The RBI’s 2026 amendment liberalizes External Commercial Borrowings by removing cost caps and raising borrowing limits while retaining strict compliance and end-use safeguards.
A detailed overview of the five heads of income under the Income-tax Act, 1961, highlighting major court rulings that clarify proper income classification and tax treatment.
Explores how GST replaced manufacture and sale with “supply” as the sole taxable event, simplifying indirect taxation and reducing cascading effects.
Explains how residential status under the Income Tax Act, 1961 determines whether an assessee is taxed on global income or only income earned in India.
ITAT Indore held that in absence of evidence, expense on fuel cost occurred on deployment of JCB’s on rent needs to be ascertained by way of proper and detailed empirical analysis. Accordingly, matter remanded back to the file of AO.
The Disciplinary Committee held that the IRP accepted assignment and issued a public announcement without holding a valid Authorisation for Assignment. A six-month suspension was imposed, with mitigating factors noted.
GST Portal revises interest computation in GSTR-3B, factoring minimum cash ledger balance and auto-populating non-editable interest. Taxpayers must self-assess and pay any additional liability.
The Tribunal held that where accounts are mandatorily auditable under another law, the extended deadline applies and deduction cannot be denied as time-barred.
The Tribunal upheld deletion of a 30% ad hoc disallowance, holding that expenses cannot be rejected without identifying concrete defects or conducting proper verification.
ITAT ruled that exemption under Section 10(5) does not extend to foreign travel, following the binding Supreme Court decision. Consequently, non-deduction of TDS attracted penalty under Section 271C.
