Courts hold that one-time alimony is a capital receipt arising from extinguishment of rights and not taxable. The ruling clarifies limits on taxing matrimonial settlements.
The inspection report highlights deficiencies in audit documentation, independence monitoring and compliance with auditing standards. It stresses the need for stronger quality control systems and improved audit procedures.
The regulator found that the audit firm lacked an effective monitoring mechanism to ensure firmwide independence policies were properly implemented. It recommended stronger oversight and compliance checks.
NFRAs inspection found gaps in audit documentation, revenue testing, and risk assessment practices, stressing the need for stronger monitoring and audit quality controls.
ICAI has recommended mandatory verification of the Certificate of Practice for Chartered Accountants appearing before GSTAT to ensure compliance with statutory requirements.
The updated TDS provisions reorganize multiple earlier sections into a simplified framework covering salary, resident payments, non-resident payments, and gaming transactions.
The Gujarat High Court stayed a tax adjudication order after discovering that the officer relied on inaccurate case law citations without independent verification.
The Income-tax Act 2025 introduces the new tax regime as the default taxation method for individuals and certain entities. Taxpayers may opt out while filing returns if they prefer the traditional regime.
The Bengaluru CGST zone cautioned taxpayers about individuals posing as GST officers. Taxpayers were advised to verify officer identity, authorization, and DIN before allowing inspections.
The High Court ruled that retrospective cancellation of GST registration is invalid if such action is not proposed in the original show cause notice. The judgment emphasizes adherence to natural justice and proper reasoning in administrative orders.
