ICAI has introduced a mandatory registration framework for Global Networks between Indian CA entities and overseas firms. The Guidelines define compliance, ethical safeguards, reporting norms, and oversight mechanisms for cross-border professional collaboration.
The Court held that notice under Section 148A(b) was valid despite search-related arguments. However, the assessment was set aside due to absence of proper reasoning on denial of Section 10(38) exemption for long-term capital gains.
The draft Income-tax Rules, 2026 consolidate perquisite valuation into a single framework and significantly raise exemption limits. Employees gain clearer rules and higher tax-efficient benefits.
The company failed to meet the statutory quorum of 30 members at AGMs, attracting penalty under Section 450. Directors were also fined ₹50,000 each for non-compliance.
The Government clarified that the new income tax search provision does not expand powers or permit AI-based digital surveillance, as existing law already allowed similar access.
Summarises major tax, GST, customs, and regulatory changes released in early February 2026. The key takeaway is the breadth of compliance-impacting updates across sectors.
Explains how Draft Form 26 fundamentally reshapes tax audit reporting by expanding it beyond book-to-tax reconciliation. The key takeaway is that tax audits will now function as a full-spectrum compliance and risk-validation tool.
The Tribunal upheld disallowance of political donation deductions where the assessee failed to prove genuineness and the transactions were linked to suspected accommodation entries. The ruling reinforces the burden on taxpayers to substantiate claims under section 80GGC with credible evidence.
Draft Income-tax Rules and Forms have been released for public feedback before the new law takes effect, with inputs to shape the final notification.
Learn how Section 87A rebate works with LTCG u/s 112A under the new tax regime for FY 2025–26. Eligibility, limits, and tax calculation explained simply.
