-
Strategic Use of Loan Interest Deductions in Tax Planning
Maximizing Loan Interest Deductions and Staying Compliant with Tax LawsIntroduction: Strategic Use of Loan Interest Deductions in Tax PlanningInterest paid on loans can substantially lower an assessee...
-
Overview of Charge Registration, Modification, and Satisfaction under the Companies Act, 2013
1. Introduction to Charges under the Companies Act, 2013(i) Definition and Nature of ChargesA "charge" as per Section 2(16) of the Companies Act, 2013, refers to an interest or lien created over a com...
-
Overview of Taxation Provisions for Partnership Firms in India
Introduction to Partnership Firm TaxationPartnership firms have long been favored by entrepreneurs in India due to their easy setup, shared management, and operational adaptability. Despite these bene...
-
Optimized Tax Planning for Marketing Professionals: A Chartered Accountant’s Approach
OverviewMany marketing professionals tend to make rushed tax-saving decisions as the financial year draws to a close, often acting on advice without assessing their own financial goals and liquidity n...
-
Analysis of Tax Law Amendments: Prospective and Retrospective Applicability
Introduction to the Issue(i) Nature of the Legal QuestionA recurrent question in Indian tax law is whether legislative amendments apply to earlier assessment years if the proceedings for those years c...
-
GST Implications for Corporate Guarantees
i) Overview and Concept of Corporate Guarantee under GSTA corporate guarantee, though not explicitly defined in the GST legislation, essentially involves one company assuring the obligations or liabil...
-
Re-examining Input Tax Credit Restrictions under Section 17(5): Insights from Bharti Airtel, Safari Retreats, and Recent Amendments
1. Overview1.1 Background and Recent DevelopmentsThe Safari Retreats case brought significant attention to the "functionality test" for classifying buildings as "plant" under GST law, yet its influenc...
-
Understanding the Scope of “Incriminating Material” in Search-Based Reassessments under Section 153A (Pre-2024 Regime)
Introduction: Jurisdictional Basis for Search Reassessment(i) Legal Framework and Trigger for Section 153AWhen a search or requisition is undertaken under Section 132 of the Income Tax Act, 1961, the...
-
Gauhati High Court Sets Aside GST Order Due to Absence of Proper Notice and Personal Hearing
Background and Key Factsi) Overview of DisputeM/s. Ganapati Enterprise (the Petitioner) approached the Gauhati High Court via a writ petition, contesting an order dated April 28, 2024 (the Impugned Or...
-
Distinction Between 'Relevant Date' and 'Relevant Period' in GST Refund Claims
OverviewThe statutory framework for seeking GST refunds on unutilized Input Tax Credit (ITC) related to zero-rated supplies and inverted duty structures is encapsulated under Section 54 of the Central...
-
Obligation to Maintain Books of Accounts under Section 44AA of the Income Tax Act, 1961
Overview: Applicability of Section 44AA for Assessees Engaged in Business or ProfessionAssessees who operate a business or are involved in any profession and whose income falls under the category “Pro...
-
Set-Off of Business Losses from Indian Permanent Establishments Against Gross Interest Income: ITAT Mumbai’s Ruling and Its Implications
Overview(i) Introduction to Cross-Border Taxation and Set-Off Issues(a) The expansion of global business activities has led multinational entities to establish subsidiaries and branches worldwide. The...
-
Obligation of Government Authorities to Reimburse GST on Contracts Executed After GST Implementation: Insights from Calcutta High Court
IntroductionThe Calcutta High Court, in its landmark decision in the matter of Pinki Construction v. Executive Engineer, North Bengal Development Department, addressed the issue of Goods and Services...
-
Avoid Last-Minute Income Tax Hassles: The Benefits of Early Tax Payment
Introduction: Importance of Early Tax PaymentThe deadline for filing Income Tax Returns (ITR) is drawing near. While non-audit assessees have until September 15, 2025, to file their returns, it is pru...
-
No Extension of GST Order Timeline Under Section 73(9) in Absence of Force Majeure: Analysis of Calcutta High Court Decision
(i) Introduction and Case OverviewThe Calcutta High Court, in its decision in Amar Nath Jaiswal v. Assistant Commissioner of State Tax (Writ Petition Application No. 1860 of 2025, dated April 23, 2025...
-
Understanding the Legal Structure and Importance of Cause Lists in the GST Appellate Tribunal
OverviewCause Lists play a pivotal role in the procedural framework of courts and tribunals, ensuring efficient administration of justice. This article delves into the statutory basis and practical re...
-
GST Implications on Transfer of Leasehold Rights: Interim Relief by Bombay High Court
Overview of the Interim Stay on GST OrderThe Bombay High Court has issued a temporary suspension on an adjudication order imposing Goods and Services Tax (GST) on the transfer of leasehold rights in l...
-
GST Penalties and Article 19(1)(g): Assessing Constitutional Fairness in the Indian Tax Regime
OverviewThe introduction of Goods and Services Tax (GST) marked a transformative shift in India’s indirect tax structure. However, the framework for penalizing tax evasion under GST has raised concern...
-
Prosecution under GST: Offences, Arrest, and Legal Mechanisms
Overview of Prosecution in the GST FrameworkProsecution under the Goods and Services Tax (GST) regime entails the initiation of criminal proceedings against assessees accused of grave tax offences. Th...
-
Regulatory Compliance Deadlines for July 2025
July 2025 brings a host of statutory and regulatory compliance obligations for Indian businesses, assessees, and companies. This month involves crucial GST return submissions, mandatory filings under...