The ITAT found that the Assessing Officer made disallowance under Section 94(7) without verifying facts. The matter was remanded for fresh examination with proper opportunity to the assessee.
Income Tax India, through its X account post dated 30.03.2026, has clarified the applicability of tax deduction at source (TDS) on interest under Section 194A of the Income-tax Act, 1961, and its corresponding provisions under the Income-tax Act, 2025. It reiterates that banking companies are not required to deduct TDS where interest does not exceed […]
Stakeholders sought deferment or phased implementation of Ind AS. IRDAI mandated adoption from April 2026 with limited forbearance. The key takeaway is firm timelines with transitional relief.
The issue was lack of uniformity in financial reporting across insurers. IRDAI mandated Ind AS-based reporting to enhance comparability and transparency. The key takeaway is adoption of globally aligned accounting standards.
