CA.(Dr.) Arun Ahuja

"Turning Failures into Success: How Resilient Companies Pivot and Thrive" Many successful companies have encountered failures along their journey, but their ability to learn from mistakes and adapt has often been a key factor in their ultimate success. Failures can provide valuable insights, prompting companies to rethink strategies, innovate, and explore new opportunities. This resilience and willingness to pivot not only helps companies survive challenging times but can also lead to breakthroughs that drive long-term success. It's a great reminder that setbacks are often stepping stones to greater achievements. It's a reminder that resilience, creativity, and a willingness to pivot are crucial elements of long-term success. These companies demonstrate that even failures can lead to later successes with perseverance and innovation! Here are some examples of foreign companies that initially launched a product that failed but later succeeded: 1. *Samsung (South Korea)*...

Latest Hon'ble Supreme Court judicial pronouncements on Income Tax  In 2024, the Supreme Court of India delivered several important judgments related to income tax, which have implications for businesses, taxpayers, and the interpretation of tax laws.  1. SC dismissed SLP against HC's ruling that notice issued in name of non-existing Co. was untenable [2024] 158 taxmann.com 242 (SC) Deputy Commissioner of Income-tax v. Sterlite Technologies Ltd. SLP was to be dismissed against impugned order of High Court wherein it was held that where notice under section 148, assessment order as also penalty notice and demand notice had been issued in name of a non-existing entity despite having been informed to AO about factum of amalgamation of said entity with assessee-company, assessment order and notices impugned were untenable in law. 2.  Section 68 of the Income-tax Act, 1961 -  [2024] 159 taxmann.com 184 (SC)  Assistant Commissioner of Income-tax  v.  SABH In...

LATEST JUDICIAL PRONOUNCEMENTS ON GST 1. Exhibition services received outside India would be taxable at the hand of the assessee [2024] 162 taxmann.com 607 (Rajasthan) Savio Jewellery v. Commissioner, Central Goods and Service Tax. Where the assessee participated in a jewellery exhibition outside India, the supply of services had taken place outside India; since the receiver of service i.e., the assessee was a person registered in the taxable territory, services received outside India would be taxable at the hand of the assessee 2. Some contradictory judicial pronouncements on input credits. i. [2024] 165 taxmann.com 217 (Kerala) Tirupati Balaji Traders v. Union of India Where the assessee filed a writ petition challenging the constitutional validity of section 16(2)(c), since the right to avail input tax credit was a conditional right, the assessee could not be given the benefit of input tax credit unless the amount of tax collected from assessee had actually been paid to exchequer ...

  "Navigating the New Landscape: Recent Amendments in Income Tax Law for Charitable Trusts"  By CA. (Dr.) Arun Ahuja   The landscape for charitable trusts in India is undergoing a significant transformation with the recent amendments introduced in the Finance (No. 2) Act, 2024. These changes aim to streamline the tax treatment of charitable and religious institutions by phasing out the long-standing provisions of Section 10(23C) and transitioning eligible entities to the unified regime under Sections 11 to 13 of the Income Tax Act. This shift marks a pivotal moment for organizations that have relied on tax exemptions under the old regime, requiring them to adapt to new compliance requirements and broadened operational scopes. Understanding these amendments is crucial for charitable trusts as they navigate this new regulatory environment and continue to fulfill their philanthropic missions. Read full article from the following link https://drive.google.com/file/d/13-MeNsBb...

  Budget 2024 Expectations: Are GST Reforms coming? GOODS AND SERVICES TAX: BUDGET-2024 EXPECTATIONS  Yes, GST reforms are anticipated in the 2024 Budget of India. The reforms will focus on rate rationalization, amendments to the CGST and IGST Acts, and new measures to streamline the GST framework. The government aims to address issues like rate adjustments, input tax credit timelines, and introducing an amnesty scheme for non-fraudulent tax payment cases. These changes are expected to enhance compliance and boost consumer spending. Overall, the 2024 Budget is expected to focus on making the GST regime more business-friendly, reducing compliance burdens, and addressing specific industry concerns to foster economic growth. Amendments to the GST framework are anticipated to simplify compliance and improve the ease of doing business. This includes revising the annual GST return form (GSTR-9) to allow rectifications/revision and make the filing process less cumbersome for business...

Amnesty Scheme by way of waiver of interest and penalty for demands raised under Section 73 The proposal of the GST Council is to insert Section 128A to provide a waiver of interest and penalties for demand orders issued under Section 73of the Central Goods and Services Tax Act, 2017 ('CGST Act'). This waiver applies to cases where taxpayers pay full tax demand by 31-03-2025. This is recommended for the financial years 2017-18, 2018-19, and 2019-20.  However, the waiver is not to be extended in the cases of erroneous refunds. This recommendation provides significant relief to taxpayers where the tax remained unpaid in non-fraud, genuine cases of non-payment or short payment, etc. Since the inception of GST, many show-cause notices and demand orders have been issued for the starting years. The accumulated amount of interest for such initial years has grown equivalent to the tax amount or even more due to the extension of the time limit for issuing orders under Section 73 for FYs...