The draft amendments mandate structured recovery policies and strict conduct standards for SFBs. Harsh practices and improper recovery methods are expressly prohibited.
The Court held that losses already set off in earlier years cannot be notionally carried forward for computing deduction under Section 80IA. The ruling follows binding precedent restricting retrospective reworking of absorbed losses.
The Tribunal held that service tax paid under a partner’s registration can be adjusted against the firm’s liability. However, liability as a sub-contractor was upheld.
The High Court upheld deletion of ₹7.26 crore addition under Section 68 after finding that PAN, bank statements and audited financials established identity and creditworthiness. Suspicion without evidence was held insufficient.
The High Court set aside cancellation of GST registration and directed the petitioner to file all pending returns within 30 days. Arrears including tax, interest, and penalties remain payable.
Explains how Section 6 determines whether global or only Indian income is taxable. Highlights differences between ROR, RNOR, and Non-Resident status.
Explains how agricultural income is fully exempt under Section 10(1) but can impact tax rates on other income. Covers constitutional basis and partial integration rules.
ITAT Kolkata held that reassessment under Section 147 was invalid as it relied solely on existing records. In absence of new tangible material, reopening amounted to impermissible review.
With the growing trend of Indian professionals providing consultancy services to overseas clients, understanding the tax and regulatory implications has become essential. Cross-border consultancy is not just about earning in foreign currency—it involves careful compliance under GST, Income Tax, FEMA, and proper Accounting of foreign exchange transactions. This article provides a practical overview of the […]
The Reserve Bank of India has notified the “Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026” vide Notification No. FEMA 3(R)(5)/2026-RB dated 9th February 2026 effective immediately upon publication in the Official Gazette. The Reserve Bank of India hereby makes the following amendments to the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 […]
