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.
The Income Tax Department acknowledged incorrect ‘significant transaction’ details in some advance tax reminder emails. Taxpayers are advised to ignore the earlier communication and verify details on the Compliance Portal.
A new amendment effective from January 2026 limits GST interest to the unpaid portion of tax after considering ITC and minimum cash ledger balance. The change significantly reduces the interest burden for taxpayers.
GSTN clarified that from February 2026 taxpayers must confirm the auto-populated “Tax Liability Breakup” in GSTR-3B before filing the return, even though a system issue currently requires confirmation in all cases.
