Tax Updates - Daily Update

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, 14 May 2026 20:45:12 +0530 en-us webmaster@taxtmi.com editor@taxtmi.com 60 PM leading country with firmness, skill through global conflict: Rajnath https://www.taxtmi.com/news?id=72804 https://www.taxtmi.com/news?id=72804 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Xi warns Trump on Taiwan during talks on trade and Iran war https://www.taxtmi.com/news?id=72803 https://www.taxtmi.com/news?id=72803 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Corrigendum regarding Notification no. F.12(4)FD/Tax/2026-01 https://www.taxtmi.com/notifications?id=145714 https://www.taxtmi.com/notifications?id=145714 Thu, 14 May 2026 20:45:12 +0530 GST Notifications TaxLaws TaxTMI Seeks to amend Notification No F.12(5)FD/Tax/2025-05 dated 17.09.2025 to align them with changes made vide Union Finance Act, 2026 in schedule-I and schedule-III https://www.taxtmi.com/notifications?id=145712 https://www.taxtmi.com/notifications?id=145712 Thu, 14 May 2026 20:45:12 +0530 GST Notifications TaxLaws TaxTMI Amendment in Notification No. 09/2025- State Tax (Rate) dated 17th September, 2025 https://www.taxtmi.com/notifications?id=145710 https://www.taxtmi.com/notifications?id=145710 Thu, 14 May 2026 20:45:12 +0530 GST Notifications TaxLaws TaxTMI aplicablity of interst under sec 50 /forum/issue?id=120909 /forum/issue?id=120909 Thu, 14 May 2026 20:45:12 +0530 GST Discussion-Forum TaxLaws TaxTMI Code on Wages (Central) Rules, 2026 https://www.taxtmi.com/notifications?id=145651 https://www.taxtmi.com/notifications?id=145651 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Notifications TaxTMI Extension of validity of the circulars issued under Section 143AA of the Customs Act. 1962, to mitigate challenges arising from ongoing disruptions in maritime routes due to the closure of the Strait of Hormuz https://www.taxtmi.com/circulars?id=70063 https://www.taxtmi.com/circulars?id=70063 Thu, 14 May 2026 20:45:12 +0530 Customs Circulars TaxLaws TaxTMI IDFC FIRST Bank launches Business Multiplier credit card for Founders Entrepreneurs https://www.taxtmi.com/news?id=72802 https://www.taxtmi.com/news?id=72802 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Identification and import clearance of Hazardous cargo https://www.taxtmi.com/circulars?id=70062 https://www.taxtmi.com/circulars?id=70062 Thu, 14 May 2026 20:45:12 +0530 Customs Circulars TaxLaws TaxTMI Order of Approval u/s 35(1)(iia) of the Income Tax Act, 1961 for M/s Shree Hari Arogyam Foundation, Gandhinagar, Gujarat https://www.taxtmi.com/notifications?id=145708 https://www.taxtmi.com/notifications?id=145708 Thu, 14 May 2026 20:45:12 +0530 Income Tax Notifications TaxLaws TaxTMI ITC by invoice issued to jobworker. /forum/issue?id=120917 /forum/issue?id=120917 Thu, 14 May 2026 20:45:12 +0530 VAT Discussion-Forum TaxLaws TaxTMI Amendment in Export Policy of Sugar https://www.taxtmi.com/notifications?id=145706 https://www.taxtmi.com/notifications?id=145706 Thu, 14 May 2026 20:45:12 +0530 Customs Notifications TaxLaws TaxTMI ITC Blocking and Cancellation of GST /forum/issue?id=120918 /forum/issue?id=120918 Thu, 14 May 2026 20:45:12 +0530 GST Discussion-Forum TaxLaws TaxTMI Customs duty and surcharge rates on precious-metal goods are revised, with new tariff entries and import conditions for spent catalyst. https://www.taxtmi.com/highlights?id=99783 https://www.taxtmi.com/highlights?id=99783 Thu, 14 May 2026 20:45:12 +0530 Customs Highlights TaxLaws TaxTMI Seeks to amend Notification No. 11/2018-Customs, dated the 2nd February, 2018 and Notification No. 11/2021-Customs, dated the 1st February, 2021 - Amends Social Welfare Surcharge and Agriculture Infrastructure and Development Cess on Gold, Silver, COINS and other Precious Matels. https://www.taxtmi.com/notifications?id=145666 https://www.taxtmi.com/notifications?id=145666 Thu, 14 May 2026 20:45:12 +0530 Customs Notifications TaxLaws TaxTMI Customs duty entries for gold and silver under India-UAE CEPA are revised through amended notification entries. https://www.taxtmi.com/highlights?id=99782 https://www.taxtmi.com/highlights?id=99782 Thu, 14 May 2026 20:45:12 +0530 Customs Highlights TaxLaws TaxTMI Amendment in Notification No. 22/2022-Customs, dated the 30th April, 2022 - Amends to duty on Gold and Silver under the scheme of first tranche of India UAE CEPA https://www.taxtmi.com/notifications?id=145665 https://www.taxtmi.com/notifications?id=145665 Thu, 14 May 2026 20:45:12 +0530 Customs Notifications TaxLaws TaxTMI Amendment in Notification No. 57/2000-Customs, dated the 8th May, 2000 - Increase in rate of duty on gold, silver and platinum imported under specified schemes https://www.taxtmi.com/notifications?id=145664 https://www.taxtmi.com/notifications?id=145664 Thu, 14 May 2026 20:45:12 +0530 Customs Notifications TaxLaws TaxTMI Customs duty on gold, silver and platinum imports under specified schemes is increased by amendment. https://www.taxtmi.com/highlights?id=99781 https://www.taxtmi.com/highlights?id=99781 Thu, 14 May 2026 20:45:12 +0530 Customs Highlights TaxLaws TaxTMI Customs duty on precious metals and related goods increased to 10% under amended import notification. https://www.taxtmi.com/highlights?id=99780 https://www.taxtmi.com/highlights?id=99780 Thu, 14 May 2026 20:45:12 +0530 Customs Highlights TaxLaws TaxTMI Amendment in Notification No. 45/2025-Customs, dated the 24th October, 2025 - Increase in duty of customs on Gold, Siler, Platinum, Precious Metal, Spent Catalyst; Precious Metal Residues etc. https://www.taxtmi.com/notifications?id=145663 https://www.taxtmi.com/notifications?id=145663 Thu, 14 May 2026 20:45:12 +0530 Customs Notifications TaxLaws TaxTMI Industrial Relations (Central) Rules, 2026 https://www.taxtmi.com/notifications?id=145649 https://www.taxtmi.com/notifications?id=145649 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Notifications TaxTMI Interest subvention under export credit rules clarified for delayed UIN generation and claim timing. https://www.taxtmi.com/highlights?id=99779 https://www.taxtmi.com/highlights?id=99779 Thu, 14 May 2026 20:45:12 +0530 Customs Highlights TaxLaws TaxTMI Customs area extension for a container freight station: additional land notified for unloading and loading operations under customs control. https://www.taxtmi.com/highlights?id=99778 https://www.taxtmi.com/highlights?id=99778 Thu, 14 May 2026 20:45:12 +0530 Customs Highlights TaxLaws TaxTMI National Council for Cement and Building Materials (NCB) Organises National Workshop on Durability Design and Quality Assurance of Concrete https://www.taxtmi.com/news?id=72801 https://www.taxtmi.com/news?id=72801 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI EU Includes India in Revised Draft List for Continued Export of Aquaculture Products to European Market from September 2026 https://www.taxtmi.com/news?id=72800 https://www.taxtmi.com/news?id=72800 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Xi warns Trump on Taiwan as US, China discuss trade and Iran war https://www.taxtmi.com/news?id=72799 https://www.taxtmi.com/news?id=72799 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI ED freezes Rs 526 cr bank deposits in PMLA case against Gameskraft https://www.taxtmi.com/news?id=72798 https://www.taxtmi.com/news?id=72798 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI ED opposes Vadra plea in Delhi HC against trial court summons in Haryana land deal case https://www.taxtmi.com/news?id=72797 https://www.taxtmi.com/news?id=72797 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Sensex jumps nearly 790 pts on buying in telecom, banking shares https://www.taxtmi.com/news?id=72796 https://www.taxtmi.com/news?id=72796 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Rupee settles at record low of 95.73 against US dollar https://www.taxtmi.com/news?id=72795 https://www.taxtmi.com/news?id=72795 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Taiwan tensions could jeopardise ‘new vision’ in China-US ties: Xi after meeting Trump https://www.taxtmi.com/news?id=72794 https://www.taxtmi.com/news?id=72794 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Trump, Xi hold talks in ‘biggest summit ever’ https://www.taxtmi.com/news?id=72793 https://www.taxtmi.com/news?id=72793 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Ant Digital Technologies and Ryt Bank Win Best AI-Powered Customer Experience Award in Malaysia https://www.taxtmi.com/news?id=72792 https://www.taxtmi.com/news?id=72792 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI The Era of Informal Influence Is Over: India's Creator Economy Is Entering Its Institutional Age https://www.taxtmi.com/news?id=72791 https://www.taxtmi.com/news?id=72791 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Appointment of Authorities for Sanction of Prosecution under Chapters V and VI of the Code on Social Security, 2020 https://www.taxtmi.com/notifications?id=145696 https://www.taxtmi.com/notifications?id=145696 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Notifications TaxTMI Operating framework for facilitating Outward Remittance services by non-bank entities through Authorized Dealer (Category I) banks in India https://www.taxtmi.com/circulars?id=70060 https://www.taxtmi.com/circulars?id=70060 Thu, 14 May 2026 20:45:12 +0530 FEMA Circulars TaxLaws TaxTMI India bans sugar exports till Sept 30 https://www.taxtmi.com/news?id=72790 https://www.taxtmi.com/news?id=72790 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2026. https://www.taxtmi.com/notifications?id=145695 https://www.taxtmi.com/notifications?id=145695 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Notifications TaxTMI Cabinet approves one new project covering Ahmedabad District in the state of Gujarat, increasing the existing network of Indian Railways by about 134 Kms https://www.taxtmi.com/news?id=72789 https://www.taxtmi.com/news?id=72789 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Republic of Chile Foreign Minister H.E. Mr. Francisco Pérez Mackenna, Leads High-Level Delegation to India to Strengthen Economic and Commercial Cooperation https://www.taxtmi.com/news?id=72788 https://www.taxtmi.com/news?id=72788 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Union Minister of Commerce and Industry Shri Piyush Goyal Felicitates LEAPS 2025 Winners Across 13 Categories Celebrating Excellence in Logistics and Innovation https://www.taxtmi.com/news?id=72787 https://www.taxtmi.com/news?id=72787 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI EXPORT REFUNDS, DISTINCT PERSONS AND SPEAKING ORDERS UNDER GST https://www.taxtmi.com/article/detailed?id=16419 https://www.taxtmi.com/article/detailed?id=16419 Thu, 14 May 2026 20:45:12 +0530 GST Articles TaxLaws TaxTMI We are nowhere near. The hard reality on GSTAT appeal filing. https://www.taxtmi.com/article/detailed?id=16418 https://www.taxtmi.com/article/detailed?id=16418 Thu, 14 May 2026 20:45:12 +0530 GST Articles TaxLaws TaxTMI GSTN Advisory for Set-Off of IGST Liability taken off from the GST Portal: Expected Consequences for Taxpayers! https://www.taxtmi.com/article/detailed?id=16417 https://www.taxtmi.com/article/detailed?id=16417 Thu, 14 May 2026 20:45:12 +0530 GST Articles TaxLaws TaxTMI Scheme of Testing for Packaged Drinking Water (PDW) Mineral Water (MW) under FSSAI - Ensuring Safe Drinking Water in India https://www.taxtmi.com/article/detailed?id=16416 https://www.taxtmi.com/article/detailed?id=16416 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Articles TaxTMI WHEN TWO AUTHORITIES PURSUE ONE LIABILITY - THE GST DOCTRINE AGAINST PARALLEL PROCEEDINGS https://www.taxtmi.com/article/detailed?id=16415 https://www.taxtmi.com/article/detailed?id=16415 Thu, 14 May 2026 20:45:12 +0530 GST Articles TaxLaws TaxTMI Corporate Compliance Starts Earlier Than You Think! https://www.taxtmi.com/article/detailed?id=16414 https://www.taxtmi.com/article/detailed?id=16414 Thu, 14 May 2026 20:45:12 +0530 Corporate Laws Articles TaxLaws TaxTMI Before the Regulator Knocks: The Audit That Matters Most. https://www.taxtmi.com/article/detailed?id=16413 https://www.taxtmi.com/article/detailed?id=16413 Thu, 14 May 2026 20:45:12 +0530 Auditing Articles TaxLaws TaxTMI Directory filing period for waiver applications upheld, and rejection for delay was quashed for fresh merits consideration. https://www.taxtmi.com/highlights?id=99777 https://www.taxtmi.com/highlights?id=99777 Thu, 14 May 2026 20:45:12 +0530 GST Highlights TaxLaws TaxTMI Natural justice in ex parte adjudication: matter remanded for reply to show cause notice with merits left open https://www.taxtmi.com/highlights?id=99776 https://www.taxtmi.com/highlights?id=99776 Thu, 14 May 2026 20:45:12 +0530 GST Highlights TaxLaws TaxTMI Reopening of assessment and overriding title rule upheld: gross-receipt entitlement under an AOP was taxable as business income. https://www.taxtmi.com/highlights?id=99775 https://www.taxtmi.com/highlights?id=99775 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Commercial expediency governs interest deduction where borrowed funds are used through a subsidiary for business purposes. https://www.taxtmi.com/highlights?id=99774 https://www.taxtmi.com/highlights?id=99774 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Curative petition standards prevent reopening unless Rupa Ashok Hurra parameters are met; defective petitions were dismissed. https://www.taxtmi.com/highlights?id=99773 https://www.taxtmi.com/highlights?id=99773 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Reassessment notices and limitation: SC required High Courts to first ermine whether cases fell in Assessment Year 2015-16. https://www.taxtmi.com/highlights?id=99772 https://www.taxtmi.com/highlights?id=99772 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Natural justice in assessment requires full disclosure of departmental material before adverse findings can be made. https://www.taxtmi.com/highlights?id=99771 https://www.taxtmi.com/highlights?id=99771 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Natural justice breach invalidated an assessment where relied-upon search material was not supplied to the assessee for rebuttal. https://www.taxtmi.com/highlights?id=99770 https://www.taxtmi.com/highlights?id=99770 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Section 80P deduction upheld for credit co-operative society's bank interest earned on liquidity and operational deposits. https://www.taxtmi.com/highlights?id=99769 https://www.taxtmi.com/highlights?id=99769 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Concessional corporate tax rate turns on prior-year turnover verification, with remand for examination of audited financials. https://www.taxtmi.com/highlights?id=99768 https://www.taxtmi.com/highlights?id=99768 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Genuineness of political donation claim under section 80-GGC failed on surrounding facts, so deduction was denied. https://www.taxtmi.com/highlights?id=99767 https://www.taxtmi.com/highlights?id=99767 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Defective penalty charge under section 270A and bona fide reliance on Form 16 justified deletion of penalty. https://www.taxtmi.com/highlights?id=99766 https://www.taxtmi.com/highlights?id=99766 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Reassessment notice validity and bogus purchase additions: ITAT upheld reopening, but remanded the purchase dispute for fresh verification. https://www.taxtmi.com/highlights?id=99765 https://www.taxtmi.com/highlights?id=99765 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Mandatory prior intimation under section 143(1)(a) is required before denying concessional tax treatment in return processing. https://www.taxtmi.com/highlights?id=99764 https://www.taxtmi.com/highlights?id=99764 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Search-linked reassessment and cross-examination requirements shape Section 68 scrutiny; reassessment upheld, additions remanded for fresh inquiry. https://www.taxtmi.com/highlights?id=99763 https://www.taxtmi.com/highlights?id=99763 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Valid issuance of reassessment notice must be proved within limitation; section 292BB cannot cure a jurisdictional defect. https://www.taxtmi.com/highlights?id=99762 https://www.taxtmi.com/highlights?id=99762 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Redevelopment flat exchange falls outside section 56(2)(x), so the deemed income addition was deleted in full. https://www.taxtmi.com/highlights?id=99761 https://www.taxtmi.com/highlights?id=99761 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Indirect transfer taxation: offshore share sale not taxable in India, so no withholding obligation arose under the then-prevailing law. https://www.taxtmi.com/highlights?id=99760 https://www.taxtmi.com/highlights?id=99760 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Appellate enhancement without procedure cannot introduce a new head of income after section 54F controversy is resolved. https://www.taxtmi.com/highlights?id=99759 https://www.taxtmi.com/highlights?id=99759 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Cash payment disallowance under section 40A(3) sustained where the assessee failed to prove the Rule 6DD exception. https://www.taxtmi.com/highlights?id=99758 https://www.taxtmi.com/highlights?id=99758 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Presumptive taxation and unexplained income: rice trading receipts taxed twice under section 69A were deleted, while unsupported salary claims failed. https://www.taxtmi.com/highlights?id=99757 https://www.taxtmi.com/highlights?id=99757 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Accumulation exemption under section 11(2) cannot be claimed twice, and unutilised funds become deemed income under section 11(3). https://www.taxtmi.com/highlights?id=99756 https://www.taxtmi.com/highlights?id=99756 Thu, 14 May 2026 20:45:12 +0530 Income Tax Highlights TaxLaws TaxTMI Unjust enrichment and refund of Extra Duty Deposit: loan-funded customs payment did not defeat refund, and delayed interest was payable. https://www.taxtmi.com/highlights?id=99755 https://www.taxtmi.com/highlights?id=99755 Thu, 14 May 2026 20:45:12 +0530 Customs Highlights TaxLaws TaxTMI Inconclusive laboratory testing prevented final customs classification, leading to remand for fresh testing on all relevant parameters. https://www.taxtmi.com/highlights?id=99754 https://www.taxtmi.com/highlights?id=99754 Thu, 14 May 2026 20:45:12 +0530 Customs Highlights TaxLaws TaxTMI Export drawback rules: unlocking mobile phones for overseas use is configuration, so misdeclaration, confiscation, and penalties fail. https://www.taxtmi.com/highlights?id=99753 https://www.taxtmi.com/highlights?id=99753 Thu, 14 May 2026 20:45:12 +0530 Customs Highlights TaxLaws TaxTMI Certified copy requirement invalidates appeal institution when omitted, and delay condonation cannot cure the foundational defect. https://www.taxtmi.com/highlights?id=99752 https://www.taxtmi.com/highlights?id=99752 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Highlights TaxTMI Court-process delay in uploading orders cannot prejudice compliance with service steps; dismissal for non-service was set aside. https://www.taxtmi.com/highlights?id=99751 https://www.taxtmi.com/highlights?id=99751 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Highlights TaxTMI Foreign exchange remittance for imports must be used or repatriated; third-party adjustments cannot cure FEMA contravention. https://www.taxtmi.com/highlights?id=99750 https://www.taxtmi.com/highlights?id=99750 Thu, 14 May 2026 20:45:12 +0530 FEMA Highlights TaxLaws TaxTMI FEMA contravention and managing director liability sustained, but penalties reduced for proportionality. https://www.taxtmi.com/highlights?id=99749 https://www.taxtmi.com/highlights?id=99749 Thu, 14 May 2026 20:45:12 +0530 FEMA Highlights TaxLaws TaxTMI Works contract classification and threshold exemption defeated service tax demand, with extended limitation held unavailable. https://www.taxtmi.com/highlights?id=99748 https://www.taxtmi.com/highlights?id=99748 Thu, 14 May 2026 20:45:12 +0530 Service Tax Highlights TaxLaws TaxTMI West Asia crisis: Worried by high VAT on PNG, small-scale industries in MP seek rate cut https://www.taxtmi.com/news?id=72786 https://www.taxtmi.com/news?id=72786 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Govt may have to hike fuel prices if West Asia crisis prolongs: RBI Guv https://www.taxtmi.com/news?id=72785 https://www.taxtmi.com/news?id=72785 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Rupee crashes to record 95.80 against USD; settles near all-time low at 95.66 https://www.taxtmi.com/news?id=72784 https://www.taxtmi.com/news?id=72784 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI USD 1 trillion exports target for this year: Goyal https://www.taxtmi.com/news?id=72783 https://www.taxtmi.com/news?id=72783 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Vadra moves Delhi HC against trial order summoning him in ED case https://www.taxtmi.com/news?id=72782 https://www.taxtmi.com/news?id=72782 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Goyal calls for taking India's exports to USD 1 trillion this year https://www.taxtmi.com/news?id=72781 https://www.taxtmi.com/news?id=72781 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Clarifications on Interest Subvention Support for Pre- and Post- Shipment Export Credit under Export Promotion Mission - Niryat Protsahan https://www.taxtmi.com/circulars?id=70059 https://www.taxtmi.com/circulars?id=70059 Thu, 14 May 2026 20:45:12 +0530 Customs Circulars TaxLaws TaxTMI IEPFA Signs MoU with Prasar Bharati to Amplify Investor Awareness initiatives https://www.taxtmi.com/news?id=72780 https://www.taxtmi.com/news?id=72780 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Occupational Safety, Health and Working Conditions (Central) Rules, 2026 https://www.taxtmi.com/notifications?id=145655 https://www.taxtmi.com/notifications?id=145655 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Notifications TaxTMI Redmi Note 15 SE Debuts in India with Snapdragon 6 Gen 3 And 5,800 Mah Battery https://www.taxtmi.com/news?id=72779 https://www.taxtmi.com/news?id=72779 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Amendment in Notification No. 38/1/2017-Fin(RC)(09/2025-Rate), dated 17th September, 2025 https://www.taxtmi.com/notifications?id=145691 https://www.taxtmi.com/notifications?id=145691 Thu, 14 May 2026 20:45:12 +0530 GST Notifications TaxLaws TaxTMI Customs notification expands inland container depot coverage to Village Namli, Ratlam for import unloading and export loading. https://www.taxtmi.com/highlights?id=99747 https://www.taxtmi.com/highlights?id=99747 Thu, 14 May 2026 20:45:12 +0530 Customs Highlights TaxLaws TaxTMI Amendment in Notification No. 12/97-Customs (N.T.) dated the 2nd April, 1997 - Inland Container Depots for loading and unloading of goods https://www.taxtmi.com/notifications?id=145656 https://www.taxtmi.com/notifications?id=145656 Thu, 14 May 2026 20:45:12 +0530 Customs Notifications TaxLaws TaxTMI Mandatory hearing before refund rejection requires authorities to consider a requested personal hearing and follow prescribed procedure. https://www.taxtmi.com/highlights?id=99746 https://www.taxtmi.com/highlights?id=99746 Thu, 14 May 2026 20:45:12 +0530 GST Highlights TaxLaws TaxTMI Interest on delayed GST payment applies only to net cash liability after the amended proviso to section 50(1). https://www.taxtmi.com/highlights?id=99745 https://www.taxtmi.com/highlights?id=99745 Thu, 14 May 2026 20:45:12 +0530 GST Highlights TaxLaws TaxTMI Confiscation under Section 130 vests title in Government, so detention-case release terms cannot be imported into confiscation proceedings. https://www.taxtmi.com/highlights?id=99744 https://www.taxtmi.com/highlights?id=99744 Thu, 14 May 2026 20:45:12 +0530 GST Highlights TaxLaws TaxTMI Pre-deposit compliance under protest: amounts already paid may count toward the statutory deposit requirement in disputed tax matters. https://www.taxtmi.com/highlights?id=99743 https://www.taxtmi.com/highlights?id=99743 Thu, 14 May 2026 20:45:12 +0530 GST Highlights TaxLaws TaxTMI GST evasion allegations can support general penal prosecution, and prima facie evidence of fake firms led to bail refusal. https://www.taxtmi.com/highlights?id=99742 https://www.taxtmi.com/highlights?id=99742 Thu, 14 May 2026 20:45:12 +0530 GST Highlights TaxLaws TaxTMI Contractual food supply to corporates is service under SAC 996337 and taxable at the residual GST rate, not restaurant service. https://www.taxtmi.com/highlights?id=99741 https://www.taxtmi.com/highlights?id=99741 Thu, 14 May 2026 20:45:12 +0530 GST Highlights TaxLaws TaxTMI Substance over form in GST classification: e-commerce fulfilment held taxable as courier and logistics, not exempt GTA service. https://www.taxtmi.com/highlights?id=99740 https://www.taxtmi.com/highlights?id=99740 Thu, 14 May 2026 20:45:12 +0530 GST Highlights TaxLaws TaxTMI Inadmissible statements and electronic evidence cannot sustain undervaluation where contemporaneous import data is wrongly discarded. https://www.taxtmi.com/highlights?id=99739 https://www.taxtmi.com/highlights?id=99739 Thu, 14 May 2026 20:45:12 +0530 Customs Highlights TaxLaws TaxTMI Tariff classification of generators used with turboprop engines was held to fall under heading 8501, not heading 8511. https://www.taxtmi.com/highlights?id=99738 https://www.taxtmi.com/highlights?id=99738 Thu, 14 May 2026 20:45:12 +0530 Customs Highlights TaxLaws TaxTMI Bluetooth headset classification under CTI 8518 30 00 upheld; extended limitation and penalty under section 114A set aside. https://www.taxtmi.com/highlights?id=99737 https://www.taxtmi.com/highlights?id=99737 Thu, 14 May 2026 20:45:12 +0530 Customs Highlights TaxLaws TaxTMI Extends the due date for furnishing the return in FORM GSTR-3B for the month of March, 2026 till the twenty-first day of April, 2026. https://www.taxtmi.com/notifications?id=145690 https://www.taxtmi.com/notifications?id=145690 Thu, 14 May 2026 20:45:12 +0530 GST Notifications TaxLaws TaxTMI Explainer on gold import duty hike https://www.taxtmi.com/news?id=72778 https://www.taxtmi.com/news?id=72778 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Natural justice and transaction value govern ad valorem export duty; moisture variation alone cannot displace declared sale price. https://www.taxtmi.com/highlights?id=99736 https://www.taxtmi.com/highlights?id=99736 Thu, 14 May 2026 20:45:12 +0530 Customs Highlights TaxLaws TaxTMI Govt approves incentive for coal gasification projects with outlay of Rs 37,500 cr https://www.taxtmi.com/news?id=72777 https://www.taxtmi.com/news?id=72777 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Provisional release conditions for seized imported goods cannot exceed what is needed to secure duty and interest. https://www.taxtmi.com/highlights?id=99735 https://www.taxtmi.com/highlights?id=99735 Thu, 14 May 2026 20:45:12 +0530 Customs Highlights TaxLaws TaxTMI Rule 2(a) does not treat unassembled elevator parts as complete lifts when essential components are missing. https://www.taxtmi.com/highlights?id=99734 https://www.taxtmi.com/highlights?id=99734 Thu, 14 May 2026 20:45:12 +0530 Customs Highlights TaxLaws TaxTMI Sanctioned scheme of arrangement binds creditors and bars separate suits over claims assigned under the settlement framework. https://www.taxtmi.com/highlights?id=99733 https://www.taxtmi.com/highlights?id=99733 Thu, 14 May 2026 20:45:12 +0530 Corporate Laws Highlights TaxLaws TaxTMI Condonation of delay in a first appeal on facts and law granted where the appellate remedy was treated as a valuable right. https://www.taxtmi.com/highlights?id=99732 https://www.taxtmi.com/highlights?id=99732 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Highlights TaxTMI Personal guarantor liability survives resolution plan approval and limitation objection fails in Section 95 insolvency proceedings. https://www.taxtmi.com/highlights?id=99731 https://www.taxtmi.com/highlights?id=99731 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Highlights TaxTMI Third-party mortgage does not create financial debt without disbursement; claim can still be admitted as an other creditor. https://www.taxtmi.com/highlights?id=99730 https://www.taxtmi.com/highlights?id=99730 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Highlights TaxTMI Preferential transaction analysis under insolvency law upheld only for the related-party creditor transfer; CoC approval was not required. https://www.taxtmi.com/highlights?id=99729 https://www.taxtmi.com/highlights?id=99729 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Highlights TaxTMI Pre-existing dispute under insolvency law failed where the debtor had already crystallised and acknowledged the balance payable. https://www.taxtmi.com/highlights?id=99728 https://www.taxtmi.com/highlights?id=99728 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Highlights TaxTMI Statutory first charge and deemed relinquishment shaped treatment of VAT and CST dues in liquidation. https://www.taxtmi.com/highlights?id=99727 https://www.taxtmi.com/highlights?id=99727 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Highlights TaxTMI Simultaneous insolvency and post-liquidation settlement limits upheld, with liquidation sustained despite objections and absent resolution plans. https://www.taxtmi.com/highlights?id=99726 https://www.taxtmi.com/highlights?id=99726 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Highlights TaxTMI Section 19 assistance under insolvency law cannot compel a former statutory auditor absent possession or proven necessity. https://www.taxtmi.com/highlights?id=99725 https://www.taxtmi.com/highlights?id=99725 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Highlights TaxTMI Liquidation waterfall under insolvency law prevails over state tax claims, barring treatment of tax dues as secured debt. https://www.taxtmi.com/highlights?id=99724 https://www.taxtmi.com/highlights?id=99724 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Highlights TaxTMI Inter-divisional services within the same organisation were held outside service tax, with revenue neutrality defeating the demand. https://www.taxtmi.com/highlights?id=99723 https://www.taxtmi.com/highlights?id=99723 Thu, 14 May 2026 20:45:12 +0530 Service Tax Highlights TaxLaws TaxTMI Assessment jurisdiction and stock transfer proof upheld as inter-State sales, with limitation and penalty challenges rejected. https://www.taxtmi.com/highlights?id=99722 https://www.taxtmi.com/highlights?id=99722 Thu, 14 May 2026 20:45:12 +0530 VAT Highlights TaxLaws TaxTMI Gold duty hike may hit volumes, spike recycling: jewellers https://www.taxtmi.com/news?id=72776 https://www.taxtmi.com/news?id=72776 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Gold soars by Rs 8,550, silver by Rs 20,500 after import duty hike https://www.taxtmi.com/news?id=72775 https://www.taxtmi.com/news?id=72775 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Rupee crashes to record 95.80 against USD; settles near all-time low at 95.67 https://www.taxtmi.com/news?id=72774 https://www.taxtmi.com/news?id=72774 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI STPI Unit - Transfer of Goods to DTA Units Permissible /forum/issue?id=120915 /forum/issue?id=120915 Thu, 14 May 2026 20:45:12 +0530 Customs Discussion-Forum TaxLaws TaxTMI Form-15CA VS 145_for FY 25-26 from FY 26-27 /forum/issue?id=120916 /forum/issue?id=120916 Thu, 14 May 2026 20:45:12 +0530 Income Tax Discussion-Forum TaxLaws TaxTMI Bhagyanagar India Ltd. Targets INR 5,000 Crore Revenue by FY 2029-30 Amid Expansion Plans Spearheaded by Devendra Surana https://www.taxtmi.com/news?id=72773 https://www.taxtmi.com/news?id=72773 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Social Security (Central) Rules, 2026 https://www.taxtmi.com/notifications?id=145657 https://www.taxtmi.com/notifications?id=145657 Thu, 14 May 2026 20:45:12 +0530 TaxLaws Notifications TaxTMI Centrum Wealth Strengthens Leadership; Appoints Saurabh Rungta as Deputy CEO and CIO https://www.taxtmi.com/news?id=72772 https://www.taxtmi.com/news?id=72772 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Musk, Cook and other prominent US executives invited to join Trump on trip to China https://www.taxtmi.com/news?id=72771 https://www.taxtmi.com/news?id=72771 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Import duty on gold, silver more than doubled to curb imports, support rupee https://www.taxtmi.com/news?id=72770 https://www.taxtmi.com/news?id=72770 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Rupee hits lowest-ever intraday level of 95.80 against US dollar https://www.taxtmi.com/news?id=72769 https://www.taxtmi.com/news?id=72769 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Cabinet approves Minimum Support Prices (MSP) for Kharif Crops for Marketing Season 2026-27 https://www.taxtmi.com/news?id=72768 https://www.taxtmi.com/news?id=72768 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Govt hikes gold, silver import duties to 15 pc to curb non-essential imports https://www.taxtmi.com/news?id=72767 https://www.taxtmi.com/news?id=72767 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Macron faces backlash after interrupting Africa summit panel in Kenya https://www.taxtmi.com/news?id=72766 https://www.taxtmi.com/news?id=72766 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Price shocks from Iran war power solar sales in energy-hungry Asia https://www.taxtmi.com/news?id=72765 https://www.taxtmi.com/news?id=72765 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Govt hikes import duty on gold, silver to 15 pc to curb non-essential imports, save forex reserves https://www.taxtmi.com/news?id=72764 https://www.taxtmi.com/news?id=72764 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI M/s Indev Logistics Pvt. Ltd. was appointed as Custodian and approved as Customs Cargo Service Provider for the said CFS. https://www.taxtmi.com/circulars?id=70058 https://www.taxtmi.com/circulars?id=70058 Thu, 14 May 2026 20:45:12 +0530 Customs Circulars TaxLaws TaxTMI Government of India and IFAD launch new eight-year strategy with Country Strategic Opportunities Programme (COSOP) from 2026 to 2033 to strengthen rural economy https://www.taxtmi.com/news?id=72763 https://www.taxtmi.com/news?id=72763 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI DFS Launches 'Bharat Maritime Insurance Pool’ of USD 1.5 billion, with a sovereign guarantee of USD 1.4 billion/Rs.12,980 crores to facilitate continuous maritime insurance coverages, in the background of current Middle East tensions https://www.taxtmi.com/news?id=72762 https://www.taxtmi.com/news?id=72762 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI CCI approves acquisition by CPPIB India Pvt Holdings Inc. of certain shareholding in Ctrl S Datacenters Ltd. https://www.taxtmi.com/news?id=72761 https://www.taxtmi.com/news?id=72761 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI CCI approves acquisition of 7.14% stake in Llyods Engineering Works by Thriveni Earthmovers Pvt Ltd. and merger of three entities into Lloyds Engineering Works Ltd https://www.taxtmi.com/news?id=72760 https://www.taxtmi.com/news?id=72760 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI CCI approves acquisition of Kenvue Inc. by Kimberly-Clark Corp. https://www.taxtmi.com/news?id=72759 https://www.taxtmi.com/news?id=72759 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI CCI approves acquisition of 100% share capital of GVK Energy Ltd (Target) by Adani Power Ltd (Acquirer) https://www.taxtmi.com/news?id=72758 https://www.taxtmi.com/news?id=72758 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Noida airport domestic flyers to pay Rs 490 user development fee: AERA https://www.taxtmi.com/news?id=72757 https://www.taxtmi.com/news?id=72757 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Rupee recovers 16 paise from all-time low to 95.52 against US dollar in early trade https://www.taxtmi.com/news?id=72756 https://www.taxtmi.com/news?id=72756 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI Amendment in Export Policy Condition under HSN 1006 of Schedule-II(Export Policy), ITC(HS) 2022 https://www.taxtmi.com/notifications?id=145369 https://www.taxtmi.com/notifications?id=145369 Thu, 14 May 2026 20:45:12 +0530 Customs Notifications TaxLaws TaxTMI 'Illegal' structures razed at properties of AIMIM leader accused of sheltering TCS case accused https://www.taxtmi.com/news?id=72755 https://www.taxtmi.com/news?id=72755 Thu, 14 May 2026 20:45:12 +0530 TaxLaws News TaxTMI No liability of TCS in GST on e-commerce operator not collecting consideration https://www.taxtmi.com/article/detailed?id=16412 https://www.taxtmi.com/article/detailed?id=16412 Thu, 14 May 2026 20:45:12 +0530 GST Articles TaxLaws TaxTMI Whether replacing the phrase "long-term capital asset" with "long-term capital gain" affects a taxpayer from taking the benefit of section 54EC https://www.taxtmi.com/article/detailed?id=16411 https://www.taxtmi.com/article/detailed?id=16411 Thu, 14 May 2026 20:45:12 +0530 Income Tax Articles TaxLaws TaxTMI TMI Updates - Newsletter dated: May 14, 2026 https://www.taxtmi.com/newsletter?id=05/14/2026 https://www.taxtmi.com/newsletter?id=05/14/2026 Daily Updates Tax