Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
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The Foreign Exchange Management (Deposit) (Sixth Amendment) Regulations, 2026 introduce an IFSC definition by linking it to the International Financial Services Centres Authority Act, 2019, and expand the SNRR account framework. A person resident outside India may open and maintain an SNRR account with an authorised dealer in India or its branch outside India, including in an IFSC, for permissible current and capital account transactions and bona fide transactions with non-residents. The amendment also adds transfer routes from NRO accounts within remittance limits, aligns transfers to NRE or SNRR accounts with the remittance rules, and requires SNRR transfers between non-residents to be made on the basis of account-holder instructions stating the underlying purpose.
The Foreign Exchange Management (Deposit) (Sixth Amendment) Regulations, 2026 introduce an IFSC definition by linking it to the International Financial Services Centres Authority Act, 2019, and expand the SNRR account framework. A person resident outside India may open and maintain an SNRR account with an authorised dealer in India or its branch outside India, including in an IFSC, for permissible current and capital account transactions and bona fide transactions with non-residents. The amendment also adds transfer routes from NRO accounts within remittance limits, aligns transfers to NRE or SNRR accounts with the remittance rules, and requires SNRR transfers between non-residents to be made on the basis of account-holder instructions stating the underlying purpose.
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