Centre Notifies Oman's Social Protection Fund For Tax Exemption On Eligible Investments In India

The central government has notified Oman's Social Protection Fund (SPF) as a specified person eligible to claim tax exemption on qualifying investments made in India under the Income Tax Act, 2025. This will apply to eligible investments made from the date of publication of the notification in the Official Gazette until March 31, 2030, subject to prescribed conditions.The notification, issued by the Central Board of Direct Taxes (CBDT), requires the fund to file income tax returns within the...

CBDT Notifies No TDS on Specified Payments to Eligible IFSC Units Under Income-tax Act, 2025

The Central Board of Direct Taxes (CBDT) has exempted specified payments made to eligible units operating in an International Financial Services Centre (IFSC) from tax deduction at source (TDS), provided the units have opted to claim deductions under the Income-tax Act, 2025. The exemption is available only for the categories of payments notified by the government and is subject to prescribed conditions. Through the notification issued under the Income-tax Act, 2025, the CBDT has also...

RBI Directs Banks To Comply With Updated UN Sanctions List Under UAPA

The Reserve Bank of India (RBI) has directed banks and other regulated entities to take note of the latest amendment to the United Nations Security Council's (UNSC) ISIL (Da'esh) and Al-Qaida Sanctions List. It has asked them to ensure strict compliance with the applicable anti-terror financing requirements.The update follows amendments made by the UNSC to the particulars of one listed individual, requiring banks and other regulated entities to take appropriate action in accordance with the...

CBIC Notifies Rules For Preferential Tariff Benefits Under India-UK CETA Ahead Of 15 July Rollout

The Central Board of Indirect Taxes and Customs (CBIC) on 3 July notified the Customs (Administration of Rules of Origin under the Comprehensive Economic and Trade Agreement between India and the United Kingdom) Rules, 2026, paving the way for implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA) from 15 July. They will come into force on the same day as the trade pact. India and the United Kingdom signed the CETA on 24 July 2025 to reduce or eliminate tariffs,...

Centre Extends GSTAT Appeal Deadline To July 31 For Legacy GST Orders

The Centre has extended the deadline for filing legacy appeals before the Goods and Services Tax Appellate Tribunal (GSTAT) by a month, giving taxpayers until July 31, 2026, to file appeals against orders communicated before May 1, 2026. The extension replaces the earlier June 30 deadline and has been notified by the Ministry of Finance. Under the revised timeline, departmental applications in respect of orders passed before February 1, 2026, can also be filed until July 31. Appeals against...

RBI Drops Prior Approval Requirement For Foreign Currency Note Write-Offs Exceeding USD 2,000

The Reserve Bank of India (RBI) has withdrawn the requirement for its prior approval before foreign currency notes exceeding USD 2,000 are written off and revised the reporting format for such write-offs. The change forms part of a broader revision of reporting requirements for Authorised Persons under the Foreign Exchange Management Act, 1999. It has been notified through A.P. (DIR Series) Circular No. 17 dated June 24, 2026, issued pursuant to the Foreign Exchange Management (Authorised...

CAG Audit Of BSES Discoms Cannot Be Blocked At Show-Cause Stage: Delhi High Court

The Delhi High Court on 22 June held that a writ petition challenging a notice proposing entrustment of audit to the Comptroller and Auditor General of India (CAG) is premature, reiterating that courts ordinarily do not interfere at the stage of a show cause notice as it does not give rise to a cause of action unless it is issued without jurisdiction. Justice Tejas Karia dismissed the writ petition filed by BSES Rajdhani Power Limited and BSES Yamuna Power Limited, upholding the Government of...

FIIs, BIS Get Income Tax Exemption On Government Securities Under New Income Tax Ordinance

Foreign Institutional Investors (FIIs) and the Bank for International Settlements (BIS) will be exempt from income tax on interest earned from government securities and capital gains arising from their sale, exchange, or transfer under amendments introduced by the Centre through the Income-tax (Amendment) Ordinance, 2026. The ordinance, published in the Gazette on June 5, amends Schedule IV of the Income-tax Act, 2025 and is deemed to have come into force from April 1, 2026. The exemption is...

CBIC Directs Customs Formations Not To Link Entry Inward And Sail-Out Clearance With Vessel Boarding

The Central Board of Indirect Taxes and Customs (CBIC) has directed customs formations across the country not to link the grant of Entry Inward or Vessel Sail-out Clearance with the physical boarding of vessels by customs officers, noting that such practices cause avoidable delays in cargo operations at ports. In Circular No. 26/2026-Customs dated 15 May 2026, the Board noted that at certain ports customs officers grant Entry Inward only after they physically board vessels post-berthing, and...

Centre Notifies Key IBC Amendment Provisions, Operationalises Creditor-Initiated Insolvency Resolution Process

The Centre has operationalised the new creditor-initiated insolvency resolution process (CIIRP), opening the door for specified financial creditors to directly trigger insolvency proceedings against eligible companies, after bringing key provisions of the Insolvency and Bankruptcy Code (Amendment) Act, 2026 into force from May 26. The notified provisions also reshape the liquidation framework, allow stalled insolvency resolution processes to be revived before a liquidation order is passed,...

IBBI Notifies New Valuation Norms For MSME Liquidation Under IBC, Allows Appointment Of Two Valuers

The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2026, amending the valuation framework applicable to the liquidation of MSME corporate debtors. The amendment provides that where a corporate debtor is classified as a micro, small or medium enterprise under Section 7(1) of the Micro, Small and Medium Enterprises Development Act, 2006, the liquidator shall appoint one registered valuer...

Resolution Professionals Must Appoint Valuers Within 3 Days Under Amended IBBI Pre-Packaged Insolvency Norms

The Insolvency and Bankruptcy Board of India (IBBI) has amended its pre-packaged insolvency rules to require resolution professionals to appoint registered valuers within three days of taking charge, while allowing the consultation committee to require two sets of valuers if reasons are recorded in writing. The changes have been introduced through the Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) (Second Amendment) Regulations, 2026, notified on May 19. ...