-
Notification under IT Act, 1961: UP Real Estate Regulatory Authority
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued a significant notification under section 10(46) of the Income-tax Act, 1961, concerning the Uttar Pradesh R...
-
Submission in Response to Show Cause Notice: Rejection of Input Tax Credit based on Invoice Issued after Time of Supply
Factual Background: ABC Ltd operates in the mobile phone trading sector and received accounting and taxation support from XYZ LLP in August 2022. However, an oversight led to the delayed issuance of t...
-
Arbitrary issue of GST Show Cause Notices for 2017-18 & 2018-19: STBA
Members of the Sales Tax Bar Association (STBA) took to the streets today, staging a demonstration in front of the office of the Principal Commissioner, State Tax / T & T, Delhi. The protest aimed to...
-
ICAI President’s Vision: Charting a Course for Future Growth
As CA. Ranjeet Kumar Agarwal assumes the role of the 72nd President of the Institute of Chartered Accountants of India (ICAI), he shares a vision to drive transformative change through the accountancy...
-
Ministry of Finance: ₹1.68 Trillion GST Collection Surpasses Expectations
The Ministry of Finance recently announced impressive figures regarding the Goods and Services Tax (GST) revenue collection for February 2024. With a substantial increase in collections compared to th...
-
Allahabad High Court Protects Flipkart in Reassessment Dispute, Places Burden of Proof on Tax Authorities
HighlightsThe Allahabad High Court quashed a reassessment order against Flipkart, ruling assessment authorities must prove turnover was underreported.The burden of providing evidence for "reason to...
-
Allahabad High Court Overturns GST Ruling: Superintendent Exceeded Authority
HighlightsThe Allahabad High Court quashed a GST order due to the Superintendent lacking jurisdiction based on the amount involved.The circular dated February 9, 2018, by the Indian Ministry of Financ...
-
SC Protects Ex-Directors: No Automatic Liability for Company's Dishonoured Cheques
HighlightsThe Supreme Court ruled that a company director cannot be held liable for dishonoured cheques issued after their resignation unless there's specific evidence of wrongdoing.Emphasized the imp...
-
Supreme Court Strengthens Payee Rights: Blank Cheque Issuance Implies Presumption of Debt
HighlightsThe Supreme Court upheld Section 139 of the Negotiable Instruments Act, which presumes any signed cheque, even if blank when handed over, was issued to discharge a debt.The burden of proof f...
-
Advisory for SDD Compliance by Fiduciaries under SEBI (PIT) Regulations, 2015
Introduction: SEBI’s (Prohibition of Insider Trading) Regulations, 2015, emphasize control over sharing unpublished price-sensitive information (UPSI). This article addresses the advisory for Structur...
-
SEBI’s FPI Disclosure Framework: Proposed Reforms for Business Ease
The Securities and Exchange Board of India (SEBI) has released a consultation paper seeking public feedback on proposals to enhance the ease of doing business concerning the additional disclosure fram...
-
Revamped eBRC System of DGFT
The Directorate General of Foreign Trade (DGFT), under the Government of India’s Ministry of Commerce and Industry, introduces a transformative shift in export documentation with the revamped Electron...
-
Handbook on India’s Strategic Trade Control System January 2024
In the dynamic landscape of global affairs, the formulation and implementation of robust strategic trade controls are indispensable for nations seeking to safeguard their security interests, promote n...
-
FAQs on IFSCA (Payment Services) Regulations, 2024
The International Financial Services Centres Authority (IFSCA) has introduced the Payment Services Regulations, 2024, aimed at providing clarity on the authorization and operation of Payment Service P...
-
5 Including Ex-ITO sentenced to 3 Yrs Jail; CBI Arrests CGST Superintendent for Bribe
CBI Arrests CGST Superintendent, Sentences Five for Bribery In recent developments, the Central Bureau of Investigation (CBI) has made significant strides in combating corruption. A CGST Superintenden...
-
ICAI May/June 2024 Exam BoS Publications: Foundation, Intermediate & Final Courses
Introduction: The Institute of Chartered Accountants of India (ICAI) has released the applicable Board of Studies (BoS) publications for the May/June 2024 Examination. This article provides a comprehe...
-
CBDT approves Panjab University’s Scientific Research Deduction U/s. 35(1)(ii)
Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, has issued Notification No. 23/2024 – Income Tax on 26th February, 2024. This notification exercises powers...
-
Guide to Responding to Income Tax Notices: e-Verification Scheme 2021
Responding to Notices and Letters under the e-Verification Scheme (February 2024) The Income Tax Department uses the e-Verification Scheme to inform taxpayers about discrepancies in their Income Tax R...
-
Over 360K Income Tax Appeals Pending: CIT(A) Stats Revealed in RTI Reply
Introduction: The Income Tax landscape in India is grappling with a substantial challenge as revealed in a recent RTI reply. The Principal Chief Commissioner of Income Tax (NFAC) discloses a staggerin...
-
Draft Competition Commission of India (General) Amendment Regulations, 2024
The Competition Commission of India (CCI) is proposing amendments to Regulations 35, 37, and 50 of the General Regulations, aiming to enhance efficiency and address certain shortcomings. The proposed...