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Understanding Amortization of Public Issue Expenses under Section 35D
1. Introduction to Section 35DAs per the Income Tax Act, 1961, revenue expenditures are typically deductible unless explicitly disallowed, whereas capital expenditures aren’t deductible unless express...
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Recovery of Excess Input Tax Credit Allocated by an Input Service Distributor
OverviewThe role of an Input Service Distributor (ISD) entails the allocation of input tax credit (ITC) based on received invoices within the framework of GST regulations. The ISD is mandated by Secti...
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Is GST Registration Compulsory for Export of Services?
Key Provisions of the GST Law:Persons Obligated to Register (Section 22 CGST Act)Suppliers in states or union territories, excluding special categories, must register if their yearly aggregate turnove...
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Recent Changes in GST Regulations for Hotels and Restaurants
IntroductionOn January 16, 2025, two pivotal notifications were released, significantly impacting the hotel sector in relation to GST compliance. With these changes, effective April 1, 2025, questions...
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Income Tax Bill 2025: Noteworthy Amendments and Streamlining
1. Introduction of Income Tax Bill 2025The Income Tax Bill for the year 2025 was introduced in the Parliament on February 1, 2025. Following deliberations and potential modifications during discussion...
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Revised Tax Rates and Key Amendments for FY 2025-26
Introduction:The Union Budget for 2025 has introduced notable revisions to the New Tax Regime. Understanding these modifications is crucial for individuals aiming for efficient financial planning. Thi...
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Evaluating the New and Old Tax Regimes in India: Determining Your Optimal Option
In India, assessees are presented with two distinct income tax regimes: the Old Tax Regime and the New Tax Regime. Making an informed choice between these two can lead to substantial savings. Let's de...
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In-depth Analysis of Biometric-Based Aadhaar Verification for GST Registration
1. Introduction to Aadhaar-Based Authentication in GSTUnder the provisions of Section 25 of the Central Goods and Services Tax (CGST) Act, 2017, and Rule 8 of the CGST Rules, 2017, every individual ap...
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Tax Withholding on Payments to Non-Residents
Overview of TDS on Non-Resident PaymentsTax withholding at the source on transactions with non-residents in India is a crucial mechanism for ensuring tax compliance and preventing potential tax evasio...
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Termination of Licence and Taxation of Received Amounts
Introduction to Deductibility of ExpensesWhen an assessee incurs an expense that generates or accrues income directly related to it, there exists a connection justifying the expense's deduction. In co...
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Year-Long Battle: Delhi High Court Commands Swift GST Refund, Providing Relief to Assesse
Background of the CaseTruth Fashion, a proprietorship under Ms. Sadia, found itself embroiled in a prolonged legal struggle for a GST refund amounting to ₹18,33,000. The appellate authority initially...
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Significance of ROC Submission for Private Limited Companies
Filing ROC returns is a crucial compliance obligation for privately held entities in India. Timely submission of ROC returns helps companies remain compliant, avoid penalties, and maintain a good stan...
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Another Layer of Litigation: An Insight into the GST Amnesty Scheme
1. Introduction to the GST Amnesty ProvisionThe Finance Act, 2024, introduced Section 128A to the CGST Act, beginning November 1, 2024. This regulation is crafted to offer relief from previously impos...
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Kumbh Mela and GST: Navigating the Taxation Landscape of Religious Events
Understanding the Kumbh Mela and Accommodations The Kumbh Mela represents one of the grandest religious congregations globally, taking place every 12 years at four significant locations in India: Alla...
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Exemption Assessment for Educational and Medical Institutions under Income Tax Law in India
Overview of Income Exemption for Universities and Medical InstitutionsUniversities, educational institutions, hospitals, and medical institutions in India were previously offered indiscriminate income...
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Procedural and Conceptual Impacts on RPT Industry Norms
1. Introduction to Related Party Transactions (RPT):1.1 Understanding RPT Provisions RPT provisions primarily concern entities where company directors, promoters, or the company itself have interests...
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FEMA - Procedure for Applying for Compounding
Background of the SituationXYZ Pvt. Ltd, an Indian company, did not adhere to the timeline for submitting its External Commercial Borrowing (ECB) returns and delayed reporting the received foreign dir...
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Unsettled Foreign Currency Liabilities in Quarterly Financial Reports
ConsiderationXYZ India Private Limited (referred to as "the entity"), a manufacturing enterprise involved in international trading, is obligated to create quarterly financial statements to meet regula...
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Evaluation of FRRB Insights on Omission of Key Accounting Policies and Adherence to AS 1
1. Issue OverviewXYZ India Private Limited (hereafter "the company") crafted its annual financial statements for the fiscal year concluding on 31st March 2024. Operating under the Accounting Standards...
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Understanding the Challenges in Assessing Corporate Social Responsibility (CSR) Impact
Understanding Corporate Social Responsibility (CSR):Corporate Social Responsibility embodies a Company's dedication to contributing positively to society through its policies and actions. Although not...