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Amendment to Section 55: Clarifying Cost of Acquisition for Equity Shares
The Finance Act, 2018 amended Section 10(38) of the Income Tax Act, removing long-term capital gains exemption for equity shares unless STT was paid both at acquisition and transfer. Subsequently, Sec...
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MSME Suppliers Get Timely Payments with Section 43B(h) Amendments
HighlightsEffective Date: The amendment to Section 43B(h) of the Income Tax Act comes into effect from April 1, 2023, and is applicable for the financial year 2023-24 and onwards.Payment Deadlines: Pa...
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Amnesty Provisions Under Section 128A: A Relief for Taxpayers
Understanding the Proposed Section 128AThe Finance (No.2) Bill -2024 has introduced a new Section 128A, which provides amnesty to taxpayers in certain financial years, from 2017-18 to 2019-20. This se...
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Budget 2024-25: Impact on TDS and TCS Regulations
The budget proposals for 2024-25 bring significant changes to the Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) regulations, affecting various sections and compliance requirements....
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CGST Act: New Sub-Sections 16(5) & 16(6) Offer ITC Relief
A Sigh of Relief for TaxpayersThe Finance Minister has proposed the insertion of new sub-sections 16(5) and 16(6) in Section 16 of the CGST Act, 2017, to regularize the Input Tax Credit (ITC) taken af...
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Reforming Long-Term Capital Gains Taxation: Key Changes in Finance Bill 2024
The Finance Bill 2024, introduced in Parliament on July 23, 2024, proposes significant reforms to the taxation of long-term capital gains arising from assets other than financial assets. The bill aims...
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Revised Tax Provisions for Share Buybacks
A New EraBackgroundThe Finance Bill, 2024, introduced in Parliament on July 23, 2024, has proposed significant changes to the tax provisions related to share buybacks by companies. The existing provis...
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Proposed Amendments to CGST/IGST Act, 2017 in Budget 2024
The Finance Bill No. 2/2024 has proposed several significant amendments to the Central Goods and Services Tax (CGST) Act, 2017, and the Integrated Goods and Services Tax (IGST) Act, 2017. These amendm...
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GST Case Law July 2024
Authority of DGGI Officer to Issue SCN Post Inspection/AuditThe Madras High Court in Famina Shopping Mall (P.) Ltd. v. Assistant Commissioner of GST and Central Excise (W.P. (MD) No. 19284 of 2021 dat...
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Major Reforms in GST: A Comprehensive Overview of the Finance Bill 2024
The Finance Bill 2024 has introduced significant amendments to the Goods and Services Tax (GST) laws in India, aiming to simplify tax procedures, enhance compliance, and address various issues faced b...
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Ensuring Compliance through Secretarial Audit
IntroductionSecretarial Audit is a vital component of total compliance management in an organization. It is an effective tool for corporate compliance management, detecting non-compliance, and taking...
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Compliance Under Companies Act, 2013: A Comprehensive Overview
As Chartered Accountants, it is essential to stay informed about the diverse applicability provisions under the Companies Act, 2013 to ensure precise compliance and advisory services. This Act outline...
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GST Registration: Challenges and Issues
IntroductionThe Goods and Services Tax (GST) was introduced in India on July 1, 2017, marking a significant milestone in the country's taxation system. However, the implementation of GST has been marr...
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Streamlining Tax Determination: The Impact of Section 74A
Simplifying Compliance and Reducing LitigationThe introduction of Section 74A in the CGST Act, 2017 marks a significant step towards simplifying tax determination and compliance. This new section aims...
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Issuance of Shares on a Preferential Basis: Regulations and Amendments
Overview of Preferential Share IssuanceIssuing shares on a preferential basis is a strategic move that allows companies to raise capital from specific investors, often at terms favorable to both parti...
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Union Budget 2024: Key Highlights and Reforms
The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, marks a significant milestone in the country's economic journey. This budget introduces a series of measures aimed at boosting...
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Budget 2024-25: Key Changes under GST Law
The Finance (No.2) Bill, 2024 has proposed changes in the CGST Act, IGST Act, UTGST Act and GST (Compensation to States) Act, 2017 through Clauses 110 to 146 of the Bill in CGST Act 2017, through Clau...
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Changes in TDS Proposed in Union Budget 2024-25
The Union Budget 2024-25 has introduced several key changes in the regulations for Tax Deducted at Source (TDS), aiming to enhance compliance and simplify tax procedures. These changes impact various...
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Budget 2024-25: Key Changes in Customs and Excise Duties
The Union Budget 2024-25 has introduced significant reforms in customs and excise duties, aiming to support domestic industries and simplify the trade process. The changes are designed to promote loca...
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Budget 2024-25: Key Amendments to Income Tax Law
OverviewThe Union Budget 2024-25 has introduced significant amendments to the Income-tax Act, 1961, aiming to streamline tax processes, provide relief to taxpayers, and promote economic growth. This a...