The Bombay High Court set aside a consolidated GST show cause notice covering five financial years, holding that Section 74 mandates year-wise assessment and limitation. The ruling clarifies that tax demands must strictly follow the statutory financial year structure.
The shift from taxing Gross Gaming Revenue to full entry value at 28% GST has triggered constitutional and economic concerns. The amendment equates skill-based gaming with gambling, raising questions now pending before the Supreme Court.
Draft Rule 190 requires registered non-profits to electronically file Form 113 and issue Form 114 certificates by 31st May each year, ensuring structured reporting and verification of donations.
ITAT Delhi held that recording a single satisfaction note for multiple assessment years violates Section 153C requirements. As no year-specific incriminating material was identified, the assessments were quashed along with the related penalty.
RBI reported that 98.44% of ₹2000 banknotes in circulation have been returned since the withdrawal announcement in May 2023. However, ₹2000 notes continue to remain legal tender.
The article links rising tensions involving the USA, Israel, and Iran to long-standing struggles over oil control. It also connects modern geopolitical conflict to escalating global debt and financial instability.
Draft Rules 188 and 189 require registered non-profits to file audit reports one month before return due date and prescribe a detailed fair market value methodology for computing accreted income under section 352.
Courts have held that non-compliance with mandatory procedures under Section 144B renders faceless assessment orders void. The rulings reaffirm that digital tax reforms cannot override constitutional safeguards of fairness and the right to be heard under Article 14.
Draft Rule 187 mandates comprehensive maintenance of books, corpus records, investment details, and related-party transaction documentation by registered non-profit organisations to ensure transparency and long-term compliance.
Draft Rules 184 to 186 require registered non-profit organisations to electronically file Forms 108, 109, and 110 within the return due date for deemed application, income accumulation, and change of purpose, ensuring strict procedural compliance.
