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[Opinion] Retrospective Amendments – Separation of Powers Vis-à-Vis Judiciary and Legislature
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 […]
Forms GST SPL-01 and GST SPL-02 Are Available on the GST Portal | GSTN Update
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 […]
[Global IDT Insights] Azerbaijan Exempts VAT on Import and Sale of Chargers for Electric Cars for Another Two Years & Others
Editorial Team – [2025] 170 taxmann.com 295 (Article) Global IDT Insights provides a weekly snippet of tax news specifically related to Indirect Taxes from around the globe. Here is a glimpse of the tax happening in the world this week. Azerbaijan exempts VAT on import and sale of chargers for electric cars for another two […]
Accounting for Foreign Currency Transactions and Distinguishing Monetary and Non-Monetary Items
This document delves into the accounting treatment of foreign currency transactions under Ind AS 21, focusing on three key scenarios: a foreign currency loan, a machinery purchase, and a prepayment for inventory. It provides guidance on the initial measurement of transactions at the exchange rate on the transaction date and subsequent treatment, including retranslation for […]
[Opinion] Interplay of Section 144C(13) and Section 153(3)
D.C. Agrawal – [2025] 170 taxmann.com 235 (Article) 1. Introduction In the case of Shelf Drilling Ron Tappmeyer Ltd. v. ACIT (IT)[2023] 153 taxmann.com 162 (Bombay), the petitioner, a Cayman Islands-incorporated company headquartered in Dubai and engaged in shallow water drilling for the oil and gas industry, filed its income tax return in India for […]
[Opinion] Understanding Input Tax Credit Under Ex-Works Contracts
Prateek Mitruka – [2025] 170 taxmann.com 279 (Article) 1. Introduction The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 241/35/2024 on December 31, 2024, clarifying the availability of Input Tax Credit (ITC) under Section 16(2)(b) of the CGST Act, 2017. This circular stems from concerns raised by the automobile sector about ITC eligibility in cases where goods are delivered […]
[Global Financial Insights] FASB Seeks Feedback on Future Agenda Priorities and More
This week’s Global Financial Insights covers significant updates in financial reporting and auditing practices: FASB seeks feedback on future agenda priorities: The Financial Accounting Standards Board (FASB) invites stakeholder input on its future agenda to enhance financial statement usefulness, reduce complexity, and improve the Accounting Standards Codification. Stakeholder feedback will guide prioritization and targeted GAAP […]
[Opinion] A Revamped Section 268A | Deciphering Alterations in Safeguards That Tilt the Balance Against Assessees
Ramkishan Choudhary & Parv Jain – [2025] 170 taxmann.com 154 (Article) Section 268A of the Income tax Act (“the Act”) was inserted via the Finance Bill, 2008 with the main objective of reducing litigation and to fix the monetary limits on filling appeal or a SLP. This year, Central Board of Direct Tax ‘CBDT’ made […]
No Prohibition on Issuing Consolidated SCN for Multiple Periods Under the CGST Act | HC
Case Details: X L Interiors v. Deputy Commissioner (Intelligence), SGST Department - [2024] 169 taxmann.com 707 (Kerala) Judiciary and Counsel Details Gopinath P., J. K.S. Hariharan Nair, G. Remadevi, Harima Hariharan, Rajath R. Nath, Dheeraj Sasidharan & Sree Haridev, Advs. for the Petitioner. Smt. Thushara James, Sr. GP., for the Respondent. Facts of the Case The assessee, a partnership firm, was […]
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