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Understanding GST: Key Taxable Events for FY 2025-26
IntroductionThe term "taxable event" within the context of Goods and Services Tax (GST) describes an occurrence that establishes the tax obligation for an individual or entity. As per GST guidelines,...
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Recent Updates on GST Portal: Waiver Adoptions, IRN Sensitivity, and GSTR Enhancements
IntroductionBetween March 21st and April 28th, 2025, the Goods and Services Tax Network (GSTN) has issued several updates concerning the GST portal. These advisories focus on the waiver scheme applica...
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Additional Claims and New Requests Post-Return Filing: Guidance for Relief
1. Overview:Assessees often encounter errors or omissions when preparing and filing income returns under the Income Tax Act. Given the frequent legal amendments and judicial decisions, some issues may...
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GST: Process for Detention of Goods & Provisional Release under Section 129
OverviewSection 129 of the Central Goods and Services Tax (CGST) Act, 2017, addresses the detention, seizure, and provisional release of goods and conveyances in transit for breaches of GST regulation...
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1% TCS on High-Value Luxury Items (Implementation from April 22, 2025)
Introduction: Enter the Era of the New Luxury Taxation! With Notification No. 36/2025-Income Tax dated 22nd April 2025, the Ministry of Finance has rolled out a new compliance framework. For the first...
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Tax Guidelines on Luxury Goods: Recent Changes in India
Overview of Expanded TCS RulesThe Indian government has widened the ambit of Tax Collected at Source (TCS) under Section 206C(1F) of the Income-tax Act, 1961, to encompass several luxury goods. Origin...
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Understanding TCS on Luxury Goods: Revised Provisions and Included Items (₹10 Lakh+)
Overview of Recent AmendmentsThe Finance (No. 2) Act, 2024, has introduced significant changes to Section 206C(1F) of the Income Tax Act, 1961, to expand the applicability of Tax Collected at Source (...
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CBDT Implements TCS on 10 High-Value Luxury Items Effective April 22, 2025
IntroductionThe Ministry of Finance's Department of Revenue, under the Central Board of Direct Taxes (CBDT), released Notification No. 36/2025-Income Tax on April 22, 2025, under clause (ii) of subsec...
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Can Assessee Records Justify Invoking Special Circumstances Under Section 74 of the CGST Act?
IntroductionThis article investigates whether an assessee's own current records can serve as a basis for the revenue authorities to invoke "special circumstances" as outlined in a Section 74 notice fo...
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Deadlines for SCNs and Orders under GST for FY 2018-19
Introduction to Time Limits under GSTGST legislation in India sets specific deadlines for the issuance of show cause notices (SCNs) and adjudication orders, which are crucial for ensuring compliance a...
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Essential Compliance Actions Following GST Registration in India
Initial Steps Post-Registration(i) Updating Bank Details: Provide bank account information on the GST portal within 45 days from the GST registration date or before submitting the first GST return.(ii...
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An Overview of the Updated Presumptive Taxation Mechanism under Section 44ADA
This article explores the revised scheme under Section 44ADA, including eligibility, calculation methodology, benefits, limitations, and its impact on assessees.Definition of Section 44ADASection 44AD...
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Compliance Requirements for Employee Stock Option Plans (ESOPs) under the Companies Act, 2013
IntroductionThere are two primary routes for allocating ESOPs to employees: the Direct Route and the Trust Route. This article focuses on the Direct Route where a company grants stock options directly...
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Penalty Reduction in Delayed Internal Auditor Appointment Due to Company Delisting and Internal Hurdles
Introduction to the CaseM/s KonoriaPlaschem Limited, a Bangalore-based listed entity on the Bombay Stock Exchange, failed to appoint an internal auditor from April 1, 2014, to December 30, 2020. This...
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Reassessing the Goetze Decision and Its Ongoing Influence on Assessees
IntroductionThe landmark judgement in Goetze (India) Ltd. v. CIT 284 ITR 323 (SC) rendered by the Supreme Court has imposed lasting procedural hurdles for assessees. Since 2006, this ruling has compli...
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Essential Questions to Consider When Analyzing a GST Order Like a Legal Expert
Introduction: Approaching a GST order with a methodical mindset is crucial for assessing whether there are grounds for appeal.Was the Show Cause Notice (SCN) Properly Delivered and Recognized?Verify:C...
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Accelerate Your GST Registration: New Guidelines for Applicants
IntroductionOn 17th April 2025, the Central Board of Indirect Taxes & Customs (CBIC) released Instruction No. 03/2025-GST, designed to expedite the GST registration process for valid applicants. This...
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The Complex Tax Landscape of Online Gaming in India
The Evolution of Online GamingA Growing Global InfluenceSports and gaming have always served as sources of entertainment, relaxation, and social engagement. Online gaming has expanded these by providi...
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TDS and TCS Rates for Financial Year 2025-26
The applicable TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) rates for the Financial Year 2025-26 (Assessment Year 2026-27) differ based on the transaction type and the residency stat...
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Exploring Ratification in Related Party Transactions: Compliance or Last Resort?
The Concept of RatificationIn essence, ratification grants formal approval to an action initially carried out without the requisite sanction, thus rendering it valid. The Latin phrase "Omnis ratihabit...