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Income Tax

Tribunal rules Indian subsidiary and foreign parent operate as distinct legal entities for exports

The tribunal clarified that distinct corporate registration and principal-to-principal contracts establish independent business operations. This framework qualifies transactions as exports and entitles the entity to unutilised input tax credit refunds alongside statutory interest.

Effective Not specified in the update

For professionals: Review existing intercompany agreements between Indian subsidiaries and foreign parents to ensure explicit principal-to-principal clauses are documented. · Advise clients to establish distinct legal personality through formal incorporation and arm's-length contractual terms to prevent tax authorities from mischaracterizing international service delivery as domestic intermediary operations. · Assist taxpayers in securing refunds of unutilised input tax credit together with applicable statutory interest for transactions substantiated as exports.

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Taxscan8m ago 1 min
RBI/SEBI Govt Breaking

Reliance Industries surge and market regulator long term capital gains proposal drive stock rally

Indian stock market benchmarks rose nearly two percent following strong buying activity. A sharp eleven point six percent jump in Reliance Industries and a proposal by the market regulator to roll back certain capital gains taxes fueled the recovery.

Effective Not specified in the update

For professionals: Monitor official market regulator notifications regarding capital gains tax proposals · Review large-cap weightings and advise clients based on shifting market momentum

Scrips: Reliance Industries

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LiveMint Markets9m ago 1 min
Commodities Breaking

Precious metals record steep monthly losses before rebounding on November second

Precious metals experienced a sharp price correction in October with multi-percent declines before recovering early next month. Analysts suggest lower rates may assist planned festive purchases but advise staggered buying and restrained allocations.

Effective Not specified in the update

For professionals: Guide clients toward disciplined, staggered accumulation instead of lump-sum purchases to manage volatility. · Maintain smaller overall silver allocations and monitor Multi Commodity Exchange futures trends and festive retail demand indicators.

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LiveMint Markets10m ago 1 min
Income Tax Breaking

Supreme Court upholds thirty percent income tax on lottery winnings regardless of business income classification

The Supreme Court has confirmed that lottery prize money faces a thirty percent income tax rate. This applies regardless of whether the earnings are classified as business income. The ruling upholds a previous judgment by the Kerala High Court.

Effective Not specified in the update

For professionals: Advise clients that lottery prize money is taxed at a flat thirty percent under section 115BB of the Income Tax Act. · Warn clients that lottery winnings cannot be classified under business income to claim expenses or lower rates. · Review all client portfolios involving lottery windfalls to ensure strict compliance with this judicial clarity.

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Taxscan13m ago 1 min
Global Finance

Marvell Technology Acquires Lumentum for $115 Billion to Expand AI Infrastructure

Marvell Technology has agreed to purchase optical-components producer Lumentum through a transaction valued at $115 billion. This major acquisition is aimed at strengthening the buyer's presence within the artificial intelligence data-center market. Both companies have finalized the terms of this massive corporate buyout.

Effective Not specified in the update

For professionals: Finance professionals and technology analysts should monitor regulatory filings, shareholder voting schedules, and integration updates related to the acquisition. · Watch for subsequent official announcements regarding closing timelines and operational restructuring.

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CNBC Global13m ago 1 min
Business

Chopper services for pilgrimage halted as operators lock horns over co-pilot mandate

Helicopter operators have paused pilgrimage travel operations following a dispute over mandatory co-pilot regulations. Representatives met with aviation authorities and state officials, who proposed enforcing the rule during next year's registration. Further discussions between the stakeholders are scheduled for November 4.

Effective Starting next year

For professionals: Helicopter operators and aviation professionals face a stand-off regarding the mandatory deployment of co-pilots for pilgrimage transport services. · A meeting involving operator representatives, the Directorate General of Civil Aviation, and the Uttarakhand Civil Aviation Development Authority took place to address the suspension of Char Dham services. · The government suggested making the co-pilot rule mandatory starting next year as a component of the annual registration procedure for charter operators.

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ET Industry13m ago 1 min
GST

Tribunal permits transitional input tax credit of rupees 1.76 lakh for commercial vehicle

Tax authorities permitted a transitional credit claim of rupees 1.76 lakh on a commercial vehicle put into operation after the rollout of indirect tax reforms. The ruling bypassed procedural gaps regarding non-submission of specific value-added tax paperwork from the pre-reform era. Business taxpayers gain clarity on claiming legacy credits despite historical procedural omissions.

Effective Not specified in the update

For professionals: The Goods and Services Tax Appellate Tribunal permitted a transitional credit claim valued at rupees 1.76 lakh concerning a commercial vehicle put into service after the rollout of the indirect tax regime despite the non-filing of KVAT Form 25. · Judicial and appellate scrutiny typically weighs substantive tax relief against procedural non-compliance to ensure taxpayers are not unduly penalized for administrative oversights during major legislative transitions. · Tax authorities frequently contest carry-forward claims when taxpayers fail to comply with every procedural requirement or submission deadline mandated under earlier provincial tax laws.

Scrips: ITC

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Taxscan16m ago 1 min
Business

Specific American territories declare public holidays for upcoming electoral voting events

Certain regions across the United States have designated election day as an official public holiday. Citizens in these jurisdictions will observe closures to facilitate voter participation.

Effective Not specified in the update

For professionals: Verify specific state-level announcements regarding holiday observances and banking hours to manage crossborder workflows accurately · Plan operational dependencies carefully around regional electoral closures to avoid processing delays

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Economic Times17m ago 1 min
GST

Appellate tribunal rules inactive return portal fails to waive interest on delayed payments

The appellate tribunal clarified that the functional status of a legacy return filing mechanism does not remove statutory interest dues. Taxpayers remain obligated to discharge interest liabilities when failing to settle supplier invoices within the mandated timeframe. Finance teams must account for ongoing interest exposures despite portal limitations.

Effective Not specified in the update

For professionals: Advise clients that portal technical glitches or inactive functionalities do not waive statutory interest liabilities for failing to pay suppliers within 180 days. · Ensure clients reverse claimed input tax credits along with applicable interest if they do not clear dues to suppliers within the specified timeframe from the invoice date.

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Taxscan23m ago 1 min
Banking

DCB bank launches medium term fixed deposit offering 7.50 percent interest rate

The banking institution introduced a medium term fixed deposit scheme offering an annual return of 7.50 percent, effective from 27 October 2026. The financial product features special interest tiers for senior citizens alongside standard premature withdrawal, taxation, and deposit insurance guidelines. Wealth managers and retail investors can evaluate this option for medium horizon fixed income allocations.

Effective 27 October 2026

For professionals: Tax advisors must remind clients that interest earnings are fully taxable according to individual income slabs. · Review the premature closure terms and applicable tax deductions at source for the callable fixed deposit scheme.

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Taxguru27m ago 1 min
RBI/SEBI Govt

Academic journal invites scholarly submissions for upcoming arbitration law publication

Scholarly contributions are invited for the upcoming volume of a specialized legal publication focusing on domestic and international arbitration. Researchers, practitioners, and students can submit analytical papers exploring contemporary developments in dispute resolution jurisprudence. This initiative encourages academic discourse on evolving arbitration practices.

Effective Not specified in the update

For professionals: Submit original research manuscripts, case notes, and legislative commentaries for Volume IX of the Indian Arbitration law Review. · Focus submissions on contemporary trends in dispute resolution, procedural bottlenecks, institutional arbitration frameworks, and cross-border enforcement challenges. · Adhere to the prescribed citation standards, word limits, and thematic guidelines of the journal and monitor submission deadlines.

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SCC Online27m ago 1 min
Business

Weather authorities place five regional territories on high alert due to approaching cyclone

Meteorological departments have issued heavy rainfall warnings across five states due to the formation of Cyclone Murasu. Regional administrations are preparing emergency response mechanisms to mitigate potential disruptions.

Effective Not specified in the update

For professionals: Weather forecasting agencies have placed five states on active rain alert following the progression of Cyclone Murasu. Severe weather alerts require local enterprises to secure facilities and prepare contingency protocols to protect inventory and personnel.

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Economic Times28m ago 1 min

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