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The Central Board of Indirect Taxes and Customs has released CBIC Circular 261/07/2026-GST addressing the 50 percent Input Tax Credit option under Section 17(4). The update covers banking companies, Non-Banking Financial Companies, financial institutions, inter-branch supplies, and related compliance procedures.
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Property tax deduction at source rules have changed from April 1, 2026, with Form 141 replacing Form 26QB. The updated framework governed by Section 393 also introduces Form 132, affecting deadlines, joint buyer transactions, correction procedures, and overall compliance.
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Although angel tax has been abolished, companies issuing shares to foreign parents must still comply with Foreign Exchange Management Act pricing rules and Companies Act valuation norms. Entities are also required to complete Form PAS-3 and Reserve Bank of India FC-GPR filings.
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South Korean shares erased initial gains, causing the KOSPI index to drop more than one percent due to caution ahead of United States midterm election results. Technology companies drove the downturn, while foreign investors offloaded one trillion won in equities amid heightened global market volatility.
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Foreign companies face Indian resident taxation if their Place of Effective Management is in India, subject to Central Board of Direct Taxes guidelines. Entities with turnover or gross receipts of fifty crore rupees or less are exempt, while global taxation risks apply to others based on board meeting locations.
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Tax professionals must navigate specific Goods and Services Tax (GST) rules regarding corporate guarantees supplied by foreign parent companies without consideration. This analysis covers valuation under Rule 28(2), reverse charge mechanisms, self-invoicing requirements, and input tax credit eligibility. Understanding these compliance standards helps businesses properly manage cross-border financial transactions.
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For professionals: Review existing corporate guarantee arrangements with foreign parent entities to ensure correct classification and timely reporting. · Determine the correct taxable value using prescribed methods for transactions between related entities without direct monetary compensation. · Account for tax liabilities under reverse charge mechanisms where applicable, execute mandatory self-invoicing procedures, and evaluate input tax credit claims.
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India's service sector recorded stronger domestic demand and reduced cost pressures during October, pushing the Purchasing Managers' Index to a four-month high of 55.8. Despite this expansion, subdued export orders and a noticeable slowdown in recruitment tempered overall business optimism. Service providers continue to navigate these mixed economic indicators while managing daily operations.
Effective October
For professionals: The update does not specify any regulatory filings, compliance steps, or statutory sections for Chartered Accountants, Company Secretaries, or Cost Accountants. · Professionals should note that the Purchasing Managers' Index (PMI) serves as a key economic indicator tracking business activity, new orders, employment, and pricing trends across the service economy. · Advisors can use the reported index metrics to brief corporate clients on broader economic trends such as domestic demand versus export sluggishness.
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IdeaForge Technology shares surged five percent, delivering a forty-eight percent return year-to-date following its second-quarter financial results. The drone manufacturer transitioned into a profitable operating zone after recording a net loss in the corresponding quarter of the previous fiscal year. Investors continue to evaluate the company's market trajectory and earnings performance.
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For professionals: Equity researchers and portfolio managers should examine the detailed financial statements, revenue drivers, and margin sustainability before adjusting their holdings. Market participants ought to monitor upcoming quarterly disclosures and sector-specific developments.
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Gold prices in India experienced an upward movement, according to data published by FXStreet. Precious metal buyers and investors monitored the latest market quotations as bullion values adjusted. Further details regarding specific currency denominations or regional premiums were not stated in the report.
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For professionals: Not specified in the update. · Not specified in the update.
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The Madras High Court has clarified that provisions made for an approved gratuity fund qualify as a deductible expense under Section 40A(7)(b) of the Income Tax Act. This judicial interpretation offers significant relief to corporate taxpayers maintaining recognized employee benefit reserves. Finance professionals must review their client filings to ensure proper compliance and claim handling.
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For professionals: Provisions established for an approved gratuity fund are eligible for deductions under Section 40A(7)(b) of the Income Tax Act based on the Madras High Court ruling. The judgment clarifies the operational boundary between disallowed contingent reserves and permitted statutory provisions under sub-clause (b). Practitioners can advise clients that setting aside funds for future gratuity liabilities through an approved arrangement qualifies for business expense deductions.
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Advanced Micro Devices estimates fourth-quarter revenue will reach approximately $17 billion, driven by robust demand for artificial intelligence processors. The company expects an adjusted gross margin of 55%, which falls slightly below analyst expectations, despite a 97% year-on-year surge in data-centre revenue. Meanwhile, the firm encounters difficulties sourcing high-bandwidth memory essential for its AI chips.
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For professionals: Review financial statements and forecasts of technology hardware clients for fourth-quarter revenue projections · Analyze portfolio holdings and analyst expectations against projected adjusted gross margins and data-centre revenue growth · Evaluate supply chain constraints involving high-bandwidth memory for enterprise computing clients
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The Jammu and Kashmir High Court held that a flawed arbitration award under micro enterprise rules cannot override statutory payment obligations. A buyer remains legally bound to clear legitimate dues despite prior arbitral disputes. This protects smaller businesses from losing statutory protections through defective proceedings.
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For professionals: Practitioners should immediately review ongoing client arbitrations and pending trade disputes to verify the procedural validity of any past awards. · Tax consultants and corporate advisors must ensure that clients do not withhold provisions or write off receivables based on compromised arbitral rulings.
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