The Government has introduced Rule 86A to block ineligible or fraudulently availed ITC by the taxpayers vide Notification dated 26.12.2019. As per this rule, ITC available in the ECL of the taxpayer can be blocked if commissioner has ‘reasons to believe’ that taxpayer has fraudulently availed ITC.

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As per the recent DGFT Notification Number 58 dated 12.02.2021, any IEC Holder is required to update their IEC electronically every year, during the period of April to June. While this updation is mandatory, due consideration has been taken not to increase any compliance burden.

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The issue circling around charging of tax in cases of ‘Liquidated Damages’ (LD) under Goods and Service Tax (GST) law has been an issue from the beginning of GST law coming into force as even in the earlier regime under Service tax (ST) the issue had cropped many times.

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Madras High Court while quashing the Authority of Advance ruling (AAR) and Circular No. 109 dated 22.07.2019 held that RWA liable to pay GST on the members’ monthly contribution only on the amount exceeding Rs.7,500/- not on the entire amount.

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Click here to know more about issue and redemption of preference share

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Definition of Small Company under Companies Act, 2013 amended vide Finance Bill 2021 has been made effective from 1st April, 2021.

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The Statement of Financial Transaction (SFT) is required to be furnished in Form No. 61A and the below mentioned are the nature of transactions along with monetary limits to be reported in Form No.61A

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If a person liable to file an Income Tax return for A.Y. 2018-19 fails to file the same by the prescribed due date*, then Penalty shall be payable u/s 234F of the Income Tax Act, 1961 depending upon the Total Income# of the person and actual date of filing Income Tax Return.

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A new provision under section 206AB of the Income Tax Act, 1961 is made applicable with effect from 01/07/2021, based on which deductors may have to deduct TDS at higher rate in case the deductee has not filed the Income Tax returns for 2 years and subject to other conditions.

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The respective rate of surcharge i.e 10% or 15% or 25% or 37% mentioned below shall become applicable on the tax computed based on the total income of every assessee.

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Dividend constitutes an important stream of income for shareholders of companies .India has now re-introduced the classical system of taxing dividend income in the hands of shareholders by abolishing DDT through Finance Act 2020. As a result, the dividend received will now become taxable.

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Considering the complex conditions for determining the residential status of an individual in India, we have provided a simplified flow chart and brief write-up to understand residential status and its impact on scope of taxable income in India.

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Cross-border transactions, being business or personal, involve payment and receipts in foreign exchange across countries and India is a major participant in the international environment.

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Many Indians move abroad to foreign nations for various purposes such as education, employment, etc. and also settle there. When a person moves abroad, his residential status may change from Resident to Non-Resident under FEMA depending upon the number of days he resides outside India

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India provides a host of investment opportunities that attracts Non-residents globally. Investing in the various avenues is permitted through normal banking channels and therefore, a valid bank account becomes absolutely essential.

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India has always been a country with rich human talent who have conquered various positions globally. Indians have settled across the world and most of them continue to or wish to hold/own property in India. Further many of them invest in Indian commercial/residential properties as a good investment

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In order to provide clarity on availing (‘FTC’) CBDT has notified Rule 128 of the Income Tax Act, 1961 vide Notification No. 54/2016 dated 27th June, 2016, effective from 1st April, 2017. This will help in reducing litigation and shall avoid double taxation and encourage international transaction.

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The Hon'ble FM in her budget speech has emphasized on building a growth-oriented India by bringing in reforms across various spheres - infrastructure, digital rupee, sustainable mobility, continuing momentum to startups and Make in India.

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Budget 2022 has touched upon a number of new age ideas, bringing Virtual Digital Assets under the tax net and providing impetus to startup and manufacturing companies. Key highlights of various provisions, amendments and proposals on various tax provisions are attached for your ready reference.

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Union Budget 2021 - Analysis and Highlights

The Post Covid world will bring in a lot of changes and one of the first that we got to see was the Finance Minister, Smt. Nirmala Sitharaman providing a budget that was unlike any of her previous budgets.

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The Finance Minister has shown great receptiveness to feedback - a short budget speech compared to the longest budget speech ever that was made last year. Despite the pandemic and related costs, she managed to build a budget without increasing direct taxes.

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Union Budget 2020 - Analysis and Highlights

The Finance Minister, Smt. Nirmala Sitharaman, has now provided the country with two of the longest budget speeches in history. The speech given on 1 Feb 2020 was the longest by a margin and she had difficulty in finishing the budget speech.

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With the longest speech in Budget presentation history, the finance minister has brought a lot of small but sweeping changes in the tax regime of the country. Personal income taxes impact the most number of people and there has been a concerted effort to make the process easier for tax payers.

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ESOP (Employee Stock Option Plan) is an effective way to align the interest of employees with the interest of the Company, to retain key employees and to reward them in spite of cash flow crunch especially during Covid pandemic.

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Non-Banking Finance Company ("NBFC") is a company registered with RBI for carrying out financial activities (e.g. lending, investing etc.). This note cover the rationale for having NBFC along with key regulatory and tax aspects of the same.

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Alternative Investment Fund ("AIF") is a privately pooled investment vehicle which collects funds from Investors for investing as per pre-decided investment policy. This note covers the broad overview of AIF, SEBI regulations, comparatives with other investment structure & tax implications for AIF.

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Waiver of financial liabilities (and resultant write backs) are supposed to give financial relief to the business, however one needs to be mindful of the corresponding tax implications arising therefrom. This note covers the tax implications on benefit obtained on such waiver/write back.

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A Will is a legal declaration by a person of his/her intention and desire of how his/her asset is to be dealt with or disposed of after the person's death. If one does not prepare his/her WILL, then his/her property passes as per relevant succession laws.

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The current COVID-19 pandemic has led to increased in succession planning including WILLS. However, there are considerable practical and legal challenges to consider when making a WILL while social distancing, isolation or quarantine measures are in place. Here's a guide for a testator.

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‘Nothing is certain but Death and Taxes’. So how much ever we do not like to deal with taxes, we have to manage them. Similarly, though death is not a pleasant topic to think or talk about, we have to understand that it is an eventuality. Therefore it is important that we plan our estate such that

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Anyone over 18 years of age can make a WILL, and everyone should have one.

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India Entry Strategy introduces the basic legal regime regarding set up and conduct of business in India and answers questions and issues commonly raised by overseas investors.

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The Central Government, in consultation with the NFRA, has issued the revised Companies (Auditors’ Report) Order, 2020, (‘CARO 2020’ or the ‘Order’) on 25th February, 2020, vide order number S.O. 849(E). It replaces the erstwhile Companies (Auditors’ Report) Order, 2016 (’CARO 2016’).

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The MCA has issued a notification dated 16th February, 2015 announcing the Companies (Indian Accounting Standards) Rules, 2015 for applicability of IND- AS. Presently, the Institute of Chartered Accountants of India (ICAI) has issued 39 Indian Accounting Standards (IND-AS).

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