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, […]
RBI Launches PRAVAAH | Retail Direct Mobile App | FinTech Repository to Revolutionize Financial Services
PRAVAAH (Platform for Regulatory Application Validation and Authorization) is a secure, centralized web-based portal introduced by the Reserve Bank of India (RBI) to streamline the process of obtaining regulatory approvals. It allows individuals and entities to submit their applications for regulatory approvals online, track the status of their applications, respond to any queries or requests […]
[Opinion] ROC Drops Proceedings Against Company for Late Filing of Form DIR-12 Due to MCA V3 Portal Issues – A Case Study
Prof R Balakrishnan – [2024] 163 taxmann.com 60 (Article) Background of this case 1. This is the classic case where the company M/s Shiv Vilas Resorts Private Limited faced the problem of filing the e-form DIR-12 subsequent to the filling up of the vacancy of the company secretary during the MCA V3 implementation process initiated […]
Annual Information Statement (AIS) – Overview | Recommendations | Global Best Practices
The Annual Information Statement (AIS) is a comprehensive statement containing details of all the financial transactions undertaken by an individual in a financial year. It is an initiative by the Income Tax Department to provide taxpayers with a consolidated view of their financial transactions, which helps them in filing accurate income tax returns (ITRs). Key […]
Understanding Income Tax Provisions for Indian Online Gaming Companies
Indian online gaming companies must navigate various income tax provisions to ensure compliance with the country’s tax laws. Below are key tax considerations: 1. Corporate Tax Rate – Domestic Companies: The standard corporate tax rate for domestic companies is 25% if their turnover does not exceed INR 400 crore in the previous year. Otherwise, the […]
Refund on Export is Allowed Where Services Supplied by Petitioner to Its Subsidiary Outside India | HC
Case Details: Vuram Technology Solutions (P.) Ltd. v. Additional Commissioner of GST (Appeals) – [2024] 162 taxmann.com 380 (Madras) Judiciary and Counsel Details C. Saravanan, J. M. Dinesh for the Petitioner. N. Dilip Kumar, Standing Counsel for the Respondent. Facts of the Case The petitioner was engaged in providing software services to its subsidiary in Australia. It […]
AO Isn’t Required to Pass Speaking Order for Adjustments Made in Sec. 143(1)(a) Intimation Based on Tax Audit Report
Case Details: Joyo Plastics vs. ACIT – [2024] 162 taxmann.com 836 (Mumbai-Trib.) Judiciary and Counsel Details Om Prakash Kant, Accountant Member & Sunil Kumar Singh, Judicial Member Ajay R. Singh & Akshay Pawar for the Appellant. Ms Rajeshwari Menon, Sr. DR for the Respondent. Facts of the Case The CPC processed the return of income filed by the assessee […]
[Analysis] SEBI Guidelines on Real-Time Price Data Sharing – Ensuring Market Integrity
Real-time price data sharing refers to the regulated process of disseminating live share price information from stock exchanges, clearing corporations, and depositories (collectively known as Market Infrastructure Institutions or MIIs) to third parties. This sharing is strictly controlled to ensure it is only done for regulatory needs or the orderly functioning of the securities market. […]
SEBI Reduces Minimum Staggered Delivery Period for Commodity Derivatives to Three Days
Circular No. SEBI/HO/MRD/MRD-PoD-1/P/CIR/2024/57, Dated: 24.05.2024 Earlier, SEBI vide ‘Master Circular for Commodity Derivatives Segment’ dated 04.08.2023 had issued various requirements for stock exchanges and clearing corporations for compliance in the commodity derivatives segment. Now, SEBI has reduced the minimum duration of the staggered delivery period to at least three working days from five working days. […]