Tax Updates - Daily Update https://www.taxtmi.com One stop solution for Direct Taxes and Indirect Taxes and Corporate Laws in India Business/Tax/Law/GST/India/Taxation/Policies/Legal/Corporate Tax/Personal Tax/Vat Law/Legal Information/Tax Information/Legal Services/Tax Services TaxTMI.Com / MS Knowledge Processing Pvt. Ltd. All rights reserved. Thu, 13 Aug 2026 20:43:14 +0530 en-us webmaster@taxtmi.com editor@taxtmi.com 60 Banking sector has key role to play as India on way to become 3rd largest economy: Gujarat CM https://www.taxtmi.com/news?id=74279 https://www.taxtmi.com/news?id=74279 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Historical stress-testing thresholds for commodity derivatives are lowered, capping extreme price movements at a Z-score of five. https://www.taxtmi.com/highlights?id=102685 https://www.taxtmi.com/highlights?id=102685 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws Highlights TaxTMI GST registration and TDS compliance require government bodies to deduct tax, report payments, and obtain supplier tax clearance. https://www.taxtmi.com/highlights?id=102684 https://www.taxtmi.com/highlights?id=102684 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI NBFC factoring remittances require prescribed reporting to prevent duplicate IRMs and enable exporters' self-certified eBRC reconciliation. https://www.taxtmi.com/highlights?id=102683 https://www.taxtmi.com/highlights?id=102683 Thu, 13 Aug 2026 20:43:06 +0530 Customs Highlights TaxLaws TaxTMI India's exports to US rise 12.85 pc in Jul; shipments to China jump 64.57 pc: Govt data https://www.taxtmi.com/news?id=74278 https://www.taxtmi.com/news?id=74278 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Supersession of Notification no. 97/XI-2-26-9(47)/17-T.C.-302-U.P.Act-1-2017-Order-(371)-2026 dated February 28, 2026 https://www.taxtmi.com/notifications?id=146597 https://www.taxtmi.com/notifications?id=146597 Thu, 13 Aug 2026 20:43:06 +0530 GST Notifications TaxLaws TaxTMI 50 tonnes of copper without e-way bills seized by Delhi GST, Railways joint team https://www.taxtmi.com/news?id=74277 https://www.taxtmi.com/news?id=74277 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI India's exports surge 19.6 pc in Jul; trade deficit widens to six-month high https://www.taxtmi.com/news?id=74276 https://www.taxtmi.com/news?id=74276 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Interstate Sale by Composition Dealer /forum/issue?id=121066 /forum/issue?id=121066 Thu, 13 Aug 2026 20:43:06 +0530 GST Discussion-Forum TaxLaws TaxTMI CBI ARRESTS CGST SUPERINTENDENT IN BRIBERY CASE https://www.taxtmi.com/news?id=74275 https://www.taxtmi.com/news?id=74275 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI The cumulative exports (merchandise services) during April-July 2026-27 is estimated at US$ 316.42 Billion, as compared to US$ 279.63 Billion in April-July 2025-26, an estimated growth of 13.16%. https://www.taxtmi.com/news?id=74274 https://www.taxtmi.com/news?id=74274 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Unlimit Mobile Ties Up with ICICI Bank Canada, RBC Royal Bank to Add Mobile Connectivity Benefits to Student GIC Journey https://www.taxtmi.com/news?id=74273 https://www.taxtmi.com/news?id=74273 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Standard Chartered Accelerates India's GCC Growth with its Global Banking Expertise and 25 Years of GCC Experience https://www.taxtmi.com/news?id=74272 https://www.taxtmi.com/news?id=74272 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI IFSCA Grants Nexent Capital GIFT City Investment Banking License https://www.taxtmi.com/news?id=74271 https://www.taxtmi.com/news?id=74271 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI India's exports rise 19.63 pc to USD 44.24 bn in Jul; trade deficit widens to $31.98 bn https://www.taxtmi.com/news?id=74270 https://www.taxtmi.com/news?id=74270 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Companies (Indian Accounting Standards) Amendment Rules, 2026. https://www.taxtmi.com/notifications?id=146583 https://www.taxtmi.com/notifications?id=146583 Thu, 13 Aug 2026 20:43:06 +0530 Corporate Laws Notifications TaxLaws TaxTMI Vizhinjam port to commence EXIM operations from Aug 18: Kerala CM Satheesan https://www.taxtmi.com/news?id=74269 https://www.taxtmi.com/news?id=74269 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Ratul Puri: Beyond Low-Cost Power to Clean Energy Reliability https://www.taxtmi.com/news?id=74268 https://www.taxtmi.com/news?id=74268 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI GST search powers: Sealing cannot retain seized material after search, and prohibition orders cover confiscable goods only. https://www.taxtmi.com/highlights?id=102682 https://www.taxtmi.com/highlights?id=102682 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI GST registration revocation requires fresh consideration after returns, taxes and late fees are fully complied with. https://www.taxtmi.com/highlights?id=102681 https://www.taxtmi.com/highlights?id=102681 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI Natural justice in GST adjudication requires consideration of the assessee's reply before an ex parte demand order is made. https://www.taxtmi.com/highlights?id=102680 https://www.taxtmi.com/highlights?id=102680 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI Alternative statutory remedy under GST prevails where factual and evidentiary objections require appellate review of adjudication orders. https://www.taxtmi.com/highlights?id=102679 https://www.taxtmi.com/highlights?id=102679 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI Input tax credit entitlement survives delayed rectification where returns meet the retrospective statutory filing cut-off for credit eligibility. https://www.taxtmi.com/highlights?id=102678 https://www.taxtmi.com/highlights?id=102678 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI Conditional refund release pending departmental appeal protects revenue recovery while preventing unjustified withholding of an allowed refund. https://www.taxtmi.com/highlights?id=102677 https://www.taxtmi.com/highlights?id=102677 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI Electronic GST service requires acknowledgment or response; portal-only upload cannot replace formal service of notices or adjudication orders. https://www.taxtmi.com/highlights?id=102676 https://www.taxtmi.com/highlights?id=102676 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI Additional input tax credit benefit was not established where post-GST credit ratio declined and transitional VAT credit was inapplicable. https://www.taxtmi.com/highlights?id=102675 https://www.taxtmi.com/highlights?id=102675 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI Appealability of advance ruling rejections is limited: only rulings pronounced on merits may be appealed. https://www.taxtmi.com/highlights?id=102674 https://www.taxtmi.com/highlights?id=102674 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI End-use exemption for uncoated paper requires actual qualifying use; purchaser declarations alone cannot establish entitlement. https://www.taxtmi.com/highlights?id=102673 https://www.taxtmi.com/highlights?id=102673 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI Compostable polymer bags remain plastic packing articles and cannot claim biodegradable-bag GST concession without prescribed biodegradable certification. https://www.taxtmi.com/highlights?id=102672 https://www.taxtmi.com/highlights?id=102672 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI Reassessment limitation bars extended-period reopening when erroneous bank deposit data is the sole basis for initiating proceedings. https://www.taxtmi.com/highlights?id=102671 https://www.taxtmi.com/highlights?id=102671 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Binding Dispute Resolution Panel directions require fresh assessment where the final order relies on a superseded transfer-pricing order. https://www.taxtmi.com/highlights?id=102670 https://www.taxtmi.com/highlights?id=102670 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Faceless reassessment jurisdiction cannot be cured by a later faceless assessment order; objections remain for statutory appeal consideration. https://www.taxtmi.com/highlights?id=102669 https://www.taxtmi.com/highlights?id=102669 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Penalty proceedings remain independent of assessment, preventing revision solely for failure to initiate underreporting penalty. https://www.taxtmi.com/highlights?id=102668 https://www.taxtmi.com/highlights?id=102668 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Mechanical approval invalidated search assessments, while consistent project completion accounting and protection against double addition prevailed. https://www.taxtmi.com/highlights?id=102667 https://www.taxtmi.com/highlights?id=102667 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI TNMM segmental comparability, LIBOR loan pricing and working-capital-adjusted receivables guide transfer-pricing adjustments for associated-enterprise transactions. https://www.taxtmi.com/highlights?id=102666 https://www.taxtmi.com/highlights?id=102666 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Benami consideration source requirements upheld land attachment where alleged lenders lacked proven financial capacity and genuine funding evidence. https://www.taxtmi.com/highlights?id=102665 https://www.taxtmi.com/highlights?id=102665 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws Highlights TaxTMI Future benefit in benami transactions need not exist at provisional attachment, supporting confirmation where funds trace to beneficial owner. https://www.taxtmi.com/highlights?id=102664 https://www.taxtmi.com/highlights?id=102664 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws Highlights TaxTMI Tariff classification of diagnostic laser imagers follows the residuary accessory heading where equipment serves machines under different headings. https://www.taxtmi.com/highlights?id=102663 https://www.taxtmi.com/highlights?id=102663 Thu, 13 Aug 2026 20:43:06 +0530 Customs Highlights TaxLaws TaxTMI Provisional customs clearance requires full duty bond and partial bank guarantee while appellate issues await final determination. https://www.taxtmi.com/highlights?id=102662 https://www.taxtmi.com/highlights?id=102662 Thu, 13 Aug 2026 20:43:06 +0530 Customs Highlights TaxLaws TaxTMI Customs Broker authority cannot substitute importer consent, invalidating assessment and penalties where misdeclaration lacks evidentiary support. https://www.taxtmi.com/highlights?id=102661 https://www.taxtmi.com/highlights?id=102661 Thu, 13 Aug 2026 20:43:06 +0530 Customs Highlights TaxLaws TaxTMI PMS Bazaar Collaborates with NSDL Database Management Limited (NDML Accreditation Agency) to Expand Access to SEBI Accredited Investor Certification https://www.taxtmi.com/news?id=74267 https://www.taxtmi.com/news?id=74267 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Penalty for duty-free jewellery shortages fails without proof of intentional diversion, reliable statements, or separate liability for proprietors. https://www.taxtmi.com/highlights?id=102660 https://www.taxtmi.com/highlights?id=102660 Thu, 13 Aug 2026 20:43:06 +0530 Customs Highlights TaxLaws TaxTMI Limitation for customs appeals permits exclusion of time before a wrong forum and validates timely electronic filing. https://www.taxtmi.com/highlights?id=102659 https://www.taxtmi.com/highlights?id=102659 Thu, 13 Aug 2026 20:43:06 +0530 Customs Highlights TaxLaws TaxTMI Transaction value of imported brass scrap cannot be rejected on visual inspection without contemporaneous identical-import evidence. https://www.taxtmi.com/highlights?id=102658 https://www.taxtmi.com/highlights?id=102658 Thu, 13 Aug 2026 20:43:06 +0530 Customs Highlights TaxLaws TaxTMI Fraudulent duty-free diversion defeats advance-licence exemption, enables extended recovery, and supports penalties for firms and active partners. https://www.taxtmi.com/highlights?id=102657 https://www.taxtmi.com/highlights?id=102657 Thu, 13 Aug 2026 20:43:06 +0530 Customs Highlights TaxLaws TaxTMI Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed invoices. https://www.taxtmi.com/highlights?id=102656 https://www.taxtmi.com/highlights?id=102656 Thu, 13 Aug 2026 20:43:06 +0530 Corporate Laws Highlights TaxLaws TaxTMI Insider trading presumption applies when persons possessing UPSI trade, with disgorgement available for losses averted through the contravention. https://www.taxtmi.com/highlights?id=102655 https://www.taxtmi.com/highlights?id=102655 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws Highlights TaxTMI Limitation for EPC operational debt runs from each payment default, preventing insolvency proceedings on time-barred claims. https://www.taxtmi.com/highlights?id=102654 https://www.taxtmi.com/highlights?id=102654 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws Highlights TaxTMI Pro rata resolution-plan distribution by admitted claims prevails over individual security interests for dissenting secured financial creditors. https://www.taxtmi.com/highlights?id=102653 https://www.taxtmi.com/highlights?id=102653 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws Highlights TaxTMI Prima facie FEMA contravention can support equivalent-value property seizure despite overseas accounts and an income-tax settlement. https://www.taxtmi.com/highlights?id=102652 https://www.taxtmi.com/highlights?id=102652 Thu, 13 Aug 2026 20:43:06 +0530 FEMA Highlights TaxLaws TaxTMI Money-laundering proceedings can survive compromise quashing, while PMLA bail fails where twin conditions and flight-risk concerns remain unmet. https://www.taxtmi.com/highlights?id=102651 https://www.taxtmi.com/highlights?id=102651 Thu, 13 Aug 2026 20:43:06 +0530 PMLA Highlights TaxLaws TaxTMI Property of equivalent value remains vulnerable to freezing when direct proceeds of crime are unavailable and sources remain unexplained. https://www.taxtmi.com/highlights?id=102650 https://www.taxtmi.com/highlights?id=102650 Thu, 13 Aug 2026 20:43:06 +0530 PMLA Highlights TaxLaws TaxTMI Goods Transport Agency classification accepts bills as consignment notes, while unverified Form 26AS demands and extended limitation fail. https://www.taxtmi.com/highlights?id=102649 https://www.taxtmi.com/highlights?id=102649 Thu, 13 Aug 2026 20:43:06 +0530 Service Tax Highlights TaxLaws TaxTMI Copyright exclusion from intellectual property right service prevents pre-2008 taxation of software licence royalties and defeats extended limitation. https://www.taxtmi.com/highlights?id=102648 https://www.taxtmi.com/highlights?id=102648 Thu, 13 Aug 2026 20:43:06 +0530 Service Tax Highlights TaxLaws TaxTMI Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within normal limitation. https://www.taxtmi.com/highlights?id=102647 https://www.taxtmi.com/highlights?id=102647 Thu, 13 Aug 2026 20:43:06 +0530 Service Tax Highlights TaxLaws TaxTMI Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine membership attributes. https://www.taxtmi.com/highlights?id=102646 https://www.taxtmi.com/highlights?id=102646 Thu, 13 Aug 2026 20:43:06 +0530 Service Tax Highlights TaxLaws TaxTMI CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolution. https://www.taxtmi.com/highlights?id=102645 https://www.taxtmi.com/highlights?id=102645 Thu, 13 Aug 2026 20:43:06 +0530 Service Tax Highlights TaxLaws TaxTMI Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility averments. https://www.taxtmi.com/highlights?id=102644 https://www.taxtmi.com/highlights?id=102644 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws Highlights TaxTMI Compounded annual growth rate of Manufacturing GVA at constant prices (2022-23 base) as per revised series during 2022-23 to 2025-26 is 10.88% https://www.taxtmi.com/news?id=74266 https://www.taxtmi.com/news?id=74266 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI National Company Law Tribunal (NCLT) Launches e-Inspection and e-Certified Copy Services https://www.taxtmi.com/news?id=74265 https://www.taxtmi.com/news?id=74265 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI The Government of India to launch the Central Bank Digital Currency (CBDC)-based Direct Benefit Transfer (DBT) in the Union Territories of Chandigarh and Dadra Nagar Haveli https://www.taxtmi.com/news?id=74264 https://www.taxtmi.com/news?id=74264 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI India and the Southern African Customs Union (SACU) sign Terms of Reference (ToR) for negotiations towards a Preferential Trade Agreement https://www.taxtmi.com/news?id=74263 https://www.taxtmi.com/news?id=74263 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI ANALYSIS OF SECTION 141 OF THE NEGOTIABLE INSTRUMENTS ACT, 1881 https://www.taxtmi.com/article/detailed?id=17181 https://www.taxtmi.com/article/detailed?id=17181 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws Articles TaxTMI Sales Tax Bar Association Represents for Early Enablement of GSTR-9 GSTR-9C for FY 2025-26 https://www.taxtmi.com/article/detailed?id=17180 https://www.taxtmi.com/article/detailed?id=17180 Thu, 13 Aug 2026 20:43:06 +0530 GST Articles TaxLaws TaxTMI GST Mining: Crackdown and Taxability https://www.taxtmi.com/article/detailed?id=17179 https://www.taxtmi.com/article/detailed?id=17179 Thu, 13 Aug 2026 20:43:06 +0530 GST Articles TaxLaws TaxTMI Interest Under GST - When Does The Clock Start, When Does It Stop, And On What Amount? Part III (Concluding Part) - From Liability to Recovery: When Can GST Interest Be Enforced? https://www.taxtmi.com/article/detailed?id=17178 https://www.taxtmi.com/article/detailed?id=17178 Thu, 13 Aug 2026 20:43:06 +0530 GST Articles TaxLaws TaxTMI Interest Under GST - When Does The Clock Start, When Does It Stop, And On What Amount? Part II - Wrongly Availed ITC and Interest: Why Availment Alone Is Not Enough https://www.taxtmi.com/article/detailed?id=17177 https://www.taxtmi.com/article/detailed?id=17177 Thu, 13 Aug 2026 20:43:06 +0530 GST Articles TaxLaws TaxTMI IInterest Under GST - When Does The Clock Start, When Does It Stop, And On What Amount? Part I - Delayed Tax Payment and the Electronic Cash Ledger: When Does Interest Really Begin and End? https://www.taxtmi.com/article/detailed?id=17176 https://www.taxtmi.com/article/detailed?id=17176 Thu, 13 Aug 2026 20:43:06 +0530 GST Articles TaxLaws TaxTMI Building a Surprise-Proof Corporation: A 360 Framework to Prevent Accounting Fraud, Tax Shocks, Circular Trades and Unethical Business Practices. https://www.taxtmi.com/article/detailed?id=17175 https://www.taxtmi.com/article/detailed?id=17175 Thu, 13 Aug 2026 20:43:06 +0530 Auditing Articles TaxLaws TaxTMI Export of Deep Fried Onions from India to the Rest of the World. https://www.taxtmi.com/article/detailed?id=17174 https://www.taxtmi.com/article/detailed?id=17174 Thu, 13 Aug 2026 20:43:06 +0530 Customs Articles TaxLaws TaxTMI Layers of Customs Valuation: A Comprehensive Guide to the Sequential Methodology under Customs Law. https://www.taxtmi.com/article/detailed?id=17173 https://www.taxtmi.com/article/detailed?id=17173 Thu, 13 Aug 2026 20:43:06 +0530 Customs Articles TaxLaws TaxTMI Airtel ends all prepaid mobile plans offering 1.5 GB data per day with unlimited calls https://www.taxtmi.com/news?id=74262 https://www.taxtmi.com/news?id=74262 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI ED arrests IBC resolution professional https://www.taxtmi.com/news?id=74261 https://www.taxtmi.com/news?id=74261 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Mumbai cops bust fake documents racket; four arrested https://www.taxtmi.com/news?id=74260 https://www.taxtmi.com/news?id=74260 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Customs tariff values for edible oils, brass scrap, areca nuts, gold and silver take effect from 11 August 2026. https://www.taxtmi.com/highlights?id=102643 https://www.taxtmi.com/highlights?id=102643 Thu, 13 Aug 2026 20:43:06 +0530 Customs Highlights TaxLaws TaxTMI Municipal debt securities rules revise private-placement face values, pooled-finance escrow safeguards, and financial-results disclosure timelines with immediate effect. https://www.taxtmi.com/highlights?id=102642 https://www.taxtmi.com/highlights?id=102642 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws Highlights TaxTMI Enhanced due diligence for dealings with identified Bhutanese firms is advised to manage potential trade and payment risks. https://www.taxtmi.com/highlights?id=102641 https://www.taxtmi.com/highlights?id=102641 Thu, 13 Aug 2026 20:43:06 +0530 Customs Highlights TaxLaws TaxTMI After nine years at helm, N Chandra to exit Tata Sons amid expansion, governance standoff https://www.taxtmi.com/news?id=74259 https://www.taxtmi.com/news?id=74259 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI RBI invites comments on the Draft “Reserve Bank of India (Interest Rates on Loans and Advances) Directions, 2026” https://www.taxtmi.com/news?id=74258 https://www.taxtmi.com/news?id=74258 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Review of Inclusion of Historical Scenarios in Stress Testing for Commodity Derivatives Segment https://www.taxtmi.com/circulars?id=70784 https://www.taxtmi.com/circulars?id=70784 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws Circulars TaxTMI Inviting comments/suggestions on Draft Standard Operating Procedure (SOP) for reporting of Inward Remittance Messages pertaining to NBFC Factors. https://www.taxtmi.com/circulars?id=70782 https://www.taxtmi.com/circulars?id=70782 Thu, 13 Aug 2026 20:43:06 +0530 Customs Circulars TaxLaws TaxTMI Sensex falls 188 pts amid elevated crude oil prices; Tata Group stocks decline after N Chandra's exit https://www.taxtmi.com/news?id=74257 https://www.taxtmi.com/news?id=74257 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI SJM urges govt to stand firm against US tariff pressure, calls for boycott of American products https://www.taxtmi.com/news?id=74256 https://www.taxtmi.com/news?id=74256 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Union Minister of Commerce and Industry Shri Piyush Goyal Calls for Fair Trading Practices and Taking ‘Make in India’ from Local to Global https://www.taxtmi.com/news?id=74255 https://www.taxtmi.com/news?id=74255 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Union Minister for Finance Corporate Affairs Smt. Nirmala Sitharaman delivers keynote address at Seminar on “Role of the New Development Bank in Mobilising Private Capital in Member Countries” in Jaipur, today https://www.taxtmi.com/news?id=74254 https://www.taxtmi.com/news?id=74254 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Delhi HC halts processing of IT-returns of Supreme Court, high court judges https://www.taxtmi.com/news?id=74253 https://www.taxtmi.com/news?id=74253 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Query Regarding ITR 3 for NRI's /forum/issue?id=121064 /forum/issue?id=121064 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Discussion-Forum TaxLaws TaxTMI Over 36,000 firms shut operations in Maharashtra in 5 yrs; Oppn claims graft, govt interference https://www.taxtmi.com/news?id=74252 https://www.taxtmi.com/news?id=74252 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI RETROSPECTIVE AMENDMENT: THE CONSTITUTIONAL AND ECONOMIC HAZARD https://www.taxtmi.com/article/detailed?id=17172 https://www.taxtmi.com/article/detailed?id=17172 Thu, 13 Aug 2026 20:43:06 +0530 GST Articles TaxLaws TaxTMI Export of Services - Remittance recieved on personal Savings account. /forum/issue?id=121047 /forum/issue?id=121047 Thu, 13 Aug 2026 20:43:06 +0530 Corporate Laws Discussion-Forum TaxLaws TaxTMI Powering India's Energy Freedom https://www.taxtmi.com/news?id=74251 https://www.taxtmi.com/news?id=74251 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI THE MAJESTY OF TAX AMNESTY FINALITY https://www.taxtmi.com/article/detailed?id=17041 https://www.taxtmi.com/article/detailed?id=17041 Thu, 13 Aug 2026 20:43:06 +0530 GST Articles TaxLaws TaxTMI Notification Granting Tax Exemption to the District Legal Service Authority, Panchkula under Section 11 of the Income-tax Act, 2025 https://www.taxtmi.com/notifications?id=146557 https://www.taxtmi.com/notifications?id=146557 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Notifications TaxLaws TaxTMI Granting Tax Exemption to District Legal Service Authority, Panchkula (PAN: AAAGC0054R) in respect of the specified Income under Section 10(46) of the Income-tax Act, 1961 and section section 536(2)(a) to (c) and (e) of the Income-tax Act, 2025 https://www.taxtmi.com/notifications?id=146556 https://www.taxtmi.com/notifications?id=146556 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Notifications TaxLaws TaxTMI DTA removal of duty paid goods by SEZ Developer after exit of Unit /forum/issue?id=121065 /forum/issue?id=121065 Thu, 13 Aug 2026 20:43:06 +0530 Customs Discussion-Forum TaxLaws TaxTMI GST registration cancellation appeals may be restored for merits review where genuine delay explanations justify condonation of limitation. https://www.taxtmi.com/highlights?id=102640 https://www.taxtmi.com/highlights?id=102640 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI Fresh GST proceedings after quashed notices remain within limitation, but prejudged show cause notices require neutral reissuance. https://www.taxtmi.com/highlights?id=102639 https://www.taxtmi.com/highlights?id=102639 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI Proper officer jurisdiction for a combined GST demand supports one waiver application covering operations across multiple States. https://www.taxtmi.com/highlights?id=102638 https://www.taxtmi.com/highlights?id=102638 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI Duplicate GST assessment orders for the same return mismatch cannot coexist; earlier assessment remanded subject to tax payment. https://www.taxtmi.com/highlights?id=102637 https://www.taxtmi.com/highlights?id=102637 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI GST amnesty waiver covers self-assessed tax determined under Section 73, while Rule 164 deadlines and approval safeguards remain mandatory. https://www.taxtmi.com/highlights?id=102636 https://www.taxtmi.com/highlights?id=102636 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI Distinct legal entity principle bars GST recovery from company bank accounts for deceased proprietor's unpaid dues. https://www.taxtmi.com/highlights?id=102635 https://www.taxtmi.com/highlights?id=102635 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI Export turnover mismatches require documentary substantiation and a meaningful opportunity before ex parte GST adjudication is finally sustained. https://www.taxtmi.com/highlights?id=102634 https://www.taxtmi.com/highlights?id=102634 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI Communication date for limitation follows the dealer's unrebutted declaration, requiring fresh consideration of the dismissed statutory appeal. https://www.taxtmi.com/highlights?id=102633 https://www.taxtmi.com/highlights?id=102633 Thu, 13 Aug 2026 20:43:06 +0530 GST Highlights TaxLaws TaxTMI Mandatory settlement limitation period runs from first Interim Board allotment; administrative transfers cannot revive expired disposal time. https://www.taxtmi.com/highlights?id=102632 https://www.taxtmi.com/highlights?id=102632 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Identity-theft defences do not bar reassessment, but Revenue must prove disputed transactions through primary evidence during proceedings. https://www.taxtmi.com/highlights?id=102631 https://www.taxtmi.com/highlights?id=102631 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Discounted Cash Flow valuation for newly incorporated companies was accepted despite later notification under the prescribed valuation rule. https://www.taxtmi.com/highlights?id=102630 https://www.taxtmi.com/highlights?id=102630 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Internal CUP method upheld for project-office transactions where contract risks, rewards and revenue were fully attributed to India. https://www.taxtmi.com/highlights?id=102629 https://www.taxtmi.com/highlights?id=102629 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Revisional relief for double taxation requires merits review where the same income is assessed in two different years. https://www.taxtmi.com/highlights?id=102628 https://www.taxtmi.com/highlights?id=102628 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse material. https://www.taxtmi.com/highlights?id=102627 https://www.taxtmi.com/highlights?id=102627 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory computation rules. https://www.taxtmi.com/highlights?id=102626 https://www.taxtmi.com/highlights?id=102626 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI CSR donation deductions and treaty-limited dividend tax support relief for eligible contributions and UK shareholder distributions. https://www.taxtmi.com/highlights?id=102625 https://www.taxtmi.com/highlights?id=102625 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI TDS non-deduction under binding interim directions does not make an employer-bank an assessee in default. https://www.taxtmi.com/highlights?id=102624 https://www.taxtmi.com/highlights?id=102624 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Reassessment based on search and independent enquiry sustained, while unverifiable purchases were limited to the estimated profit element. https://www.taxtmi.com/highlights?id=102623 https://www.taxtmi.com/highlights?id=102623 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Reasonable cause for cash land-transaction receipts and repayments supported deletion of penalties for statutory cash-payment breaches. https://www.taxtmi.com/highlights?id=102622 https://www.taxtmi.com/highlights?id=102622 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Specific misreporting charge under section 270A is mandatory; failure to identify the statutory limb invalidates enhanced penalty. https://www.taxtmi.com/highlights?id=102621 https://www.taxtmi.com/highlights?id=102621 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Assessment quashing extinguishes linked cash-loan penalty, while limitation runs from the Assessing Officer's recorded initiation. https://www.taxtmi.com/highlights?id=102620 https://www.taxtmi.com/highlights?id=102620 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequential proceedings. https://www.taxtmi.com/highlights?id=102619 https://www.taxtmi.com/highlights?id=102619 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Section 153C jurisdiction requires year-specific satisfaction and seized material; unabated assessments cannot sustain additions without incriminating evidence. https://www.taxtmi.com/highlights?id=102618 https://www.taxtmi.com/highlights?id=102618 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Assessment against a deceased taxpayer is void from inception despite the legal heir pursuing appellate proceedings. https://www.taxtmi.com/highlights?id=102617 https://www.taxtmi.com/highlights?id=102617 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Highlights TaxLaws TaxTMI Steamer-agent liability for manifested cargo deficiency applies when the agent files and verifies the Import General Manifest, supporting penalties. https://www.taxtmi.com/highlights?id=102616 https://www.taxtmi.com/highlights?id=102616 Thu, 13 Aug 2026 20:43:06 +0530 Customs Highlights TaxLaws TaxTMI Fourth Session of the India-Namibia Joint Trade Committee held in New Delhi https://www.taxtmi.com/news?id=74250 https://www.taxtmi.com/news?id=74250 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Winning in the AI Era: The New Playbook for Indian Banks - Inaugural Address by Shri Sanjay Malhotra, Governor, Reserve Bank of India at the FIBAC 2026 Conference, Mumbai, August 11, 2026 https://www.taxtmi.com/news?id=74249 https://www.taxtmi.com/news?id=74249 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Subsequent Pre-Deposit Cures the Defect: Can a Service Tax Appeal Be Dismissed Without Considering Subsequent Compliance? https://www.taxtmi.com/article/detailed?id=17171 https://www.taxtmi.com/article/detailed?id=17171 Thu, 13 Aug 2026 20:43:06 +0530 Service Tax Articles TaxLaws TaxTMI CLUBBING OF FIRST INFORMATION REPORTS https://www.taxtmi.com/article/detailed?id=17170 https://www.taxtmi.com/article/detailed?id=17170 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws Articles TaxTMI All orders passed by the first appellate authority in GST appeal to be revisited during August 2026. https://www.taxtmi.com/article/detailed?id=17169 https://www.taxtmi.com/article/detailed?id=17169 Thu, 13 Aug 2026 20:43:06 +0530 GST Articles TaxLaws TaxTMI ITC on Telecommunication Towers Under GST - Excluded From "Plant And Machinery", But Are They Immovable? Part II (Concluding Part) - From Bharti Airtel to GST: When Does the ITC Restriction Apply? https://www.taxtmi.com/article/detailed?id=17168 https://www.taxtmi.com/article/detailed?id=17168 Thu, 13 Aug 2026 20:43:06 +0530 GST Articles TaxLaws TaxTMI Learning for Assessee and authorities from recent judgment. Wrongly quotedg PAN of HUF in purchase documents, lead to addition in hands of HUF there can be further litigation also. https://www.taxtmi.com/article/detailed?id=17167 https://www.taxtmi.com/article/detailed?id=17167 Thu, 13 Aug 2026 20:43:06 +0530 Income Tax Articles TaxLaws TaxTMI ITC on Telecommunication Towers Under GST - Excluded From "Plant And Machinery", But Are They Immovable? Part I - From Statutory Exclusion to the Test of Immovability https://www.taxtmi.com/article/detailed?id=17166 https://www.taxtmi.com/article/detailed?id=17166 Thu, 13 Aug 2026 20:43:06 +0530 GST Articles TaxLaws TaxTMI Interest Disputed, Recovery Rushed: GST Garnishee Action Must Wait for a Reasoned Decision https://www.taxtmi.com/article/detailed?id=17165 https://www.taxtmi.com/article/detailed?id=17165 Thu, 13 Aug 2026 20:43:06 +0530 GST Articles TaxLaws TaxTMI Business Responsibility and Sustainability Report (BRSR): A Comprehensive Guide. https://www.taxtmi.com/article/detailed?id=17164 https://www.taxtmi.com/article/detailed?id=17164 Thu, 13 Aug 2026 20:43:06 +0530 Corporate Laws Articles TaxLaws TaxTMI Layers of Customs Classification within the WCO Legal Framework. https://www.taxtmi.com/article/detailed?id=17163 https://www.taxtmi.com/article/detailed?id=17163 Thu, 13 Aug 2026 20:43:06 +0530 Customs Articles TaxLaws TaxTMI National Traders' Welfare Board (NTWB): A Comprehensive Guide. https://www.taxtmi.com/article/detailed?id=17162 https://www.taxtmi.com/article/detailed?id=17162 Thu, 13 Aug 2026 20:43:06 +0530 GST Articles TaxLaws TaxTMI ISO 14001:2015 Environmental Management System (EMS): A Comprehensive Guide to Environmental Compliance, Sustainability, and Pollution Prevention. https://www.taxtmi.com/article/detailed?id=17161 https://www.taxtmi.com/article/detailed?id=17161 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws Articles TaxTMI Lighting Beyond Shop Limits: Electricity Misuse and Municipal Violations. https://www.taxtmi.com/article/detailed?id=17160 https://www.taxtmi.com/article/detailed?id=17160 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws Articles TaxTMI Statutory provisional release discretion prevails over executive instructions, with revenue safeguarded through duty payment and bond conditions. https://www.taxtmi.com/highlights?id=102615 https://www.taxtmi.com/highlights?id=102615 Thu, 13 Aug 2026 20:43:06 +0530 Customs Highlights TaxLaws TaxTMI DFIA classification of Vital Wheat Gluten as wheat flour defeated customs seizure based on unsupported exemption ineligibility allegations. https://www.taxtmi.com/highlights?id=102614 https://www.taxtmi.com/highlights?id=102614 Thu, 13 Aug 2026 20:43:06 +0530 Customs Highlights TaxLaws TaxTMI Automotive ECU classification follows distinct functions, requiring Revenue evidence before reclassifying control units as motor-vehicle parts. https://www.taxtmi.com/highlights?id=102613 https://www.taxtmi.com/highlights?id=102613 Thu, 13 Aug 2026 20:43:06 +0530 Customs Highlights TaxLaws TaxTMI Preventive suspension requires an immediate continuing threat and cannot become indefinite without inquiry, fresh evidence, or proportionate safeguards. https://www.taxtmi.com/highlights?id=102612 https://www.taxtmi.com/highlights?id=102612 Thu, 13 Aug 2026 20:43:06 +0530 Customs Highlights TaxLaws TaxTMI Post-decisional hearing deadlines govern continued Customs Broker licence suspension; delayed hearings invalidate continuation without deciding underlying allegations. https://www.taxtmi.com/highlights?id=102611 https://www.taxtmi.com/highlights?id=102611 Thu, 13 Aug 2026 20:43:06 +0530 Customs Highlights TaxLaws TaxTMI Functus officio bars intervention in disposed writ proceedings where applicants show no tangible subsisting right or necessary-party status. https://www.taxtmi.com/highlights?id=102610 https://www.taxtmi.com/highlights?id=102610 Thu, 13 Aug 2026 20:43:06 +0530 Corporate Laws Highlights TaxLaws TaxTMI Pre-emptive rights under articles invalidated outsider share transfers that bypassed mandatory notice, valuation and existing-member sale procedures. https://www.taxtmi.com/highlights?id=102609 https://www.taxtmi.com/highlights?id=102609 Thu, 13 Aug 2026 20:43:06 +0530 Corporate Laws Highlights TaxLaws TaxTMI Default bail and PMLA bail denied where timely supplementary complaint and statutory twin conditions defeated release. https://www.taxtmi.com/highlights?id=102608 https://www.taxtmi.com/highlights?id=102608 Thu, 13 Aug 2026 20:43:06 +0530 PMLA Highlights TaxLaws TaxTMI Floating-rig service classification determines refund entitlement where tax was collected under Mining Service without legal authority. https://www.taxtmi.com/highlights?id=102607 https://www.taxtmi.com/highlights?id=102607 Thu, 13 Aug 2026 20:43:06 +0530 Service Tax Highlights TaxLaws TaxTMI Assam Cabinet okays funds for land acquisition for Guwahati satellite city https://www.taxtmi.com/news?id=74248 https://www.taxtmi.com/news?id=74248 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI ED arrests Chhattisgarh Congress leader in liquor 'scam' case; sent to 7 days' custody https://www.taxtmi.com/news?id=74247 https://www.taxtmi.com/news?id=74247 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Sales Tax Assistant Commissioner arrested for demanding bribe of Rs 8 lakh https://www.taxtmi.com/news?id=74246 https://www.taxtmi.com/news?id=74246 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Net direct tax kitty grows 23 pc to Rs 8.11 lakh cr on slower refunds, higher non-corp taxes https://www.taxtmi.com/news?id=74245 https://www.taxtmi.com/news?id=74245 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI Delhi court sets aside summon order in cheque bounce case https://www.taxtmi.com/news?id=74244 https://www.taxtmi.com/news?id=74244 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI BRICS grouping discussing linking CBDCs, fast payment systems: RBI Guv Malhotra https://www.taxtmi.com/news?id=74243 https://www.taxtmi.com/news?id=74243 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI PM GatiShakti National Master Plan Enables Integrated and Coordinated Infrastructure Planning https://www.taxtmi.com/news?id=74242 https://www.taxtmi.com/news?id=74242 Thu, 13 Aug 2026 20:43:06 +0530 TaxLaws News TaxTMI TMI Updates - Newsletter dated: August 13, 2026 https://www.taxtmi.com/newsletter?id=08/13/2026 https://www.taxtmi.com/newsletter?id=08/13/2026 Daily Updates Tax