IFSCA mandates IFSC Banking Units to report balances in foreign currency Vostro accounts of overseas banks in the fortnightly BAL statement to enhance external account data accuracy.
Net direct tax collections grew by 7% year-on-year, driven by higher corporate and non-corporate tax inflows and a reduction in refunds.
The Tribunal held that income is taxable in the year it accrues, not in the year TDS is deducted by the payer, rejecting addition based solely on Form 26AS.
The Tribunal ruled that only the part of a property actually rented can be assessed for ALV, excluding self-occupied areas under Section 23(2).
Delhi High Court held that tax authorities cannot replace projected business valuations with actual results when assessing transfer pricing, emphasizing commercial prudence principle in asset transfers.
SC confirmed enforcement of an unregistered 2000 sale agreement, directing execution of sale deed after payment of dues with 16% interest and ₹5 crore compensation to ensure fairness.
Delhi High Court held that curbing right to appear in examination due to non-fulfilling mandatory physical attendance norms is contrary to spirit of NEP, 2020 and also UGC Regulations. Accordingly, Court directs to re-consider the same.
The Supreme Court ruled that earlier compensation was inadequate and raised the award to ₹15.13 lakh, ensuring fair restitution for a minor’s lifelong disability.
With data breaches on the rise and India’s data protection law in force, CAs can leverage their audit expertise in cybersecurity compliance—a fast-growing, high-paying field.
Proforma invoices could not replace commercial invoices prepared after negotiation and accepted by customs. Statement recorded under section 108 of the Customs Act could not be relied upon since the mandatory procedure under section 138B was not followed and the alleged proforma invoices were not duly proved or corroborated with evidence.
