BSCBEACON - Tax & Regulatory Insights December 2023

During the AY 2000-01, the Assessee export turnover included an amount attributed to gains on account of fluctuation in foreign currency credited to the EEFC account. The Assessee treated this receipt as income earned in the course of exporting goods categorizing it as profits of business from exports outside India and claimed deduction under Section 80HHC of the Act.

BSCBEACON - Tax & Regulatory Insights November 2023

The Assessee (Diversey India Hygiene Private Limited) was in receipt of several notices issued under Section 148 and Section 142(1) of the Act. These notices were issued to a non-existent entity i.e. Diversey India Private Limited (DIPL). The Assessee argued that DIPL got amalgamated with the Assessee from 1 April 2015 and referred to rulings of PCIT v. Maruti Suzuki India Ltd. [416 ITR 163] and Saraswati Industrial Syndicate Ltd v. CIT [186 ITR 278 (SC)], which held that the notices and assessment orders issued in the name of an amalgamated company that no longer exist are without jurisdiction and legally flawed.

BSCBEACON - Tax & Regulatory Insights October 2023

Holds that variable license fees paid by telecommunication companies is capital expenditure and should be amortised over the life of the license.

BSCBEACON - Tax & Regulatory Insights September 2023

The Supreme Court, in this case, examined the issue of whether an appeal filed before the High Court can be maintained without first formulating a substantial question of law as per the requirements of section 260A of the Act.

BSCBEACON - Tax & Regulatory Insights August 2023

Whether the deposit of surplus funds by the appellant Clubs, by way of bank deposits in various banks, is liable to be taxed in the hands of the Clubs or, whether the principle of mutuality would apply and the interest earned from the deposits would not be subject to tax under the provisions of the Act? The related controversy was whether, the judgment of Hon. Supreme Court in Bangalore Club calls for reconsideration in view of the earlier order of Hon.

BSCBEACON - Newsletter

This Newsletter covers key amendments in the Companies Act, 2013, the LLP Act, 2008, Ind AS, Listing Regulations of SEBI, Companies (Audit and Auditors) Rules 2014 with an aim to provide timely inputs on recent regulatory updates impacting accounting, audit and assurance."

Major Regulatory Reforms During Covid - 19 Period

The COVID-19 pandemic has led to challenges across all walks of life, be it health, economy or social functioning. In order to safeguard the health of the people across the country, the Government of India announced nation-wide lockdown at the fag-end of March. During such period, the Government also ensured to relax various provisions pertaining to the compliances under various regulatory frameworks. Several notable measures in the form of tax and other reliefs were announced from time-to-time after analyzing the situation in a comprehensive manner. The intention of the Government behind such announcements is basically to help the individuals and businesses to sustain during the critical pandemic situation across the country.
A comprehensive and collective presentation capturing all major amendments brought in during this period is prepared. We trust you will find the same to be a useful read.

Insights Into The Indian Accounting Market – The Past, Present & The Way Ahead.

India has achieved a stupendous annual growth rate of around 6% to 7% on an average over the last five years and it still continues to expand exponentially. India's economy has been the world's fastest growing major economy, surpassing even China. The ever expanding Indian business sector complimented with the ever increasing compliances calls for higher accounting, auditing and taxation needs. This has acted as a catalyst for the growth of the Indian accounting firms while correspondingly increasing the liabilities as well. The article brings to light, significant developments, fresh opportunities and challenges that come hand in hand with these opportunities right from the thoughtful minds of highly experienced and established CAs in the country.

Insights of The Black Money Taxation Act, 2015

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (‘the Black Money Taxation Act’ or ‘The Act’) released on 26 May 2015 shall come into force from 1 April 2016. The Act has been introduced by the Parliament to deal with the taxation of Black Money ie undisclosed foreign income and assets held outside India.