IFSCA’s new Stewardship Code Framework allows fund management entities in IFSC to adopt ICSI’s Guiding Principles on Stewardship (IGPS). This marks formal regulatory recognition for ICSI’s governance standards.
Allahabad High Court quashes GST show cause notices and assessment orders issued in the name of a deceased proprietor. The Court ruled that tax liability determination cannot occur against a dead person, mandating authorities to issue notices to and proceed against legal representatives.
Section 270A penalties must specify the exact misreporting clause. Vague notices invalidate penalties and can restore immunity under Section 270AA.
New Ind AS 1 rules (2025) mandate current/non-current liability classification based strictly on rights at the reporting date, ignoring post-period waivers.
Overview of deductions under salaries, house property, business, capital gains, other sources, and 80C-80G contributions for AY 2026-27. Limits and eligibility explained. (200 Char)
CBDT’s Benami Transactions Informants Reward Scheme offers up to Rs. 1 crore for specific information on Benami properties. Covers eligibility, reward process (interim/final), and confidentiality measures.
Sections 54 to 54GA allow capital gains exemptions if sale proceeds are reinvested in specific assets. These cover residential property (Sec 54/54F), agricultural land (Sec 54B), compulsory acquisition (Sec 54D), and notified bonds (Sec 54EC/54EE). Reinvestment time limits and withdrawal rules apply.
Overview of exemptions and allowances for salaried employees, taxpayers, and businesses under various Income Tax provisions for AY 2026-27, including salaries, house property, business, capital gains, and other sources.
Karnataka High Court quashes all reassessment notices and orders issued under the faceless scheme for being outside the permissible scope of Section 151A of the Income Tax Act. This ruling voids notices due to a lack of statutory jurisdiction, though the Revenue is allowed to seek a revival if the Supreme Court later rules in its favor.
The Karnataka High Court allowed the petition, declaring the reassessment order and all related penalty notices for AY 2016-17 invalid because the initial proceedings were initiated without proper jurisdictional approval under Section 151A. The judgment underscores the critical nature of procedural integrity in faceless assessments, reserving the right for the department to reinstate the case based on a future Supreme Court ruling.
