The LMPC Importer License is mandatory for businesses importing pre-packaged goods into India. This guide explains the registration process, required documents, labeling rules, and penalties for non-compliance.
The updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpayers may face difficulties correcting payments because the minor head correction process is not automated.
The Chennai ITAT held that transfer pricing benchmarking cannot ignore extraordinary business circumstances arising from the shutdown of a major customer. The Tribunal upheld deletion of TP adjustment after accepting that sale of goods to the AE was a distress sale triggered by Nokia India’s closure.
The ITAT held that mere disclosure of undisclosed income during search is insufficient for immunity under Section 271AAA unless the assessee substantiates the manner in which such income was derived.
The ITAT held that CSR expenditure disallowed as business expenditure under Section 37(1) can still qualify for deduction under Section 80G if statutory conditions are satisfied. Revision under Section 263 was accordingly quashed.
Bail under the BNSS is a mechanism balancing personal liberty with public safety and fair trial concerns. Courts consider factors such as evidence, severity of offence, and risk of absconding before granting relief.
The Ministry of Finance has updated Notification No. 63/1994-Customs (N.T.) to notify the Samrang motorable road route for customs purposes. The change enables smoother border movement and customs administration along the Bhutan frontier.
Under SB Order No. 03/2026, customers can now withdraw up to ₹20,000 through Aadhaar authentication without submitting withdrawal forms or vouchers. The revised framework promotes seamless and paperless Post Office Savings Bank transactions.
RBI has notified Foreign Exchange Management (Authorised Persons) Regulations, 2026 to streamline authorisation norms under FEMA. Revised framework seeks to improve foreign exchange service delivery while reducing compliance burdens for authorised entities.
The ITAT held that unverified third-party excel sheets without corroborative evidence cannot justify additions under Sections 69 or 69A. The Tribunal observed that mere electronic entries amount to dumb documents unless independently verified.
