This FAQ covers all ten notified ICDS, explaining their scope, applicability, disclosures, and treatment of various tax-related transactions. It serves as a consolidated reference for ICDS compliance under the Income-tax Act.
The Government has decided that the date of application, not the date of appointment, will determine pension eligibility for compassionate appointees in specified cases. Eligible applicants who applied on or before 31 December 2003 can be considered under the CCS (Pension) Rules.
The notification updates compounding amounts for key FCRA violations, including excess administrative expenses, speculative investments, and misuse of foreign contributions. It also clarifies that the revised provisions apply prospectively.
The Income Tax Department explains how CPC processes returns under Section 143(1) by correcting apparent errors and incorrect claims without conducting a scrutiny assessment. Taxpayers receive an opportunity to respond before adjustments are finalized.
IRDAI has proposed replacing the existing three-year licence system for insurance surveyors and loss assessors with a perpetual registration regime subject to annual fee payment. The draft amendments also simplify regulatory processes and compliance requirements.
The Monetary Policy Committee unanimously retained the repo rate at 5.25% and maintained a neutral stance, citing geopolitical tensions, inflation risks, and uncertainty over growth as reasons for a cautious, data-dependent approach.
SEBI approved wide-ranging reforms covering transmission of securities, buy-backs, mutual funds, AIFs, municipal bonds, and securitisation. The measures aim to simplify compliance, improve operational efficiency, and strengthen investor protection.
IRDAI has proposed new regulations introducing mandatory public consultation, stakeholder participation, and periodic review for insurance regulations. The framework aims to improve transparency, accountability, and policyholder protection.
SEBI has allowed AIFs to retain liquidation proceeds beyond the permissible fund life under specified conditions while introducing safeguards to protect investor interests during the winding-up process.
The Disciplinary Committee imposed a two-year suspension after finding failures in claim verification, unauthorized financial decisions, and improper treatment of homebuyers’ claims during the insolvency process.
