The Supreme Court has kept open the constitutional challenge to Section 16(2)(c), which links ITC eligibility to supplier tax payment. The key takeaway is that bona fide buyers may still have a chance to challenge ITC denial based on supplier defaults.
The Income Tax Act, 2025 introduces detailed reporting requirements for books maintained in electronic form. Tax auditors must now disclose accounting software, storage systems, server locations, and compliance with backup requirements.
The article explains that Section 87A reduces eligible income tax liability but does not automatically eliminate interest, penalties, or late fees. Taxpayers may still receive a demand notice under Section 156 despite having income below ₹12 lakh.
The Bombay High Court explained that wrongful possession is the foundation of a claim for mesne profits. The amount is determined based on what the person in possession actually earned or could have earned from the property.
The Supreme Court ruled that whenever money is staked on an uncertain outcome, the activity amounts to betting and gambling for GST purposes. GST is payable on the entire bet value or deposit and not merely on platform fees or commissions.
The Supreme Court ruled that once money is staked on an uncertain outcome, the activity becomes betting and gambling regardless of whether the game involves skill or chance. States therefore have the power to prohibit online gaming played for stakes.
This article explains how the green card test and substantial presence test determine whether a foreign individual is taxed as a resident or non-resident alien in the United States. It highlights key filing obligations and compliance requirements.
Learn the complete registration and annual compliance requirements for Private Limited Companies under the Companies Act, 2013. The guide highlights critical filing deadlines and explains how delayed compliance can result in substantial penalties and regulatory action.
Learn how strategic agendas, timely preparation, and active Director participation can transform Board meetings into powerful governance tools. The article explains best practices for improving decision-making and Board effectiveness.
Section 115BAA offers eligible domestic companies a concessional tax structure with a fixed effective rate. The trade-off is the loss of several deductions available under the normal regime.
