RFC accounts allow returning NRIs to retain foreign currency instead of converting funds into rupees. The key takeaway is that this facility ensures flexibility and smoother financial transition after returning to India.
The Court held that absence of recorded “reason to believe” invalidates seizure under GST law. Cash seizure without proper justification was declared unlawful.
Courts held that prior exemption claims under Sections 11 and 12 cannot justify denial of 80G approval. The key takeaway is that both benefits legally coexist.
GST may appear simplified, but HSN classification remains central to compliance and disputes. Incorrect classification can lead to penalties and scrutiny.
The Supreme Court clarified that tax planning is valid only when backed by real commercial substance. It held that artificial structures without economic activity cannot claim treaty benefits.
The Tribunal held that penalty under section 271(1)(c) cannot be imposed when errors are voluntarily corrected during assessment. Bona fide computational mistakes without concealment do not amount to furnishing inaccurate particulars.
The Court held that Magistrates facing pressure from police must not hesitate and can initiate contempt proceedings. The key takeaway is that judicial independence must be protected from any external interference.
GSTN clarifies that DRC-03 payments must be linked via DRC-03A. Without this, pre-deposit requirements may appear unpaid on the portal.
The guide explains how property taxes, rental income, and capital gains apply at different stages of ownership. It highlights key deductions and planning strategies to reduce tax liability.
India clarifies FDI norms by linking beneficial ownership to PML Rules. Investments exceeding 10% ownership now require government approval.
