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The Budget 2022 amended the income tax laws to allow a taxpayer to file updated return using ITR-U form. However, the income tax laws has clearly defined the instances where a taxpayer can and cannot ...
In a bid to increase voluntary compliance by taxpayers, the government introduced the concept of an updated income tax return (ITR) in Budget 2022. To implement the concept, section 139(8A) and s...
The Gujarat International Finance Tech-city (‘GIFT City’) is India’s first and only International Financial Services Centre (‘IFSC’) and is being developed as a global fi...
Every company incorporated under the provisions of Companies Act 2013 (the Act) or any other previous Company Act, is required to maintain its office at all times which is to be registered with the Re...
The year 2022 has been difficult for charitable organisations. First it was the bouncers in the form of amendments made by the Union Budget 2022 which the charitable organisations had to deal with, an...
With the advent of globalisation, movement of employees across different countries has garnered a lot of prominence and has become a common practice. Normally employees of one group entity ...
The speech of the Hon’ble Finance Minister did not give any indication as to what was in store for charitable organisations. 'The devil is in the detail’.
A tweak in the personal slabs for taxation and a higher deduction for savings were required considering the pandemic and in?ation.
What was supposed to be an amendment to provide certainty to taxpayers and offer ease of doing business to the business community at large has turned to be one of keenly followed dispute between...
Finance Act 2017 amended the provisions of section 45 by inserting sub-section (5A) with effect from 1st April 2018 i.e. assessment year 2018-19.
Retrospective amendments are not a new feature in the Income tax law. Many retrospective amendments have been made, not only in procedural law, but also as regards substantive provisions.
Interplay between Sec194Q and 206C(1H) and related controversies
Taxation of Works contract has always been a subject matter of litigation because of involvement of both Supply of Goods and Services and it creates confusion whether it is supply of services ...
Taxation at the time of reconstitution of firms has undergone a paradigm shift by virtue of amendments made by Finance Act, 2021.
In the previous parts of this series we examined what’s happening in the world around us. It was a glimpse of the various facets that AI is taking and real life topical issues with regard to AI,...
Initial technical challenges over operating the GST portal have been ironed out over a period of time. The Goods and Services Tax Act, 2017 (GST) was launched with great fanfare on 1 July 201...
In the first two parts of this series, I had examined the structural issues around data analysis, profiling and digital cloning. These are situations in which we are either unknowing or unwilling part...
Remote participation in the domestic economy of a country facilitated by digital means but without a taxable physical presence is often seen as a key concern in the digital tax debate. With th...
Part 1 - Digital Profiling and Data Analytics I have always been a traditionalist, far removed from the leaps in Technology which I hitherto felt was the domain of the Techies ; the scientifically mi...
Finance Act 2021 has amended the provisions regarding taxability of specified entities at the time of reconstitution of such entities.
Often the most deferred task is to plan for one’s own self and when it comes to planning for after death that gets pushed even further. However, this task is as important as planning for a vacat...
The Finance Bill, 2021 proposes to amend various sections of the Income tax Act, 1961 (the Act) to deny depreciation on goodwill. In any acquisition or merger/amalgamation, payment over and above the ...
The Income-tax Act, 1961 (the Act) was amended in 2019 to introduce the concept of faceless assessment and in 2020 to provide for statutory recognition of a tax-payers charter and to provide for an en...
Various aspects are only meant to be illustrative to highlight the increased risks which organisations are exposed to and the necessity of carrying out changes in the relevant busine...
Over the last year and a half I have been working a number of Accounting and Professional Services firms and their clients and I believe, that the ongoing pandemic has shown the need for three things....
Over the years, developments in the World of Accountancy have changed the field of play. The market for Audit and Accountancy Services in India has undergone vast changes in the past three decades. Th...
From September 1, 2019, an individual or HUF paying any sum to a contractor or a professional or commission or brokerage more than Rs 50 lakh in a financial year would be required to deduct tax at sou...
It has been two years since GST was introduced by the Government. While the Government claims it to be a Good and Simple Tax, in reality it is Good but not a Simple Tax
As an employee there are many things that you need to take care of when you decide to switch your job.
GST on Intermediary services-An Analysis The term intermediary has been defined in sub-section (13) of section 2 of the IGST..
New Auditors’ Reporting Requirement— Safeguarding Public Interest
A Patent Box is a special tax regime for Intellectual Property (IP) revenues. It is also known as IP-Box or Innovation-Box
Mauritius was always considered to be a preferred jurisdiction for structuring investments into India due to liberal business and economic opportunities offered by Mauritius and also due to the benefi...