[Opinion] Understanding Input Tax Credit Under Ex-Works Contracts
Prateek Mitruka – [2025] 170 taxmann.com 279 (Article) 1. Introduction The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 241/35/2024 on December 31, 2024, clarifying the availability of Input Tax Credit (ITC) under Section 16(2)(b) of the CGST Act, 2017. This circular stems from concerns raised by the automobile sector about ITC eligibility in cases where goods are delivered […]
[Global Financial Insights] FASB Seeks Feedback on Future Agenda Priorities and More
This week’s Global Financial Insights covers significant updates in financial reporting and auditing practices: FASB seeks feedback on future agenda priorities: The Financial Accounting Standards Board (FASB) invites stakeholder input on its future agenda to enhance financial statement usefulness, reduce complexity, and improve the Accounting Standards Codification. Stakeholder feedback will guide prioritization and targeted GAAP […]
[Opinion] A Revamped Section 268A | Deciphering Alterations in Safeguards That Tilt the Balance Against Assessees
Ramkishan Choudhary & Parv Jain – [2025] 170 taxmann.com 154 (Article) Section 268A of the Income tax Act (“the Act”) was inserted via the Finance Bill, 2008 with the main objective of reducing litigation and to fix the monetary limits on filling appeal or a SLP. This year, Central Board of Direct Tax ‘CBDT’ made […]
No Prohibition on Issuing Consolidated SCN for Multiple Periods Under the CGST Act | HC
Case Details: X L Interiors v. Deputy Commissioner (Intelligence), SGST Department – [2024] 169 taxmann.com 707 (Kerala) Judiciary and Counsel Details Gopinath P., J. K.S. Hariharan Nair, G. Remadevi, Harima Hariharan, Rajath R. Nath, Dheeraj Sasidharan & Sree Haridev, Advs. for the Petitioner. Smt. Thushara James, Sr. GP., for the Respondent. Facts of the Case The assessee, a partnership firm, was […]
CBDT Launches Electronic Campaign to Address Income and Transaction Mismatches for FY 2023-24 and FY 2021-22
Details : Publish Date : Tuesday, December 17, 2024 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1216/CBDT-Launches-Electronic-Campaign-to-Address-Income-and-Transaction-Mismatches-for-FY-2023-24-and-FY-2021-22.pdf source
SEBI Revises Norms for Inactive Accounts | Funds to Be Settled on Monthly Running Account Settlement Cycle Dates
Circular No.SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2025/1, Dated 06.01.2025 The SEBI has revised norms for settling funds of clients inactive for over 30 days. Previously, Trading Members (TMs) were required to settle such accounts within three working days, causing daily procedural inefficiencies. Based on recommendations, the SEBI has now mandated that these funds be settled on the upcoming settlement dates […]
SEBI’s Order Restraining Appellant, Chairman of Company ‘P,’ Unsustainable as No Specific Statutory Violation Was Imputed | SAT
Case Details: Rajib Kumar Mishra vs. Securities and Exchange Board of India – [2024] 169 taxmann.com 755 (SAT-Mumbai) Judiciary and Counsel Details Justice P.S. Dinesh Kumar, Presiding Officer, Ms Meera Swarup & Dr Dheeraj Bhatnagar, Technical Member Akhilesh Pandey, Adv., Subir Kumar, Valentine Mascarenhas & Vaishnavi Pawar, Advs. for the Appellant. Chetan Kapadia, Sr. Adv., Prapti Kedia & Mohit Kumar […]
[World Tax News] Thailand to Allow Tax Deduction on Shopping to Boost Domestic Spending and More
Editorial Team – [2025] 170 taxmann.com 75 (Article) World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week. Thailand to allow tax deduction on shopping to boost domestic spending; Singapore publishes updated tax guidance; introduces new incentives for […]
[Analysis] SEBI’s Specialised Investment Funds (SIFs) | The Perfect Blend of Mutual Funds and PMS
SEBI’s Specialized Investment Funds (SIFs), introduced on December 16, 2024, represent a new category of investment vehicles that bridge the gap between traditional mutual funds and high-end Portfolio Management Services (PMS). Designed to offer sophisticated investment strategies and diversified asset options such as gold, real estate, and infrastructure, SIFs require a more accessible minimum investment […]
SEBI Clarifies w.r.t the Applicability of the Cybersecurity and Cyber Resilience Framework (CSCRF) | Extends Implementation Date
Circular No. SEBI/HO/ ITD-1/ITD_CSC_EXT/P/CIR/2024/184, Dated 31.12.2024 Earlier, the SEBI issued Cybersecurity and Cyber Resilience Framework (CSCRF) for the Regulated Entities (REs). To address the concerns of the REs, SEBI has issued a clarificatory circular. SEBI clarifies that the date of implementation of the circular on the KYC Registration Agencies (KRAs) is extended from Jan 01, […]