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[Global IDT Insights] Azerbaijan Exempts VAT on Import and Sale of Chargers for Electric Cars for Another Two Years & Others
Editorial Team – [2025] 170 taxmann.com 295 (Article) Global IDT Insights provides a weekly snippet of tax news specifically related to Indirect Taxes from around the globe. Here is a glimpse of the tax happening in the world this week. Azerbaijan exempts VAT on import and sale of chargers for electric cars for another two […]
Accounting for Foreign Currency Transactions and Distinguishing Monetary and Non-Monetary Items
This document delves into the accounting treatment of foreign currency transactions under Ind AS 21, focusing on three key scenarios: a foreign currency loan, a machinery purchase, and a prepayment for inventory. It provides guidance on the initial measurement of transactions at the exchange rate on the transaction date and subsequent treatment, including retranslation for […]
[Opinion] Interplay of Section 144C(13) and Section 153(3)
D.C. Agrawal – [2025] 170 taxmann.com 235 (Article) 1. Introduction In the case of Shelf Drilling Ron Tappmeyer Ltd. v. ACIT (IT)[2023] 153 taxmann.com 162 (Bombay), the petitioner, a Cayman Islands-incorporated company headquartered in Dubai and engaged in shallow water drilling for the oil and gas industry, filed its income tax return in India for […]
[Opinion] Understanding Input Tax Credit Under Ex-Works Contracts
Prateek Mitruka – [2025] 170 taxmann.com 279 (Article) 1. Introduction The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 241/35/2024 on December 31, 2024, clarifying the availability of Input Tax Credit (ITC) under Section 16(2)(b) of the CGST Act, 2017. This circular stems from concerns raised by the automobile sector about ITC eligibility in cases where goods are delivered […]
[Global Financial Insights] FASB Seeks Feedback on Future Agenda Priorities and More
This week’s Global Financial Insights covers significant updates in financial reporting and auditing practices: FASB seeks feedback on future agenda priorities: The Financial Accounting Standards Board (FASB) invites stakeholder input on its future agenda to enhance financial statement usefulness, reduce complexity, and improve the Accounting Standards Codification. Stakeholder feedback will guide prioritization and targeted GAAP […]
[Opinion] A Revamped Section 268A | Deciphering Alterations in Safeguards That Tilt the Balance Against Assessees
Ramkishan Choudhary & Parv Jain – [2025] 170 taxmann.com 154 (Article) Section 268A of the Income tax Act (“the Act”) was inserted via the Finance Bill, 2008 with the main objective of reducing litigation and to fix the monetary limits on filling appeal or a SLP. This year, Central Board of Direct Tax ‘CBDT’ made […]
No Prohibition on Issuing Consolidated SCN for Multiple Periods Under the CGST Act | HC
Case Details: X L Interiors v. Deputy Commissioner (Intelligence), SGST Department - [2024] 169 taxmann.com 707 (Kerala) Judiciary and Counsel Details Gopinath P., J. K.S. Hariharan Nair, G. Remadevi, Harima Hariharan, Rajath R. Nath, Dheeraj Sasidharan & Sree Haridev, Advs. for the Petitioner. Smt. Thushara James, Sr. GP., for the Respondent. Facts of the Case The assessee, a partnership firm, was […]
CBDT Launches Electronic Campaign to Address Income and Transaction Mismatches for FY 2023-24 and FY 2021-22
Details : Publish Date : Tuesday, December 17, 2024 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1216/CBDT-Launches-Electronic-Campaign-to-Address-Income-and-Transaction-Mismatches-for-FY-2023-24-and-FY-2021-22.pdf source
SEBI Revises Norms for Inactive Accounts | Funds to Be Settled on Monthly Running Account Settlement Cycle Dates
Circular No.SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2025/1, Dated 06.01.2025 The SEBI has revised norms for settling funds of clients inactive for over 30 days. Previously, Trading Members (TMs) were required to settle such accounts within three working days, causing daily procedural inefficiencies. Based on recommendations, the SEBI has now mandated that these funds be settled on the upcoming settlement dates […]
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