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
Description: The writ petition challenged two impugned orders passed on 4 July 2023 and 11 August 2023 by authorities under the GST Act in Uttar Pradesh, which pertained to the detention of two-wheeler vehicles transported by the petitioner.
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Tag: GST , goods and service tax
Description: In December 2025, India witnessed one of the most chaotic aviation disruptions in recent memory when IndiGo—India’s largest airline by market share—suddenly plunged into operational disorder. What began as a set of minor delays quickly escalated into a full-blown national aviation crisis, with more than 1,000 flights cancelled, thousands stranded across airports, regulatory intervention, political criticism, and a widespread debate about safety, crew welfare, and airline planning.
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Tag: Government Policy
Description: Under Section 56(2)(viib) of the Income Tax Act, any excess premium received by a closely held company on issuing shares—where the consideration exceeds both the face value and fair market value
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Tag: section 56
Description: Judicial Rebuke of CBDT’s Delay Culture: A Multi-High Court Chronicle on ITR Extensions The Central Board of Direct Taxes (CBDT) has faced mounting judicial scrutiny for its habitual last-minute announcements of Income Tax Return (ITR) deadline extensions. In a rare convergence, five High Courts—Punjab & Haryana, Gujarat, Rajasthan, Karnataka, and Bombay—have issued stern directives and observations, exposing the administrative inertia and stakeholder distress caused by CBDT’s delay tactics. This article synthesizes the legal developments, case details, and broader implications for tax governance.
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Tag: CBDT, ITR
Description: Businesses incur various kinds of expenditures. One of the kinds is insurance services, which is taken to protect against financial losses arising from unforeseen events. Some of the main insurance expenses are pertaining to general insurance such as fire, burglary, marine, stock, transit insurance to name a few. Then there is life insurance and health insurance expenses incurred by businesses.
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Tag: GST, input tax credit
Description: The Income-tax Act, 1961 provides a wide range of deductions and exemptions designed to reduce the tax burden of individuals and businesses. Some of the significant deductions include investments under section 80C, health insurance premiums under section 80D, interest on housing loans under section 24(b), contributions to pension schemes under section 80CCD, etc.
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Tag: income tax act 1961
Description: India’s income tax filing season for Assessment Year (AY) 2025-26 (Financial Year 2024-25) is off to a rocky start, marked by significant delays in form releases,
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Tag: itr