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Change in the Method of Accounting From a Cash Basis to an Accrual Basis
As per guidance notes for the Accrual basis of accounting issued by the Institute of Chartered Accountants of India (ICAI), an entity can change its accounting basis from cash to accrual. The effect of such a change should be ascertained regarding the transactions of the previous accounting periods and to the extent such transactions impact […]
SEBI Revises ‘Offer for Sale’ Framework, Mandates Employees to Place Bids on T+1 at T Day’s Cut-off Price
Circular No. SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/82; Dated: 14.06.2024 Earlier, SEBI vide circular dated January 23, 2024, issued a framework for an ‘Offer for Sale’ (OFS) of shares to employees via a stock exchange mechanism. Paragraph 5 of the circular prescribed the procedure for offering shares to the employees in OFS via stock exchanges. As per the procedure, employees […]
[World Tax News] Austria Ministry Publishes a Decree Suspending Treaty With Russia and More
Editorial Team – [2024] 163 taxmann.com 405 (Article) World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week. 1. Austria Ministry publishes a Decree suspending treaty with Russia Austria’s Ministry of Finance has published the Decree on suspending […]
[Analysis] How Section 168A and Force Majeure Have Transformed GST Adjudication Timelines
Post COVID pandemic, the invocation of force majeure under Section 168A of the CGST Act has stirred debate and legal scrutiny. This legal provision empowers the government to extend deadlines in response to unforeseen circumstances such as epidemics, natural disasters, and other calamities. However, the application of force majeure and the subsequent extensions of adjudication […]
Income Tax Returns (ITR) | New Tax Regime vs. Old Tax Regime
The choice between the new and old tax regimes depends on your eligible deductions and exemptions. New Tax Regime – Beneficial if you have minimal deductions. Features lower tax rates but disallows most exemptions and deductions. Old Tax Regime – Favourable if you claim significant deductions like Section 80C, 80D, and home loan interest under […]
AD Cat-I Banks May Open Additional Special Current Accounts for Its Constituents to Settle Export & Import Transactions
Circular No. RBI/2024-2025/43 FED Circular No. 11, Dated 11.06.2024 Earlier, RBI, vide circular dated 17.11.2023, permitted AD Category-I banks maintaining a Special Rupee Vostro Account on International Trade Settlement in Indian Rupees (INR) to open an additional special current account for their constituents exclusively for settlement of export transactions. Now, the facility of opening an […]
[Analysis] EPF vs. NPS Comparison | Find the Best Retirement Savings Plan
The comparison between EPF and NPS highlights key differences: EPF is a government-managed, mandatory scheme with fixed returns (8%-8.5%), low risk, and partial withdrawals allowed for specific purposes; it's tax-free on retirement after five years. NPS is a voluntary, flexible scheme regulated by PFRDA that offers market-linked returns, higher risk, and partial withdrawals after three […]
No Sec. 234B Interest if There Was No Variation in Reassessment Order & Entire Demand Was Paid During Assessment
Case Details: Tata Chemicals Ltd. v. DCIT - [2024] 163 taxmann.com 235 (Mumbai - Trib.) Judiciary and Counsel Details Amit Shukla, Judicial Member & Ratnesh Nandan Sahay, Accountant Member Vanish Bhansali for the Appellant. Biswanath Das for the Respondent. Facts of the Case In the present case, the assessee filed a return of income for AY 2012-13 […]
No Concealment Penalty if Assessee Agreed to Additions and Already Paid Taxes Before Assessment Proceedings | ITAT
Case Details: DCIT vs. Mitsubishi Heavy Industries - VST Diesel Engines Pvt. Ltd. - [2024] 163 taxmann.com 189 (Bangalore-Trib.) Judiciary and Counsel Details Laxmi Prasad Sahu, Accountant Member & Keshav Dubey, Judicial Member Ankith, CA for the Appellant. Subramanian S., Addl. CIT-DR for the Respondent. Facts of the Case The assessee company filed its return of income […]
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