Daily Updates

Income Tax The Central Government has notified that a Unit of the International Financial Services Centre (IFSC) shall not be considered as a buyer for the purpose of section 206C(1H) in respect of the purchase of goods from a seller. [Notification No. 6/2025 dated 06.01.2025]

DGFT  DGFT has issued a notification to make an amendment in Foreign Trade Policy 2023 to include Para 1.07A and 1.07B for consultation with stakeholders to seek views, suggestions, comments or feedback from relevant stakeholders, including importers/exporters/industry experts concerning the formulation or amendment of the Foreign Trade Policy. [Notification No. 47/2024-25 dated 02.01.2025]

Income Tax: The Central Government exempts income-tax deduction under Chapter XVII of the Income Tax Act on payments received by the National Credit Guarantee Trustee Company Limited and credit guarantee funds established and wholly financed by the Central Government, managed by the trustee company, as per Section 10(46B) of the Act. [Notification No. 1/2025 & …

Income Tax: The Central Government exempts income-tax deduction under Chapter XVII of the Income Tax Act on payments received by the National Credit Guarantee Trustee Company Limited and credit guarantee funds established and wholly financed by the Central Government, managed by the trustee company, as per Section 10(46B) of the Act. (03.01.2025) Read More »

Income Tax  The Central Board of Direct Taxes (CBDT) has specified that no tax deduction at source (TDS) under Section 194Q of the Income Tax Act, 1961, will be required for purchases made from units of International Financial Services Centers (IFSC), provided both buyers and sellers meet specific conditions. [Notification No. 3/2025 dated 02.01.2025]

Customs: The CBIC has issued circular to roll out Automated Out of Charge (OOC) for AEO-Tier 2 (T2) and Tier 3 (T3) clients to streamline customs clearance. Automated OOC will apply to Bills of Entry (BEs) that: Are not selected for examination/scanning or require any PGA NoC. Have completed assessment. Have completed OTP authentication for …

Customs: The CBIC has issued circular to roll out Automated Out of Charge (OOC) for AEO-Tier 2 (T2) and Tier 3 (T3) clients to streamline customs clearance.(02.01.2025) Read More »

Customs: The CBIC has issued a notification for fixation of Tariff Values of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver. [Notification No. 88/2024-Customs (NT) dated 31.12.2024]

GST: The CBIC has issued circular to clarify that input tax credit may be available to the registered person on receipt of goods by the said registered person from the supplier at his (supplier’s) factory gate or business premises where the contract between the supplier and recipient is an Ex-Works contract. [Circular No. 241/35/2024-GST dated …

GST: The CBIC has issued circular to clarify that input tax credit may be available to the registered person on receipt of goods by the said registered person from the supplier at his (supplier’s) factory gate or business premises where the contract between the supplier and recipient is an Ex-Works contract. Read More »

GST: The CBIC has issued circular to clarify that transaction in vouchers would be treated neither as a “supply of goods” nor as a “supply of services. However, supply of underlying goods and/or services, for which vouchers are used as consideration or part consideration, may be taxable under GST. Also, the service fee/ service charge/ …

GST: The CBIC has issued circular to clarify that transaction in vouchers would be treated neither as a “supply of goods” nor as a “supply of services. However, supply of underlying goods and/or services, for which vouchers are used as consideration or part consideration, may be taxable under GST. (02.01.2025) Read More »

GST: The CBIC has issued a circular to clarify that when the services are supplied to an unregistered person, the place of supply of the said services shall be the location of the recipient, if his address is available on record, and shall be the location of the supplier if the address is not available …

GST: The CBIC has issued a circular to clarify that when the services are supplied to an unregistered person, the place of supply of the said services shall be the location of the recipient, if his address is available on record, and shall be the location of the supplier if the address is not available on record. In case of failure to record correct name of State of unregistered recipient of such supplies, he may be liable to penal action under the provisions of section 122(3)(e) of CGST Act.(02.01.2025) Read More »

GST: The CBIC has clarified that ECOs which are to liable to pay tax u/s 9(5) of CGST Act are not required to proportionately reverse ITC on inputs and input services, for supplies of restaurant & other services, covered u/s 9(5). However, the ECOs must pay tax liability under section 9(5) fully via cash ledger …

GST: The CBIC has clarified that ECOs which are to liable to pay tax u/s 9(5) of CGST Act are not required to proportionately reverse ITC on inputs and input services, for supplies of restaurant & other services, covered u/s 9(5). However, the ECOs must pay tax liability under section 9(5) fully via cash ledger but they can use ITC for tax on services supplied on their own account.(02.01.2025) Read More »

Income Tax: The Central Board of Direct Taxes has extended the last date for furnishing a belated return of income or for furnishing a revised return of income for the Assessment Year 2024-25 in the case of resident individuals from 31st December 2024 to 15th January 2025. [Circular No. 21/2024 dated 31.12.2024]

Income Tax: The Govt. has notified the interest rate for the small saving schemes for the 4th quarter of the Financial Year 2024-25. The interest rates for various Small Savings Schemes for the fourth quarter of FY 2024-25 (1st January 2025 to 31st March 2025) will remain the same as those notified for the third …

Income Tax: The Govt. has notified the interest rate for the small saving schemes for the 4th quarter of the Financial Year 2024-25.(02.01.2025) Read More »

Company and SEBI Law SEBI has notified SEBI (Investment Advisers) (Second Amendment) Regulations, 2024. New sub-regulations have been inserted to regulation 18 relating to ‘disclosures to clients’. It states that an investment adviser must disclose to the client the extent of use of ‘Artificial Intelligence tools’ in providing investment advice. Also, an investment adviser who …

Company & SEBI Law: SEBI has notified SEBI (Investment Advisers) (Second Amendment) Regulations, 2024. New sub-regulations have been inserted to regulation 18 relating to ‘disclosures to clients’.(18.12.2024) Read More »

Income Tax: The CBDT released Guidance Note 2/2024 modifying the FAQ on eligibility of cases and incorporating various FAQs on Set-aside appeal, prosecution, Computation of Amount payable, Disputed Penalty, APA/MAP Cases, Taxes paid before filing declaration, TDS related queries etc. Circular No. 19 OF 2024 dated 17.12.24

Income Tax CBDT has launched a campaign to address income and transaction mismatches for FY 2023-24 and FY 2021-22. Taxpayers can file revised ITRs for FY 2023-24 by December 31, 2024, and updated ITRs for FY 2021-22 by March 31, 2025. Feedback on AIS data can be provided via the AIS portal. PRESS RELEASE  

FEMA and Banking The government has issued a directive regarding the prompt response to clarifications sought for registration, renewal, or prior permission applications under the Foreign Contribution (Regulation) Act, 2010. Applications are processed exclusively through the FCRA portal, & any deficiencies in information will result in queries raised on the portal. Applicant associations are advised …

FEMA: The government has issued a directive regarding the prompt response to clarifications sought for registration, renewal, or prior permission applications under the Foreign Contribution (Regulation) Act, 2010.(17.12.2024) Read More »

Company and SEBI Laws: Earlier, SEBI had received representation to provide clarity on the classification of CDMDF under one of the defined categories under the AIF Regulations. Though SEBI has laid down a separate framework for Corporate Debt Market Development Fund (CDMDF). Now SEBI has clarified the Corporate Debt Market Development Fund (CDMDF) will be …

Company and SEBI Laws:Earlier, SEBI had received representation to provide clarity on the classification of CDMDF under one of the defined categories under the AIF Regulations.(17.12.2024) Read More »

Company and SEBI Laws: SEBI has notified SEBI (Investment Advisers) (Second Amendment) Regulations, 2024. New sub-regulations have been inserted to regulation 18 relating to ‘disclosures to clients’. It states that an investment adviser must disclose to the client the extent of use of ‘Artificial Intelligence tools’ in providing investment advice. Also, an investment adviser who …

Company and SEBI Laws: SEBI has notified SEBI (Investment Advisers) (Second Amendment) Regulations, 2024. New sub-regulations have been inserted to regulation 18 relating to ‘disclosures to clients’(17.12.204) Read More »

Company and SEBI Laws SEBI has notified SEBI (Research Analysts) (Third Amendment) Regulations, 2024. A new regulation 26C relating to ‘Client level segregation of research services and distribution activities’ has been inserted. It states that an individual research analyst must not provide distribution services. Further, a non-individual research analyst or research entity must have client-level …

Company and SEBI Laws: SEBI has notified SEBI (Research Analysts) (Third Amendment) Regulations, 2024. A new regulation 26C relating to ‘Client level segregation of research services and distribution activities’ has been inserted (17.12.2024) Read More »

Company and SEBI Laws SEBI has notified amendment in SEBI (Mutual Funds) Regulations, 1996, introducing chapter VI-C i.e., Specialized Investment Fund. The provisions of this Chapter shall apply to a Specialized Investment Fund fulfilling eligibility criteria as prescribed by the board. A Specialized Investment Fund shall not accept from an investor, an investment amount less …

Company and SEBI Laws:SEBI has notified amendment in SEBI (Mutual Funds) Regulations, 1996, introducing chapter VI-C i.e., Specialized Investment Fund (17.12.2024) Read More »