Tax & Accounting

India’s Finance Act, 2024 Makes Changes to the Input Service Distributors Mechanism in the GST Regime


India Briefing explores the latest amendments introduced in the Finance Act 2024 such as the definition and procedures concerning the Input Service Distributor (ISD) concept under the Goods and Services Tax (GST) regime. 

India’s New Tax Compliance Law Impacting MSMEs: Section 43B(h) Explained


We discuss why specified companies could face higher taxable incomes under section 43B(h) of the Income-tax Act, 1961, due to delayed payments to MSME suppliers.

Examining Significant Changes to India’s ITR Forms for AY 2024–25


The early release of the updated ITR forms from the Income Tax Department of India aim to enhance user experience and ensure taxpayer awareness. The changes are based on amendments to the Income-tax Act, 1961, as detailed in the Finance Act, 2023.

Understanding Accelerated Depreciation of Solar Power Assets in India


Accelerated depreciation is a crucial driver of investments in the adoption of solar power in India, offering commercial and industrial consumers faster depreciation on solar power plant investments than traditional plants and machinery.

Interim Budget Rounds Up Key Tax Reforms, Makes Case for Modi Re-Election


Finance Minister Nirmala Sitharaman rounded up the government’s recent tax measures in her 2024 interim budget, with no new changes to the tax regime, in a marked departure from 2019. We list some of the highlighted policy achievements in this brief and note a few extensions.

India’s Interim Budget 2024: No Populist Measures, No Changes to Taxation


India’s interim budget 2024, which is a vote on account, was presented on February 1, and contained no major policy changes or revisions to taxation. We round up the key provisions laid out in the budget and the fiscal data provided by Finance Minister Nirmala Sitharaman.

Leveraging Section 80EEB: Tax Benefits for Businesses on Electric Vehicle Loans


India has in place tax incentives for businesses and individuals taking loans to buy electric vehicles. We discuss the relevant provisions under Section 80EEB of the Income Tax Act, 1961.

India’s Concessional Tax Regime for Manufacturing Sector Approaches Sunset Date: Industry View


India’s manufacturing sector seeks an extension of incentives from the government, including prolonging the duration of the 15% concessional tax scheme.

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