Taxpayers will be permitted to file an updated return even after a reassessment notice is issued. The move encourages voluntary disclosure while restricting parallel filing options.
The amendment exempts interest awarded by Motor Accidents Claims Tribunals from tax for individuals and legal heirs. It treats such receipts as relief rather than taxable income.
The authority noted refusal to respond to the show cause notice and unwillingness to continue practice. Cancellation followed due to failure to meet eligibility conditions.
ICAI has scheduled a June 2026 special exam for members of recognized foreign bodies. Applications close on 16 February 2026, with subjects mapped to each MRA.
CBDT directs adjournments in court and ITAT cases as Finance Bill 2026 proposes clarificatory amendments to key Income Tax Act provisions on limitation, TPO orders, DIN, and reassessment notices.
The authority held that non-filing of Form MGT-14 for approval of accounts attracts penalty under section 117(2). Continued default led to penalties on both company and directors.
The authority held that failure to file DIR-3 KYC violates Rule 12A and attracts penalty under section 450. DIN deactivation does not absolve ongoing compliance responsibility.
The authority held that wrong disclosure of AGM details in Form MGT-7 attracts penalty under section 450. Accuracy in e-filings is the responsibility of the signatory.
The adjudicating authority held that filing AOC-4 after prolonged delay attracts penalty despite eventual compliance. Rectification beyond statutory timelines does not grant immunity.
The law now proposes a single consolidated assessment-cum-penalty order for under-reporting of income, reducing multiple proceedings and long-drawn uncertainty for taxpayers.
