Uttar Pradesh Vs Kores India Ltd (Air 1977 Sc 132 ) Facts: The respondent which is a company incorporated under the Indian Companies Act dealing with carbon paper, typewriter, ribbon, stapler m...

Tax Avoidance vs. Tax Evasion Tax Avoidance: Legal methods to minimize tax liability through financial planning Tax Evasion: Illegal practices to escape paying taxes, such as underreporti...

Under Indian tax law, the Hindu Undivided Family (HUF) is a special legal entity that is well known for its possible tax advantages. This study examines the complex connection between income ta...

This research paper investigates corporate taxation as outlined in the Indian Income Tax Act of 1961, highlighting the Act's central role as a cornerstone of India's tax system and the contribu...

Tax law modification can significantly affect both small and large businesses impacting their operations profitability and strategic planning. These changes can arise from adjustments to tax da...

Overview of Charitable Institutions in IndiaSocio-economic progress in India depends heavily on charitable institutions that have existed in the nation for a long period. There exists a wide rang...

The globalized and intangible character of digital transactions creates a number of complex issues for India's digital economy's taxation. This makes it more difficult to attribute profits beca...

In India, the system of taxation as it is known today has been in force in one form or another even from ancient times. In this article we are discussing how the income tax evolved over the tim...

This research article aims to provide a comprehensive comparative analysis of India's tax structure. The Indian taxation system is a multifaceted and dynamic structure, crucial for revenue gene...

Taxation forms the bedrock of a functioning society, providing the necessary revenue for governments to fund public services and infrastructure. The legal frameworks governing taxation are inhe...

Taxation refers to a procedure in which the government imposes tax compulsory financial charges or levies upon its citizens, corporations, and other taxable entities. These assessments are implem...

India's Economic GrowthIndia continues to hold the title of “One of the fastest growing economies” in the world. Over the past decade, the country has made remarkable developments and implem...

The dispute resolution mechanisms is a directive that lays down rules for swiftly and efficiently resolving disputes related to the interpretation and application of tax treaties for both busin...

International trade has been a cornerstone of global relations since the earliest days of civilization. However, trade and investment have surged significantly since the 20th century, largely d...

E-commerce has transformed the business landscape in India, creating new taxation challenges. With over 600 million internet users, this sector is expanding rapidly, requiring a well-structured...

Taxation [before & after 1947] Taxation plays a crucial role for thousands of years. It helps government for their functions and providing public services. The word tax was originated from ...

By increasing transparency, lowering fraud, and streamlining revenue operations, blockchain technology might completely change tax collecting. Conventions of tax collecting often suffer from in...

Shri Dhar Sabha Vaishno Devi v CITE ITA No.53/ASR/2017. Brief facts: The present matter pertains to the registration of Shri Dhar Sabha under §12A of the IT Act[1]. The factual matrix began w...

Since the early 1990s, India's tax policy has seen major changes; nonetheless, problems in building a fair, efficient, and revenue-generating tax system still exist. This article analyses chang...

The Goods and Services Tax (GST) has simplified India's complex tax structure, aiming for a single tax on the supply of goods and services across the country. Within GST, the Reverse Charge Mec...

The Goods and Services Tax (GST) is a comprehensive indirect tax system applied across India on goods and services. GST replaced various prior indirect taxes, aiming to simplify the tax structu...

Taxation is the backbone of any nation's economy, acting as the primary source of revenue for the government to fund essential services such as infrastructure development, healthcare, education...

Taxation is an essential component of any economy, ensuring that the government has the necessary funds to finance public services and infrastructure. In India, the Income Tax Act, 1961, govern...

India's taxation landscape has witnessed significant reforms in recent years, with the objective of simplifying tax structures and offering greater flexibility to taxpayers. One of the most not...

The Goods and Services Tax (GST) has revolutionized India's taxation system since its implementation on July 1, 2017. While GST has streamlined indirect taxation across industries, its impact o...

Taxation is a fundamental tool for governments to generate revenue and provide public services such as healthcare, education, and infrastructure. However, a crucial concern in any tax system is...

Real estate transactions in India are taxed under a complex system that is being regulated by many legislation, including the RERA Act, the Goods and Services Tax (GST) Act, and State-specific ...

Ever wonder where the money for schools, roads, and hospitals comes from? It all starts with taxation. Taxation is how governments get funds. These funds help them pay for services and projects...

Property tax plays a vital role in local governance across India, affecting every individual who owns land or invests in real estate. This guide offers an in-depth exploration of property tax i...

The Central Board of Direct Taxes (CBDT) has made it mandatory to file Income Tax Returns for all Firms and LLPS Irrespective of their income or loss. ITR-5 (ITR-4 for presumptive income in cas...

Area of Focus: This blog examines the inherent biases in tax calculations that disproportionately target the economically disadvantaged, exacerbating poverty and widening the gap between the r...

Area of Focus: This blog explores the inequities in the taxation system, focusing on how salaries, businesses, and professions are taxed unevenly, creating a ripple effect that impacts career ...

The main aim of the Union Budget for 2025-26 has been the boosting of the ease of doing business, a focal concept for all businesses to ensure seamless growth with reduced tax and compliance bu...

Taxation is a fundamental pillar of any legal and economic system, ensuring that individuals and entities contribute to national revenue. In India, the Income Tax Act, 1961 lays down taxation p...

Taxation is always viewed as an unwelcome imposition- a pain that one does not wish to put themselves in. But what makes so many people unwilling to pay taxes, even when they understand how crucial...

Taxation is a fundamental aspect of modern economies allowing governments to fund important public services such as infrastructure, education, and healthcare. However, complying with tax laws c...

Introduction: The Price of Being a Woman Imagine stepping into a store and selecting two similar razors. The first is branded "for men" and the second "for women." So, what m...

This deals with the concept of the standard deduction, a crucial tax benefit that simplifies tax filing and reduces taxable income for millions of salaried individuals and pensioners. With ...

Capital gains taxation is a crucial part of income tax law, governing the taxation of profits from the sale of capital assets. Understanding capital assets, short-term and long-term capital gai...

The Goods and Services Tax (GST) introduced by government on 1st of July 2017 defined in Article 366 (12A) of the Indian Constitution. The Goods and Services Tax (GST) regime offers such a comp...

On 1st of July 2017, GST (Goods and Services Tax) was introduced, defined in Article 366 (12A) of the Indian Constitution as, “any tax on supply of goods, or services or both except taxes on t...

This article examines the disproportionate tax burden on the middle class, highlighting how limited personal disposable income, multiple taxation categories, and indirect taxes exacerbate their...

Corporate taxation is an important source of government revenue around the world and a major consideration in planning business activities. This article identifies the economics incentives crea...

Analytical Overview of India's Budget 2025-2026 The Budget for 2025-2026, presented by Finance Minister Nirmala Sitharaman, underscores India's commitment to fostering inclusive growth, enhanc...

Food inflation refers to the rising prices of food commodities over time, significantly impacting household consumption, savings, and economic stability. In India, food inflation has become a p...

Case Overview The case Mineral Area Development Authority & Anr. v. Steel Authority of India & Anr. (2024) not only decisively sets forth an outward interpretation of the Indian Consti...

Introduction to Goods and Services Tax (GST) And its implementation in IndiaGST's installation in India resulted in a substantial change to the country's tax structure, necessitating that compani...

This comprehensive analysis examines India's taxation system, focusing on its fundamental principles, legal framework, and administrative mechanisms under the Income Tax Act, 1961. The study ex...

The Decocture of Taxation from an Erstwhile Resident of India upon him vacating the Country and becoming a Non-Resident : Scrutinizing the Existing Legal Stature & Need of a Conclusive Fram...

The inheritance tax, which was earlier known as estate duty in India, was abolished in 1985. Whether or not to revive the tax remains a contentious policy debate today. This paper examines the ...

The concept of legal tender forms the backbone of monetary transactions, enabling the seamless exchange of goods and services. However, the Indian legal framework, specifically The Coinage Act,...

The introduction of the Goods and Services Tax (GST) in India was a landmark step towards simplifying the country's indirect taxation system. Launched in July 2017, the GST aimed to streamline ...

Tax Deduction and Collection Account Number (TAN) are critical for corporations and professionals handling TDS (Tax Deducted at Source). However, errors in TAN info can lead to compliance issue...

Introduction to Section 206C of the Income Tax ActSection 206C of the Income Tax Act requires sellers to acquire Tax Collected at Source (TCS) on detailed items, including alcohol, timber, minera...

The Banking Regulation Act, 1949 is a cornerstone of India’s banking laws, providing a robust regulatory framework aimed at maintaining the stability and integrity of the banking system. The ...

Filing an ESIC Nil Return is a vital compliance requirement for employers beneath the Employees' State Insurance Corporation (ESIC) Act in India. This go back is filed when there are not any pe...

On October 3, 2024, the Supreme Court issued its ultimate ruling in the matter of Safari Retreats Private Limited. In addition to developers building malls, other industry participants building...

In the evolving landscape of taxation in India, digitalization has changed the way businesses and people manipulate tax-related obligations. One such location that has visible huge development ...

India's Special Economic Zones (SEZs) have become a key driver of monetary development by using fostering export boom, creating jobs, and attracting overseas investment. Among the several incen...

This Research paper provides a background to understand the impact of tax avoidance and tax evasion in India. As we all know, tax evasion is the intentional non-payment of taxes by taxpayers, w...

The 7th Pay Commission introduced a transformative change in the salary structure of central government employees in India. Implemented in 2016, this pay matrix has streamlined the pay scale ac...

Dive into our guide on understanding and complying with India's Goods and Services Tax (GST), emphasizing its impact, registration process, rate slabs, compliance requirements, and the benefits...

An individual's tax liability in India is determined by whether or not he resides in the country during any given fiscal year. The Indian income tax regulations are the source of the term" resi...

In a federal system, there are two levels of authority, each with its autonomy. A federal system splits power between these two levels as outlined by the constitution, enabling each to operate ...

As globalization continues to blur geographical boundaries, more and more Indians are living and working abroad. With the number of Non-Resident Indians (NRIs) growing, the complexities surroun...

Petitioner: Commissioner of Income-Tax, Madhya Pradesh, Nagpur v/s Respondent: Seth Govindram Sugar Mills Ltd. Date of Judgment: March 26, 1965 Bench: Justice K. Subba Rao, Justice J.C. Shah, J...

The indirect tax regime in India, changed after July 1, 2017 with the introduction of Goods and Services Tax (GST), which subsumed multiple taxes at both state and central level into a single s...

Finance Minister Ms. Nirmala Sitharaman made significant changes to the new income tax system in the Union Budget 2024. For the fiscal year 2024–2025, the income tax slabs were adjusted, and ...

The important due dates and deadlines for compliance-related tasks that a company or organization must complete are outlined in a compliance calendar. It helps reduce the risk of non-compliance...

Facts Of The Case: This appeal, filed under Section 260A of the Income Tax Act, 1961, challenges the concurrent decisions of the Commissioner of Income Tax (Appeals) [CIT(A)] and the...

The problem is that these tax payers are merely dreaming if not bluffing in their approach to sourcing the money to pay taxes. However, their sentiments are nonetheless of keen interest and rep...

A Non-resident Indian (NRI) is an individual who holds Indian citizenship or is of Indian origin but does not reside in India. To determine whether someone is an NRI, their residential status m...

The crux of the issue lies in determining the rightful custodian of currency seized by the police from individuals during investigations. The question arises whether the Income Tax Department c...

Double taxation is a situation where an income is subject to tax twice which can happen in many ways. This can occur in one of two ways - economic or juridical. Economic double taxation occur...

A formal notification from the tax authorities about a person's or entity's tax matters is an income tax notice. These notifications are issued by the Income Tax Department (ITD) and may be in ...

Define The Term Tax, Meaning And Essential Of Taxes Explain The Nature And Characteristic Of Tax: Different Types Of Taxes And Distinguish It From Fees And Cess. Introduction Taxation is th...

Last year, the Indian Parliament imposed a 28% Goods and Services Tax (GST) on online gaming. The umbrella term of 'online gaming' includes online games, horse racing, and casinos. This decisio...

Lumikai (an Indian gaming venture fund), in its recently released report, has lowered revenue forecast for the domestic online gaming industry. The report projects the industry to achieve USD 7...

Shantanu Sanjay Hundekari, Vikas Agarwal, Yogesh Agarwal, Mamta Gupta v/s Union Of India, Through Secretary, Ministry Of Finance, New Delhi., State Of Maharashtra, Joint Director, Director Gene...

In the year 2017 Prime Minister of India announced the news of new tax laws, Goods and Service Tax (GST). The idea was more criticised. The research paper main focus is National Tax Tribunal un...

The High Court has ruled that the Department is not obligated to provide ITC benefits to the buyer simply because the suppliers were registered at the time of the transaction. The court note...

Evolution of Indian Tax StructureSince gaining independence, India's tax structure has undergone continuous transformation. Numerous committees have been formed over the years to propose necess...

Alimony and Maintenance under personal lawsAlimony and maintenance refer to financial support provided by one spouse to another following a separation or divorce. These are crucial concepts in fa...

To create a comprehensive analysis of the deficiencies in India's income tax laws, a thorough examination of various aspects is required, including legal frameworks, enforcement mechanisms, com...

GIFT City, located in Gujarat, India, is a growing financial hub that is attracting global businesses, investors, and professionals. As India's first smart city under the Special Economic Zone ...

As the General elections to elect the members of 18th Lok Sabha is scheduled to take place from April 19 to June 1, with the ruling alliance of NDA all set to go up against the newly formed I.N...

Citation: Skill Lotto Solutions (P) Ltd. v. Union of India, (2021) 15 SCC 667 Statutes: Sale of Goods Act, 1930, Constitution of India, 1950, Central Goods and Services Tax Act, 2017. Transfer...

The Indian Income Tax Act, 1961, lays the foundation for the nation's tax system. It defines the types of income subject to tax and offers various deductions to lessen the tax burden on individ...

While tax rates are a widely discussed aspect of India's business landscape, the true impact extends far beyond. This abstract shed light on the legal and corporate underpinnings of the Indian ...

According to Section 24 of the Prevention of Money Laundering Act, 2002, the responsibility of proving the source of proceeds of crime falls on the accused. In cases where an individual is char...

Relationship between Incidence of Tax and Residential Status Incidence of Tax or Income Tax depends on the residential status and also on place and time of accrue and receipt of income. Deter...

Article 265 of the Indian Constitution states that no tax shall be levied or collected except by authority of law[1]. The authority of law, Law to be valid, tax, levy and collection are the pri...

All partnership firms are required to file income tax either manually or digitally. Income tax for a company can be validated with a digital signature or Electronic Verification Code (EVC). Whe...

People are always looking for ways to pay less income tax and there are numerous ways to accomplish this. Everyone wants to save more money and build a strong financial future that can support ...

Eamonn Butler highlights the nuanced perspective of Adam Smith on public expenditure, emphasizing its limitation to essential projects for commerce, such as infrastructure and education. Smith ...

When it comes to international taxes, including cross-border investments, the elimination of double taxation has become a crucial factor to take into account when conducting business both in In...

The Goods and Services Tax seems to be a fairly recent concept and this has been the start of a new chapter along the lines of taxation. The complex structure of taxation was replaced by the co...

The Hon'ble Supreme Court of India rendered about 1263 judgments in the year 2022 which is approximately double the number of judgments rendered in the previous year. With these many cases one ...

Money laundering is a process through which individuals or entities disguise the origins of illegally obtained funds, making them appear to come from legitimate sources. This complex financial ...

In the course of business, it happens that many payments are made outside India. When payments are made outside India, there are certain compliances that need to be followed and tax deduction i...

The article provides an in-depth analysis of how royalty income is treated under the India-US Double Taxation Avoidance Agreement (DTAA). It discusses the objective of DTAAs, their benefits, an...

"Section 80: Where tax savings become a roadmap to financial freedom."... Vishal Banga Introduction Taxation in India involves various provisions aimed at reducing the burden on taxpayers. Am...

Revenue earned through taxes keeps an economy buoyant. Therefore, a tax payers' honesty towards paying off legitimate tax amounts is salient. But several affluent and well-linked people with th...

"In the realm of GST artful dance, Legal strides and ITC enhances. Compliance waltzes, strategy's chance a fiscal ballet, in law's advance." Embarking on a business venture involves more than ...

The Indian tax structure has evolved over time to accommodate the government's expanding financial needs. The method is also intended to aid in the govt's achievement of its socioeconomic objec...

Introduction For raising its general revenue Tax is imposed by the State. Taxing statutes are those which impose taxes on income or other kind of transactions. Enforced by the government, Taxi...

India being a federal country where both the centre and states have been assigned powers to levy and collect taxes through appropriate legislations. Both the levels of government have distinct ...

In the realm of income tax laws, both donors and recipients play crucial roles in ensuring compliance and transparency. To facilitate this process, the Income Tax Act introduces Form 10BD, a do...

Section 70 of The Central Goods and Services Tax Act, 2017 Section 70. Power to Summon persons to give evidence and produce documents The proper officer under this Act shall have power to sum...

"What we hope ever to do with ease, we must first learn to do with diligence."-- Samuel Johnson Introduction In the intricate world of mergers and acquisitions (M&A), the prudent manageme...

Cryptocurrencies and virtual assets are the new generation's assets and payment modes. The concept of cryptocurrency took its boom after the sudden rally of Bitcoin in 2009. The rapid growth of...

Nonprofit organizations play a vital role in society by addressing social, educational, and humanitarian needs. To maintain their tax-exempt status and effectively carry out their missions, non...

Under the old provisions, prior to the amendment, Section 147 of the Income Tax Act authorized the Assessing Officer to issue notices under Section 148 for reassessment of income that had escap...

The Income Tax Act, 1961, specifically in Chapter XIV, titled "Procedure for Assessment," governs the procedures for assessment and re-assessment of the return submitted by the a...

Investing in cryptocurrency is currently the hottest trend in the investment market globally. As they are decentralized, they are not controlled by the government or any other financial market....

The implementation of the Goods and Services Tax (GST) in India has revolutionized the country's taxation system. However, it has also led to legal battles as individuals and businesses face al...

This article delves into the controversies surrounding the interpretation of the term "building" and explores efforts to alleviate the confusion and provide clarity. In order to addre...

Agriculture, being the primary occupation and the only source of income for a large rural population in India, is one of the important subjects to be considered while levying tax under the taxa...

Taxation laws always seemed to have struggled on this aspect of reopening of completed assessment. Why so? Aren't the statutes enough for providing reasonable grounds for reopening or is it tha...

The Goods and Services Tax (GST) has been a significant reform in India's tax system, replacing many indirect taxes and creating a comprehensive value-added tax system. This paper focuses on ...

Although they are sometimes equated, tax avoidance and evasion are distinct in many respects. Tax evasion is the use of illegal methods to evade paying taxes, whereas tax avoidance uses legal...

What Is A Capital Asset?A capital asset is an asset that is anticipated to be owned by a firm or individual for a lengthy period of time, generally more than a year and is utilised for income g...

"You don't pay taxes they take taxes."-- Chris Rock The goods and services tax (GST), an indirect federal sales tax, is charged on the price of various goods and services. After the business h...

What Is Firm And 'Association Firm' - Assessment Of FirmAssociation gets a similar significance as characterized in Section 4 of the Indian Partnership Act 1932. Partnership firm is burdened as a...

Under Tax Regime in India, every Assesses are liable to pay tax in respect of income arised or accrued outside India received by them irrespective of the Residential Status and place of accrual...

The Indian budget of 2023 was presented on February 1st, 2023 by the Minister of Finance, Nirmala Sitharaman. This year's budget focused on the government's efforts to achieve a comprehensive a...

The law of diminishing marginal utility is an economic principle that states that as a person consumes more and more of a particular good or service, the additional satisfaction or utility they...

ITR filing is important for salaried individuals because it allows them to: Claim tax refunds: By filing ITR, salaried individuals can claim any tax refunds that they may be entitled to. Thi...

There have been many conflicts with regard that whether India is a federal state of not. But, when we see about the characteristics of federal state then we find that one of the characteristics...

The Finance Commission of India is a constitutional body that has survived for over 50 years on Indian soil. Formed under Article 280 of the Indian Constitution, the Finance Commission of India...

The system of taxation is the backbone of a nation's economy which keeps revenue consistent, manages growth in the economy, and fuels its industrial activity. India's three-tier federal structu...

Many of us dream of building our own house. But unfortunately, the property prices are so high that few people can afford to own a home without having to take out a loan. There are several bank...

The Finance Commission of India is a constitutional body that has survived for over 50 years on Indian soil. Formed under Article 280 of the Indian Constitution, the Finance Commission of India...

Government of India is divided into three branches i.e. Legislature, Executive and Judiciary. It is the function of the legislature to make the laws and that of the executive, to enforce those ...

What exactly is DTAA?Double taxation is the practise of taxing the same income or subject-matter twice, for the same purpose, over the same time period, and in the same tax jurisdiction. When s...

Customs law is a duty or tax which is levied by the Central Government on import of goods into and export of goods from India. Quantum of Customs duty depends upon the provisions of Customs Ac...

Capital gains arise from the sale of assets other than those held in the ordinary conduct of business. In India, capital gains tax is levied within the framework of Indian Income Tax Act, 1961....

Capital gains arise from the sale of assets other than those held in the ordinary conduct of business. In India, capital gains tax is levied within the framework of Indian Income Tax Act, 1961....

Advance TaxAdvance Tax means that you are required to pay taxes to the government on your income throughout the year as you want this income. Who is it applicable for?If a financial total tax...

The significance of taxation and gender parity is generally acknowledged. However, they have rarely been mentioned together. It is critical to perceive that for there to be practical financial ...

First, let us know what is "Retrospective Tax": In terms of taxation, retrospective tax means giving effect to the amendment in the present law before the date on which the changes were brought ...

As stated by Benjamin Franklin in 1789 "nothing is certain except death and taxes" this statement still holds its value in 21st century also because we can never find any country or state with...

Leave Travel Concession: Salaried employees can't avoid TDS if the itinerary includes a foreign trip LTC can be claimed only for travel within India as the very purpose of this provision is...

A start-up is a new business or company. Startups are basically formed by one or more business/company owners who want to provide a good service for which they believe there is a market. Commit...

Ownership Structure: "Ownership structure deals with the internal structure of a corporate entity as well as the rights and obligations of the people who have a legal or equitable stake in tha...

The tax which is collected by the government is one of the important sources of its revenue. It is spent for the administration of the governmentand for public welfare. It is in this view, tax ...

Tax incidence on an assesee depends upon his residential status. For instance, whether an income, accrued to an individual outside India is taxable in India. Likewise whether income earned by a...

Income taxation is widely considered to be one of the most important sources of income for the government through which it fulfils various projects and initiatives and is vital for the country'...

MNRE, with effect from 1st April, 2022, imposed 25% Basic Customs Duty (BCD) on import of solar PV cells and 40% on solar PV modules. Also, the GST rates for specified renewable devices and man...

Issue Whether, under the Indian lncome Tax Act (43 of 1961), in the course of following an order of search and seizure made by the Commissioner Of Income Tax, for the purpose of obtaining book...

Raja Benoy Kumar Sahas Roy V/S C.I.T Issue Raised: Whether the income arrived comes under the definition of "Agricultural Income" or not? Petitioner: The Commissioner Of Income-Tax, We...

Facts of the case: Here Respondent owns 6000 acres of forest of sal and piyasal trees. The forest was of spontaneous growth and it was 150 years old. Respondent used to sell those trees and...

Goods and Services Tax (GST) as introduced in 2017 has the objective to fulfil the notion of One Nation One Tax One Market. It is a form of indirect tax which combined nearly all the taxes levi...

Goods & Services Tax is a form of Indirect tax which is mainly levied by the government on goods and services being provided and not on the income, profit or revenue of a person. Under GST ...

This is a case analysis of a renowned case, R.K. Jain Vs Union of India & Ors. (1993), which was a Writ Petition in the form of a P.I.L. The case has been summarized and analyzed under the ...

The main significance in the present case is that this case involved a controversy between the working of two Acts: The Tobacco Board Act of 1975, enacted by the Parliament, and the Bihar Agric...

There's nothing like an explosion of blockchain news to leave you wondering what the NFT's What are NFTs? What does it stand for? NFTs are non-fungible tokens that we can use to represent own...

Under section 2(31) of the Income-tax act, 1961 Hindu Undivided Family (HUF) is treated as a 'person'. A Hindu Undivided Family is assessed to income tax as a separate independent unit. The mea...

GST on Food and Restaurants:Good and Services Tax on food services items in India can be 5%,12% or 18%. Its depends upon the location of the restaurant and its establishment type, location and ...

Trusts which are formed for the "advancement of any object of public utility" are recognised in India as charitable trusts and they are exempted from making payment of taxes. They're ...

With the intent of attracting foreign investors, the Indian government has always responded by liberalising domestic regulations and attempting to mitigate potential conflicts in the phase of m...

Since GST has been discussed across the country, the input tax credit is also discussed at same level. In essence, ITC is very important part of GST. One of the main reasons, why GST is good fo...

Taxes are the lifeblood of government and no taxpayer should be permitted to escape the payment of his just share of the burden of contributing thereto. ...

International trade has existed from the most ancient civilization of the world like Harappan, Mesopotamia, Egyptian and Roman civilizations. However, the volume of international trade was not...

It is highly essential for multinational enterprises to come up with different workable business strategies to compete in today's economy. One such strategy is business restructuring. Business ...

Property tax in Haryana is governed by Urban Local Bodies Act 1994 as amended in Oct 2012 and Oct 2013 Govt Notification. The 1994 Act was drafted when standalone properties such as bungalows',...

History Of Baseball Arbitration Arbitration and specifically Last Best Offer Arbitration, has historically been used to resolve disputes between unions and management and is best known for res...

Environment an integral part of the eco system or can say that that one of the best creations of universe. Existence of environment is from eternal time but its future is in our hands. How love...

Transfer pricing transaction in a MNE is done to reduce tax burden and improve profits of the enterprise. It is usually done by utilizing the complex economic to their advantage globally. A MNE...

Advanced pricing agreement is an agreement between one or more tax authorities and one or more taxpayers specifying transfer pricing methodology for pricing the tapers transaction in the future...

Tax planning as the word suggests, is a smart way of saving your taxes by incorporating the relevant expenditures to your book of accounts and getting tax benefits out of such planning . It is ...

The Modified Value Added Tax (MODVAT) was adopted in 1986 during Rajiv Gandhi's government, and it marked the beginning of India's indirect tax reform. Following this, Prime Minister Manmohan S...

In the course of the most recent five years, India has been forcefully pushing for expansion in advanced exchanges and the public authority has no goal to deter computerized business. The finan...

Goods and Services Tax is an indirect tax which is imposed in India to upgrade and support the monetary development of the country. The vast majority of the Developed nations have executed Good...

The realistic and possible rates at which the new regime can be implemented is one of the most contentious questions in the talks around the goods and services tax. Several attempts have been m...

The taxation system in India is such that the taxes are levied by the Central Government and the State Governments. Some minor taxes are also levied by the local authorities such as the Municip...

Why Section 68 was introduced under Income Tax Act, 1961 There was a great need and importance for introducing the provisions of section 68 under the income tax act, 1961 to safeguard and protec...

Why hiring a Tax Consultant?If you're looking for a Tax Consultant, you can count on Taxcom for high-quality and professional services. For both Indian and foreign companies having businesses ...

Mankind's constant growth has made him proficient at understanding his surroundings and putting them to better use for future inventions. The same tendency has been observed in the evolution of...

The tax landscape has been changing drastically together with tax payers and tax authorities looking ahead for more technological advancement and innovation in the field of taxation system whic...

Foreign investment has poured into India due to policies pursued and executed by successive governments and free trade. The government's liberalization policy results in a smooth integration wi...

South Indian Bank Limited v/s Commissioner Of Income Tax was recently resolved by a Supreme Court of India, double bench comprising of Sanjay Kishan Kaul and Hrishikesh Roy, JJ. on September 9t...

In the Indian context, a market far from ripe for cryptocurrencies, is just as unpredictable as its legal framework is. The same uncertainty carries forward to the tax statutes that are suppose...

This paper will serve as a brief comment on the Finance Act, 2021 focusing on the effect of the various tax schemes on the corporate sector. As indicated by the Finance Minister in her speech o...

The press and electronic media derive their rights from the freedom of speech and expression available to the ordinary citizen under Article 19(1)(a) of the Constitution. The media enjoys no hi...

A demerger is a type of corporate reorganisation in which an organisation splits off a portion of its operations into a separate corporation. For a variety of reasons, an organisation may decid...

Case Background It was in June 1992 that a massive income tax raid was conducted at the numerous premises of Harshad Mehta and family. Tonnes of shares, securities, books of account and docu...

charitable institution means a public or private nonprofit, tax-exempt entity organised for charitable or public welfare purpose. These organisation depends on partly on donations and part...

Acquisition of business involves the acquisition of inherent tax exposure of the target company or business so acquired pertaining to the period prior to such acquisition. A question that arise...

Agriculture has been the bread-earner for a major chunk of the Indian population, however citing the pitiful conditions of farmers under British Rule, the lawmakers decided to not tax their inc...

GSTGST is the biggest tax reform of the Country that subsumed various taxes in a single tax. With the introduction of GST the cascading effect has been abolished. It is an indirect nature tax a...

Section 80EESection 80EE - Deduction on Home Loan Interest Tax deduction under Section 80EE of the Income Tax Act 1961, can be claimed by first-time home buyers for the amount they pay as intere...

The National Pension System (NPS) is a contributive pension system in which subscriber contributions are collected and accumulated in the employee's individual pension account along with matchi...

Taxation is one of the most important source of revenue for the government of any Country. Tax System in India can trace its origin since the ancient times in prehistoric texts such as Manusmri...

This article aims to give a review about Law of Taxation and Constitution. Introduction The constitution has supreme power it sets the structure that democrates political code, fundamental...

Tax is a common contribution towards the government according to everybody's ability to pay for raising revenue that's for the benefit of society.The dictionary definition states that:A compuls...

Government of India is confined into three branches for example Legislature, Executive and Judiciary[1]. It is the constraint of the advisory group to make the laws and that of the pioneer, to ke...

Being the Biggest assessment change in India, GST will permit the genuine GDP development of the Indian economy to hit 6.75 percent in this financial year with desires for 7 to 7.5 percent genu...

Facts: Amendment in Section 10AA through the notification No.35 /2020 dated June 24, 2020, issued by CBDT and along with the gazette notification dated 29th September 2020, by The Ministry Of ...

Equalization Levy: Meaning The income tax law imposes levies based on place of residence of the taxpayers and /or their source of income, such laws were originally conceptualized with brick-mo...

Tax is not a quid pro quo, it is a compulsory levy by the government that is to be paid by the people and resultantly helps in the overall development of the country. the historical background ...

India has a well-developed tax formation with acutely demarcated authority between Central and State Governments and local bodies. Central Government levies some direct and indirect taxes on pe...

Starting from the root, we will begin with the discussion of which are the basic elements in Forex Trading that are mentioned in the Foreign Exchange Management Act, 1999.Regulation And Managem...

Capital gain from stocks is not taxable unless the net annual income of the financial year is more than 2.5 lakhs. Speaking of the taxes pertained if the annual income is more than 2.5 lakhs are:...

In the Wealth of Nations' published in 1776, Adam Smith postulated four canons of taxation; Equity, Certainty, Convenience and Efficiency. There is consensus regarding ce...

Products and services are classified by IPindia.gov.in according to specific categories (also called Classes). Trademarks have to be applied or registered under such class or classes as may be ...

The World Wide Debate:Universal basic income is being debated over not only in the develop countries but also in the developing countries despite the differences in the economic backgrounds and...

When Does A Tax Liability Accrue? Article 265 of the Constitution of India provides that no tax shall be levied or collected except by the authority of law. Such tax does not depend upon an as...

The Finance Minister had proposed the introduction of a scheme of faceless e-assessment in her budget scheme on the 5th of July, 2019 which was subsequently inaugurated on the 7th of October, 2...

Stamp Duty refers to the duty levied by the State for the purpose of registering a document. Under the Constitution of India, Article 246, Schedule 7[1], Stamp Duty is a Union as well as a Stat...

The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman via video conferencing today i.e. 05th day of October, 2020 via video c...

The landmark judgement was made by the Supreme Court of India in Vodafone International Holding (VIH) v. Union of India (UOI). In the transaction dated 11.2.2007 between VIH and Hutchinson Tele...

Recently, the Centre described the pandemic as an act of God and abandoned the states to bridge up GST compensation shortfalls via borrowings. Eminent Lawyer and Managing Partner of OP Khaitan ...

Given the explosion in this work, a natural question to ask now is: what do we really know about tax evasion? In this article, I give my own answer to this broad question, by answering several ...

We often come across this kind of terms on our daily basis we hear about them in news and in newspapers, that this person committed tax evasion or our national economy dropped due to tax evasio...

Poppatlal Shah v State of Madras - 1953 AIR 274 Interpretation of statutes is a vast area which basically means that statue be interpreted in such a way that it provides justice to the parties...

The topic which is going to be discussed here in this project carries a certain and specified history in itself. Since the Vedic period or before, its influence has been seen time to time in diff...

This article begins with exploring the routes of foreign investment in India. There are primarily two ways. These are the automatic and approval route. Foreign Direct Investment is one of the mos...

As we all know that due to this pandemic i.e. Covid-19, a lots of businesses, services, facilities got affected. The finances of individuals, states, Union Territories and whole of our country go...

The ruling of any advance ruling authority under GST is nothing but the interpretation of GST law. If an individual seeks clarity on any provision of GST, he can make an application before the au...

Finance Minister Nirmala Sitharaman on Wednesday presented a bill in Lok Sabha which seeks to provide for resolution of disputed tax including Rs 9.32 lakh crore. Presenting the Direct Tax Viva...

Assessment Assessment in the common parlance means the determination of the value of the assets which has been held by the person for deciding the quantum of tax he is going to be liable to pay. ...

Employees' Provident Fund Organization, India Ministry of Labour and Employment, Government of India has issued FREQUENTLY ASKED QUESTIONS: ECR FILING AND PAYMENT OF CONTRIBUTIONS dated 03rd May,...

The Supreme Court in Civil Appeal No. 6110 of 2009 titled Basir Ahmed Sisodiya Vs Income Tax Officer, held that that the addition under Section 68 of the Income Tax Act, 1961 is needed to be quas...

GSTN has issued an alert notification dated 03rd May. 2020 to Taxpayers on fake messages on GST Refund and to Safeguard Taxpayers from fake messages on GST Refunds BEWARE of FRAUD It is try...

Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes vide Circular No. 9/2020, F. No. IT(A)/1/2020-TPL, dated 22nd April, 2020 has issued Clarifications ...

Value-added tax, popularly known as VAT, belongs to the family of sales taxes. A general sales tax and turnover tax can be compared with value-added tax. A general sales tax is a tax on sales tra...

Even though the customs act 1962 regulates the duties and taxation, The Constitution of India provides for the provisions relating to the taxation. Article 265 to Article 289 deals with the const...

The ongoing deliberation around the taxation of the digital economy is the unanimity of the tax regime, especially the amendments with respect to Significant economic presence, needs to be re-eva...

In the Budget 2020 presented on 1st February 2020 by Finance Minister Smt. Nirmala Sitharaman. It has been proposed to provide option to individual and HUF by insertion of section 115BAC in the I...

Why there is a need for scrutiny selection by the Income Tax Department?There was a great need and importance of scrutiny selection by department, as all the assesses who file their return do not ...

Currently, most of the companies are operating at 75-80% capacity amidst slow consumer demand. The corporate tax rate cut is bound to raise the margins of manufacturers and they, in turn, can pas...

The annual value of the property of which the assessee is the owner is chargeable to Income Tax. It is imperative to note that the purpose of holding such property should not be business/professi...

According to section-5, the incidence of tax depends upon, and is determined with reference to the residential status of an assessee in the previous year. The incidence of tax as mentioned in sec...

So recently this new Rule 36(4) of CGST Rules, 2017 had inserted vide Notification No. 49/2019, which says that: Input tax credit to be availed by a registered person in respect of invoices or de...

This article is pertaining to the developments under Indian law with regard to work contracts and its taxation aspects. It should be recorded here that the Seventh schedule of Constitution of Ind...

The tax structure in India is divided into direct and indirect taxes. While direct taxes are levied on taxable income earned by individuals and corporate entities, the burden to deposit taxes is ...

As per section 44 of the CGST act 2017, every registered person, except an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-residen...

Despite possessing characteristics of being uncritical, irrational and heavily dogmatic, religions have played an undeniably crucial role in shaping the history of mankind. The faith and fear of ...

an appeal from the judgment and order of the High Court of Bombay, declaring the Bombay Sales Tax Act, 1952 as ultra vires the Constitution of India and consequently issuing a writ of mandamus ag...

Section 194-N: The ambitious mission of government of India to drive India towards a cashless economy was boosted with the announcement of demonetization on November 8, 2016. Since then, the Gove...

What is illegal money? By the term illegal money we can understand the money which has been obtained from doing illegal activities ( proceeds of crime ) like Murder, Extortion, bribery, Drug traf...

The historic Goods and Service Tax (GST) brought significant changes to India’s indirect tax system. Unlike other countries, the GST in India has a multi-tier tax structure. Any reductio...

The implementation of the Goods and Services Tax (GST) in India was a historical move, as it marked a diverse change in indirect tax system in the country. The amalgamation of a large number of t...

Anything which falls out of tune with the changing needs of the society, fails to co-exist for long. In this regard, the Union Budget of 2019 has attempted and brought about joy in the hearts of ...

French Finance minister Bruno Le Maire had recently announced the introduction of a GAFA tax— named after Google, Apple, Facebook, Amazon—on large technology and internet companies ...

Definition- Tax law is the practice of law that relates to the assessment and payment of taxes. Tax laws come from a variety of sources....They're based in federal and state constitutions, laws a...

Before coming on the main article, let’s understand why there is a need of invoking such provisions of section 194-IA under income tax act, 1961. There is a great need and importance of in...

Trade has been an important and sensitive issue all over the world even before World War II. After World War II world trade took a new shape like the adaptation of General Agreement on Tariffsâ�...

In the recent times, After the GST implementation, there is so much of confusion over reverse charge mechanism of tax collection. Reverse charge means the liability to pay tax lies with the recip...

Ever since the beginning of the system of input tax credit (be it MODVAT/ CENVAT credit under central excise/ service tax regime or ITC under GST regime), it has always been one of the biggest ...

The tax officials often act as quasi-judicial authorities in disposing of taxation disputes between the taxpayer and the government. The resolution of disputes require keen investigation and acce...

In this article we will understand why section 269 ST is introduced and what is the need of invoking such provisions, Section 269ST was introduced by finance act, 2017 in Income tax act, 1961 by ...

In this article we will be discussing about the precautions to be take care while entering into a real estate transaction. Let us understand this article in the form of short story; There are...

In this article we will deal with the assessment of firms with one brief example,    First question is What is a partnership firm?  In entire income tax act,1961 partnership is not defined ...

The Constitution of India guarantees the citizens of the country certain fundamental rights. Therefore, under any system of rule of law , the right to appeal for redressal of one’s griev...

Scrutiny Selection on The Basis of Air (Sft) Information the era of fast changing technology and data analytics, Income Tax Department too empowered itself with one of the most enabling data-set...

GST was thought to be the economic integration of the nation with the slogan of one nation one tax. The system of GST taxation has undergone a roller coaster ride since the day of its implement...

In last week, a controversy was again created when the Revenue Authorities sent notices to start-ups for their income earned from ‘share premium’ or the famous ‘angel taxâ�...

Petroleum, Natural Gases And Airline Turbine Fuel. Whether Different Slabs of GST or Not? Since the rolling-out of GST an year and half ago, Petroleum, AFT and Natural Gases have been the topi...

Analysis of Atiabari Tea Co., Ltd. v. The State of Assam And Others [AIR 1961 SC 232] The case relates to interpretation of Article 301 of the constitution. Article 301 enacts a general rule...

Owing to increase in money laundering and tax evasion practices, banks are often served with the notices under section 133(6) and section 226(3) of the income tax act, 1961, by the tax authoritie...