The Income Tax Act treats business and professional income differently, affecting deductions and compliance. Correct classification prevents errors and penalties.
The RBI has issued draft Directions requiring AD Category-I banks to report offshore INR foreign exchange derivative contracts undertaken by related parties. The move aims to plug transparency gaps in the OTC derivative market and improve pricing efficiency.
Registration was cancelled over doubts about a large NRI donation. The Tribunal held that receipt of donation alone does not constitute a specified violation without evidence of misuse or non-genuine activities.
The Ministry of Finance has amended Notification 77/2023 to revise drawback figures for specific tariff items under Chapter 71. The updated rates increase the amounts in column (4), impacting exporters dealing with the specified goods.
Following the creation of Hansi district, Punjab National Bank has been designated as the Lead Bank. Other districts in Haryana remain unaffected.
The Court ruled that provisional attachment under Section 83(1) cannot continue beyond one year as per Section 83(2). The attachment order was held to have lapsed by operation of law.
ICMAI has proposed structured rules governing merger and demerger of CMA firms, including mandatory agreements, name freezing, and seniority protection provisions.
ICMAI requires prior approval of network names and submission of formal agreements through prescribed forms. Detailed provisions govern change in constitution and exit of affiliates.
Proposed guidelines permit PCMA firms to change names with Council approval while retaining registration number and tenure, provided continuity conditions are met.
Indian Railways deactivated 3.03 crore suspicious user IDs in 2025 after introducing Aadhaar-based OTP verification and strict cybersecurity controls to prevent misuse and ensure fair Tatkal bookings.
