Latest tax, GST, RBI, audit and accounting updates organized for quick reading.
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A key provision in the newly notified Income-tax Rules, 2026 — effective April 1 — has brought back focus on the powers of tax officers to estimate a taxpayer’s income in certain situations.Under Rule 9 of the new rules, the Assessing Offi...
A key provision in the newly notified Income-tax Rules, 2026 — effective April 1 — has brought back focus on the powers of tax officers to estimate a taxpayer’s income in certain situations.Under Rule 9 of the new rules, the Assessing Offi...
India’s housing market is caught in an unusual bind – with the sales slipping, developers are now pulling back on new projects. Yet residential prices refuse to fall.Pan-India housing sales declined 7% year-on-year in Q4FY26, while new project l...
Union Commerce and Industry Minister Piyush Goyal on Monday said India and Canada are working to conclude negotiations for the proposed Comprehensive Economic Partnership Agreement (CEPA) by the end of this year, as both countries seek to reset bilateral ti...
For three decades, economic development followed a relatively predictable script: integrate into globalisation, industrialise through exports, attract foreign capital and move steadily up the value chain. That script is now breaking down. The age of frictio...
The Indian rupee ended Monday’s trade on a positive note, as the currency appreciated sharply, returning to the 95 territory against the greenback, and hitting a two-week high. This was aided by growing optimism over a potential peace deal between US...
India’s consumption story may no longer be best understood through supermarket sales or traditional household baskets. According to Kotak Mutual Fund’s latest study, consumption patterns now require looking beyond volume growth. Ticketed live ev...
A series of hikes in petrol and diesel prices at the retail level has triggered concerns over rising inflation, with economists estimating an addition of around 30 basis points to the near-term outlook. However, they are yet to revise their inflation outloo...
Nvidia CEO Jensen Huang said on Saturday that his forecast of a $200 billion market for CPUs includes China, signalling Nvidia still sees significant long-term demand in the market amid ongoing U.S.-China technology tensions.Central processing units have ta...
A string of startup shutdowns and strategic pivots in the artificial intelligence space is prompting venture capital (VC) firms to become more selective, with investors increasingly moving away from generic AI offerings and focusing instead on businesses wi...
The new Income Tax Act, 2025 and Income Tax Rules, 2026 have introduced significant changes relating to PAN quoting, PAN usage and Form 60 (now re-engineered as Form 97). With these new regulations, the requirement to quote PAN for specific transactions has...
As part of the ongoing efforts towards strengthening data quality, traceability, and operational efficiency in the E-Way Bill (EWB) system, certain functional enhancements are proposed to be introduced in the EWB portal.The advisory covers the following pro...
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 serv...
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 t...
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...
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 filin...
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 ma...
"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 dail...
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...
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...
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...
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 wor...
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 inc...
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-driv...
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 har...
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 or...
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...
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 af...
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 proc...
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 Inco...
All tax and compliance updates for this category.
All tax and compliance updates for this category.
All tax and compliance updates for this category.
All tax and compliance updates for this category.
All tax and compliance updates for this category.
All tax and compliance updates for this category.
All tax and compliance updates for this category.
All tax and compliance updates for this category.
All tax and compliance updates for this category.