RBI is working on revising the framework for resolution of stressed assets, including providing additional 60 days to borrowers to repay dues, as part of efforts to mitigate hardships faced by genuine businesses. Against the backdrop of the Supreme Court quashing an RBI circular, a revised set of rules is under works and would be released soon.

GST officers are working on a system where businesses above a certain turnover threshold will have to generate ‘e-invoice’ on government or GST portal for every sale, thereby effectively reducing the room for tax evasion. To start with, businesses above a specified threshold will just get a unique number for every electronic invoice or e-invoice generated.

MCA ACTIVE-22A :About 4 lakh out of a total of the country’s over 11 lakh ‘active’ companies have so far complied with the new KYC norms mandated by the MCA. Meanwhile, the deadline for complying the new disclosure norms has been extended.

Assessment u/s 153C of the Income Tax Act on non-recording of reasons & unsigned order sheet invalid. Sri Sesha Sai Township P. Ltd. Vs ACIT (ITAT Visakhapatnam). 

GST department has allowed businesses whose GST Registration has been cancelled due to non-filing of tax returns to apply for its revocation, provided they file their pending returns and pay due taxed for those entities for whom cancellation order has been passed.

CBIC has now clarified that the IGST credit can be used in payment of CGST or SGST in any order or proportion. Businesses that have accumulated Integrated GST (IGST) credit in their books can settle it against central and state tax dues in any proportion, the revenue department has said.

Government has issued The Banning of Unregulated Deposit Schemes Ordinance. Pursuant to this ordinance now any Individual or group of individuals can’t take any deposit or loan from any person other than relatives and Partnership firm can take deposit or loan from relatives or partner or partners only.

No penalty on surrendered amount in revised Income Tax return. Since assessee had included the surrendered amount in its revised return and no such concealment or non-disclosure was made as assessee had made a complete disclosure of income in its revised return. Therefore, no penalty under section 271(1) (c) could be levied. DCIT Vs Sushrut Institute of Plastic Surgery (P) Ltd (ITAT Lucknow)

Default in issuing Form 16 Salary TDS certificates makes employer liable to prosecution- Ramprakash Biswanath Shroff Vs CIT (TDS) (Bombay High Court)