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Recent changes in Liberalised Remittance Scheme ('LRS')
Amendments to bring International Credit Card Transactions within the ambit of the Liberalised Remittance Scheme of the RBI On...
May 12, 20236 min read
[SC] No service tax on corporate guarantees by parent companies on behalf of its subsidiaries
The Hon’ble Supreme Court has recently held in Commissioner v. M/s Edelweiss Financial Services Ltd., that no service tax would be levied...
May 11, 20234 min read
Vivad se Vishwas Scheme for MSMEs notified
The Covid-19 pandemic had a devastating impact on every sector in India. While the large industries/enterprises were able to cope up with...
May 10, 20233 min read
What You Need to Know About the New Tax Rules for Online Gaming
The Central Board of Direct Taxes (‘CBDT’), the authority on direct taxes in the country, released the Income Tax (Fifth Amendment)...
May 2, 20235 min read
No Vicarious Liability: Jharkhand HC Quashes Charges Against Finance Advisor in TDS Remittance Case
Jharkhand HC rules financial advisors are not liable for a firm's TDS defaults.
Apr 22, 20233 min read
Brief Overview of Foreign Direct Investment in India
Foreign Direct Investment (FDI) has played a crucial role in shaping the economic landscape of India, positioning it as one of the most...
Apr 13, 20237 min read
Finance Ministry enhances Beneficial Owner Definitions & Disclosure Rules under PMLA
Introduction In a recent move to combat benami activities and operations of clandestine firms, The Ministry of Finance recently issued a...
Apr 10, 20232 min read
Framework for Adoption of Cloud Services by SEBI Regulated Entities (RE)
Cloud computing is gaining popularity due to its ability to reduce emissions related to commuting and provide access to a wide range of...
Apr 6, 20237 min read
CBDT Notifies New Consequences for Inoperative PAN
The Income-tax (Fourth Amendment) Rules, 2023 - Amendment in Rule 114AAA Notification G.S.R. 227(E) [No. 15/2023/F.NO....
Mar 23, 20233 min read
Virtual Digital Assets ('VDA') brought under the purview of PMLA
In a recent notification (Notification bearing no. S.O. 1072(E) dated 07.03.2023 (“the Notification”)), the Ministry of Finance has...
Mar 15, 20233 min read
Charitable Trusts: New Audit Report Format for Greater Transparency and Compliance
Introduction: The Central Board of Direct Taxes (CBDT) recently issued notification No. 07/2023, dated 21.02.2023, introducing...
Mar 15, 20234 min read
GST prosecution: Whether assessment is a must before prosecution?
The GST Acts lay down provisions for criminally prosecuting a person in case there are certain contraventions of the tax law. However,...
Mar 10, 202310 min read