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The Role of Revised Returns in Offering Relief to Assessees
Filing income tax returns is a fundamental compliance obligation for each assessment year in India. Once a return is processed under Section 143(1), it generally offers a sense of comfort to assessees...
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Performance Appraisal of Additional Directors and Directors Subject to Retirement in Rotation
Purpose and Guidelines for Performance EvaluationPerformance evaluation is an ongoing process that plays a crucial role in helping management assess both individual directors and the collective board....
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E-Invoicing Under GST: Applicability and Core Necessities
Introduction to E-Invoicing Under GSTThe concept of electronic invoicing, or 'e-invoicing,' was proposed for phased rollout at the 37th GST Council meeting on September 20, 2019, as a significant aspe...
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Exploring the Payment of Unpaid GST under RCM from 2017-18 to October 2024 in the Financial Year 2024-25 and ITC Utilization
Understanding GST Payment for Past RCM Liabilities and ITC ClaimsDue to recent amendments in GST regulations, registered persons who failed to pay and charge GST under the Reverse Charge Mechanism (RC...
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Issuance and Transformation of Compulsorily Convertible Preference Shares to Equity Shares
Relevant Provisions Under Companies Act 2013 – Section 55 of Companies Act 2013Can Companies Issue Convertible Preference Shares?According to Section 55 of the Companies Act 2013, a company is permitt...
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Admissibility of Loans in IBC Amidst Violations of Section 186 of the Companies Act, 2013
1. IntroductionIn accordance with Section 186 of the Companies Act, 2013, a company is restricted from extending loans beyond 60% of its paid-up share capital, free reserves, and securities premium ac...
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Streamlining Accounts: Rectifying Discrepancies in Small Savings Schemes
Amidst the hustle of meeting personal aspirations and uncertainties, individuals often overlook future financial security. To counter this trend, the government has launched several appealing small sa...
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Critical Insights from the Supreme Court Judgement in Safari Retreats
The interpretation of GST as a purely value-added tax, meant to prevent tax-on-tax situations, has been somewhat compromised by the Central Board of Indirect Taxes and Customs (CBIC), unofficially ass...
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Comprehensive Guide to Error Rectification Under Section 154
Somashekar Rao Former Deputy Commissioner of Income Tax1. Overview of Section 154 of the Income Tax Act, 1961The Income Tax Act's Section 154 empowers tax authorities to make adjustments to orders if...
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Chennai ITAT Insights on Unexplained Income and Tax Penalties
Recent judgments by the Chennai Income Tax Appellate Tribunal (ITAT) have brought to light cases concerning unexplained income and associated penalties as per the Income Tax Act. A few significant cas...
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December 2024 GST Compliance Guide
In December 2024, maintaining updated knowledge of GST compliance is essential for assessees. This guide lists critical deadlines and procedures for submitting various GST returns, helping businesses...
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Tax Compliance Deadlines for December 2024 in India
Income Tax Act, 1961 DeadlinesAssessees should be aware of major dates under the Income Tax Act for December 2024. Key deadlines include:(i) TDS/TCS Transactions:TDS/TCS collected in November must be...
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National Leasing Ltd: Classifying Rental Income as Business Revenue
OverviewThe Bombay High Court's deliberation in the dispute between National Leasing Limited and the Assistant Commissioner of Income Tax centered on the categorization of rental income for tax purpos...
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Cancellation and Suspension of GST Registration in India: A Comprehensive Analysis
1. OverviewThe provisions for suspension or cancellation of GST registration are primarily encapsulated in Section 29 of the Central Goods and Services Tax (CGST) Act, 2017. Subsection 2 of this secti...
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Conversion of Loans to Equity: Exploring Section 62(3) of the Companies Act, 2013
IntroductionSection 62 of the Companies Act, 2013 [‘the Act’] primarily governs the further issuance of share capital. Sub-section (1) outlines the process, including notifying shareholders, adhering...
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Enhanced Disclosure Obligations and Revised MSME-1 Form: A Comprehensive Overview
1. IntroductionSections 15 to 24 of Chapter V in the Micro, Small, and Medium Enterprises Act, 2006 (MSMED Act) focus on addressing the issue of delayed payments to micro and small enterprises. Accord...
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Identification of Promoters by Companies Preparing for IPO – A Regulatory Overview
Who Qualifies as a Promoter?Under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR), the term 'promoter' is defined in Regulation 2(1)(...
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Financial Obligations under Concession Agreements
1. IntroductionThe Indian Supreme Court's recent verdict in the case of Rewa Tollway (P.) Ltd. vs. State of Madhya Pradesh has concluded that agreements allowing for toll collection fall under the def...
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Understanding 'As Is' or 'As Is, Where Is Basis' in the Context of Past Transactions
IntroductionThe Central Board of Indirect Taxes and Customs (CBIC) has issued recent circulars following the 53rd and 54th meetings of the GST Council. These meetings addressed the applicability of ta...
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Key Amendments in the CGST Rules
Recent important changes have been made to the CGST Rules through Notification No. 20/2024 – Central Tax, dated October 08, 2024. These amendments, which affect various rules, aim to enhance the GST f...