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Outward Remittance Tax Compliance in India: Transition from Forms 15CA/15CB to Forms 145/146
Overview of the New Compliance RegimeFrom 1 April 2026, India’s cross-border remittance compliance landscape will undergo a significant overhaul. The long-standing Forms 15CA and 15CB, integral to the...
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In-depth Overview of Amendments in the Finance Bill 2026 as Passed by Lok Sabha
On March 25, 2026, the Lok Sabha approved the Finance Bill 2026 (hereafter, 'Finance Bill (Lok Sabha)'), introducing several key changes to the original proposals. The bill, while retaining most of th...
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Minimum Alternate Tax (MAT): Key Judicial Doctrines and Transition under the Income-tax Act, 2025
OverviewIndia’s new Income-tax Act, 2025 (effective from 1st April 2026), together with the Finance Bill 2026, fundamentally reshapes the Minimum Alternate Tax (MAT) regime for companies. Section 206...
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MSME Form I: An In-depth Guide to Compliance and Disclosure Requirements
Overview and BackgroundMicro and Small Enterprises (MSEs) are fundamental to India’s economic landscape, contributing significantly to employment, manufacturing, and exports. Despite their importance,...
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Is Section 122 GST Penalty Provision Timeless? An Analysis of the Limitation Period for Issuing Notices under Section 122
Introduction: The Question of Perpetuity in Section 122Section 122 of the Central Goods and Services Tax Act, 2017 (CGST Act), along with related sections such as Sections 122A, 122B, 123, and 125, em...
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Analysis of Sham Transactions under the Benami Property Transactions Act: Unresolved Definitional Issues
1. Introduction: Regulatory Background and Legislative EvolutionThe Prohibition of Benami Property Transactions Act, 1988 (hereafter “1988 Act”), significantly amended by the Benami Transactions (Proh...
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Major GST Reform for Global Capability Centers: Implications of the Finance Act 2026 for Service Exporters
OverviewMultinational corporations' Global Capability Centers (GCCs) in India, which provide a range of services such as IT, R&D, finance, analytics, and support, have historically faced a critical GS...
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GST Implications on Sale of Old Motor Vehicles by Restaurant Composition Dealers: Rate, Valuation, and Legal Framework
Introduction and Scenario OverviewA practical situation involves a registered assessee who has opted for the Composition Scheme under Section 10(1)(b) of the Central Goods and Services Tax (CGST) Act,...
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Is Section 179 of the Companies Act, 2013 a Complete Code?
1. Overview: Is Section 179 of the Companies Act, 2013 a Complete Code?Section 179 of the Companies Act, 2013 is often misunderstood as a comprehensive catalogue of the Board’s powers, particularly du...
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Understanding Foreign Investment Regulations in India’s Retail Sector
Introduction: Opportunities and Regulatory LandscapeIndia’s retail sector is witnessing robust growth, fueled by increased consumer demand, digital transformation, and the expansion of organized retai...
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Refund Mechanism under Section 54 of the CGST Act, 2017: Judicial Trends and Practical Perspectives
1. OverviewSection 54 of the Central Goods and Services Tax (CGST) Act, 2017, is rooted in the constitutional principle that tax collection must be legally justified. It grants assessees the right to...
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GST Forms ASMT-10, DRC-01B, and DRC-01D: Understanding Their Roles in Scrutiny, Self-Assessment, and Recovery under the CGST Act, 2017
Overview: The Evolving GST Compliance FrameworkSince its inception, the Goods and Services Tax (GST) regime has aimed to simplify indirect taxation. However, over time, a complex set of compliance and...
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Re-examining Coparcenary Rights: Grandchildren’s Entitlement in the Maternal Grandfather’s HUF
Introduction: Revisiting Coparcenary and Inheritance Rights in HUFsThe issue of whether grandchildren, specifically the children of a daughter, possess coparcenary rights in the Hindu Undivided Family...
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Analysis of Penalty Applicability under Section 73(11) of the CGST Act, 2017 When GSTR-3B Is Filed Before SCN
OverviewSection 73 of the Central Goods and Services Tax Act, 2017 (CGST Act) outlines procedures for the “assessment and recovery” of taxes that have not been paid, short-paid, erroneously refunded,...
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Doctrine of Substantive Compliance in GST: Concessional Rates and Input Tax Credit Reversal
OverviewThe Madras High Court’s decision in GU Shipping India Pvt Ltd. v. Assistant Commissioner of CGST and Central Excise, Chennai South Commissionerate (W.P. No. 13829 of 2025, dated 27-2-2025), br...
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Comprehensive Guide to GST Refund Calculation under Rule 89(4) and Rule 89(5): Zero-Rated Supplies Versus Inverted Duty Structure
OverviewThe Goods and Services Tax (GST) framework in India enables assessees to claim refunds of unutilized Input Tax Credit (ITC) under specific circumstances, primarily regulated by Rule 89(4) and...
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GAAR Grandfathering: Substantive Safeguard or Ongoing Ambiguity?
IntroductionIt is a truism that death and taxes are inevitable, yet certainty in tax law is often elusive. As Financial Year 2025–26 concludes, recent actions by the Ministry of Finance illustrate tha...
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Estimated Income Schemes for Resident Assessees under the Income Tax Act, 2025
1. Overview of Estimated Income Provisions (Section 58)Section 58 of the Income Tax Act, 2025 introduces a simplified income computation mechanism, termed as the Estimated Income Scheme, which overrid...
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How the Income-tax Act, 2025 Subtly Overrides the Supreme Court’s V.S. Dempo Judgment
Background and Purpose of the New LawThe Income-tax Act, 2025 (“the new Act”), effective from April 1, 2026, has been introduced as an attempt to simplify and unify existing tax provisions. However, a...
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Major Changes in Defective Return Provisions: Introduction of Section 263(7) and Rule 166
Background: Shift in the Law Regarding Defective Returnsi) Supreme Court’s Earlier ViewPreviously, the Supreme Court in Mangalam Publications v. CIT ([2024] 158 taxmann.com 564; [2024] 297 Taxman 537;...