Page 6 - Monika Yadav

Extended stay of Indians back from W Asia may trigger tax implications

Under the Income-tax Act, residential status is primarily determined by the number of days an individual spends in India during a financial year

New I-T Act to roll out on April 1 with only 54 forms for smooth transition

India will roll out the new Income-tax Act, 2025 from April 1 with 54 forms operational initially, while the rest will be introduced in phases during FY27

Telangana High Court reserves order on Fino Bank MD arrest in GST case

Telangana High Court reserves verdict on plea by Fino Payments Bank MD Rishi Gupta challenging his arrest in an alleged ₹10,000 crore GST evasion case linked to merchant transactions

HC quashes ₹1 cr cash seizure by GST officers, says law does not permit it

Bombay High Court quashes ₹1 crore cash seizure by GST officers, holding that the CGST Act allows seizure of goods and documents but does not authorise authorities to seize cash

E-way bill generation rose 18.8% in February to third-highest tally

An e-way bill is an electronically generated document mandated under the GST regime for the movement of goods valued at more than Rs 50,000

I-T dept detects ₹408 crore sales suppression; surveys restaurants

Based on the findings, the department conducted surveys on March 8 across 62 restaurants in 46 cities across 22 states

Bombay HC ruling may shield importers from charges on deteriorated goods

A Bombay HC ruling quashing a customs order after seized goods deteriorated in custody may help importers avoid demurrage and related charges, highlighting systemic issues in customs procedures

CBIC eases procedures for export cargo returning amid Hormuz disruption

CBIC has issued temporary relaxations for handling export cargo returning to Indian ports due to the Strait of Hormuz disruption, outlining simplified processes to speed up clearances

Govt amends I-T rules: Crypto, digital money now under reporting framework

From January 2026, crypto-assets, CBDCs and electronic money products will fall under India's expanded FATCA-CRS reporting regime, strengthening tax transparency and compliance

Hookah served with food in restaurants to be taxed separately: WB AAR

Tobacco-based hookah will attract 40 % GST, while non-tobacco (herbal) hookah will be taxed at 18%

Bombay HC asks Centre, Maharashtra to rule on Imagicaa incentive plea soon

The Bombay High Court has directed the Centre and Maharashtra to take a time-bound decision on Imagicaaworld's plea seeking an extension of tourism incentives for its theme and water parks

Net GST revenue collection up 7.9% at ₹1.61 trillion in February

In absolute numbers, the net GST revenue is the third highest in the last six months after January at ₹1.70 trn and October at ₹1.69 trn

Fino MD's arrest highlights GST liability risks in digital payments chain

The DGGI's arrest of Fino Payments Bank MD Rishi Gupta in a probe linked to banned online gaming has intensified scrutiny of GST liability, programme managers and compliance networks

DGGI probe into banned online gaming leads to Fino Bank arrest: Sources

Finance Ministry sources say probe has flagged GST evasion, shell entities and payment aggregators in alleged banned online gaming operations, leading to arrest of a senior bank official

Revenue secretary calls for trust-based, tech-driven customs reforms

Arvind Srivastava says next phase of customs reform must deepen stakeholder trust and leverage technology as India's expanding trade ecosystem places new demands on governance

Bombay HC quashes ₹400-cr personal GST penalty on Shemaroo executives

Court rules Section 122(1A) of the CGST Act cannot be invoked against employees who are not taxable persons; bars retrospective application of the provision

India, France amend tax treaty, remove most-favoured nation clause

India and France have signed a protocol amending their DTAC, removing the MFN clause and revising dividend, capital gains and PE provisions to bring clarity and align with global tax standards

Mumbai ITAT ruling offers major tax relief for home redevelopment projects

A Mumbai ITAT ruling allows full indexed cost of acquisition and Section 54 exemption on multiple floors received after redevelopment, offering significant relief to homeowners facing LTCG disputes

New I-T Act to enable AI-driven, rule-based tax system from April 2026

CBDT chief Ravi Agrawal said the new Income Tax Act, effective April 2026, will create a rule-based, AI-enabled tax ecosystem aimed at reducing disputes, improving certainty and enhancing compliance

Karnataka HC ruling likely to strengthen case for ITC refund claims

Tax experts said the judgment reiterates that refund claims cannot be denied merely because the principal input and output supplies are the same- a ground frequently used by tax authorities