The Companies Act, 2013 requires companies to maintain registers of members and disclose beneficial ownership. These provisions ensure transparency in shareholding and identify individuals exercising control.
The guide clarifies the difference between PTEC and PTRC registrations under Maharashtra Professional Tax law. It explains who must obtain each certificate and how liability differs for businesses and employers.
The Madras High Court held that once late fee under Section 47 is levied for delayed annual return filing, authorities cannot impose an additional general penalty under Section 125. The court set aside the penalty and granted relief to taxpayers.
The Madras High Court held that ITC distribution by an Input Service Distributor arises only after conditions under Section 16(2) are satisfied. Authorities cannot insist on same-month distribution merely based on invoice issuance.
The article examines how Section 64 of the CGST Act is increasingly used against genuine recipients in ITC disputes. It argues that summary assessment powers meant for emergencies are being misapplied to fast-track tax demands.
Courts have repeatedly held that bona fide buyers cannot lose ITC merely because suppliers default or registrations are cancelled retrospectively.
The Budget 2026 amendment to the intermediary provision raises questions about the validity of ongoing GST disputes. Without a saving clause, taxpayers may argue that pending proceedings lack statutory support.
Even if seafarers fail the 182-day NRI test due to crises or travel delays, foreign salary may still remain tax-free. RNOR status and CBDT Circular 13/2017 provide key protection.
The High Court directed strict enforcement of a 2025 SOP aimed at preventing foreign nationals from prolonging illegal stay by citing pending criminal cases. It also ordered formation of screening committees to review such prosecutions.
CBDT amended Income-tax Rules to include crypto-assets and digital financial products in CRS reporting. The move expands disclosure obligations for financial institutions and enhances tax transparency.
