-
Tax Exemption for Withdrawals from National Savings Scheme (NSS) Accounts
Introduction to the ExemptionUnder Notification No. 27/2025- Income Tax dated April 4, 2025, significant tax relief has been introduced for withdrawals from National Savings Scheme (NSS) accounts, as...
-
Strategies for Small Businesses to Maximize Tax Advantages under the Income Tax Act, 1961
Selecting an Appropriate Business Structurei) Impact on Taxation:(a) The choice of business entity—be it a sole proprietorship, partnership firm, Limited Liability Partnership (LLP), or private limite...
-
Parallel Proceedings and the Enigmatic “Proper Officer” Under GST: A Comprehensive Analysis
Introduction: Evolution and Interpretation of the “Proper Officer”The concept of the “proper officer” under Indian Indirect Tax laws has undergone significant transformation, particularly following th...
-
Implications of Extended ITR Filing Due Date on Interest Payable for Income Tax Refunds
Overview of Due Date Extension for ITR Filing(i) Background and RationaleThe Central Board of Direct Taxes (CBDT), through its press release dated 27 May 2025, has officially extended the deadline for...
-
June 2025: Essential Tax Compliance Timelines for Income Tax and GST
As June 2025 approaches, it is imperative for assessees, businesses, and government entities to stay mindful of multiple statutory deadlines for both Income Tax and GST compliance. Below is a detailed...
-
June 2025 Compliance Calendar: Essential Tax and Regulatory Deadlines
The month of June 2025 brings a host of critical due dates for various tax and regulatory filings, spanning Income Tax, GST, Employee Provident Fund (EPF), Employee State Insurance (ESI), Professional...
-
GST Refunds in India: Process, Eligibility, Recent Changes & Practical Insights
Introduction to GST RefundsIndia’s introduction of the Goods and Services Tax (GST) on July 1, 2017, marked a major overhaul of the country’s indirect taxation landscape. A core feature of the Central...
-
Taxation of Cryptocurrencies in India: A Comprehensive Overview
Understanding Cryptocurrencies(i) Definition and FeaturesCryptocurrency is a form of digital or virtual asset that secures transactions using cryptographic techniques. Unlike conventional money, crypt...
-
Tax Implications on Sale of Old Gold in India
1. OverviewThis article clarifies which gold-related items are taxable, provides practical examples, and explains the impact of the holding period on the applicable tax rate.2. Core Taxation Provision...
-
Obligation to Pay Advance Tax: Who Must Comply and Key Timelines
Overview of Advance Tax LiabilitySection 207(1) of the Income Tax Act, 1961 mandates that advance tax must be paid by every assessee during the relevant financial year on the estimated total income th...
-
SCN - Draft Appeal Against Demand on ITC Mismatch in GSTR-2A vs. GSTR-3B
(Form GST APL-01) Appeal to the Appellate Authority1. GSTIN/Temporary ID/UIN:2. Legal Name of Appellant:3. Trade Name, if any:4. Address:5. Order No. & Date:6. Designation of Officer Passing the Impug...
-
GST Implications on Manufacturing, Works Contract, and Job Work: A Comprehensive Analysis
Introduction: Differentiating Manufacturing, Works Contract, and Job Work in GSTThe Goods and Services Tax (GST) framework in India requires businesses to accurately categorize their operations as Man...
-
Understanding ITC Eligibility: Examining Section 16(2) and Section 16(5) of the CGST Act
OverviewThe interaction between the foundational eligibility criteria for availing Input Tax Credit (ITC) as laid out in Section 16(2) and the deadline extension for specific years provided under Sect...
-
NRI Taxation: Clarifying Myths Surrounding Income Tax Obligations in India
NRI Taxation in India and the Importance of Income Tax Return FilingClarification on Recent Changes in Income Tax Provisions(i) Misconceptions Regarding Tax Exemption for NRIsThere is a widespread mis...
-
Explaining the Concept of Deduction Under Section 48(i) of the Income-tax Act by Madras High Court
OverviewThe Indian legislative framework imposes income tax on gains from the transfer of capital assets, allowing for specific deductions, such as those under section 54 and related provisions. Prima...
-
Application of TDS on Rental Payments for Residential and Commercial Premises
1. Tax Deduction at Source on Rent for Residential/Commercial Properties:Income tax laws mandate the deduction of Tax at Source (TDS) on rental payments made for both residential and commercial proper...
-
Cash Deposits for Businesses Under Presumptive Taxation
Cash Deposits and Presumptive Taxation: Key Principles and Legal FrameworkOverview of Presumptive Taxation SchemesPresumptive taxation under the Indian Income-tax Act is designed to simplify tax compl...
-
The Vanishing Essence of Natural Justice in Faceless Tax Assessments
The Principle of Audi Alterum Partem in Taxation"Audi Alterum Partem", encapsulated in Article 14 of the Indian Constitution, is a cardinal tenet of justice ensuring no one is judged without an opport...
-
Section 206C(1F): Tax Collection at Source on Specified Luxury Items and Motor Vehicles
Section 206C(1F): Tax Collection at Source (TCS) on High-Value Motor Vehicles and Specified Luxury GoodsOverview of TCS Expansion to Luxury Goods and Motor VehiclesThe Finance (No. 2) Act, 2024, effec...
-
Key Aspects to Consider for ESOP Valuation: Insights from a Valuer’s Perspective
Employee Stock Option Plans (ESOPs) have become a prominent method for rewarding and motivating employees, especially within India’s startup ecosystem. Accurate ESOP valuation is crucial from an accou...