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Analysis of Indian Medical Association Case: Upholding Mutuality Doctrine - GST Exempted on Club Fees
1. Overview of the Landmark JudgmentThe Kerala High Court delivered a significant ruling favoring the Indian Medical Association (IMA) by declaring Section 7(1)(aa) of the Central Goods and Services T...
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Impact of Bombay High Court's Decision on GST for Development Rights: Reassessing Taxation
Landmark Ruling: Shrinivasa Realcon Pvt. Ltd. vs. Deputy Commissioner, Anti-Evasion BranchUnderstanding the Taxability of Development RightsThe recent judgment by the Bombay High Court in the case Shr...
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Tribunal Endorses Deduction Under Section 54F for First Floor Construction Subject to Certain Conditions
1. IntroductionThe Income-tax Act, through sections 54 and 54F, allows deductions from capital gains when these gains are reinvested into residential properties, provided specific conditions are met....
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Understanding Income from Joint Property and Tax Liabilities in India
1. Introduction and OverviewJoint ownership of residential properties by married couples is a common practice in India, especially due to legal and convenience factors. Often, the wife's name appears...
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Guide to Convert Physical Shares to Demat Form for Companies and Shareholders
1. Introduction to DematerializationDematerialization refers to changing physical share certificates into an electronic format stored in a Demat account through a Depository Participant (DP). Updated...
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Obligation to File Form 10IE Before Section 139(1) Due Date: Is It Compulsory?
1. IntroductionThe Indian government has recently emphasized adhering to tax compliance timelines. This focus aligns deductions and lower tax rate advantages with the prompt submission of tax returns...
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Understanding the Application of MMR and Maximum Surcharge for Private Discretionary Trusts in India
1. IntroductionIn recent times, there have been significant legal decisions concerning the surcharge rates applied to private discretionary trusts under the Income Tax Act, 1961 (referred to as the "A...
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Updates in the Income Tax Return (ITR) Forms 1 to 7 for Assessment Year 2025-26
1. Overview of New ITR Form Changes for AY 2025-26Central Board of Direct Taxes Notification:The Central Board of Direct Taxes (CBDT) has issued ITR Forms 1 through 7 for AY 2025-26, accounting for ea...
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Issuance of GST Credit Note for Returned Export Goods After IGST Refund
1. Overview:Exporters often face practical challenges when goods sent overseas return after an IGST refund has been claimed. While issuing a credit note under Section 34 of the CGST Act might seem a f...
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GST on Disposal of Capital Assets with Claimed ITC
Understanding GST on Capital Goods Disposal: Section 18(6) and Rule 44(6)Overview: Under the Goods and Services Tax (GST) framework in India, Section 18(6) of the Central Goods and Services Tax (CGST)...
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Tracking Goods Movement with GST E-Way Bill: Regulations and Requirements
Overview:India's GST framework incorporates the E-Way Bill system, an electronic system developed to oversee the transport of goods valued at over INR 50,000, thereby boosting tax compliance. The E-Wa...
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Disallowance of Input Tax Credit due to Supplier's Tax Default
1. Overview of Input Tax Credit and Compliance MandatesThe purpose of the Input Tax Credit (ITC) mechanism is mainly to eliminate the cascading effect of taxation. However, certain conditions must be...
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Possibility of Claiming or Receiving Delayed Income Tax Refunds Through CBDT Regulations
Overview: Assessees who have overpaid their income tax liabilities can seek refunds by filing their income tax returns as per deadlines specified under Section 139 of the Income Tax Act, 1961. This re...
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CBIC's Recent Revisions on GST Registration: A Crucial Update
The Central Board of Indirect Taxes and Customs (CBIC) has issued two important directives, Instruction No. 03/2025-GST issued on April 17, 2025, and Instruction No. 04/2025-GST on May 2, 2025. These...
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TDS/TCS, Invoicing, Deadlines, Interest, Late Charges, and Penalties
Overview:In the 2025 Union Budget, the Indian government emphasized collecting taxes promptly at the time profits are realized. This strategy aims to avoid waiting until the financial year concludes o...
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Foreign Tax Credit (FTC) Guide for Indian Assessees
Overview:Indian residents who earn income overseas and are subject to taxes in India as well can mitigate the impact of double taxation by utilizing the Foreign Tax Credit (FTC). This facility, access...
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Supreme Court Review on Betting & Gambling: Insight into the Gameskraft Case
OverviewThe Supreme Court of India is currently adjudicating on a set of cases that are centered around the case of Directorate General of Goods and Services Tax Intelligence (Hqs) & Ors. v. Gameskraf...
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Overview of GST Appellate Tribunal (Procedure) Rules, 2025
1. IntroductionThe Central government of India has taken a significant step in revamping the country's system for resolving indirect tax disputes by releasing the GST Appellate Tribunal (Procedure) Ru...
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Revised Instructions for GST Registration
Overview of GST Registration EnhancementsOver a period extending beyond 94 months since the implementation of the Goods and Services Tax (GST) statute, numerous procedural adjustments and clarificatio...
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Understanding CBIC's Instruction No. 03/2025-GST: Essential Insights for Businesses
Introduction to New GST Registration GuidelinesThe Central Board of Indirect Taxes and Customs (CBIC) released Instruction No. 03/2025-GST on April 17, 2025, aiming to simplify the GST registration pr...