81

Taxmann Professionals

23 Jan, 08:46

#TaxmannPractice

Following AS 13 and AS 4 guidelines is important when classifying equity investments in financial statements, especially when buyback offers are involved.

𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:
‣ 𝐍𝐨𝐧-𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐯𝐬. 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 – Non-current investments are meant for the long term, while current investments are those you plan to sell or realize within 12 months
‣ 𝐇𝐚𝐧𝐝𝐥𝐢𝐧𝐠 𝐁𝐮𝐲𝐛𝐚𝐜𝐤 𝐎𝐟𝐟𝐞𝐫𝐬 – Just because there's a buyback offer doesn't mean you automatically reclassify an investment. The classification depends on your intent and whether it meets the criteria for a current investment
‣ 𝐍𝐨 𝐑𝐞𝐭𝐫𝐨𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞 𝐂𝐡𝐚𝐧𝐠𝐞𝐬 𝐍𝐞𝐞𝐝𝐞𝐝 – If the original classification was correct based on the conditions at the time, there's no need to go back and make adjustments to prior reporting periods

69

Taxmann Professionals

23 Jan, 07:52

#Budget2025 #TaxReforms

In this video, Aravind Srivatsan – Tax Leader and Partner | Nangia Andersen LLP, discusses India's Budget 2025 expectations, focusing on government priorities, industry needs, the commoner, and rural development. He highlights the need for strategic planning amid a post-pandemic slowdown and reduced disposable income for 80% of Indians.

Watch the Video! https://taxmann.social/Jagk0 [6 Mins | Watch Time]

#TaxmannUpdates #TaxmannBudget #BudgetExpectation #UnionBudget #EconomyGrowth #DirectTax

87

Taxmann Professionals

23 Jan, 07:15

18 Jan, 09:01

Read more about the topic here: https://taxmann.social/napms

162

Taxmann Professionals

18 Jan, 06:04

17 Jan, 10:34

‣ 𝐑𝐞𝐠𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬 – Outlines the GST registration obligations for ECOs and suppliers offering goods or services through ECO platforms
‣ 𝐄𝐂𝐎'𝐬 𝐓𝐚𝐱 𝐂𝐨𝐥𝐥𝐞𝐜𝐭𝐢𝐨𝐧 (𝐓𝐂𝐒) – Explains the provisions mandating ECOs to collect Tax Collected at Source (TCS) from suppliers in specified situations

For a comprehensive analysis of Electronic Commerce Operators under GST laws, visit: https://taxmann.social/Sao8f
𝘊𝘰𝘯𝘵𝘦𝘯𝘵 𝘣𝘳𝘰𝘶𝘨𝘩𝘵 𝘵𝘰 𝘺𝘰𝘶 𝘣𝘺 𝘵𝘩𝘦 𝘯𝘦𝘸𝘭𝘺 𝘭𝘢𝘶𝘯𝘤𝘩𝘦𝘥 𝘛𝘢𝘹𝘮𝘢𝘯𝘯.𝘤𝘰𝘮 | 𝘗𝘳𝘢𝘤𝘵𝘪𝘤𝘦.

#TaxmannUpdates #GST #EcommerceOprerator #GSTCompliance #GSTLaws #OnlineSellers

165

Taxmann Professionals

17 Jan, 10:33

04 Jan, 11:58

#TaxmannAnalysis #IndirectTaxRulings

The year 2024 witnessed several landmark judgments that reshaped the indirect tax landscape. Our editorial team meticulously analysed over 3,000 judgments reported on Taxmann.com, covering a wide spectrum of indirect tax law issues.
This article highlights the top 25 landmark rulings delivered by various courts and tribunals, showcasing the most impactful and precedent-setting judgments. These cases address diverse topics, including the eligibility of Input Tax Credit (ITC) on immovable properties critical to business operations, interest liabilities under GST, the validity of procedural provisions, and jurisdictional challenges under the CGST Act. Each case offers nuanced legal interpretations that redefine tax compliance and governance.

Download/Read More: https://taxmann.social/Op68d [30 Mins | Read Time]
Authored by Taxmann's Advisory and Research Team | Indirect Tax

#TaxmannUpdates #TaxmannAdvisory #IndirectTax #GST #CaseLaws

193

Taxmann Professionals

04 Jan, 11:33

#NIAct #CaseLaw

Key Takeaways from Taxmann's Case Digest:
• Where the power of attorney holder who filed the complaint against the respondent under section 138 of the Negotiable Instruments Act was in charge of the day-to-day affairs of the appellant firm and had personal knowledge of facts of the matter at hand
• High Court erred in quashing the summoning order of the Trial Court on a categorical finding that the power of attorney holder did not have personal knowledge of facts giving rise to criminal proceedings

Case Name: Naresh Potteries v. Aarti Industries
Citation: [2025] 170 taxmann.com 108 (SC)

Read the Supreme Court Judgment: https://taxmann.social/zp6CA
• B.R. Gavai & K.V. Viswanathan, JJ.

#TaxmannUpdates #SupremeCourt #CriminalProceedings

186

Taxmann Professionals

04 Jan, 11:01

Revolutionize Your Knowledge in the Ever-evolving world of Accounting & Auditing! https://taxmann.social/8p6Ms [2 Mins | Read Time]

Our expertly curated daily newsletter is your indispensable guide, providing clear and timely updates

Join our Community of over 70,000+ Members and Access Content Curated by Taxmann's Editorial Board from 1,000+ Sources – https://taxmann.social/tRzS

#TaxmannUpdates #Accounting #NFRA #Audit #Disclosures

164

Taxmann Professionals

04 Jan, 10:26

#SARFAESI #CaseLaw

Key Takeaways from Taxmann's Case Digest:
• For waiver of the condition of pre-deposit of penalty in an appeal before the Tribunal, the appellant has to establish a prima facie case and also that deposit of penalty would cause undue hardship to the appellant

Case Name: Royal Traders v. Asset Reconstruction Company of India Ltd.
Citation: [2025] 170 taxmann.com 109 (Bombay)
Read the (Bombay) High Court Judgment: https://taxmann.social/Tp6Kb

• M.S. Sonak & Jitendra Jain, JJ.
• Ms Pinky Anand, Sr. Adv., Samrat Pasriccha, Ms Pooja Gera, Umang Mehta, Ms Aalisha Sharma for the Petitioner.
• Nitin Thakker, Sr. Adv., Ms Megha Gupta, Ms Priyanka Dubey, Ms Pranjali Khemnar for the Respondent.

#TaxmannUpdates #HighCourt #Penalty #DRAT

159

Taxmann Professionals

04 Jan, 10:06

30 Nov, 11:07

Revolutionize Your Knowledge in the Ever-evolving world of Accounting & Auditing! https://taxmann.social/mpSUS [7 Mins | Read Time]

Our expertly curated daily newsletter is your indispensable guide, providing clear and timely updates

Join our Community of over 70,000+ Members and Access Content Curated by Taxmann's Editorial Board from 1,000+ Sources – https://taxmann.social/tRzS

#TaxmannUpdates #Accounting #IndAS #ICDS #IncomeTaxAct

459

Taxmann Professionals

30 Nov, 10:57

#CBDT #Circular

The Central Board of Direct Taxes (CBDT) has extended the due date for furnishing the Return of Income for the Assessment Year 2024-25 for assessees required to furnish a TP report
The due date has been extended from 30th November 2024 to 15th December 2024

Read the Full Circular: https://taxmann.social/npSYm

#TaxmannUpdates #ITR #DueDate #IncomeTax

433

Taxmann Professionals

30 Nov, 09:23

30 Nov, 06:56

#TaxmannPractice

Mobile service providers had claimed CENVAT credit for telecommunication towers and prefabricated buildings under the erstwhile tax regime. The Supreme Court has now ruled that these items qualify as 'inputs' and not 'immovable property,' making them eligible for CENVAT credit. The Court's decision is based on the finding that telecommunication towers and prefabricated buildings can be dismantled, relocated, and reassembled without damage, thereby classifying them as movable property and goods.

𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬
‣ 𝐌𝐨𝐯𝐚𝐛𝐥𝐞 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐂𝐥𝐚𝐬𝐬𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 – Telecommunication towers and prefabricated buildings are deemed movable property, not immovable property, based on tests and principles applied by the Court.
‣ 𝐄𝐥𝐢𝐠𝐢𝐛𝐢𝐥𝐢𝐭𝐲 𝐚𝐬 𝐈𝐧𝐩𝐮𝐭𝐬 – These structures qualify as 'inputs' under the CENVAT Credit Rules.
‣ Impact on GST Regime:

206

Taxmann Professionals

30 Nov, 04:36

Authored/Edited by Taxmann's Editorial Board

251

Taxmann Professionals

30 Nov, 04:33

The Comprehensive Legal Resource for India's Criminal Laws—Read | Compare | Analyse Multiple Aspects of the New & Old Criminal Laws, with:
✅ Section-wise Comparative Tables
✅ Section/Alphabetical Key
✅ Comparative Study
✅ Subject Index
✅ Practical Tools

Look inside the books:
‣ BNS – https://taxmann.social/XpU6i
‣ BNSS – https://taxmann.social/2pU52
‣ BSA – https://taxmann.social/fpU7V

Like It? Buy Now with Free Expedited Shipping & Get a Limited Period Discount! https://taxmann.social/epIPH

#TaxmannBooks #TaxmannUpdates #BNS #BNSS #BSA #CrPC #EvidenceAct #IPC #CriminalLaws

262

Taxmann Professionals

23 Nov, 12:55

‣ Proposal to Increase Lock-In Period on Minimum Promoter Contribution in SME IPOs to 5 Years
‣ Reduction in General Corporate Purpose Limit for SME IPOs to Enhance Transparency and Accountability
‣ Companies Converted from LLPs or Partnerships Must Exist for 2 Full Financial Years before Filing DRHP
‣ Introduction of Profitability Threshold for SME IPO Eligibility
‣ Revised Fundraising Framework for SMEs Exceeding Rs 25 Crore Capital Threshold
‣ Restrictions on Using SME Issue Proceeds for Promoter Loan Repayment
‣ Enhanced Disclosures for SME Companies
‣ Mandatory Disclosure of Merchant Banker Fees
‣ Public Access to Draft Red Herring Prospectus for SME IPOs
‣ Mandatory Due-Diligence Certificate for SME IPOs
‣ Post-Listing Exit Opportunity for Dissenting Shareholders in SME IPOs
‣ Extending RPT Provisions to SME-Listed Entities
‣ Quarterly Disclosure of Board Composition and Meetings for SME Listed Entities
‣ Proposal for Quarterly Reporting of Financial Disclosures by SME-Listed Entities

Download/Read More: https://taxmann.social/kpY5D [17 Mins | Read Time]
Drafted by Taxmann's Advisory & Research Team | Corporate Laws

#TaxmannUpdates #TaxmannAdvisory #IPO #SME #ICDRRegulations #Investors

296

Taxmann Professionals

23 Nov, 12:54

#TaxmannAnalysis #SEBI

This article analyses the SME framework under SEBI (ICDR) Regulations, 2018, focusing specifically on the implications of corporate governance provisions under SEBI (LODR) Regulations, 2015, for SME companies. It highlights the enhancement of both pre-listing and post-listing regulations for SMEs. The proposed standards seek to foster market transparency, protect investors, and support the sustainable growth of SME businesses. The measures proposed by SEBI to achieve these goals are detailed below:
‣ Increase in Minimum Application Size for SME IPOs to Align with Market Growth
‣ Alignment of Allotment Methodology for Non-Institutional Investors in SME IPOs with Main Board IPOs
‣ Increase in Minimum Number of Allottees for SME Public Issues to Enhance Market Liquidity
‣ Restriction on Offer for Sale in SME IPOs Capped at 20% of the Issue Size
‣ Mandatory Appointment of Monitoring Agency for Issue Size Exceeding Rs 20 Crore

227

Taxmann Professionals

23 Nov, 11:53

23 Nov, 06:46

22 Nov, 09:18

22 Nov, 06:18

16 Nov, 10:20

#IncomeTax #CaseLaw

Compensation Payable to Land-Losers is Taxable Despite State Government Agreeing to Reimburse Tax: HC

Read the (Karnataka) High Court Order: https://taxmann.social/VpWxo
Citation: [2024] 168 taxmann.com 169 (Karnataka)

𝐅𝐨𝐫 𝐃𝐚𝐢𝐥𝐲 𝐓𝐚𝐱 & 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐋𝐚𝐰 𝐔𝐩𝐝𝐚𝐭𝐞𝐬, 𝐅𝐨𝐥𝐥𝐨𝐰 '𝐓𝐚𝐱𝐦𝐚𝐧𝐧' 𝐨𝐧 𝐖𝐡𝐚𝐭𝐬𝐀𝐩𝐩: https://taxmann.social/ayDWB

#TaxmannUpdates #HighCourt

193

Taxmann Professionals

16 Nov, 06:55

#CustomsAct #CaseLaw

Key Takeaways from Taxmann's Case Digest:
• In Section 28 of the Customs Act, 1962 "the proper officer" refers to a person conferred powers to discharge functions by notification under Section 5, and it is not related to the "proper officer" referred under Section 17 for duty assessment
• Hence, DRI officers designated as "the proper officer" by Notification No. 44/2011-Cus.N.T. dated 06.07.2011 were competent to issue show cause notices under Section 28, and contrary to the view of three-judge Supreme Court bench in Canon India 2021 (376) E.L.T. 3 (S.C.) reviewed as it was found to have several errors

Case Name: Commissioner of Customs v. Canon India (P.) Ltd.
Citation: [2024] 168 taxmann.com 221 (SC)
Read the Supreme Court Judgment: https://taxmann.social/IpWvl

#TaxmannUpdates #SupremeCourt #SCN #Assessment

258

Taxmann Professionals

16 Nov, 05:30

Authored by Taxmann's Editorial Board

249

Taxmann Professionals

16 Nov, 05:29

The 'Comprehensive & Structured' Textbook on 'Bharatiya Sakshya Adhiniyam (BSA) 2023'—with Cross-references to the Indian Evidence Act, 1872 (IEA), Featuring:
✅ Section Analysis
✅ Tabular Comparisons
✅ Thematic Keys
✅ Modernised Digital Evidence Provisions
✅ Burden of Proof and Presumptions

Look inside the book here: https://taxmann.social/5pmLQ

Like It? Buy Now with Free Expedited Shipping & Get a Limited Period Discount! https://taxmann.social/YpWzO

#TaxmannBooks #TaxmannUpdates #CriminalLaws #BharatiyaSakshyaAdhiniyam #BSA #Legal

252

Taxmann Professionals

16 Nov, 04:35

13 Nov, 11:42

For In-depth Guidelines on Reclassification Framework, Visit: https://taxmann.social/tpb7x
𝘛𝘩𝘪𝘴 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘪𝘴 𝘣𝘳𝘰𝘶𝘨𝘩𝘵 𝘵𝘰 𝘺𝘰𝘶 𝘣𝘺 𝘵𝘩𝘦 𝘢𝘭𝘭-𝘯𝘦𝘸 𝘛𝘢𝘹𝘮𝘢𝘯𝘯.𝘤𝘰𝘮 | 𝘗𝘳𝘢𝘤𝘵𝘪𝘤𝘦

#TaxmannUpdates #FEMA #RBI #FDI #FPI #Investment #NDIRules

99

Taxmann Professionals

13 Nov, 11:42

13 Nov, 09:13

31 Oct, 05:14

#TaxmannAnalysis #IrregularAccounts

This article explains new government guidelines to fix issues with small savings accounts like
‣ National Savings Scheme
‣ Sukanya Samriddhi Scheme
‣ Public Provident Fund
‣ Other Small Saving Schemes opened in the name of minor
Some accounts broke rules—such as people opening multiple accounts or guardians who weren’t eligible setting up accounts for minors. The guidelines show how to correct these issues, either by adjusting interest rates, merging extra accounts, or refunding excess deposits.

Download/Read More: https://taxmann.social/2pz5Z [6 Mins | Read Time]
Authored by CA Rahul Singh – Senior Manager | Taxmann's Advisory and Research Team & Shivam Gupta – CA

#TaxmannUpdates #TaxmannAdvisory #NSC #PPF #SukanyaSamriddhi

386

Taxmann Professionals

30 Oct, 13:26

30 Oct, 06:56

#IncomeTax #CaseLaw

No Additions Towards LTCG if Assessee Sold Shares of Company Not Classified as Shell Company per SEBI Report: ITAT

Read the (Kolkata) Tribunal Order: https://taxmann.social/DplRo
Citation: [2024] 167 taxmann.com 637 (Kolkata-Trib.)

𝐅𝐨𝐫 𝐃𝐚𝐢𝐥𝐲 𝐓𝐚𝐱 & 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐋𝐚𝐰 𝐔𝐩𝐝𝐚𝐭𝐞𝐬, 𝐅𝐨𝐥𝐥𝐨𝐰 '𝐓𝐚𝐱𝐦𝐚𝐧𝐧' 𝐨𝐧 𝐖𝐡𝐚𝐭𝐬𝐀𝐩𝐩: https://taxmann.social/ayDWB

#TaxmannUpdates #ITAT

173

Taxmann Professionals

25 Oct, 11:50

25 Oct, 10:12

#TaxmannPractice

Under GST law, exports can be made with or without IGST payment. The exporter qualifies for a refund when IGST is paid, whether by cash or through input tax credit. This refund is facilitated via the Customs system (ICEGATE) or by an authorised Customs officer.

Key Highlights:
‣ Eligibility for IGST Refund on Exported Goods: Understand the criteria for claiming refunds
‣ No IGST Refund on Zero-Rated Exports Subject to Export Duty: Per Finance (No. 2) Act, 2024
‣ Restriction on IGST Refund for Specified Export Schemes: Conditions apply based on chosen export incentives
‣ Refund Adjustments for Price Reductions Post-Export: A guide to refund deposits in cases of price revisions
‣ Procedure for Additional IGST Refunds on Price Increases Post-Export: Steps for reclaiming additional IGST paid
‣ End-to-End Process for IGST Refund on Exported Goods: Comprehensive breakdown of refund application and processing

109

Taxmann Professionals

25 Oct, 09:07

Developed in Collaboration with the Certification Team of the NISM and Industry Expert Mr Haresh Hinduja

125

Taxmann Professionals