Wrong ITR form selection, incorrect residential status, and missing Indian income disclosures can create tax complications for NRIs. Proper verification of AIS, Form 26AS, and bank details is essential before filing returns.
Taxpayers now get three extra months to correct mistakes in originally filed income tax returns. The revised return mechanism remains useful for correcting errors like missed income, deduction mistakes, and wrong capital gains reporting.
Service exporters must file monthly EDF declarations from October 2026 under new FEMA regulations. Non-compliance may affect eBRC generation, GST refunds, and FEMA compliance.
Taxpayers with foreign assets, high income, capital gains, or business complexities cannot file simplified ITR forms. Using the wrong form may result in defective returns and compliance notices.
The article explains the legal framework, procedural requirements, and statutory compliances governing buy back of shares under the Companies Act, 2013. It highlights approval limits, filing requirements, solvency conditions, and methods of buy back.
The article explains that Section 67(4) permits sealing only for facilitating GST searches where access is denied, not for indefinite business closure. Courts have stressed proportionality and timely de-sealing to protect business operations.
Supreme Court held that certification of electronic evidence under Bharatiya Sakshya Adhiniyam cannot be restricted only to Section 79A government-notified examiners. Ruling allows qualified private cyber forensic experts to certify electronic records subject to judicial satisfaction.
Selecting the incorrect ITR form may lead to defective returns, revision requirements, and tax notices. Taxpayers should verify the correct form based on income type before filing.
The government has notified the Principal Bench of GSTAT as the National Appellate Authority for resolving conflicting state advance rulings. The update streamlines dispute resolution under Section 101A with retrospective effect from 1 April 2026.
A Constitution Bench held that courts can modify arbitral awards in limited situations such as correcting manifest errors and severable portions of awards. The ruling recognised an implied power under Section 34 of the Arbitration Act.
