Guidance for application of the Principal Purpose Test (PPT) under India’s Double Taxation Avoidance Agreements CBDT has issued Circular No. 1/2025 dated 21.01.2025 as Guidance for application of the Principal Purpose Test (PPT) under India’s Double Taxation Avoidance Agreements The Multilateral Convention to Implement Tax Treaty Related Provisions …

CBDT notifies Rule 6GB to prescribe conditions for applicability of presumptive taxation regime u/s 44BBC for non-resident cruise ship operators As a measure to promote investment and employment, Finance (No. 2) Act, 2024 inter alia provided a presumptive taxation regime for non-residents, engaged in the business of operation …

GSTN defers Hard-locking of auto-populated liability in GSTR-3B In October 2024, GSTN issued an advisory that from January 2025 tax period, the GST Portal is going to restrict making changes in auto-populated liability in pre-filled GSTR-3B from GSTR-1/1A/IFF to further enhance accuracy in return filing. It was suggested …

Guidance Note on Non-Compliances Observed by Quality Review Board During Quality Reviews – Volume 3 ICAI releases Guidance on Non-Compliances Observed by Quality Review Board – Volume 3. The Quality Review Board (QRB) has been set up under the provisions of the Chartered Accountants Act, 1949.The QRB conducts …

Revisionary order u/s 263 quashed as PCIT made no discussion why he did not agree with the submissions of the assessee In a recent judgment, the ITAT Lucknow has set aside revisionary order u/s 263 as PCIT made no discussion in the impugned order on the submissions made …

Deferment of applicability of Peer Review Mandate for CA Firms covered under Phase III & IV. Revised Applicability of ICAI Peer Review Mandate. In India Peer Review is applicable to all practicing Chartered Accountants and firms/Practice Unit. From 2017, newly constituted firms i.e. where constitution of firms is …