This podcast talks about the change brought about by the Finance Act of 2021, that seeks to tax notional interest accruing on employee’s contribution along with the manner of such computation. While examining the various components of a typical provident fund balance, the glaring lacunae as to specific provisions in the Income Tax Act, 1961 become apparent. It is argued that the absence of charging provision in all likelihood would result in it being taxed as ‘Income from Other Sources’, and additionally, the absence of machinery provisions would lead to no clear TDS liability. Reliance is placed on the landmark ruling in CIT v. LW Russel to show that regardless of monthly or annual computation of interest, it becomes taxable in the hands of the employee only when the same actually becomes due and payable to the employee upon attaining the age of superannuation.

Audio Source: An article published on the LKS website in December 2021 https://www.lakshmisri.com/insights/articles/taxability-of-interest-on-provident-funds/

Author:  Samyak Navedia, Associate (LKS)

Voice: Sahana Rajkumar, Principal Associate (LKS)

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This week’s podcast focuses on the proposed amendment to the Biological Diversity Act, 2002 by introducing the recent Bill in the Lok Sabha and discusses the implications for Indian entities.

Audio Source: An article published in the Bar & Bench in December 2021 https://www.barandbench.com/view-point/biological-diversity-amendment-bill-2021-implications-for-indian-entities

Authors:  Malathi Lakshmikumaran, Executive Director (LKS), and Vindhya S Mani, Joint Partner (LKS)

Voice: Vindhya S Mani, Joint Partner (LKS)

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This podcast talks about the recent time’s mechanism of transferring the immovable property under the Joint Development Agreement (JDA). It also analysis the disputes with respect to determining the year of taxability of capital gains arising out of the transfer of immovable property considering the provisions of the Income Tax Act, 1961.

Audio Source: An article published on the LKS website in November 2021 https://www.lakshmisri.com/insights/articles/determination-of-year-of-taxability-for-transfers-arising-out-of-registered-joint-development-agreements/#

Author:  Abhinov Vaidyanathan, Sr. Associate (LKS)

Voice: Gunmeher Juneja, Principal Associate (LKS)

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This week’s podcast gives a brief overview of the anti-absorption provisions that have been announced by the Finance Minister in the Budget 2021-22.

Audio Source: An article published on the LKS website in November 2021 https://www.lakshmisri.com/insights/articles/anti-absorption-provisions-new-tool-for-strengthening-trade-remedial-measures/#

Author:  Aayush Rastogi, Associate (LKS)

Voice: Neelambera Sandeepan, Joint Partner (LKS)

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This week’s podcast discusses the proposed amendments to the 2019 draft of the Personal Data Protection Bill by the joint committee of the Parliament.

Audio Source: An article published in the Financial Express in December 2021 https://www.financialexpress.com/opinion/personal-data-protection-bill-what-are-the-causes-for-concern/2390058/

Author:  Prashant Phillips, Partner (LKS)

Voice: Sahana Rajkumar, Principal Associate (LKS)

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This podcast discusses the recent case of cartelization against the bear companies and the All India Brewers’ Association by the Competition Commission of India (“CCI”).   

Audio Source: An article published on the LKS website  in November 2021 https://www.lakshmisri.com/insights/articles/leniency-dawn-raid-penalty-a-case-of-cartelization-in-the-beer-market/# 

Authors:  Neelambera Sandeepan, Joint Partner (LKS), and Barkha Dwivedi, Associate (LKS) 

Voice: Neelambera Sandeepan, Joint Partner (LKS) 

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This week’s podcast explains how taxpayers can mitigate litigation by being vigilant and proactive during the investigation stage.

Audio Source: An article published in ITR in December 2021 https://www.internationaltaxreview.com/article/b1vq53678y9cx9/being-investigated-by-indias-tax-department-know-your-rights-and-options

Authors:  Raghavan Ramabadran, Executive Partner (LKS), Sahana Rajkumar, Principal Associate (LKS), and Derlene Joshna, Associate (LKS)

Voice: Neelambera Sandeepan, Joint Partner (LKS)

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GST applicability on Extra Neutral Alcohol (ENA) has been a raging issue since its introduction. This podcast discusses whether levying VAT on ENA can be considered as a correct practice or GST is leviable on the supply of ENA?   

Audio Source: An article published in BusinessToday.in  in November 2021 https://www.businesstoday.in/opinion/columns/story/conundrum-around-taxability-of-ena-under-gst-312972-2021-11-22   

Authors:  Anshul Mathur, Partner (LKS), and Sangitha, Consultant (LKS)   

Voice: Sahana Rajkumar, Principal Associate (LKS)   

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This week’s podcast talks about the taxability of second-hand goods under the 'Margin Scheme' and un-settled issues revolving around it.

Audio Source: An article published in Lexology in November 2021 https://www.lexology.com/library/detail.aspx?g=4ae697e7-3f0f-4387-9cf4-876639e82a41

Authors:  Surbhi Premi, Joint Partner (LKS), and Kundan Kumar, Sr. Associate (LKS)

Voice: Rishabh Chopra, Joint Partner (LKS)

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