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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…
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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…
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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…
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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…
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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…
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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’)…
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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…
Commentary
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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......
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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…
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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…
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