The Delhi High Court ruled that Show Cause Notices issued on 30 November 2024 for FY 2020–21 were within limitation under Section 73(2) of the CGST Act. The Court treated December, January, and February as the relevant three calendar months before the final order date.
The Gujarat High Court ruled that Input Tax Credit cannot be claimed unless the supplier has actually paid tax to the Government under Section 16(2)(c) of the CGST Act. The Court held that ITC remains a conditional statutory benefit and refused to create a bona fide purchaser exception.
GSTN has implemented automated interest computation through the Tax Liability Break-up mechanism in GSTR-3B to identify delayed tax payments relating to earlier periods. The update shifts GST compliance from manual assessment to system-driven validation based on invoice dates, reporting periods, and payment timelines.
The Delhi High Court ruled that GST authorities can issue a single SCN covering multiple financial years under Sections 73 and 74 of the CGST Act. The Court held that the statutory language itself permits consolidated proceedings even in non-fraud classification disputes.
The High Court observed that filing GST returns is the statutory mechanism for disclosing tax liability. Failure to file returns while issuing taxable invoices was treated as concealment amounting to suppression of facts.
The article explains how equity mutual funds, PMS, and AIFs are taxed compared to Fixed Deposits under current income tax rules. It highlights that long-term equity investments continue to enjoy lower tax rates than interest income from FDs.
The Income Tax Act, 2025 replaces Sections 44AD, 44ADA, and 44AE with a unified Section 58 framework. While the structure has been simplified, presumptive taxation rates and turnover limits largely remain unchanged.
The 2026 FEMA amendment removes uncertainty surrounding INR borrowings by resident individuals from NRIs and OCI relatives. The RBI has now prescribed clear conditions relating to fund receipt channels and repayment rules.
Rule 46(8) of the Income-tax Rules, 2026 requires businesses maintaining electronic books to create daily backups on servers located in India. The provision strengthens data localisation, audit readiness, and financial record accessibility.
SEBI has restructured the LODR compliance framework through amendments affecting quarterly, annual, and event-based disclosures. The revised framework extends filing timelines, removes certain compliance requirements, and standardizes reporting obligations for listed entities.
