Latest Articles
9 Key Highlights of Maharashtra State Budget 2026-27
Finance : The Maharashtra Budget 2026–27 emphasizes welfare schemes, infrastructure development, and agricultural relief. Major announceme...
Rationale/Grounds/Statement of Intent for Voluntary Surrender & Strategic Pivot for NBFC-MFI
Fema / RBI : A microfinance company decided to surrender its RBI registration after severe financial stress and rising NPAs. The decision was t...
GST Not Payable on Auction Sale of Partially Constructed Property
Goods and Services Tax : The court held that auction sale of a partially constructed building on an “as-is-where-is basis” is a transfer of immovable p...
Transfer Pricing – Cost Plus Method – Complete Illustration
Income Tax : A detailed numerical illustration shows how the Cost Plus Method determines ALP for manufacturing transactions. The transfer price...
Retrospective GST Cancellation: Buyers Punished for Supplier Defaults by Officers
Goods and Services Tax : Courts clarify that input tax credit cannot be denied merely because a supplier’s GST registration was cancelled retrospectively...
Latest News
CA Intermediate & Foundation Examinations January 2026- Pass Percentage & Toppers
CA, CS, CMA : ICAI has announced the CA Intermediate and Foundation results for January 2026, revealing a low pass percentage, particularly in I...
IFSCA Proposes Detailed Regulations for Preferential Issues and QIPs in IFSC Markets
Finance : The consultation paper proposes a regulatory framework governing preferential issues and QIPs by IFSC-listed entities, focusing on...
IFSCA Proposes New Regulations to Prohibit Market Abuse in IFSC Securities Markets
Finance : The draft regulations aim to curb insider trading, market manipulation, and fraudulent practices in IFSC securities markets while ...
Consultation Paper On Regulatory Framework For Rights Issues By Listed Entities In IFSC
Finance : The proposed regulations prescribe timelines, subscription periods, allotment procedures, and monitoring of issue proceeds for rig...
Draft Income Tax Rules 307 to 311: Insurance/Annuity Scheme, Annuity Commutation, Beneficiary & Employer Restrictions, Assignment Penalty, and Business Winding-Up Arrangements
Income Tax : Rules 307–311 of the Draft Income-tax Rules, 2026 outline how pension funds must purchase annuities, restrict commutation, preve...
Latest Judiciary
Reassessment Notice Quashed Because It Was Issued Beyond Limitation: Bombay HC
Income Tax : The Bombay High Court held that the reassessment notice under Section 148 was issued after the surviving limitation period expired...
TDS Default Order Time-Barred as Limitation Must Be Computed Quarter-Wise, Not Annually
Income Tax : The Bombay High Court ruled that limitation under Section 201(3) must be calculated based on the financial year in which each quar...
Parallel Assessment Proceedings Illegal, ITAT Quashes Reassessment Order in Case of Lalit Modi
Income Tax : ITAT Delhi held that reassessment proceedings under Section 147 cannot be initiated while scrutiny assessment under Section 143(2)...
Gujarat HC Grants Bail in GST Fraud Case Because Accused Not Major Player in Alleged Conspiracy
Goods and Services Tax : The Gujarat High Court granted bail after observing that the accused’s role was mainly related to compliance activities and he d...
DRT Disallows Prepayment Charges After Loan Recall as Borrower Did Not Seek Early Repayment
Corporate Law : The DRT Delhi held that prepayment charges cannot be levied when a bank recalls a loan and the borrower has not voluntarily offere...
Latest Notifications
DGFT Extends Export Obligation for Advance Authorisation & EPCG till 31st Aug 2026
DGFT : DGFT granted an automatic extension of the Export Obligation period for Advance and EPCG Authorisations expiring between March and...
EPFO Tightens Pension Conversion Compliance Because Earlier Guidelines Were Not Followed
Corporate Law : EPFO streamlined the process for transferring pension contributions and nominee payments. The instructions aim to avoid procedural...
CBIC Issues Special Procedure for Return of Export Cargo Due to Strait of Hormuz Disruption
Custom Duty : CBIC introduced a temporary customs procedure allowing export cargo returning to India due to Strait of Hormuz disruptions to be h...
Single Filing System Expanded Because BSE Extends API-Based Integration for XBRL Disclosures
SEBI : BSE announced that the single filing system through API-based integration between stock exchanges will now cover additional XBRL d...
IBBI Introduces Mandatory Electronic Forms Because Email-Based Reporting Was Inefficient
Corporate Law : The Insolvency and Bankruptcy Board of India issued a circular introducing electronic forms to monitor insolvency resolution proce...
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FAQs
The 2025 law mandates advance tax on estimated income in four instalments, with limited exemptions for senior citizens and small liabilities. Missing deadlines may trigger interest under Sections 424 and 425.
FAQs on TCS under Income Tax Act, 2025 as amended by Finance Bill, 2026, covering rates, exemptions, PAN, returns, due dates, interest and penalties.
Budget 2026 retains existing income tax slabs but revises TCS, STT, and compliance timelines. The key takeaway is simplified procedures, rationalized penalties, and expanded exemptions across sectors.
ITC on bikes and scooters is blocked if used for passenger transport under Section 17(5)(a) of GST. Credit is allowed only in limited cases such as passenger transport, resale, or driving training.
The Enforcement Directorate levied penalties after finding misrepresentation in FDI receipts and improper reporting of foreign inward remittances. The adjudicating authority held that the contraventions were substantial and systemic under FEMA, 1999.
