The Supreme Court has reinforced that circulars issued by the Central Board of Direct Taxes are only binding on departmental officials and cannot override statutory law when judges interpret tax legislation, affecting deductions linked to export quotas. The Supreme Court…
The Madras High Court has ruled that a ₹10,000 minimum penalty under GST cannot be automatically applied to minor breaches without proper hearings, reinforcing principles of proportionality and natural justice in tax law. The Madras High Court has ruled that…
As the 30 September deadline approaches for tax audit reports for AY 2026-27, taxpayers are advised to meticulously check their submissions to avoid errors that could lead to scrutiny or notices, especially with recent reporting changes and tighter compliance requirements.…
Inheriting a diverse portfolio of assets does not automatically trigger a tax bill; strategic reinvestment in residential property can offer relief, subject to specific conditions, experts advise. Selling inherited assets can create a tax bill, but it does not always…
India’s insurance regulator, IRDAI, has unveiled a comprehensive plan to cap commissions, tighten expense controls, and curb sales practices, potentially transforming how policies are sold amid market upheaval. India’s insurance regulator has proposed a sweeping reset of how policies are…
The Finance Ministry plans to collaborate with banks and trader groups to ensure that the upcoming changes to the merchant discount rate (MDR) for high-value UPI transactions do not lead to higher costs for consumers, amid ongoing discussions and monitoring…
New changes to Employee Provident Fund rules under Scheme 2026 allow salaried workers to access up to 75% of their eligible balance for housing needs, balancing retirement security with homeownership opportunities. Employee Provident Fund rules on housing-related withdrawals have been…
New reporting rules introduced on 1 October aim to enhance traceability in cross-border real estate deals by streamlining compliance while maintaining effective tax collection mechanisms. The Income Tax Department has tightened reporting rules for property deals involving non-resident sellers, while…
India’s insurance regulator IRDAI has unveiled sweeping proposals aimed at overhauling policy sales and servicing, risking a shift from volume-driven to value-based advice amid calls for greater transparency and customer protection. India’s insurance regulator has set out a far-reaching plan…
The UK government’s plan to include unused pension funds in inheritance tax from 2027 is prompting advisers and retirees to explore innovative strategies, notably the revival of ‘back-to-back’ arrangements, amid concerns over fairness and complexity. The government’s move to bring…
India’s Supreme Court has delineated clearer procedures for classifying borrower accounts as fraudulent, emphasising disclosure and written responses over oral hearings, in a move to strengthen fairness and transparency in banking practices. India’s Supreme Court has drawn a clearer line…
Public sector and regional rural banks across India will operate on Sunday, September 27, as the government aims to mitigate disruptions from an impending three-day strike over working conditions and retirement benefits. Public sector banks and regional rural banks across…
