Aditya Narayan Parida 
Taxpayers who claimed deductions under Section 80GGC of Income Tax Act are advised to verify their claims. The Income Tax Department has launched an SMS campaign to alert taxpayers regarding deductions claimed under Section 80GGC for political donations. This initiative …
Recent Updates on Income Tax, GST, and Corporate Law – 29 January 2025 Income Tax Update 1: CBDT Notification No. 10/2025 – Key Amendments for Venture Capital Funds, Finance Companies, Retail Schemes, and ETFs in IFSCs The Ministry of Finance, …
These amendments are pivotal for strengthening India’s financial ecosystem and attracting global investments through IFSCs. The Ministry of Finance, via the Central Board of Direct Taxes (CBDT), has introduced pivotal amendments to the Income Tax Rules, 1962. Through Notification No. …
Recent Updates on Income Tax, GST & Corporate Law: 28 January 2025 Income Tax Update 1: SBI Research Suggests for Flat 15% Tax on FD Interest & Delinking it from Highest Income Slab SBI Research says tax on fixed deposits …
If proceedings had been initiated during the Assessee’s lifetime, they could have been validly continued against their legal representatives. In a landmark ruling, the Karnataka High Court in the case of ITO Vs Smt. Preethi has held that any proceedings …
Recent Updates on Income-tax, GST & Corporate Law – January 27, 2025 Income-Tax Update-1: A Sukanya Samriddhi account can be opened by the guardian immediately after the girl child’s birth until she turns 10 years old. The scheme is exclusively …
Parents or guardians can open an Sukanya Samriddhi Account for their girl child from birth until she turns 10 years old, at any designated post offices or commercial bank branches. The Sukanya Samriddhi Yojana (SSY) is a flagship government initiative …
Latest Updates on Income-Tax, GST & Corporate-Law: January 26, 2025 Income-Tax Update-1: The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT), in the case of Bosch Automotive Electronics, held that the failure to prove benefit alone cannot be accepted …
The supreme court also proposed standardizing fees for title search reports to ensure their quality. In a significant move to safeguard public funds and reinforce trust in the banking sector, the Supreme Court has urged the Reserve Bank of India …
The Supreme Court quashed the FIR, terming the allegations baseless and an abuse of the legal process. The Supreme Court has set aside an FIR against a former Assistant Excise Commissioner of Uttar Pradesh, accused of holding disproportionate assets (DA) …
The PPT ensures that DTAAs are applied to foster genuine economic activity, such as the exchange of goods and services, and the movement of capital and individuals. Guidance for Application of PPT: The Multilateral Convention to Implement Tax Treaty Related …
These Tax Amendments are a Part of Comprehensive Measures to Attract Global Tourists and Foster Domestic Interest in Cruise Travel. The Central Board of Direct Taxes (CBDT) has officially introduced key amendments to the Income-Tax Rules, setting forth the conditions …
The court cautioned the authorities to exercise extreme care in future arrests, ensuring compliance with legal procedures. In a significant ruling, the Bombay High Court accepted the unconditional apology submitted by Goods and Services Tax (GST) Department officials for arresting …
GST Instruction No. 1/2025: Guidelines for Arrest & Bail As a critical update to Instruction No. 2/2022-23 GST (Investigation) dated 17 August 2022, the GST Investigation wing has released fresh guidelines regarding arrest and bail for offences punishable under the …
Multiple GST Notifications on 16 January 2025 Introducing Significant Changes in GST Rates, Exemptions & RCM The Central Board of Indirect Taxes and Customs (CBIC) has issued multiple notifications dated January 16, 2025, implementing the recommendations of the GST Council. …
The AAR ruled that the supply of food by the petitioner constitutes a standalone service outsourced by the hospital and is not directly associated with providing healthcare services. In a significant ruling, the West Bengal Authority for Advance Ruling (AAR) …
The High Court highlighted that the commissions’ statutory functions do not align with the definition of ‘business’ under Section 2(17) of the CGST Act. In a landmark judgment, the Delhi High Court has ruled that fees collected by the Central …
This landmark High Court ruling as it safeguards taxpayers from the sudden attachment of bank accounts by the tax department, which can be done with minimal notice. Now, even in the absence of coercive measures, the mere presence of an …
Rule 9B of the Companies Act, 2013, specifies that after September 30, 2024, securities of Section 8 companies can only be transferred in dematerialized form. Dematerialization of Shares by Section 8 Companies: The Ministry of Corporate Affairs (MCA) issued a …
The cryptocurrency industry has voiced significant concerns about the current taxation structure, emphasizing its potential impact on compliance, market liquidity, and innovation. India’s taxation framework for cryptocurrency and other Virtual Digital Assets (VDAs) has introduced specific guidelines that impact investors, …