RBI’s New Gold Loan Draft Guidelines: Key Rules, Exemptions for Small

The Reserve Bank of India (RBI) has released new draft guidelines to regulate gold loans amid a sharp rise in gold prices and growing non-performing assets (NPAs) in this segment. The central bank aims to improve transparency, reduce risks, and protect …

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Delhi High Court Refers Key Income Tax Reassessment Issue on Foreign Assets to Larger Bench

The Delhi High Court has referred a significant legal question regarding income tax reassessment of foreign assets to a larger bench, potentially impacting numerous cases involving time-barred assessments. A division bench comprising Justice Vibhu Bakhru and Justice Tejas Karia passed …

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RBI Plans Uniform Interest Rate Guidelines for NBFCs to Enhance Transparency and Monetary Policy Transmission

The Reserve Bank of India (RBI) is set to introduce a unified interest rate framework for Non-Banking Financial Companies (NBFCs), aligning them more closely with the norms followed by banks. This move aims to improve the transmission of monetary policy …

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ITR Filing for AY 2025–26: Why Reconciling GST and Income Tax Data is Now More Crucial Than Ever

As the Income Tax Return (ITR) filing season for Assessment Year (AY) 2025–26 kicks off, tax experts are urging taxpayers—especially businesses and professionals—to pay close attention to the reconciliation of their Goods and Services Tax (GST) returns with income tax …

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GST Applicable on Corpus, Sinking, and Capital Fund Collections by RWAs: Tamil Nadu AAR Ruling

The Tamil Nadu Authority for Advance Rulings (AAR), in a significant decision in Case No. TN/16/ARA/2025 dated 07.05.2025, has held that Goods and Services Tax (GST) is payable on collections towards corpus fund, sinking fund, or capital contributions made by Resident Welfare Associations (RWAs) for future services such …

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The Income Tax Department of India has officially released the Excel utilities for ITR-1 and ITR-4 for the Assessment Year (AY) 2025-26: Get Details Here

The Income Tax Department of India has officially released the Excel utilities for ITR-1 and ITR-4 for the Assessment Year (AY) 2025-26 (pertaining to Financial Year 2024-25). This announcement was made on May 30, 2025, through a post on its official social media platform X (formerly Twitter). The …

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Madras High Court Directs GST Department to Consider Representation for Unblocking ITC Blocked Under Rule 86A

In a significant development for GST-registered businesses, the Madras High Court has directed the GST authorities to consider a representation filed by M/s A. J. Power Center seeking the unblocking of its Electronic Credit Ledger (ECL). The ledger had been blocked under Rule 86A …

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Gujarat High Court Quashes Tax Demand Against Grasim Industries, Imposes ₹1 Lakh Cost on Tax Department

In a significant ruling, the Gujarat High Court has quashed a tax demand issued against Grasim Industries Ltd., citing lack of due diligence and improper application of mind by the income tax department. The judgment came in the matter titled Grasim Industries …

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NBFCs, Banks Agree on 18% GST for Co-Lending Charges as RBI Pushes Model Expansion

In a major development for the financial sector, non-banking financial companies (NBFCs) and banks have reached a consensus to levy 18% Goods and Services Tax (GST) on service charges arising from co-lending arrangements. This GST will likely apply to 0.5%–1% of the total …

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Chhattisgarh High Court: Writ Petition Not Maintainable Under CGST Act When Alternative Remedy Exists, Except in Exceptional Circumstances

In a significant judgment, the Chhattisgarh High Court has reaffirmed that writ petitions under Article 226 of the Constitution should not be entertained when there is an effective alternative statutory remedy available under the CGST Act, unless extraordinary circumstances are clearly established. The ruling came in the …

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No Vicarious Liability Under Section 34 of Drugs and Cosmetics Act Without Proof of Responsibility: Himachal Pradesh High Court

In a significant ruling, the Himachal Pradesh High Court has clarified that vicarious liability under Section 34 of the Drugs and Cosmetics Act, 1940, cannot be imposed on individuals unless it is clearly established that they were directly in charge of …

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Allahabad High Court Emphasizes Need for Reasoned GST Orders, Even if Taxpayer Fails to Respond to SCN

In a significant ruling reinforcing the principles of natural justice under the Goods and Services Tax (GST) regime, the Allahabad High Court has held that GST authorities must issue a well-reasoned and self-contained final order, even if the taxpayer fails …

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Finance Minister Meets India Inc to Discuss GST 2.0 Reforms: Push for Simplified Tax Structure Gains Momentum

In a significant move towards tax reform, Finance Minister Nirmala Sitharaman is scheduled to meet representatives from India Inc on May 27 to deliberate on the upcoming GST 2.0 reforms. The high-level meeting aims to accelerate efforts to streamline the Goods and Services Tax …

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Section 10(26) Tax Exemption Not Automatic: J&K High Court Clarifies Eligibility Criteria

In a significant judgment, the High Court of Jammu and Kashmir and Ladakh has ruled that the income tax exemption under Section 10(26) of the Income Tax Act, 1961 is not automatic and must be backed by credible proof. The court emphasized …

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Court Rulings supporting Validity of Serving Demand Notice via Email and WhatsApp for Dishonored Cheques under Section 138 of NI Act

In a significant development in cheque bounce cases, the Allahabad High Court in 2024 ruled that a demand notice sent via email or WhatsApp is legally valid, provided it meets the conditions under Section 13 of the Information Technology Act, 2000. This verdict modernizes legal …

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CBDT Prepares for Implementation of New Income Tax Bill with Workforce Training and Outreach Plans

The Central Board of Direct Taxes (CBDT) is proactively gearing up for the rollout of the new Income Tax Bill, which is currently under review by a Parliamentary Select Committee. The bill, expected to be cleared during the Monsoon Session of Parliament, aims to simplify …

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Solapur-Based Lawyer Arrested in Rs. 100 Crore Fake GST Invoice Scam: Major Crackdown by DGGI

Solapur, Maharashtra (India): In a significant breakthrough in the fight against GST fraud, the Directorate General of GST Intelligence (DGGI) has arrested a Solapur-based lawyer, Sajid Ahmed Sheikh, for orchestrating a large-scale fake GST invoice scam worth over Rs. 100 crore. This high-profile case has …

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Jharkhand High Court: Delay in Reinstatement Cannot Be Grounds to Deny Pension—Employer Held Responsible

In a significant judgment, the Jharkhand High Court ruled that employers cannot deny pension benefits on the basis of insufficient service or contribution if the delay in reinstatement of an employee—pursuant to a tribunal award—was due to the employer’s own …

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