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Income Tax Govt

Surat tax tribunal strikes down tax disallowances on cooperative society interest and rental income

Surat tribunal rules in favour of a cooperative society regarding tax deductions. The bench deletes disallowances made on bank interest, rental receipts, and firecracker sales. This decision provides significant relief to cooperative entities facing similar tax scrutiny.

Effective Not specified in the update

For professionals: Review ongoing assessments and appeals involving Section 80P disallowances for cooperative society clients · Examine if clients share similar fact patterns regarding bank interest and rental earnings to seek parity following the ITAT Surat ruling

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Taxguru1h ago 1 min
Income Tax

Gujarat High Court Permits Section 80P(2)(d) Deduction on Gross Co-operative Bank Interest

The Gujarat High Court has ruled that taxpayers can claim income tax deductions on gross interest earned from co-operative banks under Section 80P(2)(d). This judicial decision provides significant relief to co-operative entities regarding their interest income reporting. Finance professionals must note this ruling while handling similar tax assessment disputes.

Effective Not specified in the update

For professionals: Review pending assessment proceedings and appellate cases involving co-operative banks to apply this Gujarat High Court ruling on Section 80P(2)(d). · Advise clients that deductions under Section 80P(2)(d) apply to gross interest earned from co-operative banks rather than being restricted or disallowed.

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Taxguru1h ago 1 min
Economy Govt

Central Government Prolongs Import Duty Waiver on Cotton Until December 31

The Union government has prolonged the existing customs duty exemption on cotton imports until December 31. This administrative decision aims to stabilize raw material costs for domestic textile manufacturers and traders. Industry participants can continue procuring foreign cotton without paying import tariffs for the specified duration.

Effective December 31

For professionals: Advise textile industry clients that the customs duty exemption on foreign cotton imports has been extended. Ensure compliance teams maintain accurate documentation including certificates of origin and import bills of entry. Remind clients to update procurement budgets and logistics schedules to leverage the duty-free window.

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ANI News1h ago 1 min
Income Tax Govt

Ahmedabad ITAT Permits Section 80P(2)(d) Tax Relief on Co-operative Bank Interest Earnings

The Ahmedabad bench of the Income Tax Appellate Tribunal has allowed deductions under Section 80P(2)(d) for interest earned from co-operative banks. This tribunal order reinforces favorable interpretations for taxpayers seeking exemptions on inter-co-operative investments. Tax practitioners can cite this precedent during appellate proceedings involving similar assessment disputes.

Effective Not specified in the update

For professionals: Incorporate this Ahmedabad ITAT decision into submissions for cases involving co-operative bank interest disallowances. · Verify that client records clearly distinguish between eligible co-operative investments and other income sources.

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Taxguru1h ago 1 min
GST Govt

Central Indirect Tax Body Halts Arrests and Prohibits Notices Under Ten Thousand Rupees

The Central Board of Indirect Taxes and Customs has instructed field offices to pause arrests under the indirect tax framework. It has also prohibited the issuance of show-cause notices for amounts below ten thousand rupees while awaiting legislative amendments. These interim measures aim to streamline administrative enforcement until formal legal changes are enacted.

Effective Not specified in the update

For professionals: Review pending client matters involving show-cause notices under ten thousand rupees and goods-in-transit proceedings to ensure alignment with the new directives. · Advise clients that coercive arrest actions under the indirect tax framework have been suspended by operational directives while awaiting formal legislative amendments.

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Taxguru1h ago 1 min
GST

An Analytical Overview of Digital Commerce and Online Service Taxation Frameworks in India

The regulatory framework governing online commerce and digital service providers in India involves specialized tax provisions. These rules address cross-border transactions, marketplace aggregators, and digital advertising levies. Understanding these mechanisms is crucial for compliance in the modern digital economy. Why Indian finance professionals should track digital commerce taxation rules.

Effective Not specified in the update

For professionals: Evaluate digital business models to ensure accurate tax collection and timely filing of returns. · Ensure correct withholding deductions are applied to non-resident digital advertising revenues. · Monitor ongoing developments regarding tax collection at source and specialized withholding mechanisms.

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GK Today1h ago 1 min
Business

PFRDA Introduces Aadhaar-Based UPS Jeevan Setu Digital Life Certificate Facility

The pension regulator has launched a digital life certificate option called UPS Jeevan Setu, utilizing Aadhaar authentication for pensioners. Individuals receiving pensions under this framework must complete their annual submission by November 30. This mechanism aims to streamline verification processes for retired subscribers across the country.

Effective Not specified in the update

For professionals: Advisable to inform clients covered under the unified pension scheme about the new digital life certificate submission facility. · Ensure clients complete their annual life verification using Aadhaar-based digital authentication before the deadline.

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Taxguru1h ago 1 min
Business

IBBI Suspends Insolvency Professional Fanendra Munot For Three Months

The Insolvency and Bankruptcy Board of India has suspended resolution professional Fanendra Munot for a period of three months. This regulatory action follows an erroneous calculation of voting percentages within the Committee of Creditors regarding a specific resolution plan. The penalty underscores strict compliance expectations for insolvency practitioners managing corporate restructuring proceedings.

Effective Not specified in the update

For professionals: Insolvency professionals must implement rigorous dual-check mechanisms for tallying votes to avoid mathematical miscalculations. · Ensure strict adherence to statutory duties and maintain transparency when recording voting percentages in the Committee of Creditors. · Protect stakeholder rights and uphold the integrity of corporate insolvency resolution processes to prevent protracted litigation.

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Taxguru1h ago 1 min 1
CA Corner Govt

DGFT Permits Export of Agarwood Oil and Chips via Guwahati Airport

The Directorate General of Foreign Trade has issued Notification No. 46/2026 to authorize outgoing shipments of Agarwood oil, chips, and related commodities through Guwahati Airport. These export activities remain strictly contingent upon fulfilling all applicable statutory and regulatory obligations. This step expands logistics channels for regional producers dealing in these specialized forestry derivatives.

Effective Not specified in the update

For professionals: Exporters of agarwood oil and chips must review Notification No. 46/2026 to understand the new routing permissions through Guwahati Airport. · CAs and CS handling these clients should ensure that all statutory and regulatory mandates, including CITES and wildlife trade laws, are strictly fulfilled before clearance. · Practitioners must advise clients on utilizing the new direct air cargo route to eliminate transit bottlenecks to distant metropolitan ports.

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Taxguru1h ago 1 min
Economy

Union Administration Prolongs Import Levy Relief on Raw Cotton Until End of Year

The government has prolonged the import duty exemption on raw cotton through December 31, 2026. This decision builds upon an earlier five-month waiver that was scheduled to conclude on October 31. The extended relief is designed to stabilize supply chains, lower material costs for textile producers, and support small and medium enterprises.

Effective December 31, 2026

For professionals: Update clients' import cost projections and inventory valuation models to account for the extended duty-free window ending December 31, 2026. · Advise textile manufacturing clients on optimizing their raw cotton procurement strategies during this extended exemption period.

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ET Economy1h ago 1 min
CA Corner

DGFT Establishes RELIEF Sub-Committee Under Export Promotion Mission

The Directorate General of Foreign Trade has formed a RELIEF Sub-Committee to function beneath the umbrella of the Export Promotion Mission. This new panel is tasked with evaluating operational execution, monitoring fund utilization levels, and tracking intervention uptake across trade sectors. The initiative aims to optimize government support mechanisms and enhance overall export facilitation.

Effective Not specified in the update

For professionals: Chartered accountants and consultants should monitor upcoming directives and review papers from the RELIEF Sub-Committee to advise clients on export promotion frameworks. · Professionals must track policy execution updates concerning financial fund allocation and state-backed incentives for domestic exporters.

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Taxguru1h ago 1 min
Business

Delhi Metro Deploys Live Passenger Density Indicators on Pink Line Platforms

The Delhi Metro Rail Corporation has deployed a live passenger density display system across Pink Line platforms. This technology utilizes specialized load sensors to monitor carriage occupancy levels in real time. Commuters can view these occupancy screens prior to boarding to select less crowded coaches and reduce peak-hour congestion. Why Indian transit analysts and urban commuters should note the new platform display technology.

Effective Not specified in the update

For professionals: Not specified in the update · Transit analysts and urban infrastructure planners should monitor adoption metrics to evaluate potential expansion

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ET Industry1h ago 1 min

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