Section 56(2)(x) of the Income Tax Act provides that where any person receives any property (including shares of a company) for a consideration less than its fair market value (computed as per the prescribed method), ...

From 1 October 2023, online gaming companies are required to charge a 28% Goods and Services Tax (GST) on the full value of bets. In addition, foreign online money gaming companies (FOMGCs) are required to register for GST and collect tax in India.

In order to encourage digital transaction and move towards a less-cash economy, section 269SU in the Income-tax Act, 1961 (‘IT Act') was introduced by the Finance (No. 2) Act, 2019.

Section 138 of the Income-tax Act, 1961 empowers revenue authorities to share any information/details available with them concerning taxpayers with other government agencies, as may be notified.

Section 43B of the Income-tax Act, 1961 (‘IT Act') allows deduction of expenses only on payment basis.

The new Indian Government, led by Prime Minister Mr. Narendra Modi, assumed office in May 2014 with the election promise to deliver on reviving economic growth, investor confidence and bringing consumer demand back on track.

Today, India is considered to be one of the major forces in the global economic market.

The taxability of income in India depends upon the taxpayer's residential status.

Recently, the Mumbai Bench of the Tax Tribunal had an occasion to examine the taxability of advance received towards development rights, having linkage to performance...

While the taxability of slump sale in the hands of a seller is clearly spelt out by the provisions of section 50B of the Income-tax Act, 1961, the law seems to be ambiguous when it comes to the buyer.

While such companies are required to make this spend, the Finance (No.2) Act 2014 restricted its deduction for tax purpose by amending section 37(1) of the Income-tax Act, 1961 (IT Act).

With an intent to simplify taxation regime in case of individual taxpayers and Hindu Undivided Family (HUF), Finance Act, 2020 has introduced Section 115BAC in the Income Tax Act, 1961 (IT Act).

As per general accounting principles, under mercantile system of accounting, provisions need to be created in respect of expenses which have been accrued in order to have a true and fair picture of the financials.

The RBI vide its circular dated 22 May 2020 has announced that due to disruptions on account of COVID-19, an additional period of 3 months will be allowed to FPIs to invest at least 75% of their Common Portfolio Size.

Section 45 of the Income Tax Act, 1961 (IT Act) taxes any profits or gains arising from transfer of a capital asset under the head "Capital Gains".

CBIC has introduced new regulations under section 156 read with section 28DA Customs Act, 1962 related to Rules of Origin under Trade agreements.

Covid-19 has created mayhem everywhere and India is no exception. The Indian Government has started implementing various measures to protect the lives of its citizens from this outbreak.

We, at BDO in India, have summarised the ruling of the Mumbai Tax Tribunal and provided our comments on the impact of this decision.

India is still a maturing tax jurisdiction especially on the international taxation front. The Indian tax landscape has been fraught with multifarious and protracted litigation...

Argus Partners provides essential information about their office locations and legal practice guidelines. The firm outlines the regulatory framework governing legal advertising in India and establishes clear terms for website visitors regarding the nature of information provided and the absence of any attorney-client relationship through digital engagement.