Daily Updates

DGFT: Export of 10,000 MT of onions (under HS code 0703 10 19) to Sri Lanka through National Cooperative Exports Limited (NCEL) has been allowed. Further, export of additional 10,000 MT quantity of Onions (under HS code 0703 10 19) through NCEL to UAE, over and above the quota of 24,400 MT already notified vide …

DGFT: Export of 10,000 MT of onions (under HS code 0703 10 19) to Sri Lanka through National Cooperative Exports Limited (NCEL) has been allowed. Further, export of additional 10,000 MT quantity of Onions (under HS code 0703 10 19) through NCEL to UAE, over and above the quota of 24,400 MT already notified vide DGFT Notification No. 65/2023 dt. 01.03.2024 and 02/2023 dt. 03.04.2024, has been allowed. (15.04.2024) Read More »

Central Excise: Increase the Special Additional Excise Duty (SAED) on production of Petroleum Crude to Rs. 9,600 per tonne from 16.04.2024 [Notification No. 12/2024-Central Excise dated 15th April 2024]  

GST High Court of Madras has held that Opportunity to file reply shall be granted where assessee had filed reply to DRC-01A but failed to see the SCN.

Central Excise: w.e.f 16th March 2024, Special Additional Excise duty on Production of Petroleum Crude is Rs. 4900 per tonne. [Notification No. 10/2024-Central Excise 15th March 2024]

Income Tax: Notification No. Effect of the notification [Notification No. 29/2024 dated 13th March 2024] IIT Kharagpur having PAN AAAJI0323G is notified under the University, college or other institution’ for ‘Scientific Research’ for the purpose of Section 35 of Income Tax Act 1961, valid for the FY 2023-24 and shall be applicable till FY 2029-2030. …

Income Tax : Various Notifications (27.03.2024) Read More »

DGFT:   Notification No. Effect of the notification [Notification No. 71/2023 dated 11th March 2024] Provisions for enable for EOUs, AA Holders, SEZs for exempting inputs imported from mandatory Quality Controls Orders (QCOs). [Notification No. 72/2023 dated 11th March 2024] Human Biological Samples falling under chapter 30 of ITC HS Schedule 2- Export Policy, is …

DGFT: Various Notifications (27.03.2024) Read More »

Customs:   Notification No. Effect of the notification [Notification No. 15/2024 Customs(T) dated 12th March 2024] For HSN 9022 30 00 [X-Ray Tubes] and 9022 90 90 [“Others” Apparatus based on the use of alpha, beta, gamma or other ionising radiation, whether or not for medical, surgical, dental or veterinary uses, including radiography or radiotherapy …

Customs : Various Notifications (27.03.2024) Read More »

Circular SEBI/HO/MRD/MRD-PoD-1/P/CIR/2024/13 dated 05th March 2024 The Ministry of Finance released a new notification, S.O.1002(E) dated March 01, 2024, which updates the list of goods under clause (bc) of Section 2 of the SCRA, 1956. This new notification replaces the previous one, S.O. 3068(E) dated September 27, 2016, on the same topic.   The new …

SEBI: Various Notifications (09.03.2024) Read More »

RBI Notification no RBI/2023-24/130 dated 05th March 2024 RBI has issued new reporting practices for all Authorised Persons acting as Indian Agents under the Money Transfer Service Scheme (MTSS). Notification No RBI/2023-24/131 dated 06th March 2024 RBI has issued a directive, addressing arrangements between card networks and issuers, specifically related to the issuance of credit …

RBI: Various Notifications (09.03.2024) Read More »

Income Tax: Notification No. Effect of the notification Notification No. 27/2024 Dated 5th March 2024 The new rules are called the Income-tax (Fourth Amendment) Rules, 2024, and they will become effective as soon as they are published in the Official Gazette, which is a government publication.   Within the Income-tax Rules, there’s a section called …

Income Tax: Various Notifications (09.03.2024) Read More »

DGFT: Notification No. Effect of the notification Public Notice No. 46/2023 dated 06th March 2024 Procedures for registration of import consignments under Yellow Peas Import Monitoring System (YP-IMS) is amended for the import arriving after 31-03-2024 at the Indian Ports. Now Para (b) of Public Notice 35/2023 Dated 13-12-2023 is not applicable. Instead of taking …

DGFT: Various Notifications (09.03.2024) Read More »

Customs:  Notification No. Effect of the notification Instruction No. 04/2024- Customs Dated 07th March 2024 In relation to restriction on Import of Premium Frozen Duck Meat into India, instruction is issued to : a. All Principal Chief Commissioners/ Chief Commissioners (Customs/Customs(Preventive)/Customs & Central Tax) b. All Principal Commissioners/ Commissioners of Customs/Customs(Preventive) c. All Pr. Director/Director …

Customs: Various Notifications (09.03.2024) Read More »

Income Tax: Clarification in relation to donations by trusts/institutions to other trusts/institutions in terms of Clause (iii) to Explanation 2 to third proviso to section 10(23C) and Clause (iii) to Explanation 4 to Section11(1) of Income Tax Act. Accordingly, donations by trusts/institutions to other trusts/institutions will be held as applied against charitable purpose or religious …

Income Tax:Clarification in relation to donations by trusts/institutions to other trusts/institutions in terms of Clause (iii) to Explanation 2 to third proviso to section 10(23C) and Clause (iii) to Explanation 4 to Section11(1) of Income Tax Act.(06.03.2024) Read More »

Income Tax: Trusts/Institutions were required to get their books audited and furnish audit report in accordance with section 10(23C) and 12A(1) and accordingly new Form 10B for those Trusts/institutions whose total income is exceeding Rs. 5 crores; or receive any foreign contributions during the previous year and new Form 10BB for other trusts/institutions, which were …

Income Tax: Trusts/Institutions were required to get their books audited and furnish audit report in accordance with section 10(23C) and 12A(1) and accordingly new Form 10B for those Trusts/institutions whose total income is exceeding Rs. 5 crores (06.03.2024) Read More »

Income Tax: “Karnataka Urban Water Supply and Drainage Board’” an Authority constituted by the Karnataka Urban Water Supply and Drainage Board Act,1973 has been notified under sec 10(46). [Notification No. 26/2024/F. No. 300196/12/2019-ITA-I] dated 01st March 2024

Income Tax: Uttar Pradesh Real Estate Regulatory Authority’” an Authority constituted by the State Government of Uttar Pradesh has been notified under sec 10(46). [Notification No. 25/2024/F. No. 300196/17/2021-ITA-I] dated 01st March 2024

Income Tax: New Income Tax Form ITR-7 is introduced by substituting the old ITR-7 w.e.f 01st April 2024. [Notification No.  24/2024/F. No. 370142/1/2024-TPL(Part-1)] dated 01st March 2024

RBI: According to the notification, RBI after having review of its issued circulars, has withdrawn total 34 circulars, which were issued between 1966 to 2016, with immediate effect. [Notification RBI/2023-24/129 dated 01-03-2024]

DGFT: According to the notification, permission has been granted to export following goods through the National Cooperative Exports Limited (NCEL): Sr.No Commodity Name HS Code Country Name Quantity (MT) 1 Non-Basmati White Rice 1006 30 90 Tanzania (Zanzibar) 30,000 2 Broken Rice 1006 40 00 Djibouti 30,000 Guinea Bissau 50,000   [Notification No. 64/2023 DGFT …

DGFT: According to the notification, permission has been granted to export (02.03.2024) Read More »

DGFT: According to the notification, permission has been granted to export onions falling under HSN Code 0703 10 19, up to a quantity of 50,000 metric tons (MT) to Bangladesh through the National Cooperative Exports Limited (NCEL) [Notification No. 63/2023 DGFT dated 01-03-2024]