The CBDT has introduced new forms for PAN correction to ensure a uniform process. Taxpayers must now use designated forms for accurate and streamlined updates.
The Tribunal upheld that ESOP discount is a valid business expense under Section 37(1), rejecting the view that it is notional or capital. The key takeaway is that ESOP costs are allowable as employee compensation.
The Tribunal held that updated returns filed during ongoing assessment proceedings are not valid under Section 139(8A). The key takeaway is that taxpayers cannot correct returns once scrutiny has begun, though limited relief may still be granted.
The CBI arrested a CGST Assistant Commissioner for demanding a bribe to halt GST proceedings. The officer was caught red-handed accepting ₹1.5 lakh through a middleman, highlighting strict anti-corruption enforcement.
The Government reduced GST on paper sacks and bags from 18% to 5% following GST Council recommendations. The move addresses farmer concerns and supports agricultural practices like fruit bagging.
The Government clarified that claim rejections are based on policy conditions like exclusions and OPD classification. IRDAI mandates transparency and provides grievance mechanisms to protect policyholders.
The Government clarified that offshore forex platforms operating without RBI authorization are illegal. Investors are advised to trade only through approved entities to avoid financial risks.
IRDAI is moving towards adopting Ind AS to standardize financial reporting across insurers. The framework aims to improve transparency, comparability, and global alignment.
The Government clarified that despite rupee depreciation, strong forex reserves and export competitiveness offset risks. The overall economic impact depends on multiple macroeconomic factors.
The Government is actively reviewing the economic impact of the West Asia conflict on oil prices and supply chains. Coordinated measures aim to mitigate risks and maintain stability.
