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Authorization Document for Designating an Authorized Signatory in GST
OverviewIn accordance with the GST regulations, individuals who apply for GST registration must designate an authorized signatory. This individual acts on their behalf on the GSTN portal, handling tas...
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How Should a Firm Report Liabilities When Funds Are Insufficient?
1. Background of Anya India Private LimitedAnya India Private Limited, hereinafter termed as "the company," operates in the crude oil sector and is a subsidiary of the Oil Industry Board (OIB). The co...
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SCN - Formal Response to Show Cause Notice: Clarification on ITC Denial Due to Delayed Invoice Issuance
Background ContextM/s DEF Pvt. Ltd., engaged in the business of electronic appliances, availed accounting and taxation services from M/s PQR & Co. in August 2022. Owing to an inadvertent delay, the in...
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Essential GST Reconciliations Prior to Finalization of Annual Financial Statements
When businesses prepare their annual accounts, it is crucial to align accounting records with GST requirements to avoid unexpected tax liabilities, penalties, and denial of credit. Key reconciliations...
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New Income Tax Return Forms 1 & 4 for Assessment Year 2025-26: Eligibility Criteria & Modifications
The Income Tax Department, via Notification No. 40/2025 dated April 29, 2025, has unveiled revised ITR Forms 1 and 4 for the Assessment Year 2025-26 with significant modifications. The simplified ITR...
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Misunderstandings Persisting Under GST
Key Misunderstandings in GST Framework and SolutionsMisbelief in Input Tax Credit on Fixed AssetsThere is a widespread misunderstanding among assessees that if no Input Tax Credit (ITC) was claimed on...
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GST on Sale of Immovable Property Without Subsequent Construction: Taxability Analysis
1. Introduction to the IssueUnderstanding whether GST applies when an under-construction property is sold without any subsequent construction service has long puzzled the real estate sector and GST pr...
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Unraveling SEBI's Listing Regulation 26(3) & 26(5): Compliance Insights, Legal Perspectives, and Governance Considerations
Introduction: Key SEBI Listing Regulations ExplainedThe SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015, are instrumental in ensuring ethical, transparent, and accountabl...
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Amendments in ITR Forms 1 and 4 for Assessment Year 2025-26
Overview of Changes in ITR Forms 1 and 4 for AY 2025–26The Central Board of Direct Taxes (CBDT) has officially notified the Income Tax Return (ITR) Forms 1 and 4 for Assessment Year (AY) 2025–26, cove...
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Introduction to GST Appellate Tribunal Protocol
The Finance Ministry of India has unveiled the GST Appellate Tribunal (Procedure) Rules, 2025, effective from April 24, 2025. These rules represent a critical development aimed at simplifying dispute...
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GST Dual Proceedings: Challenges for Assessees & Judicial Perspectives
1. OverviewIndia's adoption of the dual Goods and Services Tax (GST) system, where both the Centre and the States impose taxes, has given rise to simultaneous tax investigations. Though the GST system...
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SCN - Response to Show Cause Notice: Clarification on RCM Tax Liability for FY 2022-23
Dated: 30.04.2025To,[Addressee Name][Designated Authority][Department Name][Office Address]Subject: Clarification on Discrepancies in Reverse Charge Mechanism Tax Liability – FY 2022-23Respected Sir/M...
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SCN - Formal Response to GST Audit Notice and Request for Correction under Section 65 of the CGST Act, 2017
Dated: 30.04.2025To,[Insert Recipient's Name][Insert Recipient's Address][City, State, PIN Code]Subject: Response to GST Audit Notice Issued under Section 65 of the CGST Act and Request for Correction...
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Remedies for Incorrectly Claiming ITC Under GST
Challenges in GST ImplementationThe introduction of the Goods and Services Tax (GST) in India in July 2017 brought numerous complexities, particularly regarding Input Tax Credit (ITC) claims. Several...
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Various Forms for Filing Income Tax Returns
Every assessee must convey details of their taxable earnings or losses to the Income Tax Department. This is accomplished by submitting a return of income. This article delves into the important facet...
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TDS Rates for Assessment Year 2025-26
In-Depth AnalysisThe Income Tax Act mandates that individuals or entities making particular kinds of payments must deduct Tax Deducted at Source (TDS), except for individuals or Hindu Undivided Famili...
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Industrial Relations Code, 2020: From Segregation to Unification
1. Overview of the Industrial Relations Code, 2020The Industrial Relations Code of 2020 marks a significant shift in the regulation and administration of workplace relationships in India's evolving la...
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GST Case Law Digest - April Edition
Refund Rejection Without Deficiency Memo The Hon’ble Bombay High Court in Raiden Infotech India (P.) Ltd. v. State of Maharashtra held that rejecting a refund application without issuing Form GST RFD-...
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Tapping into the Wealth Market: Understanding the New 1% TCS on Luxury Purchases in India
Introduction to Tax Changes on Luxury GoodsLuxury items have historically evaded the umbrella of Tax Collected at Source (TCS). However, as a result of the Budget 2024 amendments, certain opulent good...
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Process to Strike Off a Company with an Overseas Director
Overview: A firm, dormant for the last two years and featuring a director based overseas, seeks voluntary deregistration via submission of Form STK-2, aligning with Section 248(2) of the Companies Act...