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The Union Budget 2026 was presented in the Lok Sabha on 01 st  February, 2026. Numerous changes have been proposed in the Income Tax Act, 2025 (that comes into force on 01 st  April, 2025) as well as in the provisions of the Income Tax Act, 1961. Three of the changes take effect retrospectively and will have the effect of neutralising judgments of Courts that are not in favour of Revenue. To read more see the PDF file below

Effective 31 st  March, 2026, the requirement of filing DIR 3 KYC annually will be discontinued. The KYC filing by Directors will henceforth be triennial. For Directors who have completed the filing in respect of FY 2024-25, the next filing must be done by 30 th   June 2028. In case of any changes in DIN data, the same must be intimated in DIR 3 KYC-Web within 30 days of the change. The filing will require certification by a CA, Cost Accountant or Company Secretary in whole-t

The Reserve Bank of India has released the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026. These regulations will come into force on 01 st  October, 2026.   While these regulations cover export and import both of goods and services, the exporters and importers of services should note the following:   Export Declaration Form (EDF) will have to be filed by service exporters, too. For services other than software, the EDF shall be submitt

Tiger Global International II Holdings and two others were incorporated under the laws of Mauritius. They were set up with the primary objective of undertaking investment activities with the intention of earning long-term capital appreciation and investment income. The assessees were regulated by the Financial Services Commission in Mauritius and had been granted a Category I Global Business License under Section 72(6) of the Financial Services Act, 2007, enacted by the Parli

Section 153 prescribes time limits for completion of assessment under the Act. On the other hand, sec 144C applies for transfer pricing cases. Under sec 144C, the AO, following the order of the transfer pricing officer, shall issue a draft order and afford the taxpayer 30 days time to make a reference before the Dispute Resolution Panel. The Panel has 9 months within which it has to give directions to the Assessing Officer who is then, within 30 days from the end of the month

The controversy stems from Notification Number 18/2022 issued by the CBDT that deals with a mandatory faceless process for assessment and reassessments. Based upon this, Bombay High Courtc, in Hexaware Technologies Limited,  had held that reassessment notice can be issued only under the Faceless Assessment Scheme and not by the jurisdictional Assessing Officer. The High Courts of Telengana, Karnataka and Madras have, similarly, quashed reassessment proceedings initiated by th