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 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 …
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. …
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, …
Legal Heir Registration under Income Tax In accordance with sub-section (1) of section 159 of the Income-tax Act, 1961, when an individual passes away, their legal heir is responsible for paying any tax dues that the deceased person would have …
Revision in Form 24Q: New Column 388A introduced & Column 375 renamed as Column 388 Key Changes in Form 24Q: In a significant move aimed at improving tax efficiency and reducing the burden on salaried individuals, the government has introduced …
Filing of Application for Rectification of Order which was issued for the incorrect claim of ITC under section 16(4) of the CGST Act, but the ITC in question is now valid as per the newly inserted section 16(5) and/or section …
CBIC Clarification on GST Treatment of Vouchers The GST treatment of vouchers has raised several questions, leading to confusion and disputes in the trade and industry. Circular No. 243/37/2024-GST dated 31 December 2024 seeks to clarify these issues and provide …
Understanding CRS & FATCA for Reporting Foreign Assets and Income in ITR: CRS & FATCA: In today’s interconnected global economy, tax transparency has become increasingly important to ensure that taxpayers accurately disclose their worldwide income and assets. To combat tax …
Starting October 2024, Aadhaar is be mandatory for filing Income Tax Returns and applying for PAN. Individuals without Aadhaar may face challenges in completing these processes, as Aadhaar enrolment numbers will no longer be accepted. The year 2024 introduced transformative …
Key Changes From January 1 That Will Affect Your Finances And Planning As 2024 comes to a close, significant updates and new regulations are set to impact finances, travel, and technology in 2025. From changes in GST compliance to updates …
The accountability for ensuring ‘true and fair view’ in financial statements is now shared among all stakeholders, including the CFO, auditors, audit committees, and Board members. With SEBI and NFRA tightening the regulatory framework, stakeholders can no longer afford to take compliance lightly.
Although the government has not finalized the exact reductions, sources suggest that the decision will be made closer to the budget date. Budget 2025: The Indian government is reportedly deliberating a significant tax relief for individuals earning up to Rs …
Bombay High Court directed the Central Board of Direct Taxes (CBDT) to extend the deadline for revised and belated ITR filings to January 15, 2025. This extension applies to taxpayers eligible for the section 87A rebate. Bombay High Court’s Order …
The Supreme Court in case of Safari Retreats Interpreted the term “Plant or Machinery” to include buildings constructed for specific business needs as “Plant”. The GST Council has proposed a significant amendment to the Central Goods and Services Tax (CGST) …
Introduction of Track and Trace Mechanism under GST In a decisive effort to curb tax evasion, the GST Council has greenlit the introduction of a ‘Track and Trace Mechanism’ for specific evasion-prone commodities. This system will utilize a unique identification …
Highlights of Recommendations from the 55th GST Council Meeting The 55th GST Council meeting, chaired by Union Finance Minister Smt. Nirmala Sitharaman, took place in Jaisalmer, Rajasthan. Key attendees included Union Minister of State for Finance Shri Pankaj Chaudhary, Chief …