Budget 2026 proposes easing valuation rules for post-sale discounts, but existing Section 15(3)(b) conditions continue to apply until notified.
Interest will now be calculated after adjusting Electronic Cash Ledger balance, and flexible ITC cross-utilisation for IGST is introduced from February 2026.
Major updates include GST refund clarification by Supreme Court, RBI FEMA amendments, DGFT export schemes, and important AAR rulings.
Draft Rule 3 mandates that companies maintain share registers in India, hold AGMs in India, and pay dividends only within India.
ITAT Mumbai held that requirement of Form no. 3CL for weighted deduction under section 35(2AB) of the Income Tax Act is effective only from AY 2016-2017. Accordingly, denial of claim for pre-amended period is not justifiable. Thus, appeal is allowed.
CAAR Mumbai held that optical sheet complex and quantum dot sheets are classifiable under CTH 8529 as LED TV parts, rejecting headings 9001 and 9002.
Indian tax authorities increasingly apply substance-over-form principles to offshore transactions, especially in source taxation and withholding obligations.
When a resident buys unlisted shares from a non-resident, TDS must be deducted on gross consideration under Section 195, subject to DTAA and surcharge rules.
The new Income-tax Act enhances exemption limits for HRA, education, and defence allowances while deleting certain area-based exemptions.
Misclassification, delayed deposits, or reporting errors in TDS can trigger interest, penalties, and disallowance of expenses under the Income-tax Act.
