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Once In Lifetime Opportunity To Close PRE-GST Era Litigation

By Mr. Naresh Sheth and Mr. Parag Mehta

Honourable Finance Minister, while presenting the Union Budget 2019, proposed a one-time dispute resolution cum amnesty scheme called the ‘Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019′ for resolution and settlement of legacy cases of Central Excise and Service Tax.

Posted On July 2019

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Why there’s little merit in reviving any wealth-based taxation in India

By Mr. Ashok Shah

Lately, there has been a wave in favour of revival of estate tax in India. The rise in the number of high net-worth individuals (HNIs) and ultra HNIs, the sentiment of bridging the gap between the elite and the underprivileged across the society and to raise resources for social sector programmes tempts politicians and bureaucrats to pitch for reintroduction of estate duty.

Posted On 1st July 2019

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Two years of GST: The past, present and expectations

By Mr. Parag Mehta & Mr. Ankit Joshi

The GST regime has completed two years today. GST was introduced as the biggest tax reform (which is a fact) and showcased as One Nation One Tax.

Posted On 1st July 2019

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Key changes in Income Tax Return forms for AY2019-20

By Mr. Gopal Bohra

Unlike last year, from this year all individuals (apart from super senior citizens—individuals above the age of 80 years) need to compulsorily file their ITRs electronically.

Posted On 22th June 2019

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ICAI strengthens Internal Audit Function

By Mr. Prashant Daftary

A few years ago, ICAI did issue standards on internal audit but those were only recommendatory in nature and not mandatory. However, the five new standards issued will provide guidance and improve the quality of the internal audit, writes Prashant Daftary, Partner, N.A Shah Associates LLP.

Posted On 19th June 2019

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Why PE Investors find commercial realty lucrative?

By Mr. Sandeep Shah

As the sector is undergoing challenging times with the drying up of funds from NBFC and banks, private equity investors seem to be the light at the end of the tunnel.

Posted On 17th June 2019

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Tax relief for senior citizens upto Rs 5 lakh

By Mr. Gopal Bohra

ITR Filing: CBDT extends last date for employers to issue Form 16.
Earlier the last date for filing of Form 24Q was May 31, which has now been extended till June 30.

Posted On 6th June 2019

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Tax relief for senior citizens upto Rs 5 lakh

By Mr. Gopal Bohra

“Earlier, banks did not deduct tax at source for total income not exceeding Rs 4.5 lakh; that included Rs 3 lakh under tax-exempt category and Rs 1.5 lakh tax benefit under [section] 80C,” the first official said.

Posted On 25th May 2019

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Disabled person tax

By Mr. Gopal Bohra

Disabled person can claim up to Rs 1,25,000 tax deduction.

If a person is suffering from disability and also has a disabled dependent, then he/she can claim deduction for self under 80U and for the dependent under 80DD

Posted On 20th May 2019

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Good news taxpayers! Date of allotment of house will be treated as date of acquisition, rules ITAT

By Gopal Bohra

When an under-construction property is acquired, it is always a subject matter of controversy between the taxpayer and the tax department while determining the holding period of the property to compute capital gain.

Posted On 17th May 2019

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GST filing process

By Mr. Parag Mehta

That move was delayed while the back-end, the GST network (GSTN), was being made ready for this. Now, government officials directly familiar with the matter say the simplified form is ready, and could be launched by July, soon after the new government takes over.

Posted On 16th May 2019

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New avatar of Aadhaar meant for companies

By Mr.Sandeep Shah & Ms. Nikita Grover

The ministry of corporate affairs amended the Companies (Incorporation) Amendment Rules which now prescribes that all companies registered prior to December 31, 2017, should submit a form called e-ACTIVE- ‘Active Company Tagging Identities and Verification

Posted On 03rd May 2019

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Have You Fully Utilized Section 80C Income Tax Benefit? Here Are Key Things To Know for your reference

By Mr. Ashok Shah

Eligible income tax assessees can claim a tax benefit worth up to Rs.1.5 lakh – in the form of deduction from taxable income – in a financial year.

Posted On 3rd May 2019

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BUDS - Banning of unregulated deposits

By Mr. Milan Mody & Mr. Amit Munot

The Banning of Unregulated Deposit Schemes Ordinance aims to tackle the menace of illicit deposit-taking activities.

Posted On 30th April 2019

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What Latest Form 16 Changes Mean For You

By Ashok Shah

the Income Tax Department earlier this month notified new ITR forms, applicable for reporting income in financial year 2018-19

Posted On 22nd Aril 2019

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GST– Recent Judgments & Advance Rulings

By Naresh Sheth and Jinesh Shah

Concepts relevant to taxation law & Practice

Posted On 26th March 2019

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Impact of GST on real estate sector

By Mr.Naresh Seth

The Goods and Services Tax (GST) Council recently cut tax rates on housing in both affordable and those out of affordable ambit.

Posted On 12th March 2019

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Implications of GST Council meeting on under construction properties

By Mr.Naresh Seth

Naresh Sheth, Partner, N.A Shah Associates LLP, explained that GST council’s proposals to slash down GST rates effective April 1, 2019 from 12% to 5% for under construction premier residential properties and from 8% to 1% for affordable house (having RERA carpet area up to 60 sq. mtrs, and value not exceeding 45 lakh in metro cities) will be a bonanza for home buyers.

Posted On 8th March 2019

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Do I have to pay tax on insurance maturity proceeds?

By Ashok Shah

According to Section 10(10D) of the Income-Tax Act, any sum received from a life insurance policy is exempt from tax

Posted On 4th March  2019

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Tax queries: Gifts received from a relative are tax-exempt

By Ashok Shah

According to Section 56(2)(vii) of the Income-Tax Act, gifts received from relatives are not taxable. The specified list of relatives includes grandparents and grandchildren as well.

Posted On 6th Feb 2019

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UDIN: The tool to plug bank frauds through forged documents

By Milan Mody, Bhavin Kapadia and Nidhi Parekh

Originality and authenticity are the key elements when people rely and trust documents which have been certified by an expert.

Posted on 19th Jan 2019

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Can father legally recover money spent on child’s education? Here’s what the Bombay HC said in this case

By Sandeep Shah

A case of cheating filed by a father against his son for failure to pay back Rs 29 lakh has apparently disturbed the Hon’ble Judges of the Bombay High Court.

Posted on 15th Jan 2019

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Article Opportunity_SEBI relaxes listing of startups

By Sandeep Shah, Amrita Bhatnagar and Vaibhav Gandhi

With the objective of ease of doing business, Government of India has taken various measures to promote startups.

Posted on 4th Jan 2019

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Article on NFRA - Who audits the auditor?

By Milan Mody and Sandesh Rajapkar

The spate of major corporate scandals, including the likes of Enron, WorldCom, Tyco International, Adelphia, and Peregrine Systems in the USA gave rise to the Sarbanes Oxley Act, 2002 (SOX).

Posted on 4th Jan 2019

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Around 200 auditors resigned in 2018 but how many followed the procedure?

By Milan Mody and Samir Parmar

In 2018, around 200 auditors have resigned and in Mumbai region alone, the numbers range around 60.

Posted on 31th Dec 2018

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UPI app user loses Rs 6.8 lakh from his SBI account; Was it fraud? What legal experts said

By Sandeep Shah

UPI app users beware! In a recent case of fraud, a Noida-based UPI (Unified Payments Interface) app user has reportedly lost Rs 6.8 lakh from his SBI savings account.

Posted on 28th Dec 2018

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Real Estate Funding Crisis

By Sandeep Shah

Reserve Bank of India (RBI) for more than two decades has treated real estate as a sensitive industry.

Posted on 13th Dec 2018

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ETCFO Insight: Tax on LLP conversion, conditioned

By Ashok Shah and Hitesh Jain

Conversion of company into Limited Liability Partnership (LLP) results in ‘transfer’, hence liable for tax, in the absence of fulfilling condition of section 47(xiiib) of IT Act rules Income tax Appellate Tribunal (ITAT).

Posted on 7th Dec 2018

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Will I be taxed if I don't withdraw EPF amount after retirement?

By Ashok Shah

If you keep the money in the EPF after retirement, you will need to disclose the interest in your income tax return and pay tax accordingly.

I have accumulated a large amount in my EPF account. 

Posted on 19th Nov 2018

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Got unsolicited credit card? Bank can’t force you to pay for its misuse

By Sandeep Shah

If any bank has issued you an unsolicited card, without your consent, then you are not liable to pay for any loss suffered by the bank arising out of misuse of such card.

Posted on 15th Nov 2018

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Investing in art? Make sure your papers are in order to avoid tax problems

By Tinesh Bhasin

The paperwork must show how the artwork was procured and that valuation was correct when it was bought; art collectors also need to insulate their beneficiaries from tax troubles in the future.

Posted on 12th Nov 2018

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How can I save tax on gains made on selling a shop

By Ashok Shah

One can also choose to invest the capital gains within six months from the date of sale of the property in the bonds of certain specified companies.

I recently sold my shop and made capital gains of Rs 33 lakh. How can I save tax on these gains?

Posted on 12th Nov 2018

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Check warranty of gadgets you buy

By Sandeep Shah

Festivals like Diwali and Christmas have both become associated with shopping mania. Discounts and deal are tied around them. Right from smartphones to iron and grinders to cars, there seems is a promotional offer for everything, both online as well as offline. 

Posted on 6th Nov 2018

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Issues and challenges revolving around GST audit & annual return and precautions for compliances

By Sandeep Shah

GST Audit is applicable to every registered person whose aggregate turnover in a financial year exceeds Rs. 2 Crores which has to be computed for company on PAN India basis and not individually for each State. 

Posted on 22th Oct 2018

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Can I claim medical expenses for my wife as deduction under Income Tax Act?

By Ashok Shah

My 71-year-old wife is diabetic. She has a medi-claim policy but it does not cover OPD expenses. She has to go for medical check-ups 5-6 times a year and each check-up costs around Rs 7,000. Can I claim these expenses for tax deduction?  

Posted on 22th Oct 2018

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Legal considerations for acquisition, sale and leasing of land

By Sandeep Shah

Land by definition is fixed in supply and also perfectly scarce.  Moreover, each parcel of land is perfectly unique in itself and cannot be replicated.  

Posted on 13th Oct 2018

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How is long-term capital gain from Nabard bonds taxed?

By Ashok Shah

Being a super senior citizen, you are liable to pay income tax only if your taxable income exceeds Rs 5 lakh.  

Posted on 8th Oct 2018

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Impact of e-commerce trend on Indian real estate

By Sandeep Shah

E-commerce trend is both an opportunity and threat. Depending on which side of the coin you are, it will either benefit you or you will be victim of the new sunrise Industry. The E-commerce industry is witnessing never ending inflow of funds inspite of the fact that they continue to incur losses much beyond their net worth.  

Posted on 7th Oct 2018

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Insolvency and Bankruptcy Code: Has IBC been effective in safeguarding the rights of buyers?

By Sandeep Shah

IBC can only hasten the resolution process but can never take away the pain of all those who are impacted due to the builder’s insolvency or inability to meet the commitments.  

Posted on 30th Sep 2018

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Indian Accounting Standard (Ind AS) 115, Revenue from Contracts with Customers

By CA Sandeep Shah and CA Milan Mody

India had the unique opportunity to early adopt Ind AS 115 as compared to rest of world.Nonetheless, entities will have to once again undergo the process of unlearning and relearning  

Posted on August 2018

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How to claim tax benefits on home loan if house property is jointly owned with spouse?

By Gopal Bohra

If a piece of property is jointly owned with one’s spouse, a question arises that can both husband and wife claim the tax benefit equally and in which case?  

Posted on 21th Aug 2018

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How will the capital gains made on the sale of a flat be taxed?

By Ashok Shah

To compute long-term capital gain, one will have to reduce the indexed cost of acquisition from the selling price.  

Query: I am about to sell a flat for Rs 60 lakh. What will be my capital gains tax liability? How can I save tax?  

Posted on 20th Aug 2018

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Government move to curb Ponzi schemes: What you need to know

By Sandeep Shah

In the realm of the real world, high return and guaranteed return don’t go hand in hand. As an answer to Ponzi schemes, the government has recently tabled the Banning of Unregulated Deposit Schemes Bill, 2018.    

Posted on 17th Aug 2018

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10 things you need to know about filing your Income Tax Returns

By Praveenkumar Darak and Rashi Gupta

The taxpayer who could not file their income tax returns for the financial year 2017-18 by July 31, 2018, can feel relaxed as the Central Board of Direct Taxes has extended the last date for filing income tax return from July 31, 2018, to August 31, 2018.   

Posted on 10th August 2018

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Keep a tab on your private PF, know how to get errors fixed

By Sandeep Shah

Employees’ Provident Fund (EPF) is a saving tool that we all like not only because it gives guaranteed tax-free returns but also because we know that our employer adds an equal amount to the PF kitty every month. 

Posted on 7th August 2018

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Small entrepreneur/business owner? Here’s the best way to file your income tax return

By Pooja Karani and Gopal Bohra

Running a business and maintaining regular books of accounts is a tedious task for small/new entrepreneurs. To relieve such entrepreneurs from the maintenance of regular books of account and to focus on their business, the Income Tax Act provides certain relaxations for maintenance of books of accounts.   

Posted on 2nd August 2018

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Big relief! New GST return forms reduce hassles for small taxpayers

By Parag Mehta

To avoid strain on the GST Network, the return-filing dates would now be staggered based on the turnover of the taxpayer.   

Posted on 1st August 2018

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Proposed returns process to simplify GST regime, bring relief to taxpayers

By Parag Mehta

Assessees will have to continuously upload invoices and keep track of matching purchase receipts with those of sales to claim input tax credit.   

Posted on 31th July 2018

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CBDT expands scope of tax audit process

By Gopal Bohra

Revisions in the forms have come at a time when tax professionals are busy with filing returns by July 31, making it more onerous for them, an expert says.   

Posted on 26th July 2018

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Income tax filing reckoner: Here's how your capital gains will be taxed this year

By Gopal Bohra and Mansi Desai

Here some tips for you on how to compute your capital gains for the purpose of filing tax return.     

Posted on 24th July 2018

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Has your employer not given your Form 16? Here’s how you can still file your tax return

By Rushabh Vora and Mansi Almeida

With the due dates to file for income tax return assessments for the year 2018-19 round the corner, taxpayers are gearing up to comply with the deadline.      

Posted on 23th July 2018

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I took a home loan to purchase a flat. This flat is registered in my parents’ and my name. Will the rent proceeds from this property be considered as my income or divided into three parts for income tax purposes?

By Ashok shah

Query: Will switching from equity to debt schemes of the same fund house have some tax implication?      

Posted on 23th July 2018

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11 Days Left To File Your Income Tax Return And Avoid Penalty

By Chirag Chordia

The Income Tax Department has been using different mediums to remind assessees to file their income tax return (ITR) for Assessment Year 2018-19 by the due date. From social media platforms to website to emails, the taxman is urging assessees to finish the income tax return filing process before the due date.     

Posted on 20th July 2018

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Income Tax Return filing: 10 tax filing mistakes that can land you in trouble

By Gopal Bohra

In a rush to file their income tax return on time, some taxpayers end up making some mistakes. Here’s a list of 10 common tax-filing mistakes which can land you in trouble.     

Posted on 18th July 2018

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Govt Hopes To Reduce Tax Disputes With New Policy Measures

By Gopal Bohra

The government on Wednesday announced a series of measures that would give a huge relief to taxpayers who have tax disputes with the Government.     

Posted on 12th July 2018

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MCA notifies Beneficial Ownership Rules: Drastic changes, are you ready?

By Ashok Shah and Amrita Bhatnagar

Companies (Amendment) Act 2017 has replaced the provision relating to Significant Beneficial Owners by amending section 90 of the Companies Act.     

Posted on 10th July 2018

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What is Income Tax Clearance Certificate? For whom is it a must?

By Ashok Shah

There are a few transactions where obtaining an Income-Tax Clearance Certificate is currently required under the Income-Tax Act.  

Earlier, many transactions required obtaining an Income-Tax Clearance Certificate. 

Posted on 6th July 2018

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GST completes 1 year! 10 stocks that are likely to gain the most

By Ashok Shah

The Goods and Services Tax (GST) has completed one year on July 1. It will be a year since the introduction was heralded as India’s greatest tax reform to free Indians from multiple taxes, setting the base for a unified common market.  

Posted on 2nd July 2018

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Counting Their Losses

By Ashesh Shah

The newly minted Insolvency and Bankruptcy Code, 2016 (IBC) has put banks in a spot. The bankruptcy process is forcing them to book massive losses. Take a look. Promoters of Mumbai-based Shirdi Industries, a manufacturer of decorative laminates for the furniture industry, left just 26 cents for a dollar on the table for bankers as part of the IBC resolution.

Posted on 1st July 2018

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Evading bank’s WhatsApp message can be a costly financial mistake; all you need to know

By Ashok Shah

If you are one of those who tend to ignore any message or notice sent through email or electronic means like WhatsApp, then think again. Here’s what happened in this case.

Posted on 18th June 2018

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NPA recovery: ‘Banks’ internal processes not in sync with external environment’

By Ashesh Shah

Internal processes in banks have still not caught up with the changes in the external environment relating to the recovery of non-performing loans, said Ashesh Shah, Managing Director, Trans-Continental Capital Advisors Pvt Ltd.

Posted on 12th June 2018

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"HomeMoney SBI Debit Card Case: Can banks deny payment even if ATM pin is shared with spouse? Here’s what legal experts say"

By Sandeep Shah

A consumer court has recently ruled in favour of the SBI in a case in which the bank said that husband can’t use wife’s debit card, even if he is using it with the consent of his wife.

Posted on 11th June 2018

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Everything you need to know about structuring investments for your startup

By Ashok Shah and Amrita Bhatnagar

One of the biggest challenges for a start-up entrepreneur is arranging the funds necessary to launch and grow businesses. The major challenge is the availability of bank finance in absence of security.

Posted on 11th June 2018

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Guidelines to sustain a family business

By Ashok Shah and Diana Mathias

“For better or for worse, our company is a reflection of my thinking, my character and my values” – Rupert Murdoch

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Times Property supplement

By Mr. Sandeep Shah

It is important to keep in mind the legal requirements for the purchase of your home. This Akshaya Tritiya, ensure you check all the legal boxes and move forward as a home-owner.

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Investing To Save Income Tax? Link It To Your Goals And Not Your Tax

By Mr. Ashok Shah & Mr. Aniket Shet

In today’s time, the common man has become more prudent and wise when it comes to investments, says Ashok Shah of N.A. Shah Associates.

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HNWIs Bidding Adieu to India - Under Tax Scanner

By Mr. Ashok Shah and Ms. Mansi Almeida

Recent times have witnessed increasing trend of individuals, primarily High Net Worth Individuals (‘HNWIs’), migrating from India with or without surrendering their Indian citizenship.

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Victory for Co-operative Societies - Supreme Court approves the principle of mutuality

By Mr. Ashok Shah & Mr. Praveen Darak

The Supreme Court has upheld the principle of mutuality, which states that a person cannot make profit from himself.

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Booster to small enterprises" in Expert column of Realty Plus

By Mr. Bhavin Kapadia

Small enterprises are the strong pillars of our country which significantly contributes to our economy’s Vikas and Rojgar.

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GST Collection figures

By Mr. Parag Mehta

Reacting on GST Collection figures Mr.Parag Mehta, Partner, N.A Shah Associates LLP, said, “GST Collections for February 2018 stands at Rs. 85,174 crores. Reacting on GST Collection figures Mr.Parag Mehta, Partner, N.A Shah Associates LLP, said, “GST Collections for February 2018 stands at Rs. 85,174 crores.

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The Financial Express, on the article Country By country Reporting

By Mr. Gopal Bohra & Mr. Rushabh Shah

Keeping in mind to adopt the global best practices in the area of transfer pricing (TP), India has, over the past few years.

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Revisiting Anti-Fraud Compliance Programs : Lesson from the Nirav Modi Scam

Mr. Prashant Daftary and Mr. Kalpesh Panchal

Nirav Modi and Gitanjali Gems scam has been one of the most writtern about topic in the recent days.

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I-T dept warning to salaried taxpayers: Hoodwinking the taxman is difficult

If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected.

Cases of salaried employees making false declarations to claim tax deductions and under-reporting their income have become quite common in recent times.

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Peril of paying unaccounted cash for buying your dream home may land you in jail!

By Ashok Shah

Maharashtra Real Estate and Regulatory Authority (RERA), in a recent case, directed a builder to refund cash component over delay in possession to a buyer.