Home Highlights June 2012 Year 2012 This

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1. The proposed new Income Tax Bill aims to replace the Income Tax Act 1961 with a modernized, simplified framework that maintains revenue neutrality. The legislation will...

2. GST council approves Simplified GST Return

3. The proposed Income Tax Bill 2025 aims to replace the Income Tax Act 1961 with a modernized and streamlined tax framework comprising 536 sections across 23 chapters. Key...

4. Section 44B is a special provision for computing profits and gains of shipping business for non-residents at 7.5% of specified amounts like freight receipts. The issue...

5. Profiteering - construction of project - benefit of ITC not passed on to the buyers - all the relevant events for the project “Epic” took place in GST regime and the...

6. Assessee employed by Indian entity but sent on long-term international assignment to Singapore. Salary received in India for administrative reasons, but employment...

7. Income accrued or deemed to accrue in India - marketing and advertising rights that have been granted under the MAA [Marketing and Advertising Agreement'] - rights under...

8. TAX DEDUCTION AT SOURCE UNDER GST - Goods and Services Tax - GST

9. Goods and Services Tax Notification issued in Central GST, Integrated GST, UT GST, Compensation Cess etc.

10. GST, a success of vast proportions, decreased tax incidence on common man, reduced compliance burden and logistics cost for trade and industry. Amendments facilitated...

11. Levy of penalty u/s 129(5) of GST Act for discrepancy between PIN code of petitioner in Tax Invoices and E-Way Bill. Court held minor discrepancy in PIN code in GST...

12. Movable or Immovable property? - Temporary Structure (i.e. hall or pandal or shamiana or any other place) built up with Iron/Steel Pillars tight up with Nuts and Bolts...

13. The Finance Bill 2025 introduces key changes to income tax provisions focusing on crypto-asset reporting, loss carry-forward in amalgamations, and extended timelines for...

14. GST Rates - HSN Code - Structures of iron or steel fall under heading 7308 and structures of aluminium fall under heading 7610 and attract 18% GST. - Solar Panel...

15. Exemption u/s 11 - Welfare of small and marginal farmers also comes under the category relief of the poor which in the aforesaid Circular has been included under the...