The Tribunal held that CPC wrongly applied the outdated ₹3 lakh ceiling despite Notification No. 31/2023 enhancing the limit to ₹25 lakh. Since the retirement benefit was within the revised cap, full exemption under Section 10(10AA) was directed.
IRS Publication 523 allows taxpayers to exclude up to 500,000 of gain if ownership and residence tests are met. The article explains eligibility, exceptions, and reporting requirements under U.S. tax law.
The One Person Company structure offers separate legal identity and limited liability under the Companies Act, 2013. It allows single owners to operate with full control and reduced compliance.
The ITAT held that fresh allotment of shares at a value below fair market value attracts Section 56(2)(viia). The term receives includes allotment, and the differential amount was rightly taxed as income from other sources.
Industry expects a dedicated refinance facility for NBFCs to reduce funding costs and strengthen MSME credit flow. The move aims to ensure structural liquidity and stability.
SEBI’s March 2025 circular requires listed companies to disclose total shares on a fully diluted basis, including ESOPs and convertible instruments, enhancing investor transparency.
ESOPs are taxed twice—first as salary perquisite at exercise and later as capital gains on sale. Understanding valuation rules and holding periods is crucial for compliance.
The ITAT held that absence of a valid notice under Section 143(2) is a jurisdictional defect. Since the notice was not properly issued by the competent officer, the entire assessment was declared void ab initio.
The Auditing and Assurance Standards Board has released the Exposure Draft of the Guidance Note on Audit of Banks (2026 Edition) for public comments. Stakeholders can submit feedback until 23 February 2026.
CGST Delhi South arrested a director for allegedly availing ₹6.53 crore in fraudulent ITC based on bogus invoices worth ₹36.28 crore. Authorities found that the credit was claimed without actual receipt of goods and used to discharge GST liability, leading to arrest under Section 69 of the CGST Act
