The MCA amended AS 22 to incorporate provisions related to OECD Pillar Two global minimum tax rules. The amendment exempts companies from recognising deferred tax assets or liabilities linked to Pillar Two income taxes.
New FSSAI regulations expand the definition of petty food business operators to include street vendors, hawkers, and food trucks. Vendors registered under the Street Vendors Act will be deemed registered under food safety law.
The amendment aligns Tier 1 capital and owned fund definitions with capital adequacy norms and requires auditor certification before counting additional capital for exposure limits.
SEBI released a corrigendum correcting the enabling provisions and clause numbering in its January 2026 notification amending the LODR Regulations. The correction clarifies the statutory powers and technical drafting errors.
Authorities warned taxpayers about fake GST officers conducting fraudulent inspections. Businesses must verify officer identity, written authorization, and DIN before allowing any search or inspection.
The amendment extends the deadline for settling tax arrears from 31 December 2025 to 31 March 2026, giving taxpayers additional time to avail benefits. This move aims to increase participation and ease pending tax disputes under the scheme.
The amendment revises CCR treatment and add-on factors for off-balance sheet exposures, aligning prudential norms for payments banks with international regulatory standards.
RBI revised prudential norms requiring financial institutions to include consolidated counterparty credit risk exposures and follow updated add-on factors for derivatives and off-balance sheet items.
The tribunal noted that the invoice was issued before the alleged execution date of the agreement, raising questions about the authenticity of the claim and leading to dismissal of the insolvency petition.
Official Liquidator Vs Kirloskar Institute (Karnataka High Court) The Karnataka High Court considered an appeal filed by the Official Liquidator of Mysore Kirloskar Ltd. (the company in liquidation) challenging the order dated 21.07.2015 passed by the Company Court in Company Application No.826/2011 in Company Petition No.166/2001. The Company Court had dismissed the application filed by […]
