[Opinion] Budget 2024 | Key Changes Proposed in GST
Pulkit Agarwal – [2024] 164 taxmann.com 533 (Article) In the highly anticipated budget speech, Finance Minister Nirmala Sitharaman covered a wide array of topics, from fiscal policies to new reforms. However, several crucial changes in the Goods and Services Tax (GST) regime, which will significantly impact businesses and taxpayers, were not explicitly mentioned. Here, we […]
[Analysis] SEBI’s Summary Proceedings—Expediting Securities Law Enforcement
SEBI Summary Proceedings refer to a streamlined legal process used by SEBI to handle cases where there is clear evidence of a violation of the SEBI Act, rules, and regulations. This process is designed to expedite the resolution of cases without a detailed inquiry, typically when the facts are straightforward and not in dispute. SEBI […]
SEBI Amends AIF Regulations, 2012 | Introduces Norms for ‘Migrated Venture Capital Funds’
Notification No. SEBI/LAD-NRO/GN/2024/194, Dated: 11.07.2024 SEBI has notified the SEBI (Alternative Investment Funds) (Third Amendment) Regulations, 2024. A new chapter III-D w.r.t ‘migrated venture capital fund’ has been introduced. The provisions of this Chapter shall apply only to migrated venture capital funds and schemes launched by such funds. Further, SEBI has prescribed the eligibility conditions […]
AO Not Justified in Denying Treaty Benefits to Mauritius Co. Holding Investments in Indian Co. For More Than 5 Years | ITAT
Case Details: India Property Mauritius Company Vs. ACIT – [2024] 164 taxmann.com 440 (Delhi-Trib.) Judiciary and Counsel Details Anubhav Sharma, Judicial Member & G.S. Pannu, Vice President Ajay Vohra, Sr. Adv. & Divyanshu Aggarwal, Adv. for the Appellant. Vizay B. Vassanta, CIT-(DR) & Vivek Vardhan, Sr. DR for the Respondent. Facts of the Case The assessee was […]
[Analysis] SEBI Introduces Unit-based Employee Benefit Scheme for REITs and InvITs
A unit-based employee benefit scheme grants employees unit options of Real Estate Investment Trusts (REITs) or Infrastructure Investment Trusts (InvITs). Eligible employees, excluding independent directors, can acquire these units through management fees, shareholder transfers, or market purchases with certain restrictions. The scheme’s framework includes guidelines for implementation, disclosure requirements, and compliance with SEBI regulations. This […]
[World Tax News] Ukraine Publishes Guidance on Residence Certificate Requirements for Tax Treaty Relief and More
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. 1. Ukraine publishes guidance on Residence Certificate Requirements for Tax Treaty relief The State Tax Service of Ukraine recently issued guidance on the requirements for residence certificates when […]
Companies Must Now Remit Amounts to the IEPF Authority Online Within 30 Days of the Due Date | MCA
Notification No. G.S.R 414(E); Dated: 16.07.2024 The Ministry of Corporate Affairs (MCA) has notified the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2024. As per the amended norms, companies must remit any amount required to be credited to the Investor Education and Protection Fund (IEPF) online to the Authority […]
[Opinion] Controversial Issue Regarding Rebate u/s 87A in Respect of Incomes Eligible for Special Rate of Tax
V K Subramani – [2024] 164 taxmann.com 371 (Article) Taxation of income on the basis of presumptive provisions has come to stay. What was started in a small measure applicable for retail traders by inserting section 44AF about 25 years ago has gained acceptance and prominence over the years. Insertion of many more presumptive provisions […]
HC Set Aside Order Raising Demand Since Differential Tax Was Already Paid by Assessee While Filing Return in Form GSTR 3B
Case Details: P R Earth & Contracts v. State Tax Officer [2024] 164 taxmann.com 249 (Madras) Judiciary and Counsel Details Senthilkumar Ramamoorthy, J. Ms Aparna Nandakumar for the Petitioner. T.N.C. Kaushik, Additional Government Pleader (Tax) for the Respondent. Facts of the Case The assessee was engaged in the civil construction work. It was contended that GST […]
CBIC Exempts Supply of Goods Falling Under Heading 2202 by Unit Run Canteen to Authorised Customers From Compensation Cess
Notification No. 01/2024- Compensation Cess (Rate) dated July 12th, 2024 The CBIC has issued notification to provide that supply of goods falling under heading 2202 by Unit Run Canteen to authorised customers would be exempted from levy of Goods and Services Tax Compensation Cess. Click Here To Read The Full Notification The post CBIC Exempts […]