Browse every update from the CA newsportal in one place.
The government is likely to disable the editing option in the monthly summary return form GSTR-3B once the return is auto-populated from GSTR-1 and GSTR-2B.It aims to improve the monitoring of defaulting suppliers and reduce mismatches in the goods and services tax (GST) syste...
The National Company Law Appellate Tribunal (NCLAT) has held that the National Company Law Tribunal (NCLT) could not directly order an investigation by the Serious Fraud Investigation Office (SFIO) and clarified that such power rests with the Central Government under the Compa...
In a significant ruling related to disclosure of foreign income, the Income Tax Appellate Tribunal (ITAT), Chennai, cancelled a penalty of Rs 10 lakh imposed on a salaried taxpayer who had failed to declare ESOPs, his foreign company shares, in his income tax return.What&rsquo...
If you think filing your Income Tax Return (ITR) is the last step of the tax process, you might want to take a closer look at your AIS before you hit submit. The Income Tax Department these days uses a lot of data analytics and automated matching systems to compare the details...
ITR filing season for Assessment Year (AY) 2026-27 has started. Like every year, taxpayers would expect their refunds to come early, within days of filing their tax returns.But you must remember that filing a correct return is much more important than filing early, as even a s...
A taxpayer who claimed a tax exemption based on the details mentioned in his employer-issued Form 16 was hit with a steep penalty of Rs 51.20 lakh, but the Income Tax Appellate Tribunal (ITAT), Bangalore, has now ruled in his favour, saying the claim was made under a bona fide...
"Split this bill among 5 people and calculate how much each of us owe"It may not have been the intention of developers of generative artificial intelligence, but going by these prompts it has, over the years, turned into an intrinsic part of a person's daily life.Somewhere alo...
At a time when Prime Minister Narendra Modi has urged people to avoid buying gold for one year to save India’s foreign exchange reserves, one may consider exchanging old jewellery for redesigned ornaments. However, such exchanges are not a simple swap but a transfer of a...
The Income Tax (I-T) Department has released Excel utility versions of Income Tax Return (ITR) forms 1 and 4 for the Assessment Year 2026-27 (FY 2025-26) while also starting online filing for the same forms These tools are now available for download on the official income tax...
India's personal tax compliance framework is undergoing a decisive transformation, driven by digitisation, pre-filled data integration, and the introduction of simplified tax regimes by the Indian Income tax department.The Income tax return (ITR) forms for FY 2025-26 (AY 2026-...
A key amendment in the Corporate Laws (Amendment) Bill, 2026 restricting auditors and audit firms from providing non-audit services after their term completes, could potentially increase the compliance cost for domestic companies by 20-30%, top auditors working with Big Four f...
The Central Board of Direct Taxes (CBDT) has said a major compliance change is mandatory disclosure of bank balances under the revised income tax return forms for taxpayers filing ITR-4 for Assessment Year (AY) 2026-27. The government has been gradually increasing the disclosu...
In a bid to make the GST refund system more automated, the government is introducing an Annexure-B offline utility in place of the earlier PDF-based Annexure-B in Form GST RFD-01, making the refund filing process more streamlined, structured and system-driven.With this enhance...
Transfer pricing is back as an agenda item for multinationals as global capability centres (GCCs), technology captives and IT/ITeS arms re-examine long-settled transfer-pricing strategies built around advance pricing agreements (APAs), with the new safe harbour regime set to r...
The Central Board of Direct Taxes (CBDT) on Tuesday issued updated guidelines for referencing computer-generated Document Identification Numbers (DIN) in income-tax communications. It states that any correspondence such as notices, letters, orders, draft orders, or summons iss...
The Invoice Management System (IMS) was introduced on the GST portal from the October 2024 tax period enabling the taxpayers to take actions on invoices uploaded by their suppliers through GSTR-1, GSTR-1A, or IFF, including accepting, rejecting, or keeping such records pending...
The government has started a consultation process that will likely reduce the number of forms to be filed by companies under the Companies Act besides consolidating the forms with similar statutory purpose. The concept note from the ministry of corporate affairs (MCA) also see...
Please click on the link below to access the detailed advisory for taxpayers wherein the system-calculated interest for the February 2026 period which has been wrongly calculated and auto-populated in the March 2026 GSTR-3B. The advisory elaborates the process that needs to be...
The Income Tax Department has clarified that taxation depends on the date of payment, not when the salary is earned. Salary paid by March 31, 2026, will fall under the Income-tax Act, 1961, while payments from April 1, 2026, will be taxed under the new Income Tax Act, 2025, as...
India's apex authority has been told by the court to step in amid a flurry of orders across the country demanding tax on bonuses and performance-driven remunerations received by partners of large tax, audit, consultancy and other professional partnership firms, including some...
The income tax department on Monday said "banking company" governed by the provisions of the Banking Regulation Act, 1949, will deduct TDS on interest income beyond the prescribed threshold.Under the Income Tax law, the tax is to be deducted at source if the interest income fr...
The government has proposed to increase the minimum net profit threshold for mandatory corporate social responsibility (CSR) spending by companies to Rs 10 crore. This move aims to ease the burden on companies with nominal profits, allowing them to focus on growth rather than...
The corporate affairs ministry has proposed a one-time scheme, under which penalties will be drastically cut for companies for late filings of their financial statements and annual returns, enabling them to improve their compliances.The Companies Compliance Facilitation Scheme...
Chartered accountants' apex body ICAI on Wednesday notified the global networking guidelines, paving the way for creating large home grown domestic chartered accountant firms wherein they can also collaborate with global networks.The guidelines would also bring the working of...