The Government proposes exempting BIS from tax on interest income and capital gains arising from Government Securities. The move aims to encourage future BIS investments and enhance India’s attractiveness for sovereign debt investments.
Haryana recorded the highest State GST growth rate in India at 22% in May 2026. The achievement is attributed to strong tax administration, anti-evasion measures, and improved taxpayer compliance.
IBBI has prescribed standardized formats for written consent by Bankruptcy Trustees and proxy appointments by creditors under the Personal Guarantor Bankruptcy Regulations. The circular promotes transparency, consistency, and compliance in bankruptcy proceedings.
IBBI has introduced standardized Forms A, B, and C for insolvency proceedings involving personal guarantors to corporate debtors. The move aims to ensure procedural uniformity, transparency, and efficient administration of claims and creditor meetings.
IBBI has prescribed standardized formats for claims, compliance certificates, public announcements, and other filings under the Voluntary Liquidation Regulations. The circular seeks to improve transparency, consistency, and regulatory compliance in voluntary liquidation proceedings.
IBBI has prescribed standardized formats for key documents used during liquidation proceedings under the amended Liquidation Regulations, 2016. The circular aims to enhance transparency, consistency, and regulatory compliance across the liquidation process.
The IBBI has notified standardized formats for 14 forms under the PPIRP Regulations, 2021. The circular aims to bring consistency, transparency, and procedural uniformity to pre-packaged insolvency resolution processes.
IBBI has notified standardized formats for key CIRP activities, including claims, public announcements, withdrawals, and resolution plans. The circular aims to promote consistency and procedural compliance across insolvency proceedings.
IBBI imposed a ₹1 lakh penalty after finding that an insolvency professional accepted and continued an assignment despite suspension of his Authorisation for Assignment. The ruling underscores that valid AFA is mandatory for undertaking insolvency assignments.
The Revenue sought to levy penalty despite accepting the revised income declared by the assessee. ITAT held that accepted disclosures do not automatically amount to misreporting and cannot justify penalty under Section 270A.
