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Understanding Company Winding UpWinding up refers to the structured procedure for formally closing a company, as outlined in Section 2(94A) of the Companies Act, 2013. This process includes ceasing bu...

1. The Core Question: Professionals frequently encounter the query: Is it permissible for the Assessing Officer (AO) to apply Section 68 when estimating income after rejecting an assessee's books u/s...

Understanding MSMEsMicro, small, and medium enterprises (MSMEs) are foundational to India’s economic structure, significantly contributing to employment creation, innovation, and the nation's GDP. Wit...

Agricultural Income DefinitionThe term 'Agricultural Income' is defined in Section 2(1-A) of the Income Tax Act, 1961 and is exempt from taxation under Section 10(1). Owing to the Indian Constitution,...

This article presents an analysis of the Supreme Court ruling in the case of Radhika Agarwal v. Union of India [2025] 171 taxmann.com 832, focusing on the arrest procedures under India's Customs and G...

Small and Medium Enterprises (SMEs) are integral to economic development, job creation, and fostering innovation. However, tax regulations can considerably affect their operations, profitability, and...

1. IntroductionAdvance tax is an income tax payment mechanism where assessees remit their taxes periodically within the fiscal year, rather than making a single payment upon filing returns. This appro...

Introduction to the Case The spotlight of this case is on a Limited Liability Partnership (LLP) known as M/s. Arles Maxent Associates LLP and its partners failing to uphold the requirement of maintain...

IntroductionThe issuance of a show-cause notice (SCN) transcends mere procedural guidance derived from natural justice principles; it stems from constitutional requirements and statutory obligations....

Introduction to Form MSME-1The Ministry of Corporate Affairs (MCA) implemented Form MSME-1 on January 22, 2019, aiming to monitor companies with unsettled dues to MSME suppliers. A filing requirement...

IntroductionAs digital services expand rapidly, they are reshaping global economies, disrupting conventional business models, and posing challenges to existing taxation systems. The concept of taxatio...

IntroductionThe Radhika Agarwal verdict significantly influences the understanding and implementation of arrest protocols under Customs and GST regulations. This decision elucidates the criteria of “r...

As the financial year 2024-25 draws to an end, businesses must focus on essential GST obligations to ensure seamless operations in FY 2025-26. Companies engaged in zero-rated sales such as exports mus...

OverviewThe Updated Income Tax Return Form (ITR-U) is designed to enable assessees to rectify discrepancies or omissions in their initially submitted Income Tax Returns (ITRs). Launched in the Union B...

M/S Ashok Leyland vs Assistant Commissioner of Income TaxDecision Summary: Partial win for Assessee, Partial win for RevenueLegal Query: (i) Can capital R&D expenditure be deducted under Section 35(1)...

Finding yourself in a situation where a tax deadline was missed or discovering previously unreported income in past returns can be challenging. Indian tax regulations provide two crucial mechanisms fo...

IntroductionIncome tax is a crucial source of revenue for the government, enabling the funding of public services and infrastructure. Among the mechanisms used to collect this tax are Tax Deducted at...

1. GST Compliance Deadline for March 2025(i) Key Dates: (a) TDS under GST: File GSTR-7 by March 10 (b) E-commerce Statement: File GSTR-8 by March 10 (c) Large Turnover Filers: GSTR-1 due by March 11 (...

Overview of TDS on Rent Under Section 194-IBSummary: The Union Budget 2024 introduced a change in the TDS rate on rent under Section 194-IB, reducing it from 5% to 2%, starting from October 1, 2024. T...

Modifications in Income Tax Act Provisions(i) Individual Taxation ProvisionsAfter the introduction of the Budget 2025, the New Tax Regime (NTR) remains unchanged. However, revisions have been made to...