CBDT Notifies 2026 Income Tax Rules Introducing 'Tax Year' System, Streamlines Compliance Framework

Today, the Central Board of Direct Taxes (CBDT) notified the Income Tax Rules, 2026, which will come into force from 1 April 2026. The draft rules were published on 9 February 2026 for public consultation, inviting suggestions and feedback.The rules establish the procedural framework for implementing the Income Tax Act, 2025, which repeals the Income-tax Act, 1961. Also Read: CBDT Issues Draft Income Tax Rules And Forms For New Act With 34% Fewer Rules [Read Draft Rules Here]The repeal...

GSTAT Rajkot Bench Starts Functioning

The GST Appellate Tribunal's Rajkot bench has begun functioning, with authorities issuing a trade notice on March 18 to inform businesses and tax professionals that the long-awaited forum is now operational in Gujarat. The tribunal is working from its office at the RK Iconic building on 150 Feet Ring Road in Rajkot. Officials said appeals can be filed through the GSTAT online portal, which was rolled out last year, and a toll-free helpline has also been provided to help users facing difficulty...

Cheque Bounce Case Cannot Be Dismissed For Want Of Service Report; MP High Court Frames Guidelines On Presumption Of Service

The Madhya Pradesh High Court has held that non-production of a service report or postal track report cannot by itself be a ground to dismiss a complaint under Section 138 of the Negotiable Instruments Act at the threshold, particularly when the complainant asserts that the statutory notice was duly dispatched to the correct address of the accused. Justice Himanshu Joshi observed that once a notice is properly addressed, prepaid, and sent by registered post, a presumption of service arises...

70th ICAI Northern India Regional Council Meeting Without Notice: Delhi HC Sets Aside Member's Seat Vacation

The Delhi High Court has set aside a decision of the Institute of Chartered Accountants of India (ICAI) declaring an electedNorth India Regional Council member's seat vacant, holding that one of the meetings relied upon for invoking automatic vacation under the regulations had been convened without proper notice and could not be relied upon for the purpose of treating the member as absent from three consecutive meetings. The court noted that under Regulation 135(3) of the Chartered Accountants...

Aam Aadmi Party MP Raghav Chadha Introduces Asset Tokenisation Bill In Parliament

Aam Aadmi Party MP Raghav Chadha has introduced a Private Member's Bill in Parliament titled the Asset Tokenisation (Regulation) Bill, 2026, aiming to establish a legal framework for regulating tokenised real-world assets in India.A token is a digital item representing ownership or value and exists on a shared online system, such as a blockchain. Tokens may represent various assets or rights, including currencies, voting power, or other entitlements. A token's value can be monetary, social,...

Delhi Court Grants Ad-Interim Injunction, Summons Telegram In Education Institute's IP Infringement Case

The Tis Hazari District Court in Delhi has granted an ad-interim ex-parte injunction to protect the intellectual property of Malkans Training Institute Pvt. Ltd. and its founders, Vishal B. Malkan and Meghana V. Malkan, in a trademark and copyright infringement suit against Telegram Messengers LLP and others. The court also issued summons to the defendants, including Telegram, after observing that the plaintiffs had made out a strong prima facie case of trademark and copyright infringement as...

Delhi High Court Sentences Reliance Entertainment Studios Executives To 4 Weeks Jail For Contempt Over T-Series Dues

The Court has, however, kept the sentence in abeyance for two weeks to allow payment of the remaining amount along with interest.

No Separate GST Treatment For Ultra-Processed Foods, High-Fat Items: Finance Ministry Tells Lok Sabha

The Union government has informed the Lok Sabha that the Goods and Services Tax (GST) framework does not provide separate tax treatment for ultra-processed foods (UPFs) or foods high in fat, sugar, or salt (HFSS), and that no formal assessment has been undertaken on the potential health and economic benefits of imposing higher taxes on such products. Responding to a question asked by Congress MP G. Kumar Naik from Raichur in Karnataka, Minister of State for Finance Pankaj Chaudhary said on...

Govt Spent ₹88.74 Crore On Advertising 'GST Bachat Utsav': Finance Ministry Tells Lok Sabha

The Union Government spent Rs 88.74 crore on advertising for the “GST Bachat Utsav," a publicity campaign to spread awareness about GST rate rationalisation, the Ministry of Finance informed the Lok Sabha in response to a question on March 9, 2026.Responding to a question raised by Jagdish Chandra Barma Basunia, BJP MP from Cooch Behar, West Bengal, the Minister of State for Finance Pankaj Chaudhary, stated that the government incurred Rs 88.74 crore on advertising for the campaign. GST Bachat...

Samsung India Anti-Profiteering Case: GSTAT Directs DGAP To Re-Examine Cost, CSD Supply Issues

The Goods and Services Tax Appellate Tribunal (GSTAT) at New Delhi has directed the Director General of Anti-Profiteering (DGAP) to re-examine certain issues in the anti-profiteering proceedings involving Samsung India Electronics Pvt. Ltd. after the matter had earlier been reserved for pronouncement of the final order. A bench comprising President Justice (Retd.) Dr. Sanjaya Kumar Mishra and Technical Member A. Venu Prasad passed the order after considering the matter and holding a conference...

CBIC Issues Simplified Procedure For Export Cargo Returning To India After Strait Of Hormuz Closure

The Central Board of Indirect Taxes and Customs (CBIC) has issued a circular prescribing a simplified procedure for handling export cargo that is returning to Indian ports after vessels were unable to reach their destinations due to the closure of the Strait of Hormuz. Shipping through the Strait of Hormuz has been disrupted amid ongoing conflict in the Gulf region, forcing several commercial vessels to turn back before reaching their destination ports.CBIC said it received representations from...

RBI To Purchase ₹1 Lakh Crore Government Securities Through Open Market Operations To Manage Liquidity

The Reserve Bank of India (RBI) said on Friday that it will purchase Government of India securities worth Rs 1,00,000 crore through open market operations. Open market operations refer to transactions in which the central bank buys or sells government securities in the market to influence liquidity in the banking system. When the RBI buys securities, it releases funds into the financial system. The planned purchases will take place in two auctions of ₹50,000 crore each. These are scheduled for...