Realtime Updates

*REALTIME* Updates;

1. The *Income Tax Appellate Tribunal (ITAT),* Nagpur, has ruled that not every bank credit or entry in the Annual Information System (AIS) is taxable. In the case of Shashi Vasant Shastri Vs ACIT (AY 2013-14), the Tribunal held that mere receipt of money, such as an advance against an unexecuted property sale, does not constitute income unless it falls within the definition under the Income-tax Act.

2. New *HRA Rules 2026:* From April 1, 2026, salaried employees claiming House Rent Allowance (HRA) must disclose their relationship with the landlord in Form 124 if the annual rent exceeds ₹1 lakh. This new rule aims to increase transparency and reduce misuse of HRA claims.

3. *GST Registration Cancellation* Set Aside Due to Non-Consideration of Illness Reason: Case Name : G.B. Traders Vs Union of India & Ors. (Bombay High Court).

4. The *Reserve Bank of India* has opened an exclusive foreign exchange window for supplying dollars to state-run refiners, easing pressure on the spot exchange rate, currency analysts, bankers and traders told ET. It’s likely routed through state-run lenders such as the State Bank of India, they said.

With best regards

*CA Prabina Kumar Moningi*
Founder REALTIME Updates
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