The implementation of Goods and Services Tax (GST) on July 1, 2017, marked a significant reform in India’s indirect tax structure. The primary objective was […]
Understanding the SARFAESI Act: Background and Key Provisions
One of the major problems faced by banks and financial institutions in India is the issue of bad debts, officially known as Non-Performing Assets (NPA). […]
Understanding the Practical Difficulties of CSR Impact Measurement
Corporate Social Responsibility (CSR) has evolved as a key concept globally, urging companies to take proactive steps toward contributing positively to society beyond their primary […]
Understanding GST Impact on Flour Mills Operating Under the PDS Scheme
Under previous indirect tax laws, flour mills operating under the Public Distribution System (PDS) scheme were exempt from tax on their supplies. However, with the […]
Understanding Performance Management in Organizations
Oliver Sheldon once remarked that no industry can be rendered efficient unless the basic fact is recognized that it is primarily human. It is not […]
Understanding the Complexities of Undisclosed Income Taxation
The concept of progressive taxation in income tax is based on the principle that individuals with higher incomes have a greater capacity to contribute to […]
Understanding the Concept and Features of a Company
The company is a distinct form of business organisation governed by the provisions of the Companies Act. This statute lays down the legal framework for […]
GST and Real Estate: Understanding the Impact on Property Deals
It is incorrect to assume that GST cannot apply to transactions involving immovable property. A useful perspective can be found in the case of Province […]
A Practical Guide to Conducting CIRP under the Insolvency and Bankruptcy Code
The Corporate Insolvency Resolution Process is the procedure laid down under the Insolvency and Bankruptcy Code to resolve the financial distress of a corporate debtor […]
Understanding Accumulated Profits and Their Legal Tangles
The term accumulated profits holds significant importance in the realm of taxation of dividends under the Income-tax Act, 1961. The fundamental basis for taxation of […]
CBDT Clarifies: Companies and Firms Barred from Filing Form 60 for Rule 114B Transactions
Form 60 is a critical declaration form used by individuals who do not possess a Permanent Account Number (PAN) but are required to undertake specific […]
Understanding Depreciation and Its Legal Framework for Business Assets
Depreciation is a fundamental accounting and taxation concept that represents the systematic allocation of the cost of a tangible asset over its useful life. In […]
Section 80G Explained: Claiming Tax Benefits on Charitable Donations
Any assessee who has paid any sum by way of donation is eligible to claim a deduction under this provision to the extent of 50% […]
Search Powers Under Section 67 of GST – An Extraordinary Measure
Section 67 of the CGST or SGST Act provides that where the proper officer, not below the rank of Joint Commissioner, has reasons to believe […]
Understanding the Income Tax Act 1961: Types and Heads of Income Explained
The Income Tax Act 1961 is the primary legislation in India that governs the levy, collection, administration, and recovery of income tax. It was enacted […]