In Short News
Prohibited transaction in cash/limit on cash transactions As amended by the Finance Act, 2026
Section 40A of the Income-tax Act, 1961 disallows certain expenses and imposes restrictions on cash transactions to curb black money. Notable provisions include limits on cash payments exceeding Rs. 10,000 without prescribed modes, along with penalties for violations. Exceptions exist…
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Methods to verify authenticity of tax notices
The income tax filing season is in full swing. All taxpayers must submit their taxes on or before the due date, i.e., 31 July. At this time, receiving an income tax notice can be stressful. Before initiating action on any…
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ICAI Issues GST Sectoral Guide for Charitable Trust And Non Profit Org.
The GST & Indirect Taxes Committee of the Institute of Chartered Accountants of India (ICAI) has released the 𝗚𝗦𝗧 𝗦𝗲𝗰𝘁𝗼𝗿𝗮𝗹 𝗚𝘂𝗶𝗱𝗲 𝗼𝗻 𝗖𝗵𝗮𝗿𝗶𝘁𝗮𝗯𝗹𝗲 𝗧𝗿𝘂𝘀𝘁𝘀 & 𝗡𝗣𝗢𝘀, marking the first publication under its Industry-Specific GST Publication Series. The Guide provides practical…
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Rajasthan Tightens GST Return Scrutiny: A Big Shift Towards AI-Driven, Faceless Compliance
The Rajasthan Commercial Taxes Department has issued revised guidelines for scrutiny of GST returns under Section 61 of the RGST Act, 2017 (Circular dated 07.07.2026), replacing the earlier 2022 framework. The message is clear: GST scrutiny is becoming more data-driven,…
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CBDT Notifies Tax Exemption for BBNDA Under Section 10(46)
Central Board of Direct Taxes (CBDT) has notified a retrospective income tax exemption for the Baddi Barotiwala Nalagarh Development Authority (BBNDA) under Section 10(46) of the Income-tax Act, 1961, exempting specified sources of income for three assessment years, subject to…
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ICAI Warns Against Cybercrime Threats to Digital Platforms
This is the latest update from ICAI. Institute of Chartered Accountants of India (ICAI) noticed that repeated unsuccessful attempts were made recently to gain unauthorized access to its digital portals and digital information systems. ICAI operates and maintains multiple Digital…
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Fake GST invoicing racket involving fraudulent transactions worth nearly Rs 100 Crore
Jamshedpur: The Directorate General of GST Intelligence (DGGI), Jamshedpur regional unit, has arrested a scrap trader for his alleged role in a fake GST invoicing racket involving fraudulent transactions worth nearly Rs 100 crore, agency sources informed on Thursday. Ajay Sharma, 45,…
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TDS on Cash Withdrawals provisions of the Income-tax Act, 1961, as amended by the Finance Act, 2026
Section 194N provides that every banking company, cooperative bank, or post office shall be required to deduct tax at source from any sum paid in cash from one or more accounts maintained by the recipient. The tax shall be deducted…
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28% GST Judgment: Online Gaming Companies Challenge GST Taxation in Court
Online gaming companies have filed review petitions in the Supreme Court against its May 27 judgment, which upheld the constitutional validity of the 28 per cent goods and services tax (GST) on the sector and sustained retrospective tax demands exceeding…
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Appellate Tribunal Ruling on Lease Rentals and Interest Classification
𝗧𝗵𝗲 𝘁𝗮𝘅𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗼𝗳 𝗮 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻 𝗱𝗲𝗽𝗲𝗻𝗱𝘀 𝗼𝗻 𝗶𝘁𝘀 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗺𝗼𝗱𝗲𝗹—𝗻𝗼𝘁 𝗶𝘁𝘀 𝗻𝗼𝗺𝗲𝗻𝗰𝗹𝗮𝘁𝘂𝗿𝗲 Judgment Court: Income Tax Appellate Tribunal, Chennai Date: 06.07.2026 Case: O.P.C. Asset Solutions Pvt. Ltd. vs. ACIT ITA Nos. 2230 to 2236/Chny/2026 Facts of the Case: The dispute…
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ICMAI’s Cost Audit Advisory: Key Compliance Guidelines
Cost Audit Advisory by ICMAI: Ensuring Compliance with HSN Level Data On July 14, 2026, the Institute of Cost Accountants of India (ICMAI) released a crucial advisory aimed at maintaining strict adherence to regulatory benchmarks for Practicing Members (PCMAs) and…
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Investigation Reveals Rs 3.5 Crore Cash Scheme in Hyderabad
A fresh trail in the disproportionate assets case against survey and land records deputy director S Narahari has led Anti-Corruption Bureau (ACB) officials to what they describe as highly suspicious cash transactions involving a Hyderabad-based co-operative society. Investigators found that…
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CBDT Notification 80/2026: Tax Benefits for Financial Services
CBDT has issued Notification No. 80/2026 [F. No. 275/19/2026-IT(B)], notifying that specified payments such as interest, dividends, professional fees, commission, brokerage, and other financial service-related income received by eligible IFSC Units shall be exempt from TDS under the Income-tax Act,…
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Income tax dept places ₹4 cr penalty on Titan
Titan Company Limited today informed the stock exchanges (BSE and NSE), in compliance with Regulation 30 of the SEBI, regarding the receipt of tax penalty orders from the Assessment Unit of the Income Tax Department. The department’s orders were passed…
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