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Key Insights from SEBI's 209th Board Meeting on March 24, 2025
IntroductionAt its 209th board meeting held on March 24, 2025, the Securities and Exchange Board of India (SEBI) sanctioned several amendments aimed at bolstering the regulatory environment and foster...
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Avoiding Common Errors When Filing an Annual Return for an OPC
One Person Companies (OPCs) must submit their annual returns to adhere to legal mandates. However, several business owners encounter pitfalls during the filing process, leading to potential penalties...
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Layering Limitations Under Section 186(1) of the Companies Act: An Analysis
1. IntroductionRegulatory frameworks strive to eliminate opacity in corporate structures and operations. The concealment of ownership and financial misdirection often stem from complex corporate layer...
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Delhi High Court Orders Against Coercive Measures by GST Authorities: An Analysis
1. IntroductionThe High Court of Delhi, on February 13, 2025, in the case 'Nitin Goel v. Directorate General of GST Intelligence, Delhi' (W.P. (CRL) 532/2025), ruled that GST officials must adhere to...
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Appeal Filing Periods under the GST Act
Legal Framework for Appeals FilingThe Central Goods and Services Tax (CGST) Act, 2017, provides guidelines for lodging appeals against decisions made by adjudicating agencies. Specifically, Section 10...
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Bombay High Court Takes Firm Stance on Tax Evasion Strategies in the Case of Buniyad Chemicals
Case Overview and Historical BackgroundIn a pivotal tax ruling, the Bombay High Court made its stance clear on issues surrounding 'accommodation entries' and 'unexplained credits in bank accounts'. Th...
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SEBI Introduces Standardized Norms for Disclosure of Related Party Transactions
OverviewOn February 14, 2025, the Securities and Exchange Board of India (SEBI) issued Circular No. 18 to harmonize and streamline the disclosures required for reviewing and approving Related Party Tr...
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Diving into Dividend Taxation
1. The Evolution of Dividend Taxation in IndiaThe mechanism of dividend taxation in India has undergone several transformations over the years:(i) Early Years to 1997: Before June 1, 1997, dividends w...
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Legality of Seizure of Cash and Valuables under the GST Law
1. Overview The menace of tax evasion significantly impacts economies worldwide, with an annual global tax gap reported at US$492 billion, of which India's share is $28 billion. In India, the Goods an...
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The Role of Joint Audits in Enhancing Audit Quality
Understanding Joint AuditsJoint audits refer to the examination of an entity's financial statements by multiple auditors working collaboratively. These audits involve two or more audit firms collectiv...
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Allowable Deductions Under Section 57: Income Tax Act, 1961
1. Deductions for Dividends and Interest (Section 57(i))Explanation: This clause allows for the deduction of any reasonable expenses, such as commissions or fees paid to a banker or any individual, to...
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Taxation of Online Gaming
OverviewThe online gaming sector in India has witnessed tremendous expansion recently, thanks to the widespread availability of the internet, economical smartphones, and a young, tech-oriented demogra...
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GST Reverse Charge Mechanism: Effects on Government Entities
Issue:Liability Under RCM for Government Registrants:When a Department or Establishment of the Central Government, State Government, Union Territory, local authority, or governmental agency registers...
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Reconsideration of Allowing Section 40(b) Deductions for Firms Opting for Section 44AD
1. Legal Contexti. Provisions of Section 40(b)According to section 40(b), any firm paying salary, bonus, commission, or remuneration to a non-working partner cannot claim deductions on these payments....
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Examining Eligibility of Brick Manufacturers for GST Composition Scheme
Overview of the GST Composition SchemeThe Goods and Services Tax (GST) in India includes a simplified tax compliance option known as the Composition Scheme. This scheme is specifically tailored to ass...
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Possible Outcomes of Reciprocal Tariffs: What Lies Ahead for India
IntroductionIndia is actively engaging in discussions with the United States to forge a Bilateral Trade Agreement (BTA). However, the U.S. Administration's announcement on April 2, 2025, about introdu...
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SEBI Strengthens RPT Approval Norms and Simplifies Corporate Governance for HVDLEs
IntroductionAs the 'Comply or Explain' period for High-Value Debt Listed Entities (HVDLEs) concluded on March 31, 2025, the Securities and Exchange Board of India (SEBI) released the SEBI (Listing Obl...
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Filing MSME-I Under the Updated Classification Framework
Background OverviewOn February 1, 2025, India's Honorable Finance Minister unveiled the Union Budget, bringing forth several significant measures for the micro, small, and medium enterprises (MSMEs)....
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Revised GST Policies for Catering and Restaurant Services in Specific Locations: Updates Effective from April 1, 2025
This piece outlines the critical modifications brought forth by the government via Notification No. 05/2025-Central Tax (Rate) issued on January 16, 2025, set to be in force from April 1, 2025. It als...
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Reversing Input Tax Credit in Light of the 180-Day GST Provision
IntroductionThe introduction of the Goods and Services Tax (GST) in India was hailed as a groundbreaking step towards a unified indirect tax framework, promising a smooth transfer of Input Tax Credit...