The article explains how the interaction of Section 87A, marginal relief, and Health & Education Cess can leave taxpayers earning more with lower post-tax income. It highlights the need for legislative changes to eliminate this unintended anomaly.
This update summarizes the latest GST advisories issued during June 2026, including changes relating to E-Way Bills, GSTAT procedures, and Show Cause Notices. Taxpayers should review these updates to ensure timely compliance and smooth GST filings.
A complete guide to the major Income Tax and GST compliance deadlines falling in July 2026, including ITR filing, TDS/TCS, GST returns, and statutory forms.
The Tribunal ruled that BSNL VRS-2019 compensation qualifies for complete exemption under Section 10(10B) despite the assessee not claiming it in the original return. It directed the Revenue to recompute income and issue the eligible refund.
ICAI inaugurated AIS 2026 to strengthen AI adoption in the accounting profession through advanced certifications, AI publications, and global collaboration. The summit highlights AI-driven transformation across accounting, audit, taxation, and governance.
ICSI has urged the Government to amend the law to allow Company Secretaries in Practice to appear before DRTs and DRATs. It argues that their expertise in corporate law, insolvency, and restructuring justifies statutory recognition.
ICSI has urged the MCA to ensure eligible companies comply with Section 203 by appointing Whole-time Company Secretaries. The representation emphasizes that contractual appointments do not satisfy the legal requirement and undermine corporate governance.
IFSCA has proposed mandatory integration of all regulated entities with a KYC Registration Agency to streamline client onboarding and remove repetitive KYC procedures. The proposal also prescribes timelines for uploading KYC records of new and existing clients.
The NCLT held that an investment made under a film production and revenue-sharing agreement did not constitute an Operational Debt. As no goods or services were provided, the Section 9 IBC petition was dismissed as not maintainable.
The Calcutta High Court dismissed the Revenues appeal after holding that the CIT(A) and ITAT had thoroughly examined the lenders’ creditworthiness. It found no substantial question of law warranting interference.
