Author name: Jyotsana Thareja

Chartered Accountant Fields of Interest: Direct Tax, Indirect Tax, International Tax

Key Highlights of the 53rd GST Council Meeting

Table of Contents Introduction Waivers and Time Extensions Monetary Limits and Pre-Deposit Reductions Rate Adjustments and Exemptions Specific Exemptions Procedural Amendments Special Clarifications Conclusion Introduction The 53rd GST Council Meeting, chaired by Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, presented several crucial recommendations aimed at enhancing the GST framework. Key decisions spanned […]

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GST Ambiguities: ITC Reversal of Capital Goods & Corporate Guarantees

Table of Contents Introduction ITC Reversal on Capital Goods Sale Capital Goods GST Provisions Explanations Illustration Suggestion GST on Corporate Guarantees Corporate Guarantee GST Provisions Suggestions Introduction It’s going to be 7 years of GST implementation on 1st July 2024. Yet there exists a good number of ambiguity in the various provisions of GST law.

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Section 43B(h): A Comprehensive Analysis and Frequently Asked Questions

Table of Contents Overview Applicability Consequences Positive Impact Negative Impact Illustration FAQs Overview The Finance Act of 2023 introduces a new sub-section under Section 43B of the Income Tax Act, 1961, effective from April 1, 2024, impacting payments made after April 1, 2023. This subsection addresses overdue payments to MSMEs as per the MSMED Act,

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Form 10F: A Step by Step Guide for Non-Residents

Table of Contents Overview Purpose & Benefits Applicability Documents Required Online Application Process E-filing Account Creation for NRs Filing of Form 10F Overview Form 10F is a self-declaration tax form designed for Non-Residents (NRs) seeking benefits under Double Taxation Avoidance Agreements (DTAA). It is particularly relevant when the Tax Residency Certificate (TRC) lacks essential information.

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Income Tax Portal Turmoil: Unraveling Glitches and Seeking Solutions

Table of Contents Introduction Case 1: Limitations on Opting for New Scheme and Deductions in Belated Returns Case 2: Unintended Consequences of 10IE Defaults Call for Awareness and Solutions Conclusion Introduction The recent revamp of the income tax portal was anticipated to streamline processes and provide a more user-friendly experience for taxpayers. However, amidst the

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Section 194P: Deduction of Tax in Case of Specified Senior Citizens

Table of Contents Introduction Meaning of Certain Terms Specified Senior Citizen Specified Bank Overview of section 194P of the Income Tax Act Benefits for senior citizens under section 194P Declaration in Form 12BBA. Summary FAQs Introduction Inserted by Finance Act,2021 in Income Tax Act, 1961, section 194P provisions w.e.f 1st April 2021 provide relaxations to

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Navigating International Taxes: Understanding The Foreign Tax Credit

Table of Contents Introduction Concept of Double Taxation Jurisdictional Double Taxation Economic Double Taxation Need of elimination of Double Taxation Methods for Eliminating Double Taxation Methods of Claiming Foreign Tax Credit. Exemption Method Credit Method Indian Tax Laws on Foreign Tax Credit Conclusion Introduction Foreign Tax Credit is a tax credit for foreign government’s income

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