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Interpretation of ‘Relative’ under Various Provisions of the Income Tax Act
Different Definitions of ‘Relative’ under Income Tax LawThe Income Tax Act, 1961 assigns varying meanings to the term 'relative' based on the context and specific provision involved. Understanding the...
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GST Implications on Electricity Charges: Can Clarificatory Circulars Override Constitutional and Statutory Safeguards?
Introduction: Electricity’s Unique Status in Indirect TaxationElectricity is an essential service, central to India’s economic and daily life. Historically, it has been shielded from indirect taxes su...
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Reassessment Ordered Due to Absence of ASMT-10 and DRC-01 Notices in GST Proceedings
OverviewThe Himachal Pradesh High Court, in the matter of Hindustan Construction Company Limited versus Union of India & Others, annulled a GST demand and recovery notice issued against Hindustan Cons...
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Recent Amendments in TDS and TCS Provisions Effective from FY 2025-26
Overview of TDS/TCS Applicability and Need for AwarenessIn the present tax landscape, almost every entity, including individuals in certain circumstances, is required to deduct or collect tax at sourc...
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Presumptive Taxation, Accounting Records, and Tax Audit Obligations: Analysis of Sections 44AA, 44AB, 44AD, and 44ADA
Overview of Key Compliance Provisions for SMEs and ProfessionalsUnderstanding Sections 44AA, 44AB, 44AD, and 44ADA of the Income Tax Act, 1961, is crucial for small and medium enterprises (SMEs) as we...
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Timelines and Mandatory Filing Requirements for Form 10-ID under Section 115BAB – A Comprehensive Analysis
1. Introduction to Concessional Tax Regime for New Manufacturing Companies1.1 Background and Policy IntentIn alignment with the Government of India’s “Make in India” campaign, a significant tax incent...
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GST Treatment of Corporate Guarantees Provided to Foreign Related Parties Without Consideration: Can They Be Considered as Export of Services?
Introduction to the IssueIndian multinational corporations frequently extend corporate guarantees on behalf of their overseas subsidiaries or related entities to assist them in securing credit from in...
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Interest Liability for Delayed Collection of TCS under Section 206C of the Income Tax Act
OverviewSection 206C of the Income Tax Act stipulates that individuals or entities responsible for collecting Tax Collected at Source (TCS) must do so within the prescribed timeline. If there is a del...
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GST Treatment on Corporate Guarantees for Overseas Related Parties: Export of Service or Deemed Supply?
Indian multinational enterprises frequently extend corporate guarantees to banks on behalf of their overseas subsidiaries or related companies to facilitate credit arrangements abroad. While this busi...
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Comprehensive Approach to GST Audit Preparedness: Strategic Steps and Documentation Essentials
Understanding GST Audit: Scope and Applicability(i) Definition and Legal BasisA GST audit is a detailed review of an assessee’s records, returns, and documents to verify the accuracy of turnover discl...
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Mandatory ISD Registration for Businesses with Multiple GST Numbers under One PAN from April 1, 2025
Overview of New ISD Registration Requirement(i) Introduction of Compulsory ISD RegistrationBeginning April 1, 2025, any business entity possessing multiple GST registrations linked to a single Permane...
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Key Insights into GST Composition Scheme: Essential Principles
1. Overview of the GST Composition SchemeThe GST Composition Scheme, as outlined in Section 10 of the Central Goods and Services Tax (CGST) Act, 2017 and reinforced by Rules 5 and 7 of the CGST Rules,...
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Comprehensive Process for Registering a Private Limited Company in India
The incorporation of a private limited company in India is governed by the Companies Act, 2013, with the Ministry of Corporate Affairs (MCA) serving as the regulatory authority. The introduction of th...
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Procedure for Removal of Company Name from the Register under Companies Act, 2013
Introduction to Striking Off ProvisionsSection 248 of the Companies Act, 2013, along with the Companies (Removal of Name of Companies from the Register of Companies) Rules, 2016, lays down the legal f...
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Comprehensive Guide to Dividend Declaration under the Companies Act, 2013
Introduction to Dividend Distributioni) Understanding Dividend in the Context of CompaniesIn the corporate world, the primary objective of most entities is to generate profits and share those profits...
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Statutory Compliance Timeline for August 2025
This comprehensive guide presents the critical statutory deadlines for August 2025, relevant for assessees and companies operating in India. The calendar covers compliance obligations under Goods and...
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Mandate for Filing Income Tax Returns in India: Who is Required to File?
Overview of Statutory Requirement (Section 139(1))Section 139(1) of the Income Tax Act, 1961 stipulates that every assessee whose total income for a given financial year (previous year) surpasses the...
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Understanding the Taxation of Mutual Fund Gains for Non-Resident Assessees under DTAA Framework
OverviewIn today’s interconnected financial world, non-residents frequently invest in Indian securities, including mutual funds, debentures, and bonds. When the investor is a tax resident of a country...
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Comprehensive Guide: Selecting the Right ITR Form for Your Income Tax Return
Filing Income Tax Returns (ITR) in India involves choosing the appropriate ITR form, which is essential for a smooth and compliant filing experience. Each form is tailored to different categories of a...
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Remuneration to Trustee Does Not Necessarily Disqualify Trust from Tax Exemption: Key Takeaways from Delhi High Court Ruling
Introduction and Background of the Case(i) Case Overview(a) The dispute arose in the matter of CIT vs. IILM Foundation, where the Delhi High Court examined whether a charitable trust’s exemption under...