Income tax Department carries out nation-wide verification exercise on restaurants suppressing turnover IT Department conducted a nationwide survey on 8th March 2026 on 62 restaurants across 46 cities in 22 States, revealing suppression of sales of around Rs. 408 crore IT Department continues to emphasise voluntary compliance and a trust-based approach, and has commenced the… Read More »
EASE 8.0 Reform Agenda Advances Transformation of Public Sector Banks EASERise Reforms centred on Four Themes: Risk & Resilience, Innovation, Socio-Economic Impact and Excellence Reforms focus on digital lending, AI adoption, financial inclusion and operational excellence to build resilient and customer-centric public sector banks Posted On: 10 MAR 2026 3:30PM by PIB Delhi Under the… Read More »
Government takes Measures to Increase Enrolment and Ensure Timely Disbursement of Benefits under PMJJBY 26.79 Crore Beneficiaries and 12.55 Crore Active PMJJBY Policies as on 18.02.2026, 99.95% Claim Settlement Ratio with 0.61–17 Days Settlement Time under the Scheme Financial Inclusion Saturation Campaign was held across the country in 2.70 lakh Gram Panchayats and Urban Local… Read More »
Reconstitution of Authority for advance ruling in Terms of Section 13 of UTGST Act 2017 MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 6th March, 2026 No. 01/2026 – Union territory Tax G.S.R. 159(E).— In exercise of the powers conferred by section 15 of the Union Territory Goods and Services Tax Act, 2017… Read More »
Transfer Pricing and Corporate Tax: Key Rulings for Business Operations I. Transfer Pricing: Foreign Currency Loans (CUP Method) The issue involved benchmarking foreign currency loans to Associated Enterprises (AEs). The assessee used an Internal CUP (bank quotation), while the TPO insisted on an External CUP (LIBOR + mark-ups) with an additional 100 bps for forex… Read More »
Mandatory Claim in Return of Income for Section 80-JJAA Deductions (Section 80A(5)) The Legal Issue Whether a deduction under Section 80-JJAA (related to new employment generation) can be allowed if it was not claimed in the original or revised Return of Income (ITR), but was instead raised for the first time during appellate proceedings before… Read More »
Regarding authorizing TransUnion CIBIL Limited to perform Aadhaar authentication MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 25th February, 2026 S.O. 1011(E).— Whereas the use of Aadhaar number to establish identity enables individuals to receive subsidies, benefits and services in a convenient and seamless manner, obviates the need for multiplicity of documents… Read More »
MCA Notifies Companies Compliance Facilitation Scheme, 2026 (CCFS 2026) The Ministry of Corporate Affairs (MCA) has introduced the Companies Compliance Facilitation Scheme, 2026 (CCFS 2026), effective from February 15, 2026, to provide a one-time opportunity for defaulting companies to regularize their compliance. Key Highlights of the Scheme: Objective: To allow companies to file long-pending documents… Read More »
ICAI Releases Updated “Handbook on Refunds under GST” (January 2026) The Institute of Chartered Accountants of India (ICAI) has released the January 2026 edition of its Handbook on Refunds under GST. This updated publication is designed to help taxpayers and practitioners navigate the complexities of claiming refunds in a rapidly evolving digital tax environment. Key… Read More »
Bar on Updated Returns Post-Scrutiny Notice Issuance Reference: Section 139(8A) read with Section 143 of the Income-tax Act, 1961 Assessment Year: 2024-25 Status: In Favor of Revenue (Writ Petition Dismissed) 1. The Core Dispute: Filing Updated Returns during Scrutiny In this matter for Assessment Year 2024-25, the assessee’s case was selected for scrutiny under the… Read More »