RBI has introduced the Expected Credit Loss (ECL) Framework, requiring banks to make forward-looking provisions before loan defaults occur. The new regime takes effect from 1 April 2027, with phased implementation for legacy loans.
CESTAT observed that the appellant executed complete government construction projects on a turnkey basis and was responsible for all aspects of implementation. Since the contracts were composite works contracts, the service tax demand failed.
This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the applicable penalty amounts for different types of tax defaults and compliance failures.
The ITAT held that BSNL employees are entitled to full exemption under Section 10(10B) for compensation received under the 2019 VRS scheme. The Tribunal rejected the view that exemption should be restricted to ₹5 lakh under Section 10(10C).
Many profitable MSMEs fail to attract investors because of governance, compliance, and financial discipline issues rather than lack of revenue. This article explains the 25 most common mistakes that prevent businesses from becoming SME IPO-ready.
Even genuine reporting differences between Form 3CD and the ITR can attract automated scrutiny. This article explains key reconciliation areas and how to avoid unnecessary tax notices.
The article explains that 30 June is the Department’s deadline to issue scrutiny notices for eligible returns, not a filing deadline for taxpayers. It also clarifies what a Section 143(2) notice actually means.
AI can simplify tax work but cannot replace professional judgment in income tax filing. The article explains why human review remains essential for accurate and compliant ITRs.
Chartered accountancy demands far more than technical expertise, requiring professionals to manage clients, deadlines, teams, and emotional pressures. The article highlights the realities behind a successful tax practice.
The ITAT Mumbai held that revision under Section 263 was not justified where the Assessing Officer had examined and consciously allowed deduction under Section 80G for eligible CSR expenditure.
