• January 28, 2025

This document addresses the impact of buyback offer on the classification of equity investments in the financial statements as per the Ind AS framework. It explores key questions regarding the reclassification of investments initially classified as financial assets at fair value through other comprehensive income (FVOCI) when a buyback offer arises, focusing on whether such […]

• January 26, 2025

Chunauti H. Dholakia – [2025] 170 taxmann.com 620 (Article) There are many issues related to registration of charitable and religious trusts under section 12A and 80G of the Income tax Act. Due to some of the issues, the application for registration has been rejected. In many cases application for regular registration is rejected with cancelling […]

• January 24, 2025

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

• January 24, 2025

Publish Date : Tuesday, January 21, 2025 source

• January 23, 2025

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 […]

• January 21, 2025

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 […]

• January 20, 2025

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 […]

• January 19, 2025

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 […]

• January 18, 2025

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 […]