-
In-Depth Clause-Wise Handbook for Tax Audit Form 3CD
1. Overview Form 3CD, stipulated under Rule 6G(2) of the Income-tax Rules, 1962, is a comprehensive statement of particulars that accompanies the Tax Audit Report (Form 3CA/3CB), required as per Secti...
-
Exploring the Legality of Intra-Spousal Gifts for Tax Savings: Key Takeaways from Recent ITAT Ruling
OverviewThis article examines how intra-spousal transfers, particularly those structured as gifts, interact with Indian tax laws, drawing insights from the Bangalore Income Tax Appellate Tribunal (ITA...
-
A New Dawn in Indian Direct Taxation: The Income-Tax Act, 2025
1. IntroductionThe Income-Tax Act, 2025, which obtained the President’s assent on August 21, 2025, represents a monumental transformation of India’s direct tax landscape. Superseding the earlier Incom...
-
Supreme Court Clarifies the Boundaries: No Parallel GST Proceedings After Show Cause Notice
OverviewGST Compliance and Judicial RulingThe Supreme Court, in the landmark case of Armour Security (India) Ltd. v. Commissioner, CGST, Delhi East Commissionerate [2025] 177 taxmann.com 478 (SC), has...
-
Restriction on GST Seizure Powers: Supreme Court Clarifies Scope to Goods Tied to Tax Evasion, Not Merely Unaccounted Assets
Background and Judicial History(i) Case OverviewIn the matter of Commissioner of CGST v. Deepak Khandelwal, the Supreme Court of India reaffirmed its previous stance by rejecting a review petition, th...
-
GST Implications on Employee Accommodation Provided Through Third Parties: Eligibility for ITC and Taxability
Overview of the Advance Rulingi. Recent Ruling by Gujarat AAR(a) The Gujarat Authority for Advance Ruling (AAR), in the case of Suzuki Motor Gujarat Pvt. Ltd. [Advance Ruling No: GUJ/GAAR/R/2025/29, d...
-
Disallowed Input Tax Credit (ITC) as per Section 17(5) of the CGST Act, 2017
Overview and Context of Section 17(5) Restrictions(i) Introduction to ITC Eligibility and RestrictionsThe Central Goods and Services Tax Act, 2017, under Section 17(5), lays down specific scenarios in...
-
Comprehensive Guide to GST DRC-01A Intimations Under Sections 73, 74, and 74A
Overview of DRC-01A Intimation ProcessThe GST DRC-01A is a preliminary intimation communicated by a GST officer to an assessee regarding various tax discrepancies such as non-payment, short payment, e...
-
Analysis of ITAT Ruling on Unexplained Cash Found in Diaries of Manager and Relative: Trishul Buildtech Infrastructure (P) Ltd. vs JCIT
Introduction and Factual Matrix(i) Context of Search and SeizureOn 20th November 2009, a search operation under Section 132 of the Income Tax Act was conducted involving Trishul Developers, subsequent...
-
Timely Income Tax Return Filing: Avoid Financial Hurdles Before 15th September!
Overview: Importance of Filing Income Tax Return Before Due DateThe extended deadline for filing Income Tax Returns (ITR) for the Assessment Year 2025-26 for Individuals and Hindu Undivided Families (...
-
Deductibility of Portfolio Management Service (PMS) Fees under Section 48 for Capital Gains in India
OverviewThe surge in the use of Portfolio Management Services (PMS) and Investment Management Services (IMS) by affluent assessees has sparked a recurring debate under the Income-tax Act, 1961:Is it p...
-
Taxation Framework for Virtual Digital Assets in India: Direct and Indirect Tax Analysis
Introduction to Virtual Digital Asset Taxation in IndiaThe proliferation of Virtual Digital Assets (VDAs), including cryptocurrencies and Non-Fungible Tokens (NFTs), has dramatically altered the finan...
-
Failure to Notify Registrar Regarding Director’s Vacation of Office: ROC Penalty Imposed on Company and Director
Overview of the Adjudication Case(i) Background and Initiation of Proceedings (a) The Registrar of Companies (ROC), Ahmedabad, imposed a penalty on M/s. Milcent Appliances Private Limited and its dire...
-
GST Rate Rationalisation and the Inverted Duty Structure: Business Implications and the Ongoing Debate on Refunds
OverviewThe Indian government has recently signaled its intention to streamline the Goods and Services Tax (GST) rate structure. The objective is to simplify tax compliance, expand the taxpayer base,...
-
Voluntary CSR and Charitable Contributions Under the Companies Act, 2013: An Analytical Overview
1. Background and ContextCorporate Social Responsibility (CSR) in India has deep-rooted origins, echoing the nation’s longstanding traditions of charity and community service, such as “seva” and “daan...
-
Critical Tax Compliance Obligations for September 2025: Income Tax and GST
The month of September 2025 presents numerous crucial compliance requirements under the Income Tax Act, 1961 and the Goods and Services Tax laws. Assessees must navigate through multiple deadlines spa...
-
Comprehensive Illustration of Block Assessment Procedures: Sections 158B to 158BI
This restructured article delivers an extensive, stepwise illustration of the block assessment regime outlined in Sections 158B to 158BI of the Income-tax Act, 1961. The aim is to distill the technica...
-
Taxation of Alternative Investment Funds (AIFs) in India: Key Judicial Insights and Recent Developments
Introduction to Alternative Investment Funds (AIFs)AIFs represent a specialized class of investment vehicles in India, offering diverse opportunities beyond conventional avenues. These funds operate t...
-
Doctrine of Prospective Overruling in Indian Tax and Constitutional Law
Understanding the Doctrine of Prospective OverrulingProspective overruling, also termed as prospective operation or application, refers to the practice where a court departs from an established legal...
-
Comprehensive Guide to “Income from Other Sources”
Introduction: Understanding the Scope of 'Income from Other Sources'Income from Other Sources is often considered the most inclusive and flexible category under the Indian Income Tax Act, 1961. This h...