Key Highlights of the 55th GST Council Meeting
Key Highlights of the 55th GST Council Meeting The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, was held on December 21, 2024, in Jaisalmer, Rajasthan. Here are the key takeaways: Rate Changes ~ Fortified Rice Kernels: GST rate reduced to 5%. ~ AAC Blocks (50% Fly Ash): GST rate lowered to 12%…. […]
Conversion of Sole Proprietorship to a Company is not a transfer & Exempt from capital gains tax
Conversion of Sole Proprietorship to a Company is not a transfer & Exempt from capital gains tax Conversion of Sole Proprietorship to a Company is NOT a transfer & is Exempt from capital gains u/s 47(xiv) subject to some stipulations. Here is one case wherein the same issue was discussed. The same is as under:… […]
Change in the Tax Law Related to Partnership Firm & the Controversial issues
Change in the Tax Law Related to Partnership Firm & the Controversial issues Amendment in remuneration limit: 1. The Finance (No. 2) Act, 2024 (passed on 16th August 2024) has revised the permissible limit for claim of remuneration. 2. Pre-amendment specified limits for permissible remuneration were a) on the first, Rs. 3,00,000 of the… […]
Safari Retreats : The Long Journey – One small drafting error leading to years of litigation & cost
Safari Retreats : The Long Journey – One small drafting error leading to years of litigation & cost 1 December 2018: Safari Retreats files a writ petition in Orissa High Court. 2 April 2019: Orissa High Court rules in favor of Safari Retreats. 3 November 2019: GST authorities appeal to the Supreme Court. 4 October 2024: Supreme… […]
Taxpayers Facing Assessments Due to ITC Claimed Under the Wrong Head- Relief by Kerala HC
Taxpayers Facing Assessments Due to ITC Claimed Under the Wrong Head- Relief by Kerala HC Taxpayers undergoing assessments for ITC claimed under the wrong head can find relief based on a recent Kerala High Court judgment in Rejimon Padickapparambil Alex vs Union of India (WA No. 54 of 2024). The court quashed an order demanding… […]
Depending on your country of residence, you could save a good chunk capital gains tax.
Depending on your country of residence, you could save a good chunk capital gains tax. Here’s how you can potentially reduce overall capital gains tax under the Double Taxation Avoidance Agreement (DTAA). Countries such as Singapore, Switzerland, UAE, Malaysia, Hong Kong, Belgium, New Zealand, Luxembourg, and several others do not levy capital gains tax…. […]
Direct Tax Vivad se Vishwas Scheme 2024: Time to Early Resolve Your Tax Disputes!
Direct Tax Vivad se Vishwas Scheme 2024: Time to Early Resolve Your Tax Disputes! The Direct Tax Vivad se Vishwas Scheme 2024 provides a unique opportunity for taxpayers to resolve long-standing tax disputes with the Income Tax Department at a substantial discount on penalties and interest. If you have pending tax disputes, here’s everything… […]
Entire TDS Credit to husband on sale of Joint Property is wife has not claimed the same
Entire TDS Credit to husband on sale of Joint Property is wife has not claimed the same Mumbai Tribunal Grants Entire TDS Credit deposited in the name of the husband, on sale of Joint Property, Based on Wife’s Non-Claim of TDS Pending Verification by Assessing Officer Let us have a Short Overview of the… […]
GST ON POPCORN: WHY SO MUCH RATE COMPLICATIONS?
GST ON POPCORN: WHY SO MUCH RATE COMPLICATIONS? The GST Council has clarified that there is no new imposition of any tax in the taxation of the popcorn. The present deliberation and release is merely a clarification as certain field units were demanding different tax rates on the same. Taxability of Ready to eat… […]
JAO Vs. FAO: The Jurisdictional Battle continues
JAO Vs. FAO: The Jurisdictional Battle continues Recently, Madras High Court in the case of Mark Studio India Private Limited held that JAO & FAO have concurrent jurisdiction; Procedural, ‘curable’ error won’t vitiate proceedings. It may be noted that the Faceless Assessment Scheme, introduced in 2022, mandates that re-assessment proceedings u/s 148 of the ITA to be conducted… […]
