Income Tax Act 1961
MCA Simplifies Director KYC Compliance: Annual KYC Replaced with Once-in-Three-Years Requirement – The annual KYC filing has been replaced with an abridged KYC requirement once in three years. In a significant...
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Income Tax Act 1961
Belated ITR Filing Reminder from the Income-tax Department The Income-tax Department has issued an important advisory alert for taxpayers who have not yet filed their Income Tax Return (ITR) for Assessment Year 2025-26,...
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Income Tax Act 1961
Government exempts diamond imports under the Diamond Imprest Authorisation (DIA) scheme from Integrated Tax and Compensation Cess 1 Background – integrated tax and compensation cess on imports Under the Goods and Services Tax (GST)...
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Income Tax Act 1961
India’s Digital Payments Revolution: RBI’s Digital Lending Directions & UPI’s Global Dominance India’s financial landscape is undergoing a transformation. On 8 December 2025 the Minister of Finance informed the Lok Sabha that the Government and the...
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Income Tax Act 1961
The Bombay HC has refused interim relief to a same-sex couple challenging the exemption for gifts from “spouse” under Section 56(2)(x) of the IT Act. The recent order of the...
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Income Tax Act 1961
Supreme Court Form 15CB Judgment – CA Liability Under PMLA Clarified Introduction The Supreme Court of India has recently delivered a significant judgment clarifying the liability of Chartered Accountants (CAs)...
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Income Tax Act 1961
ITAT Favors Aishwarya Rai Bachchan in ₹4.11 Crore Section 14A Tax Dispute Background of the Case (AY 2022–23)For the Assessment Year 2022–23, Aishwarya Rai Bachchan filed returns disclosing around ₹39.3 crore...
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CBDT
1. Tax on Gift of a Car to a Non-Relative — Clarified In India, gifts often symbolize goodwill and affection. Yet, the Income-tax Act, 1961 draws a fine line between...
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Income Tax Act 1961
RBI clears bank-funded M&A—what changes for you now? Summary (2-minute read) What exactly has changed? 1) Bank-funded M&A (acquisition financing) RBI has proposed an enabling framework so that banks can directly fund...
Read MoreA recent decision by the Delhi High Court has brought much-needed relief to a Non-Resident Indian (NRI) who was facing a significant tax demand due to an error in the...
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