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Audit Reports for Computation of MAT & AMT: Understanding Forms 29B & 29C
1. IntroductionThe concept of Minimum Alternate Tax (MAT) under Section 115JB and Alternate Minimum Tax (AMT) as per Section 115JC of the Income Tax Act, 1961 play crucial roles in ensuring that entit...
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Tax Benefits for Contributions to Political Parties: Sections 80GGB and 80GGC
Key Elements of Sections 80GGB and 80GGC(i) Eligible Assessee: As per Section 80GGB, Indian companies can claim deductions, subject to the provisions of Section 182 of the Companies Act, 2013. Under S...
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Strategic Tax Planning for Non-Resident Indians Returning from Tax Havens
OverviewThe global economy's interconnected nature often leads Non-Resident Indians (NRIs) to work in countries with low tax rates, commonly referred to as tax havens (such as the UAE, Singapore, Berm...
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Essential Committees Under the Companies Act, 2013
The Companies Act, 2013, outlines the necessity for establishing various committees to ensure effective corporate governance and compliance. This article rephrases the initial discussion of these mand...
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SEBI's Clarification on Compliance Officer’s Role in Listed Companies
IntroductionSEBI released a circular on April 1, 2025, clarifying the role and placement of Compliance Officers within listed companies. This is aligned with Regulation 6(1) of SEBI's Listing Obligati...
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Rule 39 of the CGST Act: A Complete Overview for Input Service Distributors (ISD)
IntroductionUnder the Goods and Services Tax (GST) regime in India, the Input Service Distributor (ISD) system provides a streamlined process for transferring input tax credits (ITC) across multiple b...
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Implications of GST on Arbitral Awards
Introduction to Arbitration as a Dispute Resolution MechanismArbitration provides an alternative to traditional court proceedings for resolving contractual disputes, especially in commercial transacti...
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Overview of GST Case Law - March 2025
Can Recovery Actions Begin If an Appeal Is Filed Late?The Honorable Madras High Court, in Tvl. R. Selvarathinam v. Deputy State Tax Officer-II, Chennai [Writ Petition No. 26893 of 2024 dated September...
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Section 34: Understanding GST Debit Notes – Definition, Issuance, and Rules for Input Tax Credit
A GST debit note serves as a corrective measure when the invoice showcases a lower amount than the genuine value of delivered goods or services. This provision becomes relevant when the true value sur...
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In-Depth Examination of SEBI's Regulation 6 of LODR Regulations, 2015 and the April 2025 Circular
Legal Context: Regulation 6(1) of the LODR Regulations stipulates that the Compliance Officer must be a full-time employee of the listed entity, positioned not more than one tier below the board and t...
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Review of Finance Act 2025: Essential Updates in Indirect Taxation
Central Goods and Services Tax (CGST)(i) Distribution and Reversal of Input Tax Credit:The definition in CGST Section 2(61) is revised to clearly allow Input Service Distributors to disseminate input...
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Guide on Declaring Overseas Income and Assets in Your Income Tax Return in India
Indian residents face potential penalties reaching ₹10 lakh annually if they fail to declare their foreign assets on their Income Tax Returns (ITR). Understanding the nuances of reporting overseas inc...
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Alert from Income Tax Department on Tax Non-Deduction on Rent Payments
Income Tax Notification on Rent Tax Deduction for Assessees under Section 194IB of the Income Tax Act, 1961The Income Tax Department has begun contacting assessees regarding their failure to deduct ta...
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Revamped SEBI Governance Norms for SMEs and High-Value Debt Entities
1. OverviewThe Securities and Exchange Board of India (SEBI) announced amendments on March 27, 2025, to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These changes are...
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GST Implications on Branch Transfers within the Textile Sector: Challenges and Recommendations
Introduction to GST Impact on Branch TransfersGST has reshaped branch transfer practices in the textile sector in India, where movement of goods between different units with separate GSTINs under the...
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New Procedure for Block Assessments Under the Income-tax Act, 1961
1. Definition of Block Period: Scope and DurationSection 158B(a) of the Income-tax Act defines the 'block period' as:(i) The six assessment years preceding the fiscal year of the search or requisition...
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TDS on Payments to Partners: Section 194T
OverviewThe Finance (No. 2) Act of 2024 introduced Section 194T, which comes into effect on April 1, 2025. This section mandates that firms must withhold tax at source (TDS) at a rate of 10% on compen...
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GST Implications on Joint Development Agreements (JDAs)
Overview A Joint Development Agreement (JDA) constitutes a legal arrangement whereby a landowner and a real estate developer collaborate on property projects, typically falling into two categories: ar...
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Obligations of Independent Directors in Relation to Company Defaults
1. Examination of Independent Director's Accountability for Company DefaultsCase Evaluation: Assessing the Accountability of Independent Directors for Company Defaults under Section 149(6) of the Comp...
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Revised Regulations for Taxation on Gold ETFs & Gold Mutual Funds in India
Overview: From April 1, 2025, new regulations will impact the taxation of Gold Exchange-Traded Funds (ETFs) and Gold Mutual Funds (Gold MFs). Gold ETFs function like market-traded stocks linked to rea...