The Lucknow bench of the Income Tax Appellate Tribunal has emphasised procedural compliance, ruling that a capital-gains addition under section 50C cannot be upheld where the department failed to properly refer valuation disputes to the Departmental Valuation Officer within the…
The Employees’ Provident Fund Organisation (EPFO) has initiated a nationwide campaign till October 31, encouraging employers to enrol eligible workers outside the formal social security system, offering a one-time opportunity to regularise past omissions with minimal penalties. The Employees’ Provident…
A Delhi Income Tax Appellate Tribunal has overturned a ₹3.74 lakh penalty for late filing, recognising that failing to file on time does not amount to under-reporting when the income was eventually declared and correctly assessed. A Delhi tribunal has…
India’s payments authorities are exploring implementing safeguards against passing merchant discount rate charges to consumers in UPI transactions, following a precedent set by debit card rules, though no final decision has been made amid ongoing debates and policy delays. India’s…
India’s insurance regulator, IRDAI, has issued formal warnings and a six-month ban on new office openings to Edelweiss Life Insurance and Pramerica Life for exceeding expense management limits under its 2024 rules, amid industry-wide expense compliance challenges. India’s insurance regulator…
India’s GST refund system offers avenues for businesses to reclaim excess tax, but navigating the technical rules and deadlines remains crucial for a smooth claim process amid recent guidance and reforms. India’s goods and services tax regime gives businesses a…
The Supreme Court has refined the criteria for insider-trading liability, emphasising possession of unpublished price-sensitive information over traders’ motives, in a move likely to simplify enforcement. The Supreme Court has sharpened the test for insider-trading liability in a way that…
The Bombay High Court has reaffirmed that employees should not be penalised for their employer’s failure to deposit deducted tax, highlighting the need for factual verification amidst increasing automated tax demands due to Form 26AS mismatches. The Bombay High Court…
Taxpayers in India can still file late income tax returns until December 31, but must be wary of penalties, interest, and potential audits, as the window narrows for corrections after the deadline at year’s end. Taxpayers who miss the August…
The Reserve Bank of India Deputy Governor Swaminathan has highlighted the growing cybersecurity and operational risks faced by urban co-operative banks, urging heightened oversight of third-party dependencies in an increasingly digital banking landscape. Urban co-operative banks are facing a risk…
Organised, routine procurement fraud exploits hidden relationships within organisations, prompting a shift towards continuous monitoring and analytics to uncover sophisticated schemes that survive traditional controls. Procurement fraud is often imagined as a bad invoice or a forged approval. The deeper…
India has eased its export payment regulations in rupees, aiming to expand the currency’s use in global trade and simplify cross-border settlements, as part of a wider strategy to reduce trade friction amidst strained global conditions. India has relaxed its…
