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India’s manufacturing MSMEs are facing an overwhelming regulatory burden, with compliance costs ranging between Rs.13 to Rs.17 lakh per year, according to a new report by TeamLease RegTech.
The Institute of Chartered Accountants of India (ICAI) will enforce from April 2026 its new guidelines on allowing a partner of an accounting firm to take up a maximum of 60 tax audits in a year, its president Charanjot Singh Nanda said on Friday.
Mahindra Holidays & Resorts India Ltd on Sunday said it has received a tax demand notice of over Rs 363 crore including penalty, related to reporting of integrated goods and services tax (IGST) on its club membership services.
With the income tax return (ITR) filing season underway, the absence of Excel utilities for ITR-2 and ITR-3 has left several taxpayers in a fix. While the utilities for ITR-1 (Sahaj) and ITR-4 (Sugam) are available, those who need to report business income or capital gains are waiting for the release of the relevant forms.
The old trick of flipping farm land to white-wash cash is in the crosshairs of the taxman.
As GST marks eight years since its rollout, PwC India has called for key reforms, including a simplified three-rate structure and the phased inclusion of petroleum products under the GST ambit, starting with Aviation Turbine Fuel (ATF).
PIB has dismissed a viral message doing the rounds on social media claiming that EPFO has made it mandatory for pensioners to fill out a new form, failing which their pension would be stopped. PIB Fact Check has labelled this message as completely fake.
The Hon’ble Allahabad High Court in the case of Bharat Mint & Allied Chemicals held that where the proceedings were initially instated under Section 73 of CGST Act and subsequently a SCN arising out of the earlier SCN was issued under Section 74 of the CGST Act by the same officer without alleging fraud, suppression or wilful misstatement, then such an action is without jurisdiction…
The Hon’ble Rajasthan High Court in Tej Jain held that the observations on ITC in para 6.8 of the Order passed by AAAR were to be expunged given the fact that the question pertaining to ITC was not originally dealt with by AAR and hence the AAAR had travelled beyond the grounds of challenge in the appeal.
The Hon’ble Himachal Pradesh High Court in the case of Shyama Power India Ltd. quashed the Impugned Order and held that reversal of ITC under protest cannot be treated as admission of liability and interest & penalty cannot be imposed on that basis.