Latest Articles
How India’s New Income Tax Act, 2025 Rewrites Rules of Assessment
Income Tax : The new legislation reorganizes provisions related to return processing, scrutiny assessments, and reassessment of escaped income....
Tax Exemption on Land Acquisition Compensation – A Major Relief for Landowners
Income Tax : The proposed amendment to the Income-tax Act confirms that compensation received under the RFCTLARR Act will be exempt from income...
CDSCO Registration: Medical Products in India
Corporate Law : CDSCO approval is required before drugs, medical devices, and related products can be manufactured or sold in India. The regulatio...
Registers of Members, Beneficial Interests & SBO under Companies Act, 2013
Company Law : The Companies Act, 2013 requires companies to maintain registers of members and disclose beneficial ownership. These provisions en...
Maharashtra Professional Tax Guide – PTEC & PTRC Reference (with latest Update)
Goods and Services Tax : The guide clarifies the difference between PTEC and PTRC registrations under Maharashtra Professional Tax law. It explains who mus...
Latest News
SEBI Proposes Easier Transmission Rules for Securities
SEBI : SEBI proposes a new category allowing minimal documentation for low-value transmission claims. The move aims to ensure faster sett...
IFSCA Proposes Regulatory Framework for Financial Advisers at GIFT-IFSC
Finance : A working group has recommended creating a regulatory ecosystem for Independent Financial Advisers at GIFT-IFSC. The proposal aims...
ICSI Requests CS Feedback on Practical Issues in IEPF Claims
Company Law : The Institute of Company Secretaries of India (ICSI), a statutory body under the Ministry of Corporate Affairs, has invited feedba...
GST Director Arrested for Availing Fake ITC of ₹60.59 Crore Through Bogus Invoices
Goods and Services Tax : CGST authorities arrested a company director after detecting fraudulent Input Tax Credit claims based on bogus invoices worth ₹3...
Pension Regulator Warns Public Against Unauthorized Investment Scheme
Corporate Law : Authorities cautioned investors about entities promising monthly returns on deposits without regulatory approval, advising the pub...
Latest Judiciary
ITAT Chennai: No Addition U/s 56(2)(vii) Where Valuation Difference Within 10% Tolerance Band
Income Tax : The Tribunal held that when the difference between purchase price and DVO valuation falls within the 10% tolerance band, no additi...
Penalty U/s 270A Deleted – AO Failed to Specify Misreporting Clause
Income Tax : ITAT Chennai deletes Sec 270A penalty, ruling 200% penalty for misreporting cannot be imposed without specifying clause of Sec 270...
ITAT Chennai: Registration u/s 12AB & 80G Cannot Be Denied Merely Because Trust Has Not Yet Started Activities
Income Tax : The Tribunal held that failure to start charitable activities cannot by itself justify denial of registration under section 12AB. ...
Penalty U/s 271(1)(c) Not Sustainable on Deemed Addition U/s 56(2)(vii)(b) – ITAT Chennai
Income Tax : The Tribunal examined whether penalty under Section 271(1)(c) can arise when income is added due to the deeming provision under Se...
ITAT Chennai: 60% Tax U/s 115BBE Not Applicable for AY 2017-18 Transactions Prior to 01-04-2017
Income Tax : ITAT Chennai rules 60% tax under Section 115BBE not applicable to AY 2017-18 transactions before 01-04-2017; directs tax on ₹30....
Latest Notifications
Customs Notification Amended to Add SBER Bank in List 14 for Import Eligibility
Custom Duty : The government amended Notification 45/2025-Customs to include SBER Bank in List 14. Imports linked to this entry are allowed only...
MCA Amends Accounting Standard 22 to Address OECD Pillar Two Global Tax Rules
Company Law : The MCA amended AS 22 to incorporate provisions related to OECD Pillar Two global minimum tax rules. The amendment exempts compani...
FSSAI 2026 Rules Expand Registration for Street Food Vendors
Corporate Law : New FSSAI regulations expand the definition of petty food business operators to include street vendors, hawkers, and food trucks. ...
SEBI Issues Corrigendum to LODR Amendment Notification to Correct Legal Provisions
SEBI : SEBI released a corrigendum correcting the enabling provisions and clause numbering in its January 2026 notification amending the ...
RBI (Asset Reconstruction Companies) Amendment Directions, 2026
Fema / RBI : RBI clarified how Asset Reconstruction Companies should compute owned funds, allowing inclusion of quarterly profits subject to au...
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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.
