A prolonged violation of Independent Director requirements led to penalties on both the company and its officer. The ruling underscores consequences of continuous default under corporate law.
The notification expands Form E by adding fields on export clearance, e-commerce exports, and export benefits. It mandates supporting documents for transparency. The change strengthens reporting and compliance requirements.
The authority rejected reliance on indemnity agreements to avoid statutory liability. It held that directors remain accountable for compliance failures regardless of private arrangements.
The RBI clarified that IPCs will be treated as financial guarantees with a 100% credit conversion factor. However, capital is required only on the capital market exposure portion, with a 125% risk weight applied.
The notification introduces a one-time 30-day extension for export, re-export, and re-import deadlines. It aims to address delays caused by geopolitical developments and ease compliance for exporters.
The RBI amended concentration risk rules to introduce detailed capital market exposure norms for small finance banks. It sets prudential limits and clarifies inclusion and exclusion of exposures to strengthen risk management.
A CBI court sentenced seven individuals to four years imprisonment for manipulating tax systems using forged records. The case highlights strict action against refund fraud schemes.
The notification clarifies that exemption applies only if re-imported goods are identical to those exported. It strengthens verification requirements and ensures proper identification of goods under customs law.
The CBDT substituted Form ITR-5 through the Fifth Amendment Rules, 2026. The ruling mandates use of the revised return format for filings from AY 2026–27 onward.
The notification recognises a statutory board under section 10(46A) of the Income-tax Act. It clarifies eligibility conditions and confirms applicability from AY 2024–25, reinforcing compliance with statutory requirements.
