• July 28, 2024

Case Details: Sonia Pathak Khanna vs. Income Tax Officer - [2024] 164 taxmann.com 607 (Mumbai-Trib.) Judiciary and Counsel Details Prashant Maharishi, Accountant Member K. Gopal, AR for the Appellant. R.R. Makwana, DR for the Respondent. Facts of the Case The assessee, a fashion designer, earned income from manufacturing garments and interest income. During the relevant assessment […]

• July 27, 2024

Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting and auditing practices from across the globe. Here is this week’s financial update. 1. The International Accounting Standard Board (IASB)is expected to publish three exposure drafts In the forthcoming […]

• July 26, 2024

Pulkit Agarwal – [2024] 164 taxmann.com 533 (Article) In the highly anticipated budget speech, Finance Minister Nirmala Sitharaman covered a wide array of topics, from fiscal policies to new reforms. However, several crucial changes in the Goods and Services Tax (GST) regime, which will significantly impact businesses and taxpayers, were not explicitly mentioned. Here, we […]

• July 25, 2024

SEBI Summary Proceedings refer to a streamlined legal process used by SEBI to handle cases where there is clear evidence of a violation of the SEBI Act, rules, and regulations. This process is designed to expedite the resolution of cases without a detailed inquiry, typically when the facts are straightforward and not in dispute. SEBI […]

• July 24, 2024

Notification No. SEBI/LAD-NRO/GN/2024/194, Dated: 11.07.2024 SEBI has notified the SEBI (Alternative Investment Funds) (Third Amendment) Regulations, 2024. A new chapter III-D w.r.t ‘migrated venture capital fund’ has been introduced. The provisions of this Chapter shall apply only to migrated venture capital funds and schemes launched by such funds. Further, SEBI has prescribed the eligibility conditions […]

• July 23, 2024

Case Details: India Property Mauritius Company Vs. ACIT - [2024] 164 taxmann.com 440 (Delhi-Trib.) Judiciary and Counsel Details Anubhav Sharma, Judicial Member & G.S. Pannu, Vice President Ajay Vohra, Sr. Adv. & Divyanshu Aggarwal, Adv. for the Appellant. Vizay B. Vassanta, CIT-(DR) & Vivek Vardhan, Sr. DR for the Respondent. Facts of the Case The assessee was […]

• July 22, 2024

A unit-based employee benefit scheme grants employees unit options of Real Estate Investment Trusts (REITs) or Infrastructure Investment Trusts (InvITs). Eligible employees, excluding independent directors, can acquire these units through management fees, shareholder transfers, or market purchases with certain restrictions. The scheme's framework includes guidelines for implementation, disclosure requirements, and compliance with SEBI regulations. This […]

• July 21, 2024

World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week. 1. Ukraine publishes guidance on Residence Certificate Requirements for Tax Treaty relief The State Tax Service of Ukraine recently issued guidance on the requirements for residence certificates when […]

• July 20, 2024

Notification No. G.S.R 414(E); Dated: 16.07.2024 The Ministry of Corporate Affairs (MCA) has notified the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2024. As per the amended norms, companies must remit any amount required to be credited to the Investor Education and Protection Fund (IEPF) online to the Authority […]