Calcutta High Court directs manual GSTR-1 rectification for Nivriya India due to inadvertent export errors, enabling IGST credit. Cites precedents on genuine mistakes.
IFSCA amends directions for Foreign Currency Accounts (FCAs) of Indian residents under LRS. New rules require declarations confirming the purpose of funds spent or remitted from FCAs in IFSCs.
DGFT Notification 20/2025-26 amends Foreign Trade Policy 2023, revising the Export Obligation period for QCO-exempt imports. The 180-day restriction now applies solely to chemical products, while textiles revert to Handbook of Procedures guidelines.
SEBI has issued a new Master Circular for Registrars to an Issue and Share Transfer Agents (RTAs), consolidating previous guidelines and superseding older circulars for clarity.
Comprehensive FAQs from RBI on foreign investments by non-residents in non-debt instruments, covering regulations, definitions, and prohibited sectors.
Bombay High Court rules penalty under Section 271(1)(c) not applicable for a disclosed and bona fide deduction claim, even if disallowed. Mere incorrect legal claim isn’t concealment.
NRIs becoming Indian residents must declare all foreign assets in their Income Tax Returns. Failure to disclose can lead to penalties up to INR 10 lakhs under the Black Money Act.
Summary of board meeting minutes detailing equity share allotment and increased paid-up share capital, with compliance to Companies Act, 2013, and procedural steps.
Read a sample draft application requesting the dropping of GST proceedings initiated via SPL-03 under Section 128A, including compliance details and legal support.
ITAT Delhi allows Hyosung Corporation to set off Indian Permanent Establishment (PE) business losses against Fees for Technical Services (FTS) income. The ruling clarifies that under the Income Tax Act, a foreign entity’s income is aggregated for taxation, permitting inter-head adjustments despite DTAA classifications.
