[Analysis] How Section 168A and Force Majeure Have Transformed GST Adjudication Timelines
Post COVID pandemic, the invocation of force majeure under Section 168A of the CGST Act has stirred debate and legal scrutiny. This legal provision empowers the government to extend deadlines in response to unforeseen circumstances such as epidemics, natural disasters, and other calamities. However, the application of force majeure and the subsequent extensions of adjudication […]
Income Tax Returns (ITR) | New Tax Regime vs. Old Tax Regime
The choice between the new and old tax regimes depends on your eligible deductions and exemptions. New Tax Regime – Beneficial if you have minimal deductions. Features lower tax rates but disallows most exemptions and deductions. Old Tax Regime – Favourable if you claim significant deductions like Section 80C, 80D, and home loan interest under […]
AD Cat-I Banks May Open Additional Special Current Accounts for Its Constituents to Settle Export & Import Transactions
Circular No. RBI/2024-2025/43 FED Circular No. 11, Dated 11.06.2024 Earlier, RBI, vide circular dated 17.11.2023, permitted AD Category-I banks maintaining a Special Rupee Vostro Account on International Trade Settlement in Indian Rupees (INR) to open an additional special current account for their constituents exclusively for settlement of export transactions. Now, the facility of opening an […]
[Analysis] EPF vs. NPS Comparison | Find the Best Retirement Savings Plan
The comparison between EPF and NPS highlights key differences: EPF is a government-managed, mandatory scheme with fixed returns (8%-8.5%), low risk, and partial withdrawals allowed for specific purposes; it’s tax-free on retirement after five years. NPS is a voluntary, flexible scheme regulated by PFRDA that offers market-linked returns, higher risk, and partial withdrawals after three […]
No Sec. 234B Interest if There Was No Variation in Reassessment Order & Entire Demand Was Paid During Assessment
Case Details: Tata Chemicals Ltd. v. DCIT – [2024] 163 taxmann.com 235 (Mumbai – Trib.) Judiciary and Counsel Details Amit Shukla, Judicial Member & Ratnesh Nandan Sahay, Accountant Member Vanish Bhansali for the Appellant. Biswanath Das for the Respondent. Facts of the Case In the present case, the assessee filed a return of income for AY 2012-13 […]
No Concealment Penalty if Assessee Agreed to Additions and Already Paid Taxes Before Assessment Proceedings | ITAT
Case Details: DCIT vs. Mitsubishi Heavy Industries – VST Diesel Engines Pvt. Ltd. – [2024] 163 taxmann.com 189 (Bangalore-Trib.) Judiciary and Counsel Details Laxmi Prasad Sahu, Accountant Member & Keshav Dubey, Judicial Member Ankith, CA for the Appellant. Subramanian S., Addl. CIT-DR for the Respondent. Facts of the Case The assessee company filed its return of income […]
SEBI Mandates Direct Pay-Out of Securities by Clearing Corporation to Demat Accounts of Clients
Circular No. SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/75, Dated: 05.06.2024 Presently, securities received in payout are pooled by the broker before being credited to the respective client demat accounts. However, direct payouts to client accounts were already made available on a voluntary basis as per the circular dated 01.02.2001. It has now been decided that the process of direct securities […]
Pillar Two – Global Anti-base Erosion Rules (GloBE Rules) – Overview | India Impact | Practical Issues
The Global Anti-Base Erosion (GloBE) Rules are a set of internationally agreed-upon tax rules developed by the Organisation for Economic Co-operation and Development (OECD) to address profit shifting and base erosion by multinational enterprises (MNEs). These rules are part of the OECD’s Base Erosion and Profit Shifting (BEPS) initiative, specifically under BEPS Action 15, known […]
CBDT Rightly Refused Request for Condonation of Delay as Assessee Was Regularly Filing Belated Returns | HC
Case Details: Lava International Ltd. v. Central Board of Direct Taxes – [2024] 163 taxmann.com 148 (Delhi) Judiciary and Counsel Details Yashwant Varma & Purushaindra Kumar Kaurav, JJ. Rajesh Mahna, Ms Sonia Sharma & Mayank Kouts, Advs. for the Petitioner. Sunil Agarwal, SSC, Shivansh B. Pandya, Viplav Acharya, JSCs & Utkarsh Tiwari, Adv. for the Respondent. Facts of the Case […]
Compensation Received From ‘Flipkart’ for Loss in Value of ESOP Due to Disinvestment Not Taxable as Perquisite | ITAT
Case Details: Sanjay Baweja v. DCIT – [2024] 163 taxmann.com 116 (Delhi) Judiciary and Counsel Details Yashwant Varma & Purushaindra Kumar Kaurav, JJ. Tarun Gulati, Sr. Adv., Kishore Kumar, Ms Ankita Prakash & Mahesh Singh, Advs. for the Petitioner. Prashant Meharchandani, SSC, Akshat Singh, JSC, Ms Ritika Vohra & Utkarsh Kandpal, Advs. for the Respondent. Facts of the Case The petitioner, […]