Draft Rule 240 requires financial institutions to follow detailed due diligence procedures, including self-certification and account review, to identify reportable accounts and determine tax residency for global information reporting.
GST professionals can face penalties for alleged facilitation of fake invoicing or bogus ITC. A well-drafted engagement letter helps define scope, shift responsibility to the client, and reduce exposure under Section 122(3A).
Draft Rule 239 requires reporting financial institutions to maintain and report detailed information on reportable accounts, including account holder identity, balances, and income transactions, with annual filing by 31 May to ensure tax transparency.
Payments received for expenses reimbursed due to cancelled export orders do not constitute a supply and are exempt from GST, as no service was provided.
Draft Rule 238 of the Income-tax Rules, 2026 provides detailed definitions of financial accounts, financial institutions, reportable persons, and related terms to ensure proper identification and reporting of accounts under international tax compliance rules.
Draft Income-tax Rules 2026 introduce Rule 236 and Rule 237 requiring film producers and specified persons to file Form 164 and reporting entities to submit financial transaction statements in Form 165.
Draft Income-tax Rules 2026 introduce Rule 234 and Rule 235 requiring non-resident liaison offices to file annual statements and Indian concerns to report indirect foreign share transfers.
The High Court held that once concessional late fee under Section 47 is paid for delayed GSTR-9 filing, a separate general penalty under Section 125 cannot be imposed. The additional penalty was quashed.
The Tribunal held that an assessment under Section 143(3) is void ab initio when the mandatory notice under Section 143(2) is issued by a non-jurisdictional officer. The absence of a valid jurisdictional notice vitiated the entire proceedings.
The Himachal Pradesh High Court held that a tax deposit made under protest cannot be treated as voluntary payment to conclude proceedings. The matter was remanded for fresh adjudication on merits.
