Bank Account Frozen in GST for Over 1 Year? Under the Goods and Services Tax law, the authorities have powers under Section 83 of the CGST Act, 2017 to provisionally attach the bank accounts of taxpayers to protect government revenue during ongoing proceedings. However, such provisional attachment is valid only for 1 year from the …
Rs 800-crore Corporate Social Responsibility funds misuse racket uncovered by Tax Dept Section 135 of the Companies Act, 2013 mandates certain companies to spend at least 2% of their average net profits on CSR activities. Many companies allegedly used fake trusts to show compliance while routing money back. Scale of Fraud: Over ₹800 crore CSR …
Taxation Applies Only on Sale of Inherited Assets Current Position in India on Inherited Assets India does not have inheritance tax (estate duty was abolished in 1985).Hence, there is no tax liability at the time of inheritance. India does not levy inheritance tax. Assets received through inheritance are not taxable under the Income Tax Act, 1961. …
Commissions to own subsidiaries which makes mis-selling by banks The numbers from FY24 commissions show a massive reliance by banks on distribution income — especially from their own subsidiaries which makes the “mis-selling” concern very real. Let’s break it down: 1. HDFC Bank alone earned nearly 30% of the total commissions (INR 6,467 cr out of …
Comprehensive checklist of compliance requirements for Resolution Professionals Comprehensive checklist of compliance requirements for Insolvency Professionals acting as Resolution Professionals (RPs) under the Insolvency and Bankruptcy Code 2016. Here’s a structured summary of its contents: Comprehensive guide for Insolvency Professionals acting as Resolution Professionals under the Insolvency and Bankruptcy Code (IBC), 2016. Here’s a structured …
56th GST Council Meeting chaired by Union Finance Minister Smt. Nirmala Sitharaman held on 3rd September 2025, New Delhi. The 56th meeting of the GST Council was held on 3rdSeptember, 2025 at Sushma Swaraj Bhavan, New Delhi under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council inter-alia made the recommendations relating to changes in GST tax …
Carry Forward of Losses – Important Points House Property Loss : Carry forward allowed for 8 years. Can be carried forward even in belated returns (filing on time not mandatory). Speculation Loss : Can be carried forward for 4 years. & Filing return on time is mandatory. Business Loss (Non-speculative) : Normal business loss: 8 …
Distinction in Treatment of Financial Creditors vs. Operational Creditors The Insolvency and Bankruptcy Code, 2016 consolidated India’s insolvency laws to ensure time-bound resolution of corporate insolvency. Unlike the Companies Act, 2013, which used the broad term “creditors,” the IBC distinguishes between financial creditors and operational creditors. This distinction is not merely semantic — it affects …
Diwali gift by PM Narendra Modi- India’s Goods & Services Tax Overhaul A significant Goods and services Tax reform is underway, set to simplify India’s indirect tax system with a 2 slab structure (5% and 18%), replacing the current four-tier framework. A special 40% “sin/luxury” rate will continue to apply to a select few high-end …
ITC Best Practices under Goods and Services Tax – Conditions, Documentation Eligibility, and Restrictions etc Input Tax Credit is one of the most significant features of India’s Goods and Services Tax framework. It allows registered taxpayers to reduce their tax liability by claiming credit for the GST paid on purchases or business-related expenses. But, …