IRDAI has directed insurers to disclose performance-linked remuneration details of Key Management Persons on their websites. The circular aims to improve governance, policyholder protection, and accountability in the insurance sector.
ITAT Bangalore held that an appeal filed without verification by the authorized Principal Officer was not maintainable. The Tribunal dismissed the appeal but allowed liberty to file a properly verified appeal with condonation request, if necessary.
Gujarat High Court held that reassessment notices issued after scrutiny assessment were invalid because the Assessing Officer had already examined the Section 50C valuation issue during original proceedings. The Court ruled that reopening amounted to a mere change of opinion.
The West Bengal GST Department ruled that intra-State movement of goods related to job work remains exempt from e-way bill generation even if consignment value exceeds Rs. 50,000. The circular provides practical illustrations for better compliance understanding.
ITAT Delhi noted that confirmations from the company and broker regarding share transactions were available but not adequately considered by the Assessing Officer. The case was remanded for denovo assessment.
The Supreme Court held that self-assessment introduced under the amended Customs Act qualifies as an assessment order under Section 2(2). Importers seeking refund must first challenge such assessment through statutory remedies before filing refund claims.
Chennai ITAT condoned a massive delay in filing appeals after accepting the assessee’s explanation that he became aware of favourable BSNL VRS rulings through employees’ WhatsApp groups. The Tribunal also held that BSNL VRS-2019 compensation is fully exempt under Section 10(10B).
The Income Tax Act 2025 has overhauled the 1961 law by introducing new section numbers, a unified “Tax Year,” and simplified compliance structures. The article explains the key renumbered provisions taxpayers must now remember.
The article explains how rising oil prices, inflation, and economic uncertainty are affecting salaried individuals, farmers, traders, and businesses. It highlights the importance of tax planning, liquidity management, and compliance discipline.
Social media creators earning from YouTube, Instagram, sponsorships, and affiliate marketing must report income as professional business income under Code 16021. The guide explains GST, TDS, presumptive taxation, and compliance rules for creators.
