Capital Markets, Private Equity And Debt

Capital Markets, Private Equity And Debt

New IFRS 18 — Presentation and Disclosure in Financial Statements

IFRS 18 replaces IAS 1 Presentation of Financial Statements. It carries forward many requirements from IAS 1 unchanged. IFRS 18 is effective for annual reporting periods beginning on or after...

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Family offices in Gift City

A Family Investment Fund (FIF) in Gift IFSC aims to provide a formal structure for family offices to manage their investment funds. This allows family offices to set up a...

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Shweta Dixit

♦ Shweta is heading the Delhi operations of the firm, where she has built a significant presence in the realms of Due Diligence and Direct Taxation. ♦ Her primary areas...

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Soumya Mudigandur

♦ Chartered Accountant, Bachelor of Commerce ♦ Soumya is heading the Hyderabad operations of the Firm. ♦ She has been engaged In tax audits, Statutory audits and Stock audits of...

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Private affairs impacting Public Interest Entities – A sift through a recent SEBI amendment

The Primary Marked Advisory Committee (‘PMAC’) of the Securities and Exchange Board of India (‘SEBI’) had identified and deliberated on certain challenges and issues arising out of (i) agreements indirectly...

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Major Relief provided by CBDT to Non-Residents in Gujarat International Finance Tec-City and International Financial Services Centre

The Central Board of Direct Tax (CBD) has introduced major relief by enhancing ease operation for non-residents in International Financial Services Centre (IFSC)-banking units vide notification no. 88/2023 dated 10th...

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POEM – Guiding Principles and Safeguards

Place of Effective Management (POEM)   Under Income Tax Act (ITA)   ‘Place of Effective Management’ (‘POEM’) is an internationally recognised test for determination of residence of a company incorporated...

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Specifications pertaining to direct plan for schemes of AIFs and trail model for distribution commission in AIFs

Securities Exchange Board of India (“SEBI”) vide its Circular No.: SEBI/HO/AFD/POD/CIR/2023/054 dated Apr 10, 2023 has put forth certain specifications pertaining to the direct plan for schemes of Alternative Investment...

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Assessee entitled to avail benefits of section 23(1)(c)

1. The assessee offered income from house property from various properties in different years, however in some of the years, income from some of the properties were not shown or...

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Excess Provisions Disallowance

Provision made based on historical trend would be entitled to deduction from the gross receipts under section 37 of the Income-tax Act,1961 ("l.T. Act")   1. During the AY 2007-08,...

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Assessing Officer (AO) to consider financial difficulties before directing the deposit of 20% of demand for granting stay

1. The assessee is an individual and derived income under the head salary and interest income. The assessee did not file his return of income for the AY 2011-12 under...

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Update on 47A of Indian Stamp Act

As per section 47A of the Indian Stamp Act (West BengaL Amendment Act), if the market value of any property which is the subject of transfer, on which duty is...

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Budget 2023-24: The Key Highlights of Proposed Amendment in GST Law

Budget day creates an expectancy of relief and concerns about the additional burden of taxes. The indirect tax budget announcements for 2023, however, neither provided much relief not added a...

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Supreme Court Judgement on Assets Revaluation by Partnership Firm: A long lasting impact

1. The assessee was a partnership firm originally constituted with four partners. The assessee had reconstituted the partnership firm and new partners were added. Then assessee after the reconstitution of...

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Summary update on 48th GST council meeting held on 17.12.2022

The 48th Meeting of the GST Council was held on 17th December 2022 through Video Conference, under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman....

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Reassessment invalid where there is “Change of Opinion

1. The assessee is a private limited company engaged in the business of selling hair care products, providing consultancy services and treatment in the hair care and beauty sector. It...

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Non-filing of Form 10-IC will attract higher tax rate of 30 per cent as against 22 per cent under section 115BAA

1. The assessee is a Domestic Company. For the AY 2020-21, the assessee filed its return of income on 15-01-2021 declaring a total income of INR 20,71 ,870. The assessee...

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New Amalgamated Company can set off Long-Term Capital Loss

1. The assessee is a Company IGate Computer Systems Limited (ICSL) engaged in business of Software Development services and IT enabled services (hereinafter called as "Amalgamating Company") amalgamated with the...

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How to open National Pension Scheme (NPS) Account ?

An individual is eligible to claim deduction of Rs. 50,000 under Section 80CCD(1B) of the Income-tax Act, 1961 ("the Act"). This is over and above the Rs 1.5 lakh deduction...

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ITR Filing: CBDT proposes one common ITR form for most of the taxpayers

1. On 01st November 2022, CBDT Propose a Draft Common Income Tax Return ("ITR") in places of present ITR I to ITR -7 which are generally filed by all the...

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