Tax Connect Advisory Services LLP

Tax Connect Advisory Services LLP Tax Connect is a leading Professional services firm providing effective & quality solutions in Tax

๐Ÿ“š Income Tax Act 2025 | โš–๏ธ GSTAT | โš–๏ธ ITAT| ๐Ÿค Bridging Law & Trade: Representations before Member:ITAT (Income Tax Appel...
17/06/2026

๐Ÿ“š Income Tax Act 2025 | โš–๏ธ GSTAT | โš–๏ธ ITAT| ๐Ÿค Bridging Law & Trade: Representations before Member:ITAT (Income Tax Appellate Tribunal), GSTAT (GST Appellate Tribunal) & Trade Interaction on New Tax Laws

Honored to have engaged in a thoughtโ€‘provoking discussion with Shri Manish Agarwal (Honโ€™ble Member, ITAT โ€“ New Delhi) on the New Income Tax Act 2025, where I had the privilege of presenting our book and exploring intricate statutory issues.

Equally privileged to address an august gathering at the Merchant Chamber of Commerce, sharing insights on the New GSTAT and its complex challenges for trade and industry.

These platforms โ€” judicial and commercial โ€” reflect the dual responsibility of tax professionals: ensuring legal precision before appellate authorities while fostering operational clarity for businesses navigating new frameworks.

Team Tax Connect Advisory Services LLP

Tax Connect is pleased to share an Article on "Income Tax Compulsory scrutiny notices start flowing as guidelines are in...
16/06/2026

Tax Connect is pleased to share an Article on "Income Tax Compulsory scrutiny notices start flowing as guidelines are in place [Sec 143(2) of ITAโ€™61 โ€“ Sec 270 of ITAโ€™25]"

Notices u/s 143(2) are served for all the cases selected for Compulsory Scrutiny, by 30th June as the Guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year are issued. Like every year, the CBDT released guidelines for the purpose of compulsory selection of returns for Complete Scrutiny during the Financial Year 2023-24 and the conduct of assessment proceedings in such cases. The government conducts massive data analytics to expand the tax base. This data along with information coming from GST and other agencies are used. The data is then tallied with the tax returns to assess if the income is adequately reflected or not, loss has been over stated or not or in any way has tax been underpaid.

The most critical Cases which would be selected for compulsory scrutiny are those related to specific information regarding tax evasion. Again, the question is how this โ€œspecific informationโ€ will be generated. The answer is that The Jurisdictional Assessing Officers (JAOs) shall prepare a list of cases falling under this parameter with prior administrative approval of Pr. CIT/Pr.DIT/CIT/DIT concerned. Hence, the assesses still need to keep the JAOs in good humour to ensure that their cases do not come up in compulsory scrutiny cases. Important to note is that the JAOs need to upload this specific information. However, a breather for assessees is that the scrutiny would be undertaken by NaFAC. However, the cases which are selected for compulsory scrutiny by the International Taxation and Central Circle charges, shall continue to be handled by International Taxation and Central Circle charges respectively, as earlier. These will not go to NaFAC

For detailed article please go through the pdf.

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Tax Connect Advisory Services LLP

๐‚๐ž๐ฅ๐ž๐›๐ซ๐š๐ญ๐ข๐ง๐  ๐Ÿ๐ŸŽ ๐‘๐ž๐ฆ๐š๐ซ๐ค๐š๐›๐ฅ๐ž ๐˜๐ž๐š๐ซ๐ฌ ๐จ๐Ÿ ๐“๐š๐ฑ ๐‚๐จ๐ง๐ง๐ž๐œ๐ญ! ๐ŸŒŸFrom a vision to a trusted name in tax and legal knowledge sharing, our...
16/06/2026

๐‚๐ž๐ฅ๐ž๐›๐ซ๐š๐ญ๐ข๐ง๐  ๐Ÿ๐ŸŽ ๐‘๐ž๐ฆ๐š๐ซ๐ค๐š๐›๐ฅ๐ž ๐˜๐ž๐š๐ซ๐ฌ ๐จ๐Ÿ ๐“๐š๐ฑ ๐‚๐จ๐ง๐ง๐ž๐œ๐ญ! ๐ŸŒŸ

From a vision to a trusted name in tax and legal knowledge sharing, our journey has been shaped by the trust and support of our clients, readers, partners, and team.

As we mark our 10th Foundation Day, we extend our heartfelt gratitude to everyone who has been part of this incredible journey.

Thank you for believing in us. The best is yet to come!

15/06/2026

GSTAT Outreaches, Filing Intricacies & GSTAT Decisions

YouTube Link : https://youtu.be/12xVZhWE6wM

This video Analyses:
1. GSTAT Decision on intermediaries: Dow Chemicals
2. Making a "Brief Grounds" in "Case Details" when filing GSTAT Appeals
3. State or Principal Bench for Similar Matters in various States?
4. Other Intricacies of Filing Appeals before GSTAT

Pdf Link: https://tinyurl.com/53wmad8s

Team Tax Connect Advisory Services LLP

Tax Connect Advisory Services LLP is pleased to put forward the ๐Ÿ“๐Ÿ”๐Ÿ๐ฌ๐ญ ๐ˆ๐ฌ๐ฌ๐ฎ๐ž of "๐“๐š๐ฑ ๐‚๐จ๐ง๐ง๐ž๐œ๐ญ ๐๐ฎ๐ฅ๐ฅ๐ž๐ญ๐ข๐ง".We do hope that th...
13/06/2026

Tax Connect Advisory Services LLP is pleased to put forward the ๐Ÿ“๐Ÿ”๐Ÿ๐ฌ๐ญ ๐ˆ๐ฌ๐ฌ๐ฎ๐ž of "๐“๐š๐ฑ ๐‚๐จ๐ง๐ง๐ž๐œ๐ญ ๐๐ฎ๐ฅ๐ฅ๐ž๐ญ๐ข๐ง".

We do hope that this initiative adds value to your professional sphere.

To access the same & other Issues, please click the link below :-
https://taxconnect.co.in/bulletins.php

Tax Connect is pleased to share an Article on "Cross-border wire transfers shall be accompanied by accurate, complete, a...
12/06/2026

Tax Connect is pleased to share an Article on "Cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information"

The RBI Vide RBI/2023-24/25 has instructed banks and financial institutions to ensure that cross-border as well as domestic wire transfers contain complete information about the originator and beneficiary. This is done to prevent them from being misused as a channel for money laundering, terrorist financing platforms.

Domestic wire transfers of Rs 50,000 and above, where the originator is not an account holder of the ordering RE, shall also be accompanied by originator and beneficiary information as indicated for cross-border wire transfers. The instructions, however, are not intended to cover any transfer that flows from a transaction carried out using a credit card, debit card, or Prepaid Payment Instrument (PPI) for the purchase of goods or services.

As per the updated Master Directions, all cross-border wire transfers must be accompanied by the following information about the originator and beneficiary -
(a) name of the originator;
(b) the originator account number where such an account is used to process the transaction;
(c) the originatorโ€™s address, or national identity number, or customer identification number, or date and place of birth;
(d) name of the beneficiary; and
(e) the beneficiary account number where such an account is used to process the transaction.

The RBI has updated the instructions in the Master Direction on KYC related to Wire Transfers in order to align the same with the relevant recommendation of the Financial Action Task Force (FATF). Further, domestic wire transfer, where the originator is an account holder of the ordering Regulated Entity, shall be accompanied by the originator and beneficiary information, as in the case of cross-border wire transfers.

โ€œCross-border wire transferโ€ refers to any wire transfer where the ordering financial institution and beneficiary financial institution are located in different countries. This term also refers to any chain of wire transfer in which at least one of the financial institutions involved is located in a different country.

โ€œDomestic wire transferโ€ refers to any wire transfer where the ordering financial institution and beneficiary financial institution are located in India. This term, therefore, refers to any chain of wire transfer that takes place entirely within the borders of India, even though the system used to transfer the payment message may be located in another country.

For detailed article please go through the pdf.

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Tax Connect Advisory Services LLP

Tax Connect is pleased to share an Article on "Complete transition from LIBOR from 1st July 2023 opportunity for consult...
11/06/2026

Tax Connect is pleased to share an Article on "Complete transition from LIBOR from 1st July 2023 opportunity for consulting firms"

The use of LIBOR was called into question following the global financial crisis. The RBI had issued an advisory on โ€˜Roadmap for LIBOR Transitionโ€™ in July 2021 wherein banks/FIs, inter-alia, were encouraged to undertake transactions using widely accepted Alternative Reference Rate (ARR), as soon as practicable and in any case by Decโ€™21 and insert robust fallback clauses in relevant LIBOR linked financial contracts. Now it has issued an advisory RBI/2023-24/30 - CO.FMRD.DIRD.01/14.02.001/2023-24 dated 12th May 2023 asking to banks and other RBI-regulated entities, emphasising the need to take steps to ensure a complete transition from the London Interbank Offered Rate from July 1, 2023.

LIBOR isnโ€™t sustainable because of a lack of transactions providing data. Libor became a byword for corruption after traders were caught manipulating the benchmark, leading to about $9 billion in fines and the conviction of several bankers. Regulators globally have asked firms to move away from Libor to other alternate, risk-free rates (RFRs).

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Tax Connect Advisory Services LLP

Tax Connect is pleased to share an Article on "Tax Limits for Dept. to file appeals before ITAT/High Court/ Supreme Cour...
10/06/2026

Tax Connect is pleased to share an Article on "Tax Limits for Dept. to file appeals before ITAT/High Court/ Supreme Court [Sec 295 of ITAโ€™61 โ€“ Sec 533 of ITAโ€™25]"

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Tax Connect Advisory Services LLP

Tax Connect is pleased to share an Article on "Subscription Fees for accessing standard online market research database ...
09/06/2026

Tax Connect is pleased to share an Article on "Subscription Fees for accessing standard online market research database is not Royalty [Sec 9 of ITAโ€™61 โ€“ Sec 9 of ITAโ€™25]"

There are many online databases which set out the details of the modules that are required by the Customers and permitted to be accessed with applicable fees. For making these databases data is collected from relevant sources and in various forms and then compiled/extrapolated and such information is provided to the Customers in the form of Reports. Subscription fees are charged to the customers for this service. Now the question is whether this Subscription Fees for standard online market research database is to be taxed as Royalty under Section 9(1)(vi) of the Income-tax Act, 1961 (the Act) and under Article 12 of tax treaties? To answer this question, one has to look into various issues as follows โ€“

1. Is there a use of or right to use any copyright of literary, artistic or scientific work or any patent trade mark or for information of commercial experience.
2. Are the reports provided Customised or general from publicly accessible data.
3. Is the server in India or outside India.

If a service provider collects information available in public domain and all informations are maintained on a central computer which is not in India and which is accessible to each constituent who pays subscription fees, then such subscription fees cannot be treated as royalty or even fee for technical services.

On the same issue, the decision of The High Court was upheld in the case of M/s IQVIA AG (FOREIGN COMPANY) Vs DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION) -2(2)(2) [2023-VIL-598-ITAT-MUM]

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Tax Connect Advisory Services LLP

Tax Connect Advisory Services LLP is pleased to put forward the ๐Ÿ“๐Ÿ”๐ŸŽ๐ญ๐ก ๐ˆ๐ฌ๐ฌ๐ฎ๐ž of "๐“๐š๐ฑ ๐‚๐จ๐ง๐ง๐ž๐œ๐ญ ๐๐ฎ๐ฅ๐ฅ๐ž๐ญ๐ข๐ง".We do hope that th...
06/06/2026

Tax Connect Advisory Services LLP is pleased to put forward the ๐Ÿ“๐Ÿ”๐ŸŽ๐ญ๐ก ๐ˆ๐ฌ๐ฌ๐ฎ๐ž of "๐“๐š๐ฑ ๐‚๐จ๐ง๐ง๐ž๐œ๐ญ ๐๐ฎ๐ฅ๐ฅ๐ž๐ญ๐ข๐ง".

We do hope that this initiative adds value to your professional sphere.

To access the same & other Issues, please click the link below :-
https://taxconnect.co.in/bulletins.php

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