News & Publications

01

VIVAD SE VISHWAS 2020

UTILITYTAXATION

Vivad se Vishwas, 2020 was brought as an Amnesty Scheme for the Fiscal Year 2020-21 to reduce litigation in Direct Taxes. As the scheme approaches its deadline, the window to avail its benefits is closing. For those who looking to resolve their dispute with Income Tax Authorities from Vishwas rather than vivad. The following salient features will help.​

02

Compulsory selection of returns for scrutiny assessment

UTILITYTAXATION​

The Central Board of Direct Taxes (CBDT) has laid down guidelines for compulsory selection of returns for scrutiny assessment during the Financial Year 2020-21. The guidelines have been prepared keeping in view of Faceless Assessment Scheme & difficulties being faced amid COVID-19 pandemic.

03

THE EVOLUTION OF LEGAL REGIME GOVERNING MSMEs

UTILITYTAXATION

The Government of India framed Industrial Policies immediately after attaining independence. The 1st industrial policy was framed on 6th April 1948. This policy emphasized the role of the small scale industries in the economy of the country. It emphasised the importance of securing a continuous increase in production and ensuring its equitable distribution.​

04

PICKING HOLES IN INDIA’S LEGAL RESPONSE TO THE PANDEMIC

UTILITYTAXATION

The first pandemic that hit us this century was in 2009-10 A(H1N1) virus. The WHO reported the number of deaths to be around 1 to 4 lakh. The deepest recession that struck us, this century before COVID 19 was the Global Financial Crises in 2007-2009, which at one point of time made BSE Sensex close at 8,701 points. Yet both these events seem to be a mere prelude to what is happening now. Any health crisis is bound to affect the economy, but never have in recent history been the assault so severe.

05

The Cost of Lost Learning

UTILITYTAXATION

Coronavirus may not discriminate on religion but it certainly can be accused of favoritism. Its favorites predominantly include people with lower economic strata. Adversely affecting our society which is already highly unequal, ranked 147th out of 157 countries in Oxfam Inequality Index, it is adding heft on the wrong side of the scale. This heft can be felt in visible and invisible ways.​

06

REVIVING SUPPLY CHAINS

UTILITYTAXATION

For years, we have been trying to make our supply chains leaner and meaner. In fact one of the objectives of the Goods and Services Tax was to reduce friction in interstate movement of goods. These attempts were made for good reasons. According to some estimates logistics costs in India amounted to a sizeable 14% of gross domestic product (GDP) in 2014. But while we were busy ironing out the wrinkles in our interstate supply chains, little did we know …

07

REFORMATION BY SUSPENSION: LABOUR LAW

UTILITYTAXATION

Many say that along with the economic destruction, Coronavirus has brought with it, hordes of bad ideas, which have flooded the market. These ideas are spreading faster than coronavirus and In fact are doubling at a rate, faster than the virus itself.

08

What is double taxation?

UTILITYTAXATION

Those who migrate to other countries to earn a living have to pay taxes in their country of residence as per prevalent tax laws of that country. However, it is quite likely that the people who migrated, have certain investments in their home country and they are liable to pay taxes on gains made from such investments in India. The problem that arises in this situation is that a taxpayer who is resident in one country but has a source of income in another, will be liable to pay tax not only in the country where the source of income is located but also in the country where the person currently reside.

09

FORMATION OF OPINION TO RECORDING REASONS: Bridging the Gap

UTILITYTAXATION

Barring philosophical differences, there is little distinction one can draw between “recording of Reasons” and “formation of Opinion”. A lay man might draw a distinction that while reasons are built on solid foundation of facts, Opinion stands on the sticky wicket of subjective satisfaction, but this distinction fades away when these words are clothed in legislative colors, as there is little space for whims and fancies under the rule of law. The Black law Dictionary defines “Opinion” as the court’s written statement explaining its decision in a given case, including statement of facts, points of law, rationale and dicta

10

PLUGGING THE CAPITAL GAINS PART - II

UTILITYTAXATION

This article is in reference to the previously published article on capital gains and is second installment to the “Plugging in Capital Gains” series. The scope of word transfer evolved a long way from being limited to exchange or transfer of capital asset in 1947 to including relinquishment, compulsory acquisition and conversion of capital asset to stock in trade amongst other things. However even with such wide....

11

Benami Property: An Introduction part-1

UTILITYTAXATION

Benami Property in common terms means a property without a name. Benami transaction is a transaction where the property is purchased in the name of a person who has not paid for it. It takes place when a person buys property in name of some other person, but in effect he enjoys the property himself. This mode transferring property is employed for various malafide activities such as to defeat taxation laws, Claims of creditors by divesting and transferring to another’s name, money laundering etc.

12

The Offence of Money Laundering (pt-1)

UTILITYTAXATION

Money laundering is the activity/process to hide the origin of profits which are generated through illegal means and disguise such profits as legitimate wealth. Merely committing an illegal act, to generate some kind of profit does not constitute Money Laundering. Money laundering is the alteration in the identity of “the proceeds of crime”, to give them a legitimate colour.