Understand how to manage inadvertently rejected invoices, debit notes, and credit notes on IMS, including ITC claims for recipients and liability impacts for suppliers.
Bangalore ITAT mandates 80G approval for Academy of General Education, clarifying CIT(E)’s scope is limited to verifying genuine activities and statutory compliance, not income utilization or fee nature.
ITAT Bangalore overturns CIT (Exemptions)’s rejection, granting City Hospital Charitable Trust 80G approval. The tribunal clarified the scope of inquiry for 80G approval, emphasizing genuineness over fund application at this stage.
RBI sets 25 August 2025 as deadline to regularize past overseas investment delays under LSF. Post-deadline, compounding becomes mandatory.
RBI’s new circular caps penalties for specific FEMA violations at ₹2 lakh, streamlining compliance and easing burdens for businesses and individuals.
MHA introduces new FCRA validity limits for foreign contributions: 3 years for receipt, 4 years for utilization. Existing permissions are affected.
Indian tax residents must report foreign assets and income in their ITRs, regardless of value. Non-disclosure can lead to severe penalties under the Income Tax Act and Black Money Act, including significant fines and imprisonment, due to international Automatic Exchange of Information (AEOI) agreements
RBI directs regulated entities to update compliance systems under UAPA after UNSC adds Abubakar Swalleh to ISIL sanctions list on June 16, 2025.
The Reserve Bank of India (RBI) has officially included NSDL Payments Bank Limited in the Second Schedule of the RBI Act, 1934, effective June 19, 2025.
