Order of Rejection to Be Set Aside as There Was No Restriction for Persons Outside State to Seek GST Registration in Andhra Pradesh | HC
Case Details: Tirumala Balaji Marbles and Granites vs. Assistant Commissioner ST – [2025] 171 taxmann.com 594 (Andhra Pradesh) Judiciary and Counsel Details R. Raghunandan Rao & Harinath. N, JJ. Anil Kumar Bezawada, for the Petitioner. Facts of the Case The petitioner, a business entity seeking to establish operations in Andhra Pradesh, applied for GST registration under […]
Petitioner Can’t Be Held Liable for Dishonour u/s 138 of NI Act as He Wasn’t a Director of Accused Company, Drawer of Cheque | HC
Case Details: Sanjay Dhingra v. Woori Bank, Gurgaon Branch – [2025] 171 taxmann.com 525 (HC-Delhi) Judiciary and Counsel Details Amit Mahajan, J. Karan Batura & Jayant Chawla, Advs. for the Petitioner. Rohit, SI for the Respondent. Facts of the Case In the instant case, the Respondent bank extended a loan to the company, i.e., ‘KL’. Since ‘KL’ […]
Government Reintroduces Advocates (Amendment) Bill, 2025 for Public Consultation; Bar Council Welcomes Decision
Press Release; Dated: 22.02.2025 Earlier, the Advocate (Amendment) Bill, 2025, was opened for public consultation on Feb 13, 2025, via the Department of Legal Affairs website, reflecting the government’s commitment to transparency. Given the numerous suggestions received, the consultation process is now concluded. The revised draft will undergo further stakeholder consultation. The Bar Council of […]
RBI Issues New Directions on Forward Contracts in Government Securities Effective May 02, 2025
Notification No. FMRD.DIRD.17/14.03.042/2024-25, Dated 21-02- 2025 The RBI, under sections 45W and 45U of the RBI Act, 1934, has issued the Reserve Bank of India (Forward Contracts in Government Securities) Directions, 2025. These apply to forward contracts in government securities (bond forwards) in the Over-the-Counter (OTC) market in India. The directions are effective from May […]
Taxmann’s Analysis | SEBI Proposes Key Reforms to Strengthen Audit Oversight & Corporate Governance
SEBI Corporate Governance Reforms are a series of regulatory initiatives introduced by the Securities and Exchange Board of India to enhance transparency, accountability, and compliance in the capital markets. These reforms focus on strengthening audit oversight, standardising disclosure norms for related party transactions, and improving secretarial compliance reporting among listed entities. By updating key regulations […]
[World Tax News] Sri Lanka Unveils Budget 2025 With Capital Gains Tax Hike and More
Editorial – [2025] 171 taxmann.com 608 (Article) World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week. (a) Sri Lanka unveils Budget 2025 with Capital Gains tax hike; (b) Panama introduces new withholding tax form for SEM Regime; […]
Assessee Directed to File Refund Claim Under ‘Others’ if GSTN Portal Restricts It Under the Category of Export of Services | HC
Case Details: Vodafone Idea Ltd. v. Union of India – [2025] 171 taxmann.com 364 (Bombay) Judiciary and Counsel Details B.P. Colabawalla & Firdosh P. Pooniwalla, JJ. Darius Shroff, Sr. Adv. & Rahul P. Jain, Adv. for the Petitioner. Jitendra Mishra, Sangeeta Yadav & Rupesh Dubey, Advs. for the Respondent. Facts of the Case The petitioner, an exporter of […]
[Global Financial Insights] PCAOB Issues Guidance on Audit Firms’ Use of Specialists and More
Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting and auditing practices from across the globe. Here is this week’s financial update: PCAOB issues guidance on audit firms’ use of specialists: The PCAOB issued guidance on the use […]
AASB of ICAI Issues 2025 Edition of Guidance Note on Audit of Banks
The Auditing and Assurance Standards Board (AASB) of Institute of Chartered Accountants of India (ICAI) has issued the 2025 Guidance Note on Audit of Banks, a must-have resource for auditors navigating the evolving banking landscape. This updated edition aligns with the latest regulatory and accounting changes, providing practical insights and structured guidance. Split into two […]
[Opinion] New Income Tax Bill, 2025 – Is It Truly the Beginning of a Simpler Tax Regime?
Somesh Jain – [2025] 171 taxmann.com 450 (Article) The draft of the New Income Tax Bill, 2025 has been unveiled, sparking excitement over its streamlined structure—fewer sections, fewer provisos, and simpler language compared to the existing Income Tax Act. In her budget speech, the Hon’ble Finance Minister emphasized that the new bill is designed to […]