Daily Updates

Income Tax: The government has announced the interest rates for Small Savings Schemes for Q1 of FY 2025-26 (April 1, 2025, to June 30, 2025), keeping them unchanged from the rates notified for Q4 of FY 2024-25 (January 1, 2025, to March 31, 2025). Notification F.No. 1/4/2019-NS dated 28.03.25

Income Tax : For the purpose of section 10(46), the Central Government has notified ‘Karnataka Urban Water Supply & Drainage Board, Bangalore, a trust established by the State Government, in respect of the specified income. Notification No. 24 /2025 dated 28.03.25

Income Tax:  CBDT has notified a revised Form 3CD, effective from April 1, 2025, through the Income-tax (8th Amendment) Rules, 2025. The form introduces Clause 36B to disclose buyback receipts under Section 2(22)(f). Further, clauses 28 and 29 have been removed, and Clause 31 now requires reporting loan or deposit details along with their nature …

Income Tax : CBDT has notified a revised Form 3CD, effective from April 1, 2025, through the Income-tax (8th Amendment) Rules, 2025. The form introduces Clause 36B to disclose buyback receipts under Section 2(22)(f). Further, clauses 28 and 29 have been removed, and Clause 31 now requires reporting loan or deposit details along with their nature codes. (29.03.2025) Read More »

Income Tax The CBDT received representations about technical glitches in TDS/TCS payments, causing delays in crediting the Central Government despite timely debits. Taxpayers have received interest notices under sections 201(1A)(ii)/206C(7). The board has directed CCIT to reduce or waive such interest. Circular No. 5/2025 dated 28.03.25

GST CBIC has amended Rule 164 to support implementation of Section 128A, allowing taxpayers to partially withdraw appeals for the eligible period (1 July 2017 to 31 March 2020) by simply intimating the appellate authority. Notification No. 11/2025–Central Tax dated 27.03.2025

 DGFT The Director General of Foreign Trade (DGFT) has amended Appendix-4J of the Handbook of Procedures (HBP) in which they have removed the entry for “Walnut in any form” from Serial No. 13 in Appendix-4J (Export Obligation Period for Specified Inputs with Pre-import Condition). Public Notice No. 52 /2024-2025 dated 27.03.25

DGFT The Director General of Foreign Trade (DGFT) has amended the declarations in ANF-4J (Application for the issue of Diamond Imprest Authorisation) for the issuance of Diamond Imprest Authorisation (DIA) under the Handbook of Procedures 2023. The amendment introduces four additional declarations requiring applicants to confirm their Two Star or higher status, compliance with Income …

DGFT : The Director General of Foreign Trade (DGFT) has amended the declarations in ANF-4J (Application for the issue of Diamond Imprest Authorisation) for the issuance of Diamond Imprest Authorisation (DIA) under the Handbook of Procedures 2023. The amendment introduces four additional declarations requiring applicants to confirm their Two Star or higher status, compliance with Income Tax and GST return filings, adherence to Pre-Import and Actual User Conditions, and confirmation that this is their first application for the financial year. Additionally, the existing declaration number ‘7’ has been renumbered as ‘11’. (28.03.2025) Read More »

Income Tax  The Central Board of Direct Taxes (CBDT) has amended Form 26Q and Form 27Q to include the furnishing of details of TDS on the payment of salary, remuneration, commission, bonus, or interest to a partner of a firm under section 194T. Notification No. 22/2025 dated 27.03.25

Customs  Advisory for EOU/STPI and EHTP A new advisory on the generation of IIN on the ICEGATE portal has been issued, stating that the requirement to generate fresh IINs/Bonds for each financial year has been eliminated. It has now been decided to allow the same IIN and Bond for subsequent years as well. Advisory dated …

Custom : Advisory for EOU/STPI and EHTP : A new advisory on the generation of IIN on the ICEGATE portal has been issued, stating that the requirement to generate fresh IINs/Bonds for each financial year has been eliminated. It has now been decided to allow the same IIN and Bond for subsequent years as well. (27.03.2025) Read More »

DGFT:  The Directorate General of Foreign Trade (DGFT) has proposed making GST e-invoices received through GSTN on the DGFT BO portal mandatory for claiming deemed export benefits under the Foreign Trade Policy (FTP) 2023. This initiative is part of the ongoing integration between DGFT and GSTN, aimed at enhancing transparency, streamlining processes, and improving compliance. …

DGFT : DGFT has proposed making GST e-invoices received through GSTN on the DGFT BO portal mandatory for claiming deemed export benefits under the Foreign Trade Policy (FTP) 2023. This initiative is part of the ongoing integration between DGFT and GSTN, aimed at enhancing transparency, streamlining processes, and improving compliance. (25.03.2025) Read More »

Custom:  The Central Board of Indirect Taxes and Customs (CBIC) has issued circular, providing clarification on the classification and concessional duty applicability for camera modules used in mobile phone manufacturing under Notification No. 57/2017-Customs. The circular confirms that a camera module comprises essential components such as lens, sensor, FPCB assembly, bracket/holder, connectors, and mechanical parts, …

Custom : CBIC has issued circular providing clarification on the classification and concessional duty applicability for camera modules used in mobile phone manufacturing under Notification No. 57/2017-Customs. (25.03.2025) Read More »

Custom: The Ministry of Finance (Department of Revenue) has issued notification, imposing anti-dumping duty on imports of Roller Chains (tariff item 7315 11 00) originating in or exported from China PR. The notification imposes an anti-dumping duty of 6.34% on imports from producers other than Zhejiang Bakord Machinery Co. Ltd., Jiangxi Hengjiu Chain Transmission Co. …

Custom : The Ministry of Finance (Department of Revenue) has issued notification, imposing anti-dumping duty on imports of Roller Chains (tariff item 7315 11 00) originating in or exported from China PR. The notification imposes an anti-dumping duty of 6.34% on imports from producers other than Zhejiang Bakord Machinery Co. Ltd., Jiangxi Hengjiu Chain Transmission Co. Ltd., Anhui Huangshan Hengjiu Transmission Co. Ltd., and Zhejiang Hengjiu Transmission Technology Inc. Ltd., who are exempted. The duty will be effective for five years, unless revoked or amended earlier. (25.03.2025) Read More »

Custom: The Ministry of Finance (Department of Revenue) has issued notification imposing definitive anti-dumping duty on imports of Poly Vinyl Chloride (PVC) Paste Resin, also known as Emulsion PVC Resin, originating in or exported from China PR, Korea RP, Malaysia, Norway, Taiwan, and Thailand. The imposed duties range from USD 89 to USD 707 per …

Custom: The Ministry of Finance (Department of Revenue) has issued notification imposing definitive anti-dumping duty on imports of Poly Vinyl Chloride (PVC) Paste Resin, also known as Emulsion PVC Resin, originating in or exported from China PR, Korea RP, Malaysia, Norway, Taiwan, and Thailand. The imposed duties range from USD 89 to USD 707 per metric ton (MT), depending on the country and producer, with an exemption granted to Hanwha Solutions Corporation, Korea RP. Additionally, Kaneka Paste Polymer SDH BHD, Malaysia, has submitted a price undertaking, which has been accepted. (24.03.2025) Read More »

Custom: The Ministry of Finance (Department of Revenue) has issued notification, amending Notification No. 27/2011-Customs to exempt customs duty on the import of onions (HS Code: 0703 10). This amendment revises S. No. 1, Column (4) of the original notification, replacing the existing duty rate of 20% with “Nil”, thereby making onion imports duty-free. The …

Custom: The Ministry of Finance (Department of Revenue) has issued notification, amending Notification No. 27/2011-Customs to exempt customs duty on the import of onions (HS Code: 0703 10). This amendment revises S. No. 1, Column (4) of the original notification, replacing the existing duty rate of 20% with “Nil”, thereby making onion imports duty-free. The revised duty structure will come into effect from April 1, 2025. (24.03.2025) Read More »

Income Tax CBDT has invited stakeholders to submit inputs on Income-tax rules and forms under the Income Tax Bill, 2025. A utility on the e-filing portal allows submissions via OTP-based validation. Inputs should specify relevant provisions and focus on simplification, reducing litigation and compliance burdens, and identifying obsolete rules. Press Release dtd 18.03.2025

Directorate General of Foreign Trade (DGFT): The DGFT has initiated a review of Standard Input Output Norms (SIONs) for automobile tyres (A-1722, A-1717, A-1667, A-1666, A-1673, A-1665, A-1664, A-1663) and invites EPCs, exporters, and trade bodies to submit comments or suggestions on necessary modifications. Proposed changes must include justifications, production and consumption data, and wastage …

DGFT : The DGFT has initiated a review of Standard Input Output Norms (SIONs) for automobile tyres (A-1722, A-1717, A-1667, A-1666, A-1673, A-1665, A-1664, A-1663) and invites EPCs, exporters, and trade bodies to submit comments or suggestions on necessary modifications. Proposed changes must include justifications, production and consumption data, and wastage norms certified by a Chartered Engineer. Stakeholders must submit their inputs within 45 days to nc7.dgft@gov.in for further examination. Read More »

Directorate General of Foreign Trade (DGFT): The Directorate General of Foreign Trade (DGFT) has extended the deadline for filing the Annual RoDTEP Return (ARR) for Financial Year 2023-24. The last date for submission, originally set for March 31, 2025, has now been extended to June 30, 2025, providing exporters with an additional three months to …

DGFT : The Directorate General of Foreign Trade (DGFT) has extended the deadline for filing the Annual RoDTEP Return (ARR) for Financial Year 2023-24. The last date for submission, originally set for March 31, 2025, has now been extended to June 30, 2025, providing exporters with an additional three months to comply. Similarly, the grace period for filing the ARR has been extended from June 30, 2025, to September 30, 2025. Read More »

Custom: The Ministry of Finance (Department of Revenue) has issued notification, imposing provisional anti-dumping duty on imports of Aluminium Foil up to 80 microns from China PR. Below are the details: Product Covered: Aluminium foil up to 80 microns, excluding foil below 5.5 microns for non-capacitor applications (ITC HS Codes: 7607 11 10, 7607 11 …

Custom : The Ministry of Finance (Department of Revenue) has issued notification, imposing provisional anti-dumping duty on imports of Aluminium Foil up to 80 microns from China PR. (20.03.2025) Read More »

Custom :  The Ministry of Finance (Department of Revenue) has issued notification, imposing anti-dumping duty on imports of vacuum insulated flasks and other vacuum vessels of stainless steel from China PR. Below are the details: Product Covered: Vacuum insulated flasks, mugs, bottles, carafes, and kettles made of stainless steel (ITC HS Code: 9617 00 11, …

Custom : The Ministry of Finance (Department of Revenue) has issued notification, imposing anti-dumping duty on imports of vacuum insulated flasks and other vacuum vessels of stainless steel from China PR. (20.03.2025) Read More »

Custom :  The Ministry of Finance (Department of Revenue) has issued notification, imposing anti-dumping duty on imports of Soft Ferrite Cores from China PR. Below are details: Product Covered: Manganese-Zinc-based Soft Ferrite Cores under ITC HS Code: 85051110 Country of Origin & Export: China PR Duty Imposed: Ranges between 31% – 35% of CIF value, …

Custom : The Ministry of Finance (Department of Revenue) has issued notification, imposing anti-dumping duty on imports of Soft Ferrite Cores from China PR. (20.03.2025) Read More »