The GST Council reduces rates on textiles, including readymade garments, fibers, and yarns, to 5% to lower production costs and boost domestic and export markets.
The Reserve Bank of India has updated its FAQs on NBFC-P2P lending, clarifying key terms like ‘person’ and ‘leverage,’ and providing guidance on fund transfers and registration requirements.
SEBI has issued a circular mandating a streamlined process for KRAs to surrender registration. The rules ensure the secure transfer of KYC data and continuity of services.
India’s DGFT has notified a new Standard Input Output Norm (SION) for Acetyl Salicylic acid tablets, streamlining the process for issuing Advance Authorisations.
ICAI has postponed the Chartered Accountants Final & Intermediate Examinations scheduled for Sept 3-4, 2025 in Punjab and Jammu City due to floods. Revised dates will be announced soon.
A representation from the Bombay Chartered Accountants’ Society to the CBDT highlights the need for further extensions for income tax returns and audit reports, citing delayed utility releases, portal issues, and other compliance overlaps for the financial year 2024-25.
A new CBDT notification recognizes the Central Board of Secondary Education (CBSE) under section 10(46) of the Income-tax Act, exempting specific incomes from tax until 2030-31.
A new CBDT notification grants the Lucknow Development Authority special status under section 10(46A) of the Income-tax Act, 1961, effective from the 2024-25 assessment year.
ITAT Delhi upheld the quashing of Ashish Gupta’s reassessment, citing the AO’s failure to issue Section 143(2) notice and furnish reasons, reinforcing procedural compliance.
The Competition Commission of India (CCI) dismisses a case against Bishal Juice Corner, stating that the allegations of unfair practices and illegal occupation do not fall under the Competition Act.
