ICAI Releases Revised Forensic Accounting Standards Draft
The Institute of Chartered Accountants of India (ICAI), through its Digital Accounting and Assurance Board (DAAB), has released an Exposure Draft proposing a comprehensive revision of the Forensic Accounting and Investigation Standards (FAIS) and its accompanying Implementation Guide. 1. Purpose of the Revision The proposed revisions are aimed at enhancing the professional framework that governs […]
[Opinion] TDS Compliance – Tenants Battle Section 194IB Glitch
Mayank Mohanka – [2025] 174 taxmann.com 1068 (Article) Once upon a time, in the grand kingdom of Vijayanagar, under the benevolent rule of Raja Krishan Dev Rai, peace and prosperity flourished. The markets bustled, trade flourished, businesses gleamed, and the people and king were mostly happy, except for one persistent royal headache- tax collection. Though the […]
IBBI’s 2025 Guidelines for Insolvency Professional Panels
IBBI Guidelines; Dated: 27.05.2025 1. Background and Objective The Insolvency and Bankruptcy Board of India (IBBI) has released the “Insolvency Professionals to act as IRPs, Liquidators, RPs and Bankruptcy Trustees (Recommendation) Guidelines, 2025.” The document replaces the 2024 framework and is meant to standardise how panels of Insolvency Professionals (IPs) are prepared and shared with […]
HC Quashes Ex Parte GST ITC Demand; Matter Remanded
Case Details: Shree Jagannath Traders vs. Chief Commissioner GST & Central Excise – [2025] 174 taxmann.com 677 (Orissa) Judiciary and Counsel Details Harish Tandon, CJ. & Murahari Sri Raman, J. Rudra Prasad Kar, Sr. Adv. & Sriman Arpit Mohanty, Adv. for the Petitioner. Bismay Anand Prusty, Sr. Standing Counsel for the Respondent. Facts of the Case The […]
[Opinion] Delay in Filing of Income Tax Returns for Financial Year 2024–25
Sudhir Halakhandi – [2025] 174 taxmann.com 963 (Article) The Government has notified almost all Income Tax Return (ITR) forms applicable to Individual Taxpayers for the financial year 2024–25 (assessment year 2025–26), yet taxpayers are still unable to file their returns for this period. This is not due to a lack of preparedness on the parts of […]
RBI Offers 180-Day InVI Filing Grace for Pre-May 2025 Units
Circular No. A.P. (DIR Series) Circular No. 06; Dated: 23-05-2025 1. Background Under the Foreign Exchange Management Act (FEMA) framework, Investment Vehicles (“IVs”)—including Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InvITs), and Alternative Investment Funds (AIFs)—may raise funds from persons resident outside India (“PROI”). Until recently, the Reserve Bank of India (RBI) allowed these […]
Interest Rate Derivatives – Definition | Products | Market Growth
Interest rate derivatives are financial instruments whose value is based on underlying interest rates or interest rate movements. These instruments are widely used by financial institutions, corporations, and investors to manage exposure to fluctuations in interest rates or to speculate on future rate changes. Common types of interest rate derivatives include interest rate swaps, where […]
CoC Commercial Wisdom – NCLT Upholds Accepted Resolution Plan
Case Details: Abhijit Realtor & Infraventures (P.) Ltd. vs. Rohit Mehra – [2025] 174 taxmann.com 618 (NCLT-Mum.) Judiciary and Counsel Details Madhu Sinha, Technical Member & Reeta Kohli, Judicial Member Rakesh Kumar, Preeti Kashyap, Ankit Sharma, Varun Pandit, Rishabh Arora & Yash Dhawan, Advs. for the Applicant. Mustafa Doctor, Sr. Adv., Nishant Sogani, Saurabh Bachhawat, Shrishti Agnihotri, Divij Kumar, Advs. & Varun Tandon, for the Respondent. […]
Repayment Plan Regulation 17B – RP Must Seek AA Directions
Notification No. IBBI/2025-26/GN/REG125; Dated: 19.05.2025 1. What Has Changed? The Insolvency and Bankruptcy Board of India (IBBI) has inserted a new Regulation 17B into the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 through the Amendment Regulations, 2025 (Notification No. IBBI/2025-26/GN/REG125, dated 19 May 2025). 2. Operational Workflow Under Reg-17B Trigger […]
Retrospective Cancellation ITC – HC Quashes GST Demand
Case Details: Aviral Technology Solutions and Telecom (P.) Ltd. vs. Union of India – [2025] 174 taxmann.com 433 (Delhi) Judiciary and Counsel Details Pratibha M. Singh & Rajneesh Kumar Gupta, JJ. Puneet Rai, Sanjay Sharma, Ms Srishti Sharma, Advs. for the Petitioner. Vaishali Gupta, Panel Counsel, Prakash Singh Negi, Sidharth Joshi, Advs. for the Respondent. Facts of the Case The […]