Publications

Synopsis of Tax Proposals of India Budget 2024

The Finance Minister of India on July 23, 2024, presented in the Parliament the Union Budget for the fiscal year 2024-25. This Budget has brought in substantial changes in the direct and indirect tax laws. In this Alert we have briefly discussed the direct and indirect tax proposal of the India Budget 2024. These change are applicable from April 1, 2024, unless otherwise specified. Download

A new scheme proposed to resolve pending tax llitigation cases

The newly introduced version of Vivad se Vishwas Scheme, 2024 is appealing and deserves a serious thought by taxpayers struggling with prolonged tax litigation in India. The benefit if this Scheme is not lies only in getting rid of tax appeals, but also reduced tax outgo. Download

Dematerialization of Shares made mandatory for Private Companies

Government has mandated private companies to get its shares and other securities dematerialized by September 30, 2024. Earlier this was required for listed companies and unlisted public companies. Please find GSAP alert in this regard. Download

Rule 3 amended to lower taxable value of Rent Free Accommodation ("RFA")

CBDT, in a relief measure, has reduced the taxable value of perquisite in the form of Rent Free Accommodation w.e.f September 1, 2023. Download

Extension of time for filing of certain forms by LLPs

MCA has provided substantial relief to LLPs by allowing them to file pending forms for the past without additional fees. In this alert we have discussed this relief measure in detail. Download

Changes in Tax Collection at Source (TCS) provisions for foreign remittances and foreign tour program packages

In the Budget 2023, Government increased rate of TCS on purchase of overseas tour program packages and foreign remittances. Further, the threshold for levy of TCS was reduced. These changes were to take effect from July 1, 2023. Considering the requests of stakeholders, Government has decided to rollback increased TCS rates and deferred implementation to October 1, 2023. Download

Extension of timeline for electronic submission of Form 10F

Government has extended time till September 30, 2023 for mandatory e-filing of Form 10F for claiming treaty benefit by non-resident taxpayers. Download

Last date for linking of PAN with Aadhaar extended to June 30, 2023

Government has extended the timeline for mandatory linking of PAN with Aadhaar till June 30, 2023. In this Alert we have discussed consequences of non-linking of PAN with Aadhaar. Download

India Budget 2023 - Summary

Indian Finance Minister Mrs. Nirmala Sitaraman presented in the Parliament on February 1, 2023 the Union Budget 2023. In this Alert we have discussed the key direct tax and GST proposals for the FY 2023-24. Download

Ease of Doing Business- Definition of Small Companies further relaxed

In a major step towards ease in corporate compliance, government has further relaxed the definition of 'small companies' w.e.f September 15, 2022. In this alert, we have discussed the revised definition of small companies and benefits enjoyed by them. Download

CBDT issued further clarifications on Section 194R

The Finance Act, 2022 had inserted a new section 194R in the Income-tax Act, 1961 applicable with effect from July 1, 2022, to provide for TDS on benefits/perquisites provided in respect of business or profession. CBDT has issued further clarifications on section 194R. GSAP Alert in this regard is attached. Download

Tax Alert on SC Ruling on taxability of Secondment Costs

The Supreme Court of India and recently passed a ruling regarding service tax liability on cross charge of secondment costs. Please find attached GSAP Alert in this regard. Download

Tax Alert on a new TDS requirement u/s 194R

A new TDS requirement u/s 194R has been introduced w.e.f July 1, 2022. This TDS applies on freebies provided in connection with business/profession. Please find attached GSAP Alert in this regard. Download

GSAP News Alert – India Budget 2022

Indian Finance Minister, Ms. Nirmala Sitharaman on February 1, 2022 presented the Union Budget before the Parliament for the Financial Year 2022-23. This Budget has brought in several important changes in the taxation laws. In this alert we have discussed the key direct and indirect proposals of the Union Budget 2022. Download

GSAP Alert - Income-tax Due Date Extension 11012022

Due dates for filing of income tax return, tax audit report, TP compliance, etc. for FY 2020-21 have been again extended. In this regard please find an Alert prepared by GSAP. Download

GSAP Alert - Income-tax Due date extension 11092021

Due dates for filing of income tax return, tax audit report, TP compliance, etc. have been extended. In this regard please find an Alert prepared by GSAP. Download

GSAP Alert: Retail and Wholesale Trade in MSME 06072021

Government has decided to include retail and wholesale trades as Micro, Small and Medium Enterprises (MSMEs). Now, retail and wholesale traders can register on Udyam Registration Portal. However, benefits to retail and wholesale trade MSMEs are restricted to priority sector lending under RBI guidelines. Download

GSAP Alert_Due date extension and tax exemptions 28062021

In view of the COVID-19 outbreak the Government issued Press Release to further extend timelines of certain compliances under the Income-tax Act, 1961. Government also announced tax exemption for expenditure on Covid treatment and ex-gratia received on death due to Covid. More details of these exemptions will be known when circular/ notification will be issued in this regard. In this alert, we have discussed these revised timelines and tax exemptions. Download

GSAP Alert - 43rd GST Council meeting 01062021

The GST Council met for the 43rd time on May 28, 2021 and recommended various changes related to GST law and procedures to provide relief to taxpayers amidst COVID-19 pandemic. These recommendations will be applicable once notified by the government. In this alert, we have discussed key recommendations made by the GST Council. Download

GSAP Alert- New TDS and TCS requirements 20210504

The Finance Act, 2021 had inserted new sections 194Q, 206AB and 206CCA in the Income-tax Act, 1961 applicable with effect from July 1, 2021. Section 194Q provides for TDS on the purchase of goods whereas section 206AB and 206CCA provides for the higher rate of TDS and TCS respectively for non-filers of income-tax returns.
In this alert we have discussed these new TDS/TCS requirements. Download

SFT return 20210521

Entities executing certain specified financial transactions are required to report those transactions to income-tax authorities by furnishing a SFT return in Form 61A on or before the 31st May, immediately the following the financial year.
This due has been extended for the FY 2020-21 from May 31, 2021 to June 30, 2021. Transactions which are reportable are discussed in this alert. Download

Income Tax - Due dates extension 20210520

In view of the COVID-19 outbreak, the Government has announced several important relaxations in statutory and compliance due dates under income-tax for the FY 2020-21.In this alert, we have discussed these revised timelines. Download

GSAP Alert CBDT Clarification regarding Tax Residential Status for FY 2020-21_20210306

The CBDT, vide Circular No. 2 of 2021 dated March 3, 2021 has denied to provide any further relaxation with regard to the Residential Status of foreign citizens and Indians who live abroad but were on a visit in India during the period of lockdown imposed starting from March 22, 2020 and who could not return back immediately even on resumption of international flights during FY 2020-21 Download

India Budget 2021: Summary

Indian Finance Minister Mrs. Nirmala Sitaraman presented Economic Survey 2020-21 in the Parliament on January 29, 2021 and Union Budget 2021 on February 1, 2021. In this article we have discussed the highlights of economic survey and key direct tax and indirect tax proposals for the FY 2021-22. Download

GSAP Alert – FY 2019-20 ITR filing and other relevant compliance dates extended further

In view of the COVID-19 outbreak, the Government has again extended the due dates for filing of income-tax returns and audit reports under the Income-tax Act for the AY 2020-21 (FY 2019-20). In this Alert GSAP has discussed extended due dates. Download

Seller of goods? - Take care of new Tax Collection at source (TCS) requirement

The Finance Act, 2020 had inserted a new sub-section (1H) to section 206C of the Income-tax Act, 1961 with effect from October 1, 2020. As per section 206C(1H) scope of TCS provisions has been extended to sale of goods as well. These provisions apply to all goods other than goods mentioned in sub-section 1 to section 206C (like alcoholic liquor, tendu leaves, timber, scrap and certain minerals) and motor cars. TCS is fully creditable in the hands of buyer. In this Alert we have discussed this new TCS requirement and recent clarifications in this regard Download

Extension of ITR and other due dates under Income Tax Act

Due dates for filing of tax return and other statements for FY 2018-19, 2019-20 and 2020-21 have been extended in view of COVID-19 pandemic. In this alert we have discussed various timelines as extended. Download

Tax on Cash withdrawal

Section 194N of the Income Tax Act, 1961 (“Act”) provides for tax deduction at source (TDS) at the rate of 2% on cash withdrawal by a person in excess of INR 10 Million. With effect from July 1, 2020 the cash withdrawal limit will be further reduced and rate of TDS will be increased. In this Alert we have discussed these changes in section 194N. Download

Tax Ordinance June 24,2020

In view of COVID-19 outbreak, the Union Finance Minister has on March 24th announced several important relaxations in statutory and compliance matters in areas of income-tax, GST, customs & central excise, etc. The Ministry of finance on June 24, 2020 has provided further relief to the taxpayers on various statutory and regulatory compliance matters. In this alert, we have discussed the key points of this press release. Download

GSAP Alert - 40th GST Council Meeting

40th GST Council meeting happened on 12th June wherein several big decisions were taken regarding waiving of late fee and reduction of interest, etc. In this alert these decisions are summarised. Download

GSAP Alert - Changes in MSME Classification threshold

Ministry of Micro, Small and Medium Enterprises has issued notification which seeks to increase the threshold criteria for classification of Micro, Small and Medium Enterprises (MSME) and made certain other changes. These changes are discussed in this alert. Download

GSAP Alert: Measures for relief to support Indian Economy’s fight against Covid-19

In view of COVID-19, the Union Finance Minister has on May 13th to 17th announced several relief measures for various sectors and relaxations in statutory and compliance matters to support Indian Economy. In this alert, we have highlighted the key announcements related to direct tax. Download

GST notifications for timelines relaxation

Government has further relaxed certain timelines in GST law (including annual return for FY 2018-19 extended till September 30, 2020). Download

GSAP Alert- Clarification by CBDT regarding lower/nil withholding tax certificate

In view of the COVID-19 outbreak, there is a severe disruption in the functioning of the Income-tax Department which is causing delay in issuing lower/nil withholding tax certificate for FY 2020-21. To mitigate hardship faced by taxpayers CBDT has issued several directions/clarifications and extended the validity of certificate issued for the FY 2019-20 up to June 30, 2020 subject to conditions. Download

GSAP Alert-Equalisation levy

The Finance Act, 2020 introduced a new section 194-O in the Income-tax Act, 1961 which requires an e-commerce operator to withhold tax for facilitating any sale of goods or services through its portal. Further, a new tax, called Equalisation Levy, has been levied on e-commerce operators which will be charged @2% of the value of e-commerce transaction subject to certain conditions. Download

GSAP Alert - Company Fresh Start Scheme 2020

The Ministry of Corporate Affairs (“MCA”) has provided a one time opportunity to companies and LLPs registered in India that have defaulted in filing any forms, documents, etc. with MCA-21 registry (“defaulting companies“), to make a fresh start by enabling them to file belated documents without any additional fees under the Companies Fresh Start Scheme, 2020 (“CFSS-2020”) and LLP Settlement Scheme, 2020 (“LLPSS-2020”) respectively. Please refer this alert for a brief summary of these schemes. Download

GSAP Alert_New Companies (Auditor's Report) Order

A new Companies (Auditor’s report) Order, 2020 (CARO 2020) notified by Ministry of Corporate Affairs (MCA). For major changes with respect to Company Auditor’s Report please refer this alert. Download

GSAP Alert_CS Secretarial Audit

Ministry of Corporate Affairs (MCA) has issued notification which seeks to (a) increase the threshold for appointment of whole time Company Secretary and (b) broaden the scope of Secretarial Audit to private limited companies as well. In this Alert we have discussed these important changes. Download

GSAP Alert_Form 15E

CBDT has proposed to introduce a new Form 15E for application by payers to tax authorities to determine the appropriate proportion of sum on which tax should be withheld or tax should not be withheld at all on payments to non-residents. This will be different from Form 13, which is currently filed by recipients for NIL or lower withholding tax certification. Download

Clarification issued by CBDT on section 115BAA

Clarification issued by CBDT with regard to allowability of set-off of brought forward losses attributable to additional depreciation and utilization of brought forward MAT credit, where a company opts for reduced tax rate of 22% under section 115BAA. In this alert we have discussed these clarifications. Download

Taxation Laws (Amendment) Ordinance, 2019 – Summary in English

Indian government has announced major fiscal relief by substantially reducing corporate tax rates to promote growth and investments in India through Taxation Laws (Amendment) Ordinance, 2019. In this alert we have discussed these fiscal benefits. Download

Taxation Laws (Amendment) Ordinance, 2019 – Summary in Japanese

Description: Indian government announced major fiscal relief announce by Indian Government for all companies in general and manufacturing companies in particular to promote growth and investments in India through Taxation Laws (Amendment) Ordinance, 2019. In this alert we have discussed these fiscal benefits. Download

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