Judicial precedents confirm that where goods or services support taxable supplies, only proportionate ITC reversal is permitted. Complete denial of credit would violate the value-added taxation principle.
MCAs CCFS-2026 allows companies to regularize overdue annual filings by paying only 10% of additional fees while providing immunity from penalties under Sections 92 and 137.
Companies can hold delayed AGMs now and file pending AOC-4 and MGT-7 under the CCFSS Scheme, but the delay still amounts to default under Section 96 and may require compounding.
ICAI rules restrict UDIN generation beyond 60 days of signing, making backdated financial statements invalid. Companies should prepare statements now, sign with the current date, and file pending returns under the CCFS Scheme.
The Companies Act mandates that companies obtain Regional Director approval and pass a special resolution before removing an auditor. Non-compliance may invalidate the removal.
The law requires companies seeking to change their financial year to obtain approval from the Regional Director under Section 2(41). The change becomes effective only after filing the order with the Registrar.
Companies registered as dormant must convert to active status if they begin business operations. The law requires filing Form MSC-4 and obtaining ROC approval.
Income from transfer of cryptocurrencies, NFTs, and other virtual digital assets is taxed at a flat 30% rate under Indian tax law. The framework also restricts deductions and disallows set-off of losses.
Judicial rulings clarify that satisfaction for initiating action against other persons in search cases must be recorded promptly. Inordinate delay in recording the satisfaction note can lead to the proceedings being quashed as time-barred.
Proposals for allowing retrospective UDIN generation under compliance schemes have raised questions about professional ethics. Experts argue that such relaxation could indirectly validate backdated audit documents.
