• July 19, 2024

V K Subramani – [2024] 164 taxmann.com 371 (Article) Taxation of income on the basis of presumptive provisions has come to stay. What was started in a small measure applicable for retail traders by inserting section 44AF about 25 years ago has gained acceptance and prominence over the years. Insertion of many more presumptive provisions […]

• July 18, 2024

Case Details: P R Earth & Contracts v. State Tax Officer [2024] 164 taxmann.com 249 (Madras) Judiciary and Counsel Details Senthilkumar Ramamoorthy, J. Ms Aparna Nandakumar for the Petitioner. T.N.C. Kaushik, Additional Government Pleader (Tax) for the Respondent. Facts of the Case The assessee was engaged in the civil construction work. It was contended that GST […]

• July 17, 2024

Notification No. 01/2024- Compensation Cess (Rate) dated July 12th, 2024 The CBIC has issued notification to provide that supply of goods falling under heading 2202 by Unit Run Canteen to authorised customers would be exempted from levy of Goods and Services Tax Compensation Cess. Click Here To Read The Full Notification The post CBIC Exempts […]

• July 16, 2024

Notification No. SEBI/LAD-NRO/GN/2024/191, Dated 08.07.2024 SEBI has notified an amendment in clause (i) of explanation to Regulation 28B(1)(d) of SEBI (Credit Rating Agencies) Regulations, 1999, redefining ‘liquid assets’. Now, liquid assets shall also include units of overnight/liquid mutual fund schemes & repo on corporate bonds. Earlier, it was defined as a low-risk asset that can […]

• July 14, 2024

Circular No. RBI/2024-25/50 DOR.STR.REC.26/21.06.008/2024-25; Dated: 10.07.2024 The RBI has permitted banks to use the ratings of the ‘Brickwork Ratings India Private Limited (the CRA) to risk weight their claims for capital adequacy purposes subject to certain conditions. One condition is that, for fresh rating mandates, ratings may be obtained from the CRA for bank loans […]

• July 13, 2024

Notification No.12/2024–Central Tax dated July 10th, 2024 The CBIC has issued notification to notify Central Goods and Services Tax (Amendment) Rules, 2024 as per the recommendations of GST Council. The key changes are: Insertion of new Form GSTR-1A for furnishing additional details or amendments of the details of outward supply and corresponding changes have been […]

• July 12, 2024

During the 53rd GST Council Meeting on June 22, 2024, led by Union Finance Minister Nirmala Sitharaman, multiple key recommendations were made to streamline the GST framework and reduce compliance challenges across different industries. CBIC issued various tax circulars, detailing important clarifications and guidelines on various tax-related issues. It encompasses circulars on the taxability of […]

• July 11, 2024

Kunal Singhal – [2024] 164 taxmann.com 215 (Article) Tax Residency Certificate (“TRC”) is an official document granted by a country’s tax authorities, certifying the tax residency status of a tax payer, for a tax year. In the context of Indian domestic income-tax regulations, tax treaties generally contain beneficial provisions in relation to taxation of business […]

• July 10, 2024

Priyanka Jain – [2024] 164 taxmann.com 130 (Article) What is Most Favored Nation (MFN) clause The underlying principle of a MFN clause is that the contracting states agree to extend equal tax benefit to one country as extended by it to another country. By virtue of a MFN clause in a tax treaty, one state […]