Income Tax: The Central Board of Direct Taxes (CBDT) has notified 30-04-2025 as the last date for filing a declaration under the Vivad Se Vishwas Scheme. The date has been notified in exercise of the powers conferred by clause (l) of sub-section (1) of section 89 of the Finance (No. 2) Act, 2024. [Notification No. …
Income Tax: The Central Board of Direct Taxes has notified the bonds redeemable after 5 years issued by Housing and Urban Development Corporation Limited (HUDCO) as a “long-term specified asset” for the purposes of section 54EC. [Notification No. 31/2025 dated 07.04.2025]
SEBI: SEBI has issued clarifications on the regulatory framework for Specialized Investment Funds (SIFs) based on industry feedback: Interval Investment Strategies under SIFs are exempt from maturity restrictions applicable to interval schemes in mutual funds. The minimum investment threshold for investors across all SIF strategies is set at INR 10 lakh per PAN. This threshold …
SEBI SEBI has amended the FPI Master Circular to increase the disclosure threshold for Foreign Portfolio Investors (FPIs) from INR 25,000 crore to INR 50,000 crore of equity AUM in Indian markets. The amendment applies to FPIs and Offshore Derivative Instrument (ODI) subscribers. Several paragraphs of the FPI Master Circular have been modified accordingly. The …
Customs: The CBIC has issued a notification to amend tariff values of Edible oils, brass scrap, areca nuts, gold and silver as follows: Table 1 Sl. No. Chapter/ heading/sub-heading/tariff item Description of goods Tariff value (US $Per Metric Tonne) 1 1511 10 00 Crude Palm Oil 1158 (No change) 2 1511 90 10 RBD …
Customs The CBIC has issued a circular to rescind Circular No. 29/2020-Customs dated 29.06.2020, which allowed the transshipment of export cargo from Bangladesh to third countries via Land Customs Stations (LCSs) to Ports and Airports in India. The rescission is effective immediately. Cargo that has already entered India may exit as per the existing procedure …
Central Excise The CBIC has issued a notification to constitutes Interim Boards for Settlement to facilitate dispute resolution. These boards will operate from four headquarters across India: Interim Board for Settlement-I – Delhi Interim Board for Settlement-II – Kolkata Interim Board for Settlement-III – Mumbai Interim Board for Settlement-IV – Chennai [Notification No. 02/2025 dated …
Income Tax: The Central Board of Direct Taxes (CBDT) has exempted the deduction of tax under section 194EE on the payment of the amount referred to in clause (a) of sub-section (2) of section 80CCA by an individual assessee from his account. [Notification No. 27/2025 dated 04.04.2025]
Income Tax: The CBDT has amended Rule 114 to provide that every person who has been allotted permanent account number on the basis of the Enrolment ID of the Aadhaar application form filed prior to the 1st day of October 2024, shall intimate his Aadhaar number on or before the 31st day of December 2025 [Notification …
Bizsol Update for the month April 2025. From the Desk of Chairman Article on ‘ The Prospect Theory The Psychology of Decision Making Under Risk & Uncertainties’, by CS Venkat R Venkitachalam, Chairman, Bizsolindia Services Pvt Ltd Article on ‘MSME: New Definition 2025 Revised Investment & Turnover Limit and Government Approach’, by Mr. Pravin Arote, …
Fareed Zakaria, the renowned political commentator on world affairs, talked about the preoccupation of Donald Trump on the role of the manufacturing sector in the US economy. Trump is hell-bent on revitalising (according to him) this sector in the US as part of his broader economic agenda. Fareed has some key points on this topic …
Vicissitudes of Human Behaviour: Consider an individual who is given two choices – a guaranteed sum of ₹500 or a 50% chance to win ₹1,000. You are likely to choose ₹500 due to what is known as loss aversion – favouring certainty over potential risk. The example demonstrates how reference points and loss aversion shape …
Micro, Small, and Medium Enterprises (MSMEs) are a crucial part of India’s economy, significantly contributing to employment, innovation, and exports. Recognizing the evolving business landscape, the Government of India has updated the MSME classification criteria, effective April 1, 2025. This article explores the objectives behind this change, outlines the new classification, highlights key benefits, details …
The Remission of Duties and Taxes on Exported Products (RoDTEP) scheme was introduced by the Government of India to replace the earlier Merchandise Exports from India Scheme (MEIS). The RoDTEP scheme came into effect on January 1, 2021. Introduction of this scheme was also a response to a ruling by the World Trade Organization (WTO) …
As the Financial Year 2024-25 draws to a close, businesses must fulfill their critical GST compliance obligations. The key tasks are outlined below: Letter of Undertaking (LUT): Apply/Renew for Letter of Undertaking (LUT) for FY 2025-26 on GSTN Portal (required for Exports and SEZ Supplies without payment of GST) Quarterly Return Monthly Payment (QRMP) Scheme …
SEBI SEBI has introduced a standardized format for the System and Network Audit Report for Market Infrastructure Institutions (MIIs), including Stock Exchanges, Clearing Corporations, and Depositories. This aims to improve data quality, ensure uniform reporting, enhance compliance monitoring, and streamline regulatory oversight. The new format will help in better traceability of audit observations by assigning …
Central Excise The CBIC has issued a notification to revise excise duty rates under Notification No. 5/2019-Central Excise. The Special Additional Excise Duty (SAED) on petrol is increased to Rs. 13 per litre (from Rs. 8), and on high-speed diesel (HSD) to Rs. 10 per litre (from Rs. 2). The notification will be effective from …
Customs The CBIC has issued a circular which clarifies the classification and Basic Customs Duty (BCD) applicable to Interactive Flat Panel Displays (IFPDs) and other monitors under tariff item 85285900. In the 2025-26 Budget, BCD on IFPDs was increased from 10% to 20%, while other monitors remained at 10% with an IGCR condition under Notification …
GST: GSTIN has issued advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration starting April 1, 2025, a new biometric-based Aadhaar authentication and document verification process has been implemented for GST registration applicants in Assam. Based on risk analysis, applicants may be required to either: Complete OTP-based Aadhaar authentication, or Book an appointment …
GST GSTIN has issued an advisory on Case Sensitivity in IRN Generation To ensure consistency and avoid duplication, invoice numbers reported in any format (e.g., “abc”, “ABC”, or “Abc”) would be automatically converted to uppercase before IRN generation. This change is applicable starting from 1st June 2025 and aligns with the treatment of invoice numbers …
