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GST

Understanding Section 74 CGST Act Penalties for Fraud and Suppressed Facts

This overview breaks down Section 74 of the CGST Act regarding penalties for fraud, wilful misstatements, and suppressed facts. It details the procedural notices like DRC-01A, DRC-01, and DRC-07, alongside applicable payment deadlines and penalty rates. CAs and tax practitioners can navigate these severe statutory liabilities more effectively using practical calculation examples.

Effective Not specified in the update

For professionals: Practitioners must maintain rigorous documentation and advise clients on responding promptly to pre-notice consultations and formal demand orders. · Professionals should monitor further procedural clarifications and appellate rulings regarding suppression benchmarks, ensuring every client account remains audit-ready.

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Taxguru33m ago 1 min
Income Tax

Navigating Secondary Transfer Pricing Adjustments, Rule 10CB and Section 92CE

This guide explores secondary transfer pricing adjustments under Section 92CE, Rule 10CB, and associated interest implications. It highlights the critical ninety-day repatriation window, the treatment of un-repatriated funds as deemed advances, and the eighteen percent additional tax option. Tax practitioners must understand these rules to manage cross-border transaction compliance accurately.

Effective Not specified in the update

For professionals: Tax consultants must track statutory ninety-day repatriation deadlines for excess money under Section 92CE and Rule 10CB. · Professionals are required to compute accurate interest on deemed advances and ensure timely payment of the eighteen percent additional tax where applicable. · Advisors should integrate these secondary transfer pricing computations into corporate tax calendars and client advisory checklists.

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Taxguru40m ago 1 min
Income Tax

New NRI Property Sale Compliance Rules and TDS Forms Starting October 2026

New income tax compliance rules for non-resident Indian property sales take effect on October 1, 2026. Sellers and buyers must navigate Form 141 Schedule E without requiring a TAN, alongside Form 128 certificates for lower tax deductions. These procedural updates aim to streamline real estate transactions involving non-residents.

Effective 1 October 2026

For professionals: Tax professionals must inform clients about the October 2026 implementation date and prepare them for the adoption of Form 141 and Form 128 · Advisors should assist buyers in executing TDS filings without a TAN and guide selle

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Taxguru41m ago 1 min
Crypto & CBDC

Federal Bureau of Investigation links North Korean state actors to major crypto heist

The Federal Bureau of Investigation has attributed a massive digital currency theft exceeding USD 6 billion from Binance to North Korean operatives. This security breach highlights growing concerns regarding state-sponsored cyber threats targeting global digital asset platforms.

Effective Not specified in the update

For professionals: Compliance officers, digital asset investors, and advisory professionals must conduct comprehensive risk assessments of their custodial arrangements and exchange partners. · Stakeholders should track upcoming regulatory guidelines and law enforcement advisories regarding cross-border cyber threats and mandatory reporting protocols.

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The Tribune58m ago 1 min
Crypto & CBDC

Federal Bureau of Investigation attributes record digital currency theft to North Korean operatives

The Federal Bureau of Investigation has attributed a massive $6.3 billion digital currency heist to North Korean hackers. According to researchers, the perpetrators swiftly transferred funds and eliminated digital traces within minutes, highlighting the growing sophistication of automated cyber financial crimes.

Effective Not specified in the update

For professionals: Review digital asset custody protocols and monitor platform security standards closely. · Watch for upcoming cybersecurity advisories and regulatory updates regarding digital asset protection.

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LiveMint Markets1h ago 1 min
GST

Seven new financial and regulatory rules take effect across India starting November 1

Seven key financial and regulatory shifts take effect on November 1, impacting everyday banking, taxation, and pension disbursements. Professionals and consumers must review these updates to ensure proper compliance and financial planning. These modifications alter how specific card services, pension rules, and tax procedures operate nationwide.

Effective November 1

For professionals: Review internal processes software configurations and compliance standards to adapt to the new operational parameters altering corporate tax compliance · Advise clients across goods and services tax provisions and other affected sectors to align with the revised regulatory adjustments taking effect starting November 1

Scrips: Punjab National Bank

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India.com1h ago 1 min
Crypto & CBDC

FBI Connects North Korean Hackers to Massive Crypto Heist While Trump Doubts Claim

The Federal Bureau of Investigation has attributed a record-breaking cryptocurrency theft to North Korean hackers. Meanwhile, Donald Trump has publicly questioned the validity of this law enforcement assertion. The conflicting statements highlight ongoing tensions regarding attribution in major digital asset cybercrimes.

Effective Not specified in the update

For professionals: Compliance officers and digital asset platforms should review their monitoring systems and enhance transaction surveillance to detect anomalous fund movements associated with known threat groups. · Financial investigators must monitor subsequent official updates and agency assessments regarding the incident.

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The Times of India1h ago 1 min
Business

Stricter H-1B visa policies create significant economic vulnerabilities for United States markets

Recent tightening of H-1B visa regulations presents substantial operational and financial threats to the United States economy. Industry stakeholders warn that these restrictive measures could hinder talent acquisition across vital sectors. Experts highlight potential long-term disruptions to corporate growth and innovation pipelines.

Effective Not specified in the update

For professionals: Not specified in the update · Not specified in the update

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Economic Times1h ago 1 min
Business

Four hospitality employees tragically lose their lives after breathing toxic gas in Ujjain

Four workers at a hotel in Ujjain suffered fatal consequences after inhaling hazardous toxic gas on the premises. Local authorities and emergency responders rushed to the scene to manage the tragic industrial accident. Investigations are currently underway to determine the exact cause and pinpoint any safety lapses.

Effective Not specified in the update

For professionals: Not specified in the update · Not specified in the update

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Economic Times2h ago 1 min
RBI/SEBI Govt Breaking

Bank Branches Nationwide Prepare for Holiday Closures Throughout the First Week of November

Financial institutions across India face multiple non-working days from November 2 to November 8. Customers must verify local branch schedules through the official Reserve Bank of India calendar before planning visits. Certain regional celebrations and standard weekly shutdowns will affect banking availability.

Effective 2 to 8 November

For professionals: Account holders and finance teams should review the official RBI holiday list for their respective states to schedule urgent financial transactions in advance. · Advance scheduling of banking tasks prevents unexpected liquidity bottlenecks during festive branch closures.

Scrips: ICICI BankState Bank of India

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Livemint2h ago 1 min
RBI/SEBI Govt

Railway Recruitment Board Announces Station Master Openings for 1265 Positions

The Railway Recruitment Board has released the official notification for Station Master recruitment, opening online applications for 1265 vacancies. Eligible candidates can now submit their applications through the designated portal. Aspirants should review the specific eligibility criteria and key dates before applying.

Effective Not specified in the update

For professionals: Professional advisory services may be sought by candidates for application preparation and document verification. · Tax and corporate practitioners have no specific regulatory filings, compliance steps, or statutory sections affected by this recruitment notice.

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Adda2472h ago 1 min
Business

Federal judge dismisses Donald Trump defamation lawsuit against Wall Street Journal over letter

A federal judge has thrown out a defamation lawsuit filed by Donald Trump against the Wall Street Journal. The legal challenge stemmed from reporting involving an Epstein-related letter. Court documents detail the dismissal of the complaint.

Effective Not specified in the update

For professionals: Monitor how courts evaluate defamation thresholds in high-stakes political disputes. · Ensure pleadings in similar legal challenges satisfy rigorous standards for proving falsity and malice.

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Economic Times2h ago 1 min

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