Section 40A(3) of the Income Tax Act plays a crucial role in regulating cash transactions between businesses and their suppliers or service providers. The section […]
Transaction Value Under GST: Key Provisions, Practical Challenges, and Resolution Strategies
Transaction value under GST is a fundamental concept that governs how the tax base is determined for goods and services. In its simplest form, it […]
AAAR Ruling on Papad: Classification, GST Exemption, and Market Implications
Papad is one of the most popular and versatile food items in India, commonly served as an accompaniment to meals or as a snack. Traditionally […]
Assessee: Understanding the Taxable Entity
An assessee is a person or entity recognized under the Income Tax Act as liable to pay taxes or comply with tax regulations. This definition […]
Introduction to Life Insurance Taxation
Life insurance serves a dual purpose in financial planning. It provides protection against uncertainties while also acting as a tool for wealth accumulation and financial […]
Introduction to the Framework for Financial Statements under Ind AS
Financial statements are essential tools for communicating a company’s financial position, performance, and cash flows. They serve as the primary medium through which management, investors, […]
Understanding Share Buybacks and Corporate Taxation
Share buybacks are an essential tool used by companies to return capital to shareholders while optimizing their capital structure. When a company repurchases its own […]
Understanding the CGST Act Amendments under the Finance Act 2023
The Central Goods and Services Tax (CGST) Act, enacted in 2017, has been the backbone of India’s unified indirect tax system. Over the years, it […]
Understanding Input Tax Credit – The Backbone of GST
Input Tax Credit (ITC) is one of the most significant features of the Goods and Services Tax system, designed to prevent the cascading effect of […]
Navigating IFSCA’s New Fee Structure: A Complete Guide for International Trade Finance Operators in IFSCs
International Financial Services Centres, or IFSCs, are specialized zones designed to provide a competitive environment for financial services that cater to both domestic and global […]