Everything a finance person must know - re-brewed every 10 minutes
India observes Samvat 2083 during a special Diwali trading session on November 8 from 2:20 pm to 3:30 pm. Historical data spanning the past ten years reveals that the Nifty 50, Sensex, and Nifty Bank indices all recorded gains in eight out of ten sessions, with returns remaining generally modest.
Open for the full story →
The Income Tax Appellate Tribunal in Jaipur has ruled that the twenty-five lakh rupee exemption limit for leave encashment applies to the assessment year 2020-21. This decision clarifies tax relief limits for salaried individuals during the specified period. Finance professionals should note this tribunal stance for past assessment reviews.
Effective Not specified in the update
For professionals: Advise retiring or resigning clients with leave encashment calculations for assessment year 2020-21 to apply the twenty-five lakh rupee exemption threshold. · Ensure client computations and filings for the specified assessment cycle precisely maintain the figures mentioned in the tribunal order without alteration.
Open for the full story →
The Cuttack bench of the Income Tax Appellate Tribunal has ruled that failing to get accounts audited under section 44AB does not attract penalties when share trading losses occur without underlying business activities. This decision protects taxpayers from mandatory statutory audits and associated monetary fines simply due to equity market investment losses. Finance professionals and tax practitioners must note this distinction when advising clients on stock market transactions.
Effective Not specified in the update
For professionals: Advise clients that incurring equity market losses without a formal commercial business structure does not automatically trigger mandatory tax audit requirements under section 44AB. · Review client penalty notices related to non-compliance with section 44AB audit provisions where the underlying transactions involve casual or non-business equity trading. · Inform clients that statutory audit mandates and related penal consequences under section 44AB only apply when an actual business activity exists.
Open for the full story →
The Delhi High Court held that Bank Realisation Certificates do not conclusively prove the legitimacy of export proceeds. This ruling impacts how exporters demonstrate compliance during customs duty and revenue investigations.
Open for the full story →
The Jaipur bench of the Income Tax Appellate Tribunal quashed a penalty notice involving 3.99 lakh rupees due to a failure to specify the exact sub-clause under Section 270A(9). This decision reinforces that tax authorities must clearly state the precise charge of underreporting to validate penalty proceedings against taxpayers.
Effective Not specified in the update
For professionals: Check all pending penalty notices under Section 270A(9) for vagueness or generalized multiple statutory limbs. · Advise clients that defective penalty notices lacking specific default details are legally unsustainable. · Ensure clients prepare defenses based on the requirement of strict procedural fairness in quasi-criminal penalty proceedings.
Open for the full story →
The Orissa High Court has ruled that value-added tax reimbursement claims filed by ACC cannot be rejected simply because the original manufacturing unit was established earlier. The court held that modernization or expansion initiatives cannot be penalized under legacy tax schemes. This judgment provides crucial relief to industrial taxpayers transitioning through state tax frameworks.
Open for the full story →
The Patna High Court has granted bail to an individual involved in a cyber fraud case that featured fraudulent loan disbursements and consequential Goods and Services Tax demands. The court evaluated the circumstances of the digital crime syndicate before releasing the accused. Legal practitioners must monitor how economic offenses involving fake digital liabilities intersect with indirect tax investigations.
Open for the full story →
The Gujarat High Court has emphasized the need to appoint more female professionals and technical experts to arbitration panels. The court noted that diversifying dispute resolution bodies enhances the quality and fairness of commercial adjudications. Corporate legal teams and arbitral institutions should adopt inclusive panel selection practices for commercial disputes.
Open for the full story →
Benchmark indices have recorded their weakest ceremonial trading period returns in fifteen years. Analysts note that future market rallies will depend heavily on corporate earnings growth rather than liquidity expansion. Investors are advised to recalibrate expectations as structural valuation trends shift.
Open for the full story →
The Income Tax Appellate Tribunal has struck down a tax disallowance on an American sales commission payment. The ruling confirms that tax deduction at source is not required for payments made to non-resident agents operating abroad. This decision provides significant relief to businesses managing international sales channels.
Open for the full story →
The Supreme Court has granted permission to the Income Tax Gazetted Officers Association to present its grievances before the upcoming pay commission. This legal clearance allows the association to formally raise service and compensation matters. The judicial green light ensures the employee body can participate in the administrative review process.
Open for the full story →
An industry overview details the core functions, digital products, and unified payment interfaces managed by the retail payments organization. The platform continues to anchor the country's digital financial infrastructure through high-volume transaction rails. These systems facilitate secure, instant money transfers across diverse banking networks.
Open for the full story →
One place for all of finance - tap any card to jump in.