CBDT notifies amendments in Income-tax Rules, 1962 to prescribe conditions for applicability of presumptive taxation regime for non-resident cruise ship operators
Details : Publish Date : Tuesday, January 21, 2025 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1218/Rules-1962-to-prescribe-conditions-for-applicability-of-presumptivetaxation-regime-for-non-resident-cruise-ship-operators.pdf source
Guidance for application of the Principal Purpose Test (PPT) under India's Double Taxation Avoidance Agreements
Publish Date : Tuesday, January 21, 2025 source
Accounting Treatment of Land Converted From PPE to Stock-in-Trade Under Ind AS Framework
This document provides an analysis of the accounting treatment for the conversion of land from Property, Plant, and Equipment (PPE) to stock-in-trade under the Ind AS framework and its implications under the Income Tax Act. It discusses the recognition of inventory upon reclassification, the treatment of temporary differences between book and tax values, and the […]
Revenue Recognition and Classification of Mortgage Guarantee Contracts Under IndAS Framework
This document explores the classification and revenue recognition of mortgage guarantee contracts under the Ind AS framework, focusing on compliance with Ind AS 109 and Ind AS 115. The Company, an NBFC providing First Loss Default Guarantees (FLDG) for retail housing loans, issues guarantees that are invoked upon a loan’s classification as a Non-Performing Asset […]
5% GST on Food Inputs of Food Preparations for Free Distribution to Economically Weaker Sections | Notification
Notification No. 03/2025-Central Tax (Rate) dated 16th January, 2025 The CBIC has issued notification to provide that 5% GST shall be levied on food inputs of food preparations under HSN 19 or 21 that are supplied for food preparations intended for free distribution to economically weaker sections under a government program subject to the existing […]
[Opinion] Retrospective Amendments – Separation of Powers Vis-à-Vis Judiciary and Legislature
Adv. Mukul Gupta, Adv. Prateek Gupta, Adv. Bharat Agarwal & Adv. Aniket Gupta – [2025] 170 taxmann.com 294 (Article) One of the most fundamental concepts of Indian Democracy is “Separation of Powers” which means that each of the three Pillars i.e. Executive, Judiciary as well as Legislature would be independent in its domain and there […]
Forms GST SPL-01 and GST SPL-02 Are Available on the GST Portal | GSTN Update
GSTN Update dated January 14th, 2025 The GSTN has issued an update to inform that both Forms GST SPL 01 and GST SPL 02 are available in the GST portal and the taxpayers are advised to file applications under waiver scheme. However, for the appeal applications (APL 01) filed before 21.03.2023, withdrawal option is not […]
[Global IDT Insights] Azerbaijan Exempts VAT on Import and Sale of Chargers for Electric Cars for Another Two Years & Others
Editorial Team – [2025] 170 taxmann.com 295 (Article) Global IDT Insights provides a weekly snippet of tax news specifically related to Indirect Taxes from around the globe. Here is a glimpse of the tax happening in the world this week. Azerbaijan exempts VAT on import and sale of chargers for electric cars for another two […]
Accounting for Foreign Currency Transactions and Distinguishing Monetary and Non-Monetary Items
This document delves into the accounting treatment of foreign currency transactions under Ind AS 21, focusing on three key scenarios: a foreign currency loan, a machinery purchase, and a prepayment for inventory. It provides guidance on the initial measurement of transactions at the exchange rate on the transaction date and subsequent treatment, including retranslation for […]
[Opinion] Interplay of Section 144C(13) and Section 153(3)
D.C. Agrawal – [2025] 170 taxmann.com 235 (Article) 1. Introduction In the case of Shelf Drilling Ron Tappmeyer Ltd. v. ACIT (IT)[2023] 153 taxmann.com 162 (Bombay), the petitioner, a Cayman Islands-incorporated company headquartered in Dubai and engaged in shallow water drilling for the oil and gas industry, filed its income tax return in India for […]