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Interrelationship Between Section 153C and Section 147 of the Income Tax Act, 1961
Key Statutory Provisions(i) Section 147: Reassessment of Escaped IncomeSection 147 empowers the Assessing Officer (AO) to assess, reassess, or recompute income, loss, depreciation, or any deduction fo...
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Capital Gains Taxation on Buyback of Foreign Shares by Non-Resident Assessees
1.1. Introduction to Cross-Border Share BuybacksWith the globalization of investment portfolios, both Indian residents and non-residents increasingly hold equity in companies incorporated outside Indi...
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Significance of Correct Format in Income Tax Scrutiny Notices
Overview of Recent Scrutiny Noticesi) Large-Scale Issuance of NoticesThe Income Tax Department has recently dispatched approximately 1.65 lakh scrutiny notices under Section 143(2) of the Income Tax A...
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TDS Return Form 27Q: Comprehensive Guide to Due Dates for Returns and Challans
Overview of Form 27Q(i) Applicability of Form 27QTax Deducted at Source (TDS) return in Form 27Q is specifically required for all payments (other than salary) made to non-resident assessees, as per th...
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Analysis of Eligibility for Waiver under Section 128A in Cases of GSTR-1 and GSTR-3B Mismatch
Background and Context of GST Implementation(i) Evolution and Early ChallengesThe Goods and Services Tax (GST) regime was launched in India on 1st July 2017, absorbing a majority of existing indirect...
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Entitlement to ITC Refund Under GST upon Cessation of Business Activities
Overview of Judicial Precedents on ITC Refund Due to Business Closure(i) Recent Sikkim High Court RulingThe Sikkim High Court, in the case of SICPA India Private Limited and Another v. Union of India...
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Managing Faceless Income Tax Scrutiny Assessments in India
Introduction: Navigating Faceless AssessmentsFaceless income tax scrutiny assessments represent a major shift towards transparency and digitalization in Indian tax administration. This system requires...
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Income Tax Filing for Non-Resident Indians (NRIs) in India: Dealing with Rental Income, Capital Gains, and NRO Interest
Determining NRI Status: Residential Criteria for FY 2024–25(i) Understanding the Definition of NRIUnder the Income-tax Act, an individual is considered a resident in India if they are physically prese...
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Income Tax and GST Compliance for Social Media Influencers in India
Overview of Taxation for Social Media Content Creatorsi) Introduction to Income Streams:The rise of the digital creator economy has enabled numerous Indians to earn through YouTube, Instagram, and oth...
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Denial of ITC on IGST Paid via TR-06 Challan: Key Findings of Tamil Nadu AAR
Overview of the AAR RulingThe Tamil Nadu Authority for Advance Ruling (AAR) has recently clarified that Input Tax Credit (ITC) is not available for Integrated Goods and Services Tax (IGST) paid on imp...
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No IGST Imposed on Inter-Unit Services Where Full ITC Is Available: Analysis of Delhi High Court Ruling
Background and Overview(i) Introduction to the Legal DisputeThis article examines the Delhi High Court’s decision in the matter of M/s KEI Industries Limited versus Union of India & Others, which cons...
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Claiming Irrecoverable GST as an Allowable Expense under Income Tax Following Missed Refund Deadline
GST on Deemed Exports: Framework and Challenges(i) Definition and Scope under GST(a) As per Section 147 of the Central Goods and Services Tax Act, 2017 (CGST Act), certain supplies, despite not result...
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GST Implications on IPO and OFS: A Comprehensive Analysis
1. IntroductionThe application of Goods and Services Tax (GST) on Initial Public Offers (IPOs) and Offers for Sale (OFS) in India has generated considerable debate, particularly in relation to Input T...
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Foreign Tax Credit (FTC) in India: A Comprehensive Guide for NRIs and Foreign Income Earners
Foreign Tax Credit (FTC) in India: A Guide for NRIs and Foreign Income EarnersIntroduction: Understanding the Need for Foreign Tax CreditThe increasing mobility of Indian professionals and freelancers...
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Tenure and Rotation for Secretarial Auditors, Statutory Auditors, and Independent Directors: Legal Requirements and Regulatory Interpretations
1. Overview of Statutory ProvisionsThe Importance of Tenure and Rotation GuidelinesThe appointment duration and rotation mandates for Secretarial Auditors, Statutory Auditors, and Independent Director...
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Critical Analysis of Section 107(11) of the CGST Act, 2017: Appellate Powers, Procedural Safeguards, and Interpretational Challenges
Overview of Section 107(11): Scope and Authority of the Appellate BodySection 107(11) of the Central Goods and Services Tax Act, 2017 stipulates the scope of powers vested in the Appellate Authority d...
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Eight Years of GST Evolution in India: Legal Developments and Future Prospects
Overview: GST’s Transformative JourneyJuly 1, 2017, heralded the introduction of the Goods and Services Tax (GST) in India, signifying a major overhaul in the country’s indirect tax landscape. This si...
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GST Treatment of Ocean Freight on FOB Imports of Crude Oil and LPG
Introduction to GST on Imported FreightIndia’s Goods and Services Tax (GST) framework has far-reaching effects on the taxation of imports, including the treatment of freight in international trade. As...
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Intermediary Services Under GST: Issues and Anticipated Amendments
1. Overview: Role of Intermediaries in Commercei. Intermediaries in Trade FacilitationIntermediaries play a pivotal role in trade transactions, acting as vital linkages that ensure smooth procurement...
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ITC Refunds in the Context of Business Discontinuation
i) Introduction to the IssueThe Goods and Services Tax (GST) system was envisioned as a streamlined, transparent taxation structure, aiming to reduce compliance burdens and foster a business-friendly...