Taxmann

#TaxmannAnalysis #Budget2025 #TDS

This article discusses the complexities of TDS/TCS provisions and suggests reforms for the upcoming Union Budget to streamline compliance, reduce disputes, and foster clarity. Key recommendations include:
‣ 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝𝐢𝐬𝐞 𝐓𝐃𝐒 𝐑𝐚𝐭𝐞𝐬 – Introduce a three-tier rate structure (1%, 10%, 30%) for different transaction types
‣ 𝐂𝐨𝐧𝐬𝐨𝐥𝐢𝐝𝐚𝐭𝐞 𝐓𝐃𝐒 𝐏𝐫𝐨𝐯𝐢𝐬𝐢𝐨𝐧𝐬 – Create a single comprehensive schedule for rates and thresholds
‣ 𝐀𝐝𝐝𝐫𝐞𝐬𝐬 𝐂𝐨𝐦𝐦𝐨𝐧 𝐃𝐢𝐬𝐩𝐮𝐭𝐞𝐬 – Exclude GST components, out-of-pocket expenses, and year-end provisions from TDS requirements
‣ 𝐒𝐢𝐦𝐩𝐥𝐢𝐟𝐲 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐟𝐨𝐫 𝐒𝐦𝐚𝐥𝐥 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 – Allow PAN usage instead of TAN for minimal TDS transactions
‣ 𝐅𝐚𝐜𝐞𝐥𝐞𝐬𝐬 𝐏𝐫𝐨𝐜𝐞𝐬𝐬 𝐟𝐨𝐫 𝐂𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐞𝐬 – Implement an AI-driven, online system for issuing lower deduction certificates
These reforms aim to make TDS provisions more efficient and taxpayer-friendly, aligning with budgetary goals.

Download/Read More: taxmann.social/padCL [4 Mins | Read Time]
Authored by CA Naveen Wadhwa – Vice President & CA Dipen Mittal – Senior Manager | Taxmann's Advisory and Research

#TaxmannUpdates #TaxmannAdvisory #IncomeTaxAct #TDSRates #TaxPayers

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1 hour ago | [YT] | 1

Taxmann

#TaxmannWebinar #SEBI #FUTPRegulations

Watch Taxmann's Latest Video on SEBI's Prohibition of Fraudulent and Unfair Trade Practices Regulations: taxmann.social/eadK0 [54 Mins | Watch Time]

📋 Coverage of the Webinar:
✔️ Introduction to SEBI's FUTP Regulations – Understanding the objectives and historical background
✔️ Defining Key Terms – Clarifying what constitutes "fraudulent" and "unfair trade practices"
✔️ Identifying Market Misconduct – Exploring issues like manipulation, circular trading, and misleading disclosures
✔️ Responsibilities and Best Practices – Outlining obligations for companies and intermediaries to ensure transparency
✔️ SEBI's Authority and Tools – Examining SEBI's powers, investigative methods, and real-world case studies of common violations
✔️ Challenges in Enforcement – Discussing the difficulties in detecting and proving fraudulent activities
✔️ Interactive Q&A Session – Engaging with the audience to address specific questions and concerns
✔️ Conclusion and Next Steps – Summarising key points and providing guidance for ongoing compliance and engagement

📢 Speaker:
• Dr Aum Kotwal – Founding Partner | Kotwal Associates

#TaxmannUpdates #Trading #InsiderTrading #TradePractices

1 hour ago | [YT] | 0

Taxmann

A Closer Look at This Week's Highlights with Expert Insights on Tax | Corporate Laws | Accounting! taxmann.social/nadOq [8 Mins | Read Time]

Join us on a weekly journey, where every report from taxmann.com is transformed into insightful, accessible knowledge, ensuring you never miss out on what truly matters.

Join our Community of over 70,000+ Members and Access Content Curated by Taxmann’s Editorial Board from 1,000+ Sources – taxmann.social/tRzS

#TaxmannUpdates #Budget2025 #SEBI #MutualFunds #CBIC #GSTPortal #IndAS

2 hours ago | [YT] | 1

Taxmann

#CBDT #Notification

The CBDT has clarified that appeals under the Vivad se Vishwas Scheme will be considered pending if the order was passed on or before 22-07-2024, and the appeal period was still valid as of that date. Additionally, such appeals must have been filed within the prescribed time frame without requiring a delay condonation application.

Read the Full Notification: taxmann.social/0adRP

#TaxmannUpdates #IncomeTax #VivadseVishwasScheme #Appeals

3 hours ago | [YT] | 0

Taxmann

#TaxmannAnalysis #Budget2025 #CapitalGains

This article discusses the complexities surrounding the Capital Gains Deposit Account and its interplay with Section 50C of the Income-tax Act. It highlights the issues taxpayers face when determining the deposit amount, emphasising the ambiguity in the law and its financial implications. The key highlights include:
‣ 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐆𝐚𝐢𝐧𝐬 𝐚𝐧𝐝 𝐄𝐱𝐞𝐦𝐩𝐭𝐢𝐨𝐧𝐬 – Taxpayers can claim exemptions under Sections 54, 54F, etc., by reinvesting sale proceeds of immovable property within prescribed timelines
‣ 𝐑𝐨𝐥𝐞 𝐨𝐟 𝐒𝐞𝐜𝐭𝐢𝐨𝐧 𝟓𝟎𝐂 – Deems stamp duty value as the sale consideration for capital gains calculation, potentially causing discrepancies in deposit requirements
‣ 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬 𝐟𝐨𝐫 𝐓𝐚𝐱𝐩𝐚𝐲𝐞𝐫𝐬 – Ambiguity in the law forces taxpayers to deposit amounts exceeding the actual sale proceeds potentially
‣ 𝐁𝐮𝐝𝐠𝐞𝐭 𝟐𝟎𝟐𝟓 𝐄𝐱𝐩𝐞𝐜𝐭𝐚𝐭𝐢𝐨𝐧𝐬 – The government is urged to clarify that deposits in the Capital Gains Deposit Account should align with the actual sale consideration

Download/Read More: taxmann.social/jadcn [4 Mins | Read Time]
Authored by CA Naveen Wadhwa – Vice President & CA Rahul Singh – Senior Manager | Taxmann's Advisory and Research

#TaxmannUpdates #TaxmannAdvisory #IncomeTaxAct #Section50C #TaxPayers

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4 hours ago | [YT] | 0

Taxmann

#TaxmannPractice

Reclassifying land from Property, Plant, and Equipment (PPE) to stock-in-trade involves important accounting and tax considerations. Here’s a professional overview of the key aspects to ensure compliance and accuracy:

𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:
‣ 𝐑𝐞𝐜𝐥𝐚𝐬𝐬𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐔𝐧𝐝𝐞𝐫 𝐀𝐒 𝟏𝟎 – When a company transitions into real estate development, land previously classified as PPE must be reclassified to stock-in-trade. As per AS 10, this reclassification should be done at the carrying amount of the land
‣ 𝐓𝐚𝐱 𝐈𝐦𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬 𝐔𝐧𝐝𝐞𝐫 𝐒𝐞𝐜𝐭𝐢𝐨𝐧 𝟒𝟓(𝟐) – Land conversion into stock-in-trade is treated as a transfer under the Income Tax Act. This may result in a taxable gain based on the Fair Market Value (FMV) of the land at the date of conversion
‣ 𝐃𝐞𝐟𝐞𝐫𝐫𝐞𝐝 𝐓𝐚𝐱 𝐀𝐬𝐬𝐞𝐭 (𝐃𝐓𝐀) 𝐔𝐧𝐝𝐞𝐫 𝐀𝐒 𝟐𝟐 – Timing differences between the carrying amount and the tax base of the reclassified land necessitate recognizing a Deferred Tax Asset. However, this recognition is subject to the availability of sufficient future taxable income to utilize the DTA

For a detailed explanation of the provisions and accounting treatment, visit: taxmann.social/yades
𝘛𝘩𝘪𝘴 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘪𝘴 𝘣𝘳𝘰𝘶𝘨𝘩𝘵 𝘵𝘰 𝘺𝘰𝘶 𝘣𝘺 𝘵𝘩𝘦 𝘯𝘦𝘸𝘭𝘺 𝘭𝘢𝘶𝘯𝘤𝘩𝘦𝘥 𝘛𝘢𝘹𝘮𝘢𝘯𝘯.𝘤𝘰𝘮 | 𝘗𝘳𝘢𝘤𝘵𝘪𝘤𝘦

#TaxmannUpdates #AccountingTreatment #AS10 #AS22 #DeferredTax #PPE #RealEstate

6 hours ago | [YT] | 2

Taxmann

Bringing Together Every Essential Element of the BSA—From Consolidated Statutory Text to Comparative Tables & ‘Section Notes’

Look inside the book: taxmann.social/Oaqr0

Like It? Buy Now with Free Expedited Shipping & Get a Limited Period Discount! taxmann.social/jatlm

#TaxmannBooks #TaxmannUpdates #BharatiyaSakshyaAdhiniyam #BSA #CriminalLaws

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9 hours ago | [YT] | 0

Taxmann

Bringing Together Every Essential Element of the BNSS—From Consolidated Statutory Text to Comparative Tables & ‘Section Notes’

Look inside the book: taxmann.social/Ap65R

Like It? Buy Now with Free Expedited Shipping & Get a Limited Period Discount! taxmann.social/pawMx

#TaxmannBooks #TaxmannUpdates #BharatiyaNagarikSurakshaSanhita #BNSS #CriminalLaws

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1 day ago | [YT] | 0

Taxmann

Get Section-wise Updates on Tax | Corporate Laws | Accounting at Your Fingertips! taxmann.social/1as2z [7 Mins | Read Time]

Experience a Seamless Synthesis of Statutes | Judgments | Opinions in:
✅ A Single Line for a ‘Snapshot’
✅ A Three-Line Summary for ‘Depth’
✅ Source Documents

Join our Community of over 70,000+ Members and Access Content Curated by Taxmann’s Editorial Board from 1,000+ Sources – taxmann.social/tRzS

#TaxmannUpdates #IncomeTaxAct #CapitalGains #CGSTAct #SEBI #BRSR #NBFC #RBI #IndAS

1 day ago (edited) | [YT] | 0

Taxmann

#GST #CaseLaw

Key Takeaways from Taxmann's Case Digest:
• The batch of writ petitions filed against the High Court’s holding that Online/offline/physical/electronic/digital Rummy games and also other games played with or without stakes on the assessee's Mobile App being substantially and preponderantly games of skill and not of chance, are not covered within expression 'betting and gambling' appearing in Entry 6 of Schedule III to Central Goods and Services Tax Act, 2017
• Hence, the same is not taxable; since the main matter had, by instant time, ripen for final hearing, same were to be tagged; further proceedings of all impugned SCNs would remain stayed till final disposal

Case Name: Directorate General of Goods and Services Tax Intelligence (HQS) v. Gameskraft Technologies (P.) Ltd.
Citation: [2025] 170 taxmann.com 478 (SC)
Read the Supreme Court Order: taxmann.social/easPS

• J.B. Pardiwala & R. Mahadevan, JJ.
• Gopal Sankaranarayanan, Sr. Adv., Suhaan Mukerji, Adarsh Kumar, Sayandeep Pahari, Tanmay Sinha, Sudipta Bhattacharjee, Abhishek Manchanda, Shourya Dasgupta, Ms Trisha Chandran, Ms Tanya Srivastava, Onkar, Arjyadeep Roy, et al., Advs. for the Petitioner.
• Dhruv Mehta, Sr. Advs., Ms. Pritha Srikumar Iyer, AOR, Pradeep Nayak, Ms. Anupama Hebbar, Sankeerth Vittal, Karan Gupta, Abhyudaya Shishodia, Advs., M/S. Plr Chambers And Co., AOR, Dr. Abhishek Manu Singhvi, Sr. Adv., L. Nidhiram Sharma, et al., Adv. for the Respondent.

#TaxmannUpdates #OnlineGaming #SCN #CGSTAct

1 day ago (edited) | [YT] | 0