The ROC imposed penalties after finding that mandatory Board Meetings were not held since incorporation. The key takeaway is that holding and documenting Board Meetings is a strict statutory obligation.
The ROC imposed penalties for late filing of AOC-4 beyond the statutory timeline. The key takeaway is that timely filing of financial statements is mandatory, irrespective of financial difficulties.
The Registrar of Companies imposed penalties for non-filing of AOC-4 for two consecutive financial years. The key takeaway is that financial difficulty is not a valid defence for statutory filing defaults.
Explains the CBDT notification granting section 10(46) exemption to a district legal services authority and the categories of income covered.
The government has proposed amending valuation rules to mandate a minimum paid-up capital for RVOs. The key takeaway is that recognition standards may soon include a financial threshold with a transition period.
The Finance Bill, 2026 proposes a comprehensive rationalisation of Tax Collected at Source (TCS) rates under section 394(1) of the Income-tax Act, 2025, with the objective of simplifying compliance and providing relief to taxpayers where feasible. Multiple differential TCS rates are proposed to be aligned to a uniform rate of 2% across several categories.
The government has extended key excise provisions and introduced a specific duty structure for CNG blended with biogas. The key takeaway is policy continuity alongside incentives for cleaner fuels.
The government has reduced the effective National Calamity Contingent Duty on specified tobacco products. The key takeaway is a capped duty rate of 25% from May 2026.
The government has amended an existing customs notification to replace references to the Baggage Rules, 2016. The key takeaway is alignment of customs provisions with the new baggage framework.
The government has revised customs exemptions by inserting new tariff headings and omitting select entries. The key takeaway is a targeted rationalisation of duty benefits effective from April–May 2026.
