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Lakshmikumaran & Sridharan | India | 24 Jan 2023
Penalty under Sections 221 & 271C for non-deduction/ short deduction of tax at source
The Income-tax Act, 1961 (‘IT Act’) provides for various obligations which are to be carried out by an assessee. One such obligation is to deduct tax…
Cyril Amarchand Mangaldas | India | 8 Dec 2022
Shares under lock-in period valued as unquoted shares
In order to ensure income does not escape assessment, anti-abuse provisions under the Indian Income-tax Act, 1961 (“IT Act”) have been strengthened…
Lakshmikumaran & Sridharan | India | 21 Nov 2022
TDS on indirect payments - ‘Commission’ includes both direct and indirect modes of payments
The Supreme Court in the case of Singapore Airlines Ltd. v. CIT has held that provisions of Tax Deduction at Source (‘TDS’) under Section 194H of the…
Fox Mandal | India | 15 Sep 2022
Tax Withholding under Section 194R: CBDT Issues Additional Guidelines
The CBDT has, vide Circular No. 18 of 2022, dated September 13, 2022, aimed to remove difficulties on the implementation of TDS on benefits or…
Fox Mandal | India | 18 Jul 2022
Key Pointers for Filing Income Tax Returns in India: 2022
The tax laws in India are perceived to be complicated by all. Having said that, the Government of India, along with the Central Board of Direct Taxes…
Lakshmikumaran & Sridharan | India | 20 Jun 2022
The government giveth and the government taketh away: Charitable institutions satisfied but facing accounting complexities
The year 2022 has witnessed major changes in exemption regimes available to charitable institutions under the Income-tax Act, 1961 (‘IT Act’)…
BTG Legal | India | 14 Mar 2022
Cryptocurrency in India: State of Play
Virtual currency ("VC"), like cryptocurrency, is a form of currency that stores data on a digital ledger (called the 'blockchain'). The transfer of…
Cyril Amarchand Mangaldas | India | 13 Jan 2022
Gifts of brand to family trusts are not taxable
Family trusts in India have become a widely popular tool not only for succession and estate planning but also for managing assets and investments. However, contributing or settling existing assets into such trusts may pose some challenges, especially on account of certain tax provisions. In a recent case, such an issue came before the Mumbai Income Tax Appellate Tribunal, in which the tax......
Lakshmikumaran & Sridharan | India | 6 Dec 2021
Guidelines under Section 194O, 194Q and 206C of Income-Tax Act, 1961
The Central Board of Direct Taxes (CBDT) has issued a new set of guidelines on 25 November 2021 with respect to the provisions relating to newly…
Vaish Associates Advocates | India | 21 Jul 2021
India EL 2021—Expansion of Provisions or Hidden Inconsistencies?
Over the past few years, India has been rationalizing its tax structure into a regime which has moderate rates of tax, reduced litigation, and a…
