The new legislation reorganizes provisions related to return processing, scrutiny assessments, and reassessment of escaped income. It simplifies drafting while largely retaining the existing procedures.
The proposed amendment to the Income-tax Act confirms that compensation received under the RFCTLARR Act will be exempt from income tax. The change aims to remove uncertainty and provide relief to landowners.
CDSCO approval is required before drugs, medical devices, and related products can be manufactured or sold in India. The regulation ensures safety, quality, and compliance with healthcare laws.
The Companies Act, 2013 requires companies to maintain registers of members and disclose beneficial ownership. These provisions ensure transparency in shareholding and identify individuals exercising control.
The guide clarifies the difference between PTEC and PTRC registrations under Maharashtra Professional Tax law. It explains who must obtain each certificate and how liability differs for businesses and employers.
The document outlines a comprehensive framework for conducting bank branch statutory audits under RBI guidelines and ICAI standards. It details procedures covering advances, NPAs, deposits, regulatory reporting, and final audit documentation.
The guide outlines multiple categories of bank frauds including loan, deposit, cyber, and trade finance frauds. It highlights common fraud methods, warning signs, and regulatory reporting requirements for auditors.
The Madras High Court held that once late fee under Section 47 is levied for delayed annual return filing, authorities cannot impose an additional general penalty under Section 125. The court set aside the penalty and granted relief to taxpayers.
The Madras High Court held that ITC distribution by an Input Service Distributor arises only after conditions under Section 16(2) are satisfied. Authorities cannot insist on same-month distribution merely based on invoice issuance.
The Bombay High Court set aside a settlement order where the department adjusted a refund of one tax period against dues of another under the MVAT Amnesty Scheme.
