CBIC issued Notification No. 47/2026-Customs (N.T.) continuing existing tariff values for key imported commodities including palm oil, gold, silver, and brass scrap. The notification clarifies applicable customs valuation rates effective from 20 May 2026.
ROC Patna imposed penalties on a Nidhi company and its Managing Director for failure to file financial statements under Section 137 of the Companies Act, 2013. The balance sheet remained unfiled despite adjudication notice and hearing opportunity.
SEBI has proposed replacing the centralized STP Hub with direct API-based connectivity between STP Service Providers to reduce latency and operational risks. The proposal seeks to improve scalability, efficiency, and resilience in institutional trade processing.
RBI has amended IFR maintenance norms for Rural Co-operative Banks after identifying operational difficulties in compliance. The revised framework mandates annual assessment of the reserve based on book value of current category investments.
RBI has amended commercial bank disclosure rules by introducing revised reporting requirements for provisions relating to non-performing investments. The changes aim to enhance transparency and consistency in financial statements.
GSTN has launched a standardized Annexure-B Offline Utility for refund applications involving accumulated ITC to enable automated invoice verification. Taxpayers must now upload invoice-wise HSN/SAC details through the prescribed utility.
SEBI has proposed exempting Research Analysts from maintaining call recordings for institutional investors, citing their sophistication and ability to assess investment risks independently. The proposal seeks to reduce compliance burden while retaining other communication record requirements.
2026 Guidelines streamline selection of Insolvency Professionals for IRP, RP, Liquidator, and Bankruptcy Trustee roles, ensuring timely and efficient insolvency proceedings.
ROC Chandigarh penalized a company and its directors under Section 92(5) of the Companies Act for non-filing of annual returns from FY 2017-18 to 2022-23. The directors were each fined the maximum penalty permitted under the law.
The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised limits aim to streamline jurisdictional allocation and improve administrative efficiency in tax assessments.
