Finance Bill 2026: Government Clarifies 12% Surcharge on Promoter Buybacks The Ministry of Finance has issued a formal clarification regarding the recent amendments to the Finance Bill, 2026. The update specifically addresses the tax implications for company promoters involved in share buybacks under Section 68 of the Companies Act, 2013. The clarification aims to distinguish… Read More »
Finance Bill 2026 Amendments: Easing Reassessments and Retrospective Validation to Curb Tax Litigation Finance Minister Nirmala Sitharaman has moved a series of crucial amendments to the Finance Bill, 2026, in the Lok Sabha. These changes are designed to provide a smoother transition to the new Income-tax Act, 2025 (effective April 1, 2026) while providing immediate… Read More »
Failure of a Resolution Professional (RP) to file returns constitutes “Genuine Hardship” for the new management. The Facts: During the Corporate Insolvency Resolution Process (CIRP), the erstwhile management was suspended, and the RP was in control. The RP failed to conduct statutory audits or file Income Tax Returns (ITR) for AY 2018-19 and 2019-20. Once… Read More »
Income-tax Exemption Notification for Haryana Shehri Vikas Pradhikaran (HUDA) for Assessment Year 2024-25 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 25th March, 2026 S.O. 1576(E).— In exercise of the powers conferred by sub-clause (b) of clause (46A) of section 10 of the Income-tax Act, 1961 (43 of… Read More »
Income-tax Exemption Notification for Varanasi Development Authority Under Section 10(46A) for Assessment Year 2025-26 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 25th March, 2026 S.O. 1578(E).— In exercise of the powers conferred by sub-clause (b) of clause (46A) of section 10 of the Income-tax Act, 1961 (43… Read More »
Income-tax Exemption Notification for Patiala Urban Planning and Development Authority (Assessment Year 2024-25) MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 25th March, 2026 S.O. 1577(E).— In exercise of the powers conferred by sub-clause (b) of clause (46A) of section 10 of the Income-tax Act, 1961 (43 of… Read More »
CBDT Notification Exempting Specified Income of Visakhapatnam Special Economic Zone Authority Under Section 10(46) MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 25th March, 2026 S.O. 1579(E).— In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the… Read More »
RBI, IRDAI and SEBI Intensify Measures to Help Citizens Reclaim Unclaimed Deposits Simplified claim processes, digital portals and regulatory reforms enhance access, transparency and faster claim settlement Unclaimed financial assets amounting to ₹5,777 crore returned across 22.95 lakh claims under “आपकी पँजूी, आपका अधिकार – Your Money, Your Right” nationwide campaign Posted On: 24 MAR… Read More »
RBI Strengthens Framework on Unauthorised Electronic Banking Transactions Revised RBI Instructions introduce compensation mechanism, expand AI-driven fraud analytics and reinforce safeguards against mule accounts and cyber fraud, along with financial literacy drives Posted On: 24 MAR 2026 4:07PM by PIB Delhi The Reserve Bank of India (RBI) had issued the extant instructions on limiting liability… Read More »
Rectification of Bona Fide Errors in Revised TRAN Forms (Section 140) Facts Original Filing (2017): The Petitioner, a private limited company, filed TRAN-1 and TRAN-2 in 2017 to carry forward transitional Input Tax Credit (ITC) from the Kerala VAT and CST regimes. Supreme Court Window (2022): Following the Supreme Court’s directive in Union of India… Read More »