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Corrections in eTDS Returns
Income Tax: eTDS Returns and the Influence on Amendment FilingsThe online submission of eTDS returns, including Forms 24Q and 26Q, on a quarterly basis enables Deductees—such as employees, depositors,...
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Income Tax Rebates versus ITR Filing Duties: Addressing Common Confusions
Overview of Income Tax Rebates and Filing RequirementsRecent updates in India's tax regulations, specifically the introduction of new rebates, have stirred misunderstandings among assessees regarding...
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Monthly Compensation for Non-Executive Directors: Legal Allowances and Stipulations
OverviewMonthly compensation for Non-Executive Directors (henceforth “NEDs”) refers to a fixed and regular payment provided to directors who are not actively engaged in the daily operations of the com...
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Steps to Modify a Company's Name According to the Companies Act, 2013
In accordance with Sections 4(2), 4(3), and 13(2) of the Companies Act, 2013, as read with Rules 8 and 29 of the Companies (Incorporation) Rules, 2014, companies established under the act have the opt...
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Utilizing Sale Proceeds Under Section 54F of the Income Tax Act, 1961
Utilizing Multiple Sale Proceeds Under Section 54F of the Income Tax Act, 19611. Overview of Section 54FUnder the stipulations of Section 54F of the Income Tax Act, 1961, individuals who accrue long-t...
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Royalty, Taxation & GST: Implications of Supreme Court's Ruling on Reverse Charge Mechanism
1. OverviewThe Supreme Court of India's pivotal decision in Mineral Area Development Authority v. Steel Authority of India [2024] 165 taxmann.com 477 (SC) has considerably influenced the understanding...
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Validity of Issuing a Single Show Cause Notice for Multiple Financial Years
Introduction The Revenue Department undertakes investigations, audits, or searches of assessees periodically. These audits often encompass more than one financial year. Upon conclusion, the results ty...
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Legal Revival of Entry Tax in Haryana
India's shift to the Goods and Services Tax (GST) framework marked a significant stride towards unifying the nation's tax structure with the motto ‘One Nation, One Tax’. This transformation included t...
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Comparing Updated Returns and Reassessment for Escaped Income: Evaluating Financial Costs and Associated Risks
1. Introduction: Recent Amendments and ProposalsThe introduction of the Finance Bill, 2025, brought forward a noteworthy amendment to section 139(8A) of the Income-tax Act. This modification now grant...
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Discontinued Indexation Benefits: Implications on Capital Gains Taxation for Land and Buildings
IntroductionWith the enactment of new provisions from July 23, 2024, under Section 48 of the Income Tax Act, the landscape for capital gains taxation has undergone a noteworthy transformation. The dis...
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Guide to Obtaining a GST Refund for Surplus Cash Ledger Balance
The introduction of the Goods and Services Tax (GST) in India has facilitated an organized and transparent procedure for assessees to fulfill their tax responsibilities. A pivotal element in this fram...
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Credit Notes and Input Tax Credit (ITC) Availment
Revised Section 34(2) of the CGST Act: Insights into Credit NotesBackgroundThe Central Goods and Services Tax (CGST) Act's Section 34(2) authorizes suppliers to issue credit notes for adjustments in t...
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Implications of Joint Ownership of Property with Spouse for Tax Matters Under Indian Law
Taxation of Jointly Owned House Property(i) Taxation of Income from Joint Property Held for Social PurposesWhen examining the legal tax implications under the Income Tax Act, 1961, specifically Sectio...
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Valuation of Inventories According to Accounting Standard 2
OverviewThe valuation of inventories involves assessing them at the lower of their acquisition cost or their net realizable value. Since inventories represent assets with the potential to provide futu...
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Investment Avenues for Foreign Portfolio Investors in India
IntroductionForeign Portfolio Investors (FPIs) have the opportunity to engage in India's equity market following the mandates of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, and...
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How to Obtain a Lower Tax Deduction Certificate (LTDC) in India
1. IntroductionIn today's business environment, maintaining liquidity is crucial. Section 197 of the Income Tax Act, 1961, offers a strategic tool for those looking to streamline their cash flow manag...
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Telecommunication Towers and ITC Eligibility: A Delhi High Court Perspective
IntroductionThe Delhi High Court in the case Bharti Airtel Limited v. Commissioner, CGST Appeals-1, Delhi [W.P.(C) 13211/2024, dated December 12, 2024], concluded that telecommunications towers qualif...
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Indoor Management Principle: A Counter to the Constructive Notice Principle
IntroductionA company is recognized as a separate legal entity created to engage in business activities. The fundamental legal frameworks for any corporation are the Memorandum of Association (MoA) an...
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GST Compliance Tasks for the Financial Year 2024-25 to be Completed by March 2025
As the fiscal year 2024-25 nears its conclusion, businesses in India must fulfill essential GST compliance responsibilities. The following outlines crucial actions to be taken:Submission of Letter of...
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Switzerland Halts Unilateral MFN Clause Enforcement in Tax Treaty with India
Switzerland's unilateral enforcement of the Most Favored Nation (MFN) clause within the India-Switzerland Double Taxation Avoidance Agreement (DTAA) will be suspended as of January 1, 2025. This decis...