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GST

Maharashtra Issues Risk Thresholds and Review Framework for Financial Year 2023-24 GST Audits

Maharashtra has established guidelines for selecting Goods and Services Tax audits for the financial year 2023-24. The framework involves desk reviews, specific revenue-risk thresholds, central approvals, and regulated audit visits. Finance professionals must review compliance records against these new risk parameters.

Effective Not specified in the update

For professionals: Tax professionals must evaluate client records against the new revenue-risk parameters established for the financial year 2023-24. · Practitioners should track official state tax notifications for upcoming procedural updates and ensure all filings for the financial year 2023-24 are complete. · Maintain transparent documentation to help mitigate unexpected compliance intervention risks for businesses operating in Maharashtra.

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Taxguru7m ago 1 min
GST

Delhi High Court Provides Interim Safety Against Arrest In Tax Credit Probe

The Delhi High Court has issued an interim order shielding a taxpayer from coercive steps and arrest during an ongoing Goods and Services Tax input tax credit inquiry. Legal professionals and businesses can review this development while awaiting further court proceedings on the matter.

Effective Not specified in the update

For professionals: Monitor the Delhi High Court interim directive regarding the ongoing Goods and Services Tax input tax credit investigation to understand judicial relief parameters. · Advise corporate clients that judicial forums can be approached for interim relief against coercive actions during tax probes before final adjudication. · Prepare to review client documentation for valid supporting records and supplier tax deposits in light of active tax authority scrutiny.

Scrips: ITC

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Taxguru11m ago 1 min
Commodities

Tanishq Releases Tuesday Metal Movement Figures Across 24 Carat, 22 Carat, and 18 Carat Gold

Tanishq has published the gold rates across India for Tuesday, November 3, detailing prices for 24 carat, 22 carat, and 18 carat purity variants. Investors and retail buyers can review these metal movement figures to assess current market valuations. The published data tracks ongoing price fluctuations for precious metals.

Effective Tuesday, November 3

For professionals: Consult the latest Tuesday rate card before finalizing purchase orders or portfolio allocations · Verify daily benchmark rates before executing transactions · Monitor daily market movements to time bullion acquisitions accurately

Scrips: Titan Company

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Livemint14m ago 1 min
Business

Union Government Considers Convening a Special Parliamentary Session Focused on SIR

The government is exploring the possibility of convening a special session of Parliament dedicated to SIR. Further official announcements are expected regarding the exact schedule and agenda for this legislative meeting. Observers are monitoring developments for updates on parliamentary business.

Effective Not specified in the update

For professionals: Watch for official parliamentary notifications confirming the session dates and agenda items regarding SIR. · Review any draft bills or discussion papers introduced during the proceedings to assess potential regulatory impacts. · Stay updated on legislative announcements to ensure timely adaptation to any resulting statutory frameworks.

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Economic Times19m ago 1 min
Investment Breaking

NSE Posts Twenty Three Percent Profit Surge in First Post Listing Earnings

National Stock Exchange reported a twenty three percent year on year increase in consolidated net profit for the second quarter of financial year twenty seven, reaching two thousand five hundred seventy eight crore rupees. This performance was driven by robust trading activity, which lifted transaction charge revenue and more than doubled operating earnings before interest, taxes, depreciation, and amortization.

Effective Not specified in the update

For professionals: Consolidated net profit for the second quarter of financial year twenty seven grew by twenty three percent year on year to reach two thousand five hundred seventy eight crore rupees. · Operating earnings before interest, taxes, depreciation, and amortization more than doubled, landing at three thousand seventy nine crore rupees. · Revenue generated through transaction charges climbed nine percent to touch three thousand thirty five crore rupees during the period.

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LiveMint Markets20m ago 1 min
Income Tax

Karnataka High Court sets aside reassessment notices concerning unexplained bank deposit explanations

The Karnataka High Court has set aside reassessment notices issued to an assessee regarding explanations for unverified bank credits. The court found procedural flaws in the tax authority's approach to handling the taxpayer's submissions. This ruling provides relief against arbitrary reopening of past tax assessments.

Effective Not specified in the update

For professionals: Review pending reassessment matters involving bank deposits to identify similar procedural lapses by assessing officers. · Advise clients that tax authorities must demonstrate proper application of mind and adhere strictly to statutory safeguards rather than issuing mechanical notices for unexplained deposits.

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Taxguru26m ago 1 min
Business

India's First Indigenous Bullet Train Trainset B28 Targets 2027 Trials

India's initial home-grown high-speed trainset, named B28, features an operational velocity of 249 kilometers per hour and a testing limit of 280 kilometers per hour. The eight-coach transport accommodates approximately 557 passengers with modern amenities, targeting trial runs on the Mumbai-Ahmedabad route in May-June 2027.

Effective Not specified in the update

For professionals: Tax and corporate professionals must note that the update contains no tax, filing, or compliance sections. No specific regulatory provisions, sections, or statutory mandates are stated in the text.

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ET Industry28m ago 1 min
Income Tax Govt

Bengaluru ITAT location does not establish territorial jurisdiction, rules Karnataka High Court

The Karnataka High Court ruled that the physical location of the Income Tax Appellate Tribunal in Bengaluru does not automatically confer territorial jurisdiction. The court emphasized that jurisdiction must be determined based on statutory rules rather than the mere address of the tribunal bench. This decision impacts how tax appeals are assigned and heard.

Effective Not specified in the update

For professionals: The Karnataka High Court ruled that the mere physical location of the Income Tax Appellate Tribunal in Bengaluru does not establish territorial jurisdiction over a tax dispute. · Jurisdictional competence must be strictly derived from the statutory nexus between the taxpayer's assessment unit and the designated tribunal bench rather than physical accessibility or convenience of access. · Tax practitioners and chartered accountants must ensure appeals are filed before the correct designated tribunal bench to avoid matters being legally infirm or subject to procedural challenges.

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Taxguru29m ago 1 min
Commodities

State-run refiner Bharat Petroleum Corporation Limited purchases a cargo of United States West Texas Intermediate crude

Indian refiner Bharat Petroleum Corporation Limited has secured a cargo of United States West Texas Intermediate crude oil. The acquisition diversifies the company's crude sourcing strategy amid fluctuating global energy markets. This purchase highlights the growing integration of American petroleum products into India's refining feedstock mix.

Effective Not specified in the update

For professionals: Monitor how crude sourcing shifts impact gross refining margins and working capital cycles for public sector refiners. · Evaluate advisory impacts based on the transaction involving state-owned refiner Bharat Petroleum Corporation Limited acquiring a cargo of United States West Texas Intermediate crude oil.

Scrips: BPCL

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Crude Oil Prices Today | OilPrice.com32m ago 1 min
Business

Tea Plantation Workers in Bengal Receive a Five Thousand Rupee Diwali Financial Grant

Tea garden workers across Bengal have received a financial gift of Rs 5,000 to celebrate the Diwali festival. This disbursement provides monetary support to plantation employees during the festive season. The measure assists workers with their festive expenses.

Effective Not specified in the update

For professionals: Plantation managements, labor unions, and regional accounting teams must document the Rs 5,000 festival disbursements accurately within payroll and compliance records. · Stakeholders should review upcoming labor welfare announcements and ensure timely disbursement of statutory benefits.

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Economic Times32m ago 1 min
Economy

Venkata Ramana Akkaraju Takes Charge as Vice-Chancellor of Indian Maritime University

Venkata Ramana Akkaraju has been appointed as the new Vice-Chancellor of the Indian Maritime University. Prior to this role, Akkaraju served in the position of Chairman at the New Mangalore Port Authority.

Effective Not specified in the update

For professionals: Venkata Ramana Akkaraju has officially taken over the role of Vice-Chancellor of the Indian Maritime University. · Stakeholders and academic administrators should monitor subsequent operational directives or governance changes emerging from the institution.

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Hindu BusinessLine35m ago 1 min
Global Finance

Russia Confirms Upcoming Ukraine Talks in Abu Dhabi Alongside Potential Summit Plans

Moscow has verified that upcoming discussions regarding Ukraine will take place in Abu Dhabi next week. Additionally, officials indicated the possibility of a summit involving Trump, Putin, and Xi, which has sparked concerns regarding Kyiv's participation in the diplomatic process.

Effective Not specified in the update

For professionals: Monitor upcoming geopolitical developments regarding the Abu Dhabi meetings and potential summit schedules to assess risks. · Evaluate potential impacts on global supply chains and cross-border trade for clients.

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CNBC Global40m ago 1 min

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