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TDS on Payments to Partners by Partnership Firms
Comprehensive Overview of TDS Related to Partnership FirmsUnderstanding Tax Deduction at Source for Partnership Firms: Payments to Partners Under Sections 194T, 40(b), 40(ia), and 28(v)Partnership fir...
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Recent Developments in Section 115BAA: Lowered Corporate Tax Rates
Section 115BAA was introduced into the Income Tax Act on September 20, 2019, via the Taxation Laws (Amendment) Ordinance, 2019, and subsequently affirmed by the Taxation Laws (Amendment) Act, 2019. Th...
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Issuance of Orders Without Hearings Contradicts Natural Justice: Allahabad High Court
IntroductionThe Allahabad High Court, in its ruling for Chandani Tent Traders v. State of U.P. [WRIT TAX NO. 1084/2024 dated July 23, 2024], emphasized that issuing an order without granting a hearing...
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Overview of Disclosure Requirements for Overseas Assets and Income for Resident Indians
Residents of India possessing overseas income or holdings are required to report these in their Income Tax Returns (ITRs) to comply with the Income Tax Act and the Black Money (Undisclosed Foreign Inc...
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Introduction to Vivad Se Vishwas Scheme 2024 (VSVS 2.0) as Per Circular 12 of 2024
The Indian government has launched the Vivad Se Vishwas Scheme 2.0, aimed at resolving outstanding income tax disputes, effective from October 1, 2024. This initiative allows eligible assessees to cle...
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Intimation of Unwarranted Demand for Updated ITRs Filed Under Section 139(8A)
Introduction:Under the provisions in sub-section 1 of section 140B, it is necessary for an assessee to settle income tax, additional income tax, fees, and interest before submitting a return in accord...
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ROC Penalizes Company and Directors for Not Preserving Minutes During Office Relocation
IntroductionBackground ContextA private company, M/s. Trouw Nutrition India Private Limited, was incorporated in Tamil Nadu in 2013. Over the years, the company relocated its registered office to Tela...
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Audit Report Non-compliance Leads to Penalties for Auditors Under Indian Company Law
IntroductionCase Overview(i) This article examines a significant case involving M/s. Karam Chand Thapar & Bros. (Coal Sales) Limited, based in Kolkata, under the old Companies Act of 1956. During the...
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Reduction of Securities Premium: Capital Deduction or Scheme of Arrangement?
IntroductionUnder the Companies Act 2013, Indian companies have the authority to issue shares at a premium, meaning at a price higher than their nominal value. However, the premium received cannot be...
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Issuance Procedure of Compulsorily Convertible Preference Shares (CCPS) to Persons Resident Outside India
Overview:Issuing Compulsorily Convertible Preference Shares (CCPS) to individuals residing outside India (PROI) demands strict adherence to a multitude of regulatory frameworks under Indian law. The i...
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Microfinance Institutions under Section 8 of the Companies Act, 2013
Microfinance entities offer essential financial services to underprivileged and economically disadvantaged communities. These entities focus on providing financial solutions that traditional banks oft...
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Penalties Due to Non-Compliance: ROC's Action Against Auditor for Filing Delay of Resignation Notice
BackgroundAn auditing firm neglected to adhere to the obligations under section 140 of the Companies Act, 2013, regarding the submission of a resignation notice to the Registrar of Companies (ROC), ev...
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Gujarat High Court Ruling on GST for Leasehold Rights
1 OverviewThe Gujarat High Court recently delivered a significant judgment concerning the applicability of GST on leasehold rights. The court determined that the transfer of such rights is not liable...
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Revised GST Filing Schedule for December 2024 and Q4 2024
1. IntroductionThe Central Board of Indirect Taxes and Customs (CBIC) has introduced important amendments to the deadlines applicable for the submission of Goods and Services Tax (GST) returns. These...
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Timeline and Charges for Submitting CHG-1 to the Registrar of Companies
OverviewCompanies that establish charges on their assets, irrespective of whether these assets are situated within India or abroad, are obligated to submit Form CHG-1 to the Registrar of Companies (RO...
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Understanding ELSS Funds and Their Tax-Saving Benefits
An Equity Linked Savings Scheme (ELSS) is a type of mutual fund in India that combines the growth potential of equity investments with tax-saving benefits. Known for their dual advantages, ELSS funds...
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Judgment Validating Late Fee Waiver for GSTR-9 Returns Filed Pre-Notification: Himachal Pradesh High Court
Pharma vs. Union of India & Others (Himachal Pradesh High Court); CWP No. 4899 of 2024; Date: 21/12/2024Case Details:(i) Background Information:Pharma, involved in the production and sale of pharmaceu...
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Final Opportunity for Indian Residents to Report Overseas Assets and Income for FY 2023-24
Promoting Transparency in Foreign Asset and Income DisclosureThe Indian government has issued an advisory through the Income Tax portal aimed at enhancing transparency around foreign assets and income...
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Filing Procedure for Schedule FSI, TR, and FA in Income Tax Returns
In India, income tax returns necessitate comprehensive documentation of income, tax deductions, and overseas assets when applicable. Given the data exchange agreements in place, neglecting these detai...
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Understanding ITC Allocation Errors in GST
1. IntroductionThe Introduction of the Goods and Services Tax (GST) was meant to ease the taxation burden by facilitating Input Tax Credit (ITC). However, navigating ITC can often lead to complexities...