Draft Rule 42 of the Income-tax Rules, 2026 specifies categories of bad and doubtful debts for banks, financial institutions, and housing finance companies. It clarifies when interest income will be governed by Section 56, based on non-performing asset criteria and security erosion thresholds.
Draft Rule 41 of the Income-tax Rules, 2026 defines the meaning of “actually paid” for spectrum fee deductions under Section 52. It distinguishes between upfront and deferred payment options and mandates reassessment if spectrum allocation is terminated due to non-compliance.
Since restaurant services are notified under Section 9(5), GST is paid by the e-commerce operator and not the supplier. Therefore, composition dealers are not restricted from supplying through such platforms.
The Bombay High Court ruled that GST portal limitations cannot override Section 18(3) of the CGST Act. It allowed transfer of CGST and IGST credits across States following amalgamation, holding that no statutory restriction exists.
BCAS urged SEBI to introduce a structured migration framework for individuals converting into corporate/LLP Research Analyst entities. The representation highlights business disruption and regulatory uncertainty caused by absence of transitional provisions.
India and France have signed a protocol granting full taxing rights on capital gains from share sales to the country of company residence. The amendment removes the MFN clause and strengthens tax certainty under updated international standards.
IFSCA released draft regulations mandating authorisation, net worth, risk management, and governance standards for Electronic Trading Platforms in IFSCs. Cryptocurrencies are expressly barred from trading under the proposed framework.
The Government has retained wheat exports as “Prohibited” but allowed shipment of 25 Lakh Metric Tonnes under specified conditions. Detailed modalities will be notified separately, maintaining regulatory control.
ROC Ahmedabad imposed penalties after finding prolonged non-compliance with mandatory Independent Director requirements. The ruling underscores that delay in board composition compliance attracts adjudication under Section 454.
The analysis shows that India s taxation system, particularly under the Income-tax Act, 1961, is primarily based on economic capacity rather than benefits received. Judicial rulings and constitutional values support progressive, redistributive taxation.
