...
-
Rebate under Section 87A and Its Treatment for Short-Term Capital Gains under Section 111A in Assessment Year 2025-26
Overview of Section 87A Rebate(i) Old Tax Regime Provisions(a) Section 87A allows resident individuals to claim a rebate if their total income does not exceed ₹5,00,000.(b) The maximum rebate availabl...
-
Evolution and Discontinuation of the Equalisation Levy: Transition to the SEP Taxation Framework
1. Introduction: Rise and Fall of India’s Landmark Digital TaxIndia’s Equalisation Levy (EL), commonly referred to as the “Google Tax,” was a trailblazing initiative designed to address the tax challe...
-
Overview of the Income Tax Act 2025: Key Features, Structure, Slab Rates & Provisions
Introduction to the Income Tax Act 2025The President of India has granted approval to the Income Tax Bill, leading to the formal enactment of the Income Tax Act, 2025. This legislation, now officially...
-
Challenges in Reporting Negative Capital Gains in ITR Utility: Quarterly Breakup Issues
Overview of the ITR Utility Glitch for Negative Capital GainsMany assessees filing their Income Tax Returns (ITR) for Assessment Year 2025-26 are facing a peculiar technical obstacle in the capital ga...
-
A Comprehensive Overview of the Income-tax Act, 2025: Ushering in Modernized Taxation in India
Introduction: Dawn of a New Tax RegimeThe enactment of the Income-tax Act, 2025 represents a pivotal transformation in India’s direct tax landscape, supplanting the long-standing Income-tax Act, 1961...
-
Section 194T: New TDS Requirement for Partnership Firms – Challenges and Practical Implications
Introduction to Section 194Ti) Legislative BackgroundIn the Union Budget of 2024, the Finance Minister introduced Section 194T to the Income Tax Act, which will come into force from April 1, 2025. Thi...
-
Regulatory Complexities in Mergers & Acquisitions under the Insolvency and Bankruptcy Code (IBC), 2016
Introduction to the IBC and Distressed M&AThe Insolvency and Bankruptcy Code, 2016 (IBC) was established to consolidate the fragmented insolvency laws and streamline the processes related to the reviv...
-
The Role of ITAT in Shaping Tax Jurisprudence: Focus on Trust Registration Post-2021 Reforms
Overview of the Income Tax Appellate Tribunal (ITAT)(i) Establishment and Mandate of ITATThe Income Tax Appellate Tribunal (ITAT), operational since 1941, serves as an independent quasi-judicial body...
-
Reframing Royalty Taxation in India: Key Disputes, Judicial Interpretations, and Global Perspectives
Evolution of Royalty Tax Provisions in India(i) Early DevelopmentsDuring the British period, royalty revenues from minerals and forests were significant for the administration.After independence, Arti...
-
Understanding Who Falls Under Profits and Gains of Business or Profession (PGBP): An In-Depth Guide
Introduction to PGBPi) Setting the Stage: What is PGBP?Profits and Gains of Business or Profession, commonly referred to as PGBP, represent one of the five foundational heads of income classified unde...
-
Recent Developments in Taxation: AI Surveillance, NOIDA Exemptions, CII Calculation, and Action Against False Claims
This article presents a comprehensive overview of significant updates in Indian taxation, covering a spectrum of topics highly relevant for assessees and tax professionals. The discussion spans from t...
-
Supreme Court Clarifies Fixed Place PE: Functional Control Over Core Indian Operations is Key
Introduction: Supreme Court Interpretation on Fixed Place Permanent Establishment (PE)The Supreme Court in the matter of Hyatt International Southwest Asia Ltd. vs Additional Director of Income Tax (C...
-
Comprehensive Analysis of Individual Taxation Amendments under the Finance Act, 2024
Overview of Tax Treatment for Individuals for AY 2025-26The Finance Act, 2024, has introduced substantive changes affecting the computation of taxable income for individuals, as illustrated through th...