Description: For Assessment Year 2026–27 (Financial Year 2025–26), taxpayers and tax auditors should establish whether section 44AB of the Income-tax Act, 1961 applies, select the appropriate audit report and reconcile Form 3CD disclosures with the books, financial statements and tax records.
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Tag: Tax Audit Report ,
Description: GSTN’s advisory dated 16 October 2026 announces enhancements to the e-invoicing system for reporting recipient generated self-invoices under the Reverse Charge Mechanism. Following the 57th GST Council meeting recommendations, two new supply types are being introduced: RCMDOM for specified domestic supplies received from unregistered persons and RCMIMP for import of services from suppliers outside India, where the registered recipient is liable to pay tax under RCM.
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Tag: GST, GST Notifications
Description: The 57th GST Council Meeting has proposed significant reforms to the GST refund framework, offering potential relief to the gems and jewellery (G&J) industry, which has historically faced substantial accumulation of unutilised input tax credit (ITC).
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Tag: GST , GST Council
Description: A dramatic mid-air security incident aboard a flydubai passenger aircraft flying from Dubai to Tel Aviv on 30 September 2026 triggered international concern after the aircraft transmitted emergency codes, rapidly lost altitude and ultimately made an emergency landing in Saudi Arabia.
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Tag: Flight FZ1073 Hijack
Description: NCLAT rejects appeals filed 16 days beyond limitation, holding typographical correction does not restart Section 61 IBC limitation.
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Tag: NCALT
Description: The respondent-company had originally filed its return on 6th October, 2008 declaring total income of Rs.46,33,63,270/-. The assessment was completed under Section 143(3) on 27th December, 2010. Thereafter, a notice under Section 148 dated 28th March, 2013 was issued within four years, proposing reassessment on the basis that a provision relating to compensation had allegedly not been added back to income.
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Tag: Bombay HC,
Description: Clause 18 of the Corporate Laws (Amendment) Bill, 2026 proposes to amend Section 2(85) of the Companies Act, 2013 by increasing the maximum prescribed paid-up share capital threshold for a “small company” from ?10 crore to ?20 crore and the turnover threshold from ?100 crore to ?200 crore.
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Tag: Companies Act 2013
Description: The appeal challenged the order dated 08.10.2021 passed by the National Company Law Tribunal (NCLT), Mumbai, which declared Respondent Nos. 1 to 3 to be the 100% shareholders of Appellant No. 1 company, held the alleged transfer of their shares in favour of Appellant Nos. 2 to 4 to be illegal, null and void, and similarly declared the alleged transfer of the company’s immovable property invalid.
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Tag: NCLAT
Description: Input Tax Credit (“ITC”) is the backbone of GST. It prevents cascading of taxes and allows a registered person to set off tax paid on inward supplies against output tax liability. However, ITC is not an absolute right. It is a statutory benefit available only when the conditions, restrictions and procedures prescribed under the GST law are satisfied.
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Tag: Input Tax Credit
Description: Indian Overseas Bank has invited online applications from eligible Chartered Accountant firms for empanelment as Concurrent Auditors for the period from 1 July 2026 to 30 June 2027. The bank stated that applications will be accepted from 27 May 2026 till 5:00 PM on 10 June 2026
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Tag: chartered accountants
Description: Directors Penalised Because Mandatory CFO Appointment Was Delayed Beyond Statutory Requirement; ROC Levies Heavy Penalty Because Company Violated CFO Appointment Requirement Under Companies Act; Company and Officers Held Liable Because No Whole-Time CFO Was Appointed; ROC Rejects Leniency Plea Because Non-Appointment of CFO Continued for Several Years.
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Tag: Companies Act 2013 ,company law notifications ,Company Law ,Penalty ministry of corporate affairs
Description: The Hon’ble Gujarat High Court in Maruti Enterprise vs. Union of India upheld the constitutional validity of Section 16(2)(c) of the CGST Act and refused to read it down for bona fide purchasers. The Court held that actual payment of tax to the Government by the supplier is an intrinsic statutory condition for availing Input Tax Credit (ITC), and that the recipient bears the burden of proving eligibility under Section 155.
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Tag: GST Notifications ,GST Refund
Description: Learn the key technical and operational hurdles in TDS/TCS compliance, including FVU errors and defaults. The article highlights practical solutions for error-fre
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Tag: tcs, tds
Description: The article explains tax treatment of rebate under Section 87A and Short-Term Capital Gains (STCG) under Section 111A for FY 2025–26 under the old tax regime.
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Tag: SECTION 87A , Short Term Capital Gain
Description: The Institute of Company Secretaries of India (ICSI) has submitted a representation to the Ministry of Corporate Affairs highlighting the absence of a mechanism to modify or update details of trusts registered as CSR implementing agencies through Form CSR-1.
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Tag: Companies Act ,Companies Act 2013
Description: The Insurance Regulatory and Development Authority of India (IRDAI), through its Amendment Regulations, 2026 approved on 30 March 2026, introduced a mandatory Indian Accounting Standards (Ind AS)-based financial reporting framework for all insurers, including life, general, health insurers, and reinsurers, effective from 1 April 2026.
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Tag: IRDA, IRDA Notifications
Description: Shilpa Shetty Kundra Vs DCIT (ITAT Mumbai) 12.54 crores Gift to Shilpa Shetty Kundra from Spouse u/s 68: Addition Set Aside & Matter Remanded for Fresh Verification In this case, the assessee received a gift of Rs 12.54 Cr from her husband and claimed it as genuine.
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Tag: Section 271AAC, section 56, Section 68 ,TDS
Description: The Income Tax Department conducted a nationwide verification exercise targeting tax evasion patterns in the Food and Beverage (F&B) sector. An investigation carried out in November 2025 revealed that several restaurants were suppressing sales by deleting bulk bills and modifying transaction records. Using AI-enabled analytical tools, the Department analysed transactional data of approximately 1.77 lakh restaurants and compared it with the turnover reported in their Income Tax Returns.
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Tag: Income Tax Notifications
Description: ITAT Delhi – Cash Gifts Taxable Without Donor Details; Agricultural Land Advance Held Non-Taxable & Credit Card Payments Explained In ITO vs Varun Manchanda (AY 2021-22), the ITAT Delhi partly allowed the Revenue’s appeal and decided three key issues relating to Sec 56(2)(x), Sec 69C and agricultural land exemption.
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Tag: section 250
Description: The matter before the Supreme Court of India arose from an appeal filed by the Income Tax Department challenging only a limited portion of the judgment delivered by the Gujarat High Court. The appeal was expressly confined to examining the directions issued by the High Court in paragraphs 10 and 11 of its order, which required the Central Board of Direct Taxes (CBDT) to make changes in the income-tax software system. Importantly, the Department did not challenge the su
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Tag: Supreme Court
Description: The Union Budget for 2026–27, presented by Nirmala Sitharaman, outlines a comprehensive policy framework aimed at accelerating economic growth, strengthening domestic capabilities, expanding infrastructure, enhancing ease of living, and maintaining fiscal discipline. The Budget is structured around three “kartavya”:
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Tag: Budget ,Budget 2026 ,
Description: The Institute of Chartered Accountants of India has announced an extension of the deadline for compliance with Continuing Professional Education (CPE) hours for the Calendar Year 2025. The last date for completing the prescribed CPE hours has been extended from 31 December 2025 to 31 March 2026, following a review of member compliance data, to provide relief and avoid hardship arising from non-compliance.
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Tag: Chartered Accountants