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Can DRC-01 Be Issued for Claim of Interest Only?
Editorial Note:The process of interest recovery under GST has significant implications for taxpayers, particularly when show cause notices are issued for delayed filings or payment discrepancies. The...
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Managing Input Tax Credit (ITC) Transitions and Reversals in GST
Editorial Note:Navigating the complexities of Input Tax Credit (ITC) transitions and reversals within the GST framework requires a clear understanding of statutory provisions. This article provides pr...
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Navigating the Challenges of GST Refunds: An Examination of Key Issues and Solutions
IntroductionThe Goods and Services Tax (GST) system aims to simplify the taxation process in India. However, complexities in the GST refund mechanism often create challenges for businesses. This artic...
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Understanding Credit and Debit Notes in the Context of Section 16(4)
IntroductionCredit and debit notes play a crucial role in managing tax adjustments under the Goods and Services Tax (GST) regime. They address discrepancies in issued invoices and ensure accurate tax...
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Power to Arrest Under Section 69 of the GST Act.
Power to Arrest Under Section 69 of the GST ActIntroductionThe Goods and Services Tax (GST) Act includes provisions for arresting individuals suspected of committing specific offences. Although the te...
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Understanding GST Exemptions for Pure Labour Services
Overview of GSTThe Goods and Services Tax (GST) is a comprehensive, multi-tiered, destination-based tax imposed on the supply of goods and services in India. Despite its broad scope, specific goods an...
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Navigating Loss Adjustments in Income Tax: A Comprehensive Guide
1. Intra-Head Adjustment of Losses [Section 70]Within the same category of income, the Income Tax Act permits the adjustment of losses from one source against profits from another, provided they fall...
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Faceless Proceedings under the Income-tax Act: A New Era of Tax Administration
Introduction The Finance Act, 2018 and the Finance Act, 2020 have introduced enabling provisions in the Income-tax Act, empowering the Central Government to notify schemes for conducting income tax as...
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Taxation Aspects of Employer-Provided Insurance for Employees.
Taxation Aspects of Employer-Provided Insurance for EmployeesThe taxation of employer-provided insurance for employees is a complex topic that requires careful consideration by both employers and empl...
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Reverse Charge on Notified List of Services under GST
1. IntroductionUnder the Goods and Services Tax (GST) regime, the government has been empowered to specify a list of services on which GST is payable on a reverse charge basis. In this regard, the gov...
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Reverse Charge on Notified List of Goods under GST
1. IntroductionUnder the Goods and Services Tax (GST) regime, the government has been empowered to specify a list of goods on which GST is payable on a reverse charge basis. In this regard, a notifica...
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Reverse Charge Mechanism under GST: Understanding the Concept and Its Implications
1. Introduction to Reverse Charge Mechanism (RCM)In the Goods and Services Tax (GST) regime, the liability to pay tax generally lies with the supplier of goods or services. However, the GST law also p...
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ICAI President’s Message – May 2024
In the realm of modern accounting, Artificial Intelligence (AI) emerges as a disruptive force, promising transformative opportunities while presenting significant challenges. This article delves into...
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ICAI submits Pre-Budget Memorandum to CBDT advocating Tax Reforms
The Institute of Chartered Accountants of India (ICAI) has put forth its Pre-Budget Memorandum 2024 to the Central Board of Direct Taxes (CBDT), advocating for significant tax reforms to bolster econo...
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ICAI CCM Dhiraj Khandelwal clarifies on NFRA Order
Extract of Tweet made by Central Council Member (CCM) of ICAI Dhiraj Khandelwal @kdhiraj123 There is lots of discussion on NFRA order, just to clarify I am not in active practice since 2010 however ac...
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Draft Guidance Note on Income-tax Audit Reports under Section 12A/10(23C)
On 29th April 2024, the Direct Taxes Committee of The Institute of Chartered Accountants of India announced the release of an Exposure Draft titled ‘Guidance Note on Reports on Audit under Section 12A...
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CBDT Circular No. 6/2024: Relief Measure for Inoperative PAN
In Circular No. 6/2024, CBDT provides relief to deductors/collectors grappling with the consequences of Inoperative PANs. If a deductee/collectee’s Inoperative PAN becomes operative (via Aadhar linkag...
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Clarification of BSE on SEBI Circular on Revised Corporate Bond Fundraising Framework
Clarification of BSE on SEBI Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated October 19, 2023 Clarification of BSE on SEBI Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated Octob...
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CBDT Extends Due Dates: Form No. 10A/10AB Filing upto 30th June, 2024
Introduction: Circular No. 7/2024 issued by the Central Board of Direct Taxes (CBDT) addresses the extension of due dates for filing Form No. 10A/10AB under the Income-tax Act, 1961. Over the years, v...
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Section 10(46) Notification: Kerala Autorickshaw Workers Welfare Fund Scheme
Introduction: Notification No. 41/2024-Income Tax, dated 24th April 2024, issued by the Ministry of Finance under the Income Tax Act, 1961, holds significance for Kerala Autorickshaw Workers Welfare F...