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The Registrar of Companies (ROC), Delhi, has charged penalties on Panacea Life Sciences Limited and eight of its directors as they failed to reveal the change in designation of one director in the company’s annual return for FY 2022-23, specifying the lapse as a breach of Section 450 of the Companies Act, 2013. The company, […]
In the 2026-27 Union Budget, the Federation of Associations of Cottage and Small Industries (FACSI) insisted that the government provide support in the form of tax breaks, easier access to loans, and simpler regulations for small businesses. They believe these changes will help these businesses grow and play a stronger role in the overall economy. […]
The Delhi High Court, in a ruling, directed Vodafone Idea Limited to avail itself of the statutory appellate remedy under the GST law in a ₹10.91 lakh refund dispute arising from tax paid under the wrong state registration, while declining to examine the merits of the refund rejection at the writ stage. Before the Delhi […]
The Indian Sugar and Bio-energy Manufacturers Association (ISMA) on Wednesday urged the Centre to undertake comprehensive GST rationalisation and provide targeted policy support across the biofuel and clean mobility ecosystem to reduce emissions, protect farmer livelihoods, cut crude oil imports, and accelerate India’s journey toward net zero. The association has outlined a comprehensive 10-point blueprint […]
The West Bengal Authority for Advance Ruling (AAR) has issued a clarification regarding the taxation of fees paid to foreign patent attorneys for overseas patent filings. According to the AAR, such reimbursement is classified as a taxable ‘import of legal services’ and is subject to Goods and Services Tax (GST) in India. A committee, including […]
The Income Tax Appellate Tribunal ( ITAT ) has held that the assessing officer cannot skip the examination of the source of funds just because of the error in the income tax return (ITR) due to technical issues. Relief was provided by the tribunal to a woman who sold her property for Rs 94 lakh […]
The income tax department’s data mentioned that the direct tax collections of the central government after refunds stood at Rs 18.37 lakh crore between April 1 and January 11 of FY26. The net direct tax collections compared to the same period of the last financial year increased by 8.8%. The same growth is lower compared […]
For companies registered under the Companies Act in India, annual audits are important. These audits ensure transparency, accuracy, and compliance with statutory regulations while maintaining stakeholder trust. However, the process of conducting annual audits and filing documents with the Registrar of Companies (ROC) often exposes challenges such as data complexity, tight deadlines, frequent regulatory updates, […]
The Registrar of Companies (ROC) in Coimbatore has imposed a tax penalty of INR 1,02,000 on Ambika Cotton Mills Limited. Additionally, an aggregate liability of INR 78,000 has been levied on three of its Key Managerial Personnel (KMPs), with each person paying a penalty of INR 26,000. This action was taken under Section 454 of […]
