New Standard prescribes a Quality Assurance and Improvement Program (QAIP) for internal audits, mandating internal/external reviews, continuous team improvement, adherence to ethical standards, and a minimum seven-year documentation retention period.
Finance Ministry’s Notification 151/2025 grants income tax exemption to the Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB), effective retrospectively from Assessment Year 2024-25.
New GST reforms in Goa will reduce costs by 6-11% on tourism, transport, and food, boosting affordability for 2.5 lakh workers and enhancing competitiveness across sectors.
The IFSCA has notified amendments to the 2024 Listing Regulations, revising maximum penalties for non-compliance and setting a 45-day deadline for half-yearly financial statement disclosure.
The Competition Commission of India (CCI) dismissed abuse of dominance allegations against BSNL regarding a tender for Splice Closures, finding BSNL lacks a dominant position in the Market for Telecommunication Services in India.
Registrar of Companies penalized both the company and its officers for non-compliance with Section 92 of the Companies Act, 2013. No response or hearing request was received, leading to automatic imposition of fines.
ROC Vijayawada imposed a Rs. 75,000 penalty on three directors of Three Seasons Exim Ltd. for failing to issue the mandatory 7-day notice for two 2017 board meetings.
Registrar of Companies, Delhi, imposed penalties on a company and its directors for not maintaining serially numbered board meeting minutes for FY 2014–15, reaffirming that even clerical lapses can attract fines under Section 118(11).
GSTN clarifies that the Invoice Management System (IMS) implementation does not change GSTR-2B auto-population or its timing. Credit Note handling offers new flexibility for recipients.
ROC Mumbai levied a ₹25,000 penalty for failure to attach proof of identity and address of a newly appointed director in Form DIR-12, violating Section 152(5) read with Rule 8. The lapse was treated as an inadvertent but punishable compliance error.
