FAST-DS 2026 targets inadvertent non-reporting such as dormant bank accounts or foreign RSUs. It allows clean-up at a significantly lower cost with legal certainty.
The new reassessment framework mandates enquiry, hearing, and a reasoned order before reopening. Courts now test jurisdiction on procedural compliance, not mere allegations of escaped income.
India has moved from a uniform ITR deadline to a category-based system linked to audits and income complexity. The reform improves compliance efficiency while remaining rooted in statutory authority.
The Budget cuts harsh tax rates, eases appeal deposits, and extends filing timelines to reduce compliance stress. It signals a shift toward certainty, lower litigation, and voluntary compliance.
SEBI has proposed slashing the minimum individual investment in Social Impact Funds from ₹2 lakh to ₹1,000. The move aims to attract small investors and align AIF norms with existing SSE fundraising thresholds.
Form GST DRC-01A is intended to inform the taxpayer about the proposed demand and to provide an opportunity either to discharge the liability voluntarily or to submit an explanation before formal adjudication proceedings are initiated. It is a facilitative provision designed to promote voluntary compliance and reduce avoidable litigation.
The Supreme Court confirmed that reassessment powers under Section 148 cannot be used to bypass the statutory scheme for search cases. The decision clarifies the distinct operating fields of Sections 153C and 148.
The Court held that reassessment based solely on material seized in a third-party search must proceed under Section 153C, not Section 148. Notices issued under the general reassessment provision were set aside.
The Supreme Court refused to interfere with the High Court’s direction to process Section 10(46) applications. The ruling affirms that existing approval under Section 10(23C) is not an absolute bar.
The High Court held that statutory bodies can surrender approval under one exemption provision and seek notification under another. Authorities were directed to process applications under Section 10(46).
