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Certainty in tax system is an overarching factor which influences decisions whether to proceed with indulging in trade with a country or not. Certainty curtails discretion vested in taxpayers as well as Revenue Authorities.

The Assessee, Smt. Indira Kamineni, is an individual and one of the beneficiaries of a private family trust known as KSN Trust. She filed her return of income for Assessment Year 2018-19 under Section 139(1) of the Income-tax Act, 1961 (‘the Act’) on 30.03.2019, declaring nil total income.

The Supreme Court, in M/s Apex Laboratories Pvt. Ltd. v. Deputy Commissioner of Income Tax, held that the expenses incurred by pharmaceutical companies towards...

The taxpayers often hesitate to shut down the business operations since the input tax credit (‘ITC') sitting in the credit ledger is often considered as a sunk cost.

The Income-tax Act, 2025 has introduced significant changes to the taxation framework for charitable entities, now classified as registered not-for-profit organisations (NPOs). This article examines how the Finance Act, 2026 has recalibrated provisions governing cancellation of registration for NPOs engaged in general public utility objects, comparing the new framework with the Income-tax Act, 1961 to reveal both intended alignments and unintended departures.

The Equalisation Levy was initially introduced in India in 2016 under the Finance Act, 2016. It refers to the tax imposed on the consideration received...

Currently, there is high pendency of tax cases before various appellate fora.

The Central Board of Direct Taxes (CBDT) vide Notification dated 29 November 2024 has extended the applicability of the Safe Harbour Rules under Rule 10TD...

In its 52nd meeting, the GST Council has provided recommendations on some long pending contentious issues, including the taxability of personal guarantee provided by Directors to the bank...

The Central Board of Direct Taxes (CBDT) released its 7th Annual Report on the Advance Pricing Agreement (APA) Programme for FY 2024–2025, marking a record year in terms of agreements signed, bilateral cooperation, and tax certainty.

Indirect Tax Newsletter February 2021

Vide the amendments proposed to various provisions pertaining to classes of officers and proper officers under customs law, the Finance Bill, 2022 seeks to legislatively overrule a judgment dated March 2021 of the Supreme Court of India ...

In today's time, neither Goods and Services Tax (‘GST') nor accounting under IND AS is novel and though most of the principles under both the concepts are aligned but still there are notable differences.

Supreme Court holds that, by virtue of omission of rule 96(10) of the Central Goods and Services Tax Rules, 2017 (CGST Rules) (which restricted assessees availing benefit of certain duty exemption schemes on import of goods, from undertaking export on payment of IGST and claiming refund thereof), all pending proceedings shall stand concluded; observes that the rule resulted in unnecessary complications and its omission must not result in such complications being kept alive, insofar as the pending proceedings were concerned.

In order to catalyse entrepreneurship by enabling angel investments to innovators across all sections of society and all sectors of economy, a Gazette notification in partial modification of Gazette Notification number G.S.R 364 (E) ...

The GST regime's treatment of corporate guarantees has been a contentious issue, plaguing businesses with ambiguity and compliance challenges. While the 52nd GST Council meeting...

The long-standing tax controversy surrounding ‘off-the-shelf software' or ‘shrink-wrapped software' or ‘standard software' has finally come to rest with the Hon'ble Supreme Court's verdict on 2 March 2021.