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Anticipatory Bail to Be Granted to Applicant as ITC Was Reversed and Co-Accused Had Already Been Granted Bail | HC
Case Details: Deepak Kumar v. State of Haryana - [2025] 170 taxmann.com 597 (Punjab & Haryana) Judiciary and Counsel Details N.S. Shekhawat, J. Ms Neha Bindal & Satbir Singh Gill, Advs. for the Petitioner. Rajinder Kumar Banku, Deputy Adv. General for the Respondent. Facts of the Case The petitioner was involved in a case where a fake […]
Income-tax (First Amendment) Rules, 2025
Publish Date : Tuesday, January 21, 2025 source
Impact of a Buyback Offer on the Classification of Equity Investments in Financial Statements
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 […]
[Opinion] Key Steps to Avoid Rejection of Application Under Section 12A and 80G
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 […]
CBDT notifies amendments in Income-tax Rules, 1962 to prescribe conditions for applicability of presumptive taxation regime for non-resident cruise ship operators
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
Guidance for application of the Principal Purpose Test (PPT) under India's Double Taxation Avoidance Agreements
Publish Date : Tuesday, January 21, 2025 source
Accounting Treatment of Land Converted From PPE to Stock-in-Trade Under Ind AS Framework
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 […]
Revenue Recognition and Classification of Mortgage Guarantee Contracts Under IndAS Framework
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 […]
5% GST on Food Inputs of Food Preparations for Free Distribution to Economically Weaker Sections | Notification
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 […]
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