Sections 65 & 66 of GST: Routine audits ensure accuracy, while special audits tackle complex cases, safeguarding revenue and promoting transparency.
The Jharkhand High Court ruled in favor of R.K. Transport, ordering a defaulting supplier to pay costs and directing GST authorities to act on unremitted taxes that blocked the buyer’s input tax credit, upholding taxpayer rights.
Understand the ICAI’s Guidance Note on Financial Statements for Non-Corporate Entities, including accounting standard applicability, classifications, and reporting formats.
SEBI updates Master Circular for stock brokers, rescinds earlier directions, and consolidates all guidelines issued till June 10, 2025. Effective immediately.
India’s DGFT amends export policy, permitting 25,000 MT of pharma grade sugar export annually with specific authorization and compliance.
NPCI mandates NACH banks to integrate a Real-Time PAN and Bank Account Validation API for government use, including the Income Tax E-Filing Portal.
The Delhi High Court has directed the expeditious disposal of a GST registration cancellation revocation application within one month, reinforcing timelines for tax authorities.
The Bombay High Court has granted an interim stay on an adjudication order imposing GST on the transfer of leasehold rights, aligning with similar cases challenging such levies.
The assessee imported certain quantity of crude degummed soyabean oil of edible grade in bulk at Jamnagar and filed bill of entry on 02.09.2002 seeking clearance of the imported goods for home consumption.
ITAT Mumbai held that income from the shareholders’ account was held to be taxable as income from life insurance business. Accordingly, income from shareholders’ account is taxable under the head “Profits and Gains of Business or Profession”. Thus, appeal of revenue dismissed.
