Anti-profiteering obligations survive business demerger, complaint withdrawal, and customized supply arrangements where rate-reduction benefits are no...
Road restoration charges constitute taxable services when requested for commercial pipeline activity, requiring reverse-charge GST from the business r...
Interest on delayed release of requisitioned cash includes statutory pre-assessment interest and restitutionary compensation for unlawful post-assessm...
Incomplete inventory records justify rejecting accounts, while profit estimation requires relevant comparable material and interest falls under other ...
Transfer-pricing comparability requires functional alignment; delayed associated-enterprise receivables need separate LIBOR-based benchmarking, while ...
The notification amends Income-tax Rules to expand reporting obligations for reporting financial institutions: it defines and treats depository accounts to include specified electronic money products and central bank digital currencies, introduces definitions for "central bank digital currencies", "specified electronic money product", "relevant crypto-asset" and "Qualified Non-Profit Entity", requires additional reporting fields (self certification, joint account indicators, account type, controlling-person roles), allows substitution of certain reported gross proceeds by Crypto Asset Reporting Framework reporting, and applies amended due diligence and transitional rules for accounts treated as financial accounts from 2026, with exchange of crypto-asset information limited to tax administration purposes.
The notification amends Income-tax Rules to expand reporting obligations for reporting financial institutions: it defines and treats depository accounts to include specified electronic money products and central bank digital currencies, introduces definitions for "central bank digital currencies", "specified electronic money product", "relevant crypto-asset" and "Qualified Non-Profit Entity", requires additional reporting fields (self certification, joint account indicators, account type, controlling-person roles), allows substitution of certain reported gross proceeds by Crypto Asset Reporting Framework reporting, and applies amended due diligence and transitional rules for accounts treated as financial accounts from 2026, with exchange of crypto-asset information limited to tax administration purposes.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
