Income Tax: Deductee/ collectee having PAN status as ‘Inoperative’ attracts higher TDS/TCS rates. However, for the transactions entered into upto 31.03.2024 with inoperative PANs, deductors/ collectors shall have no liability to deduct TDS/TCS at higher rate if PAN becomes operative on or before 31.05.2024. (Circular no 6/2024 dated 23rd April 2024)
Income Tax: CBDT has extended the due date for filing Form 10A and Form 10AB to 30th June 2024 for category of applicants as mentioned in the circular. (Circular no.7/2024 dated 25th April 2024)
DGFT: Export of white onion having ITC HS code 0703 10 19 up to an aggregate quantity not exceeding 2000 MT is allowed through the following ports taken together from the date on which this notification enters into force, namely: Mundra Port, Pipavav Port and Nhava Sheva/JNPT Port. Further, the above export is allowed subject …
DGFT Time period for accreditation of Halal Certification Bodies and registration of Export Units have been extended by a period of three months i.e., up to 4th July 2024. (Notification No.8/2023 dated 23rd April,2024)
DGFT: The country-wise QR measures imposed on import of Isopropyl alcohol (IPA) under HS code 29051220, in terms of Notification No. 64/2015-20 dated 31.03.2023, have discontinued wef 01.04.2024 and import of IPA is now “Free” without any Policy Condition. (Trade Notice No.02/2024-25 dated 18th Apr,2024)
Income Tax The Income Tax Return forms ITR-1, ITR-2, ITR-4, and ITR-6 for Assessment Year 2024-25 are now accessible for filing through both Offline and Online modes on the e-filing portal. The Excel utilities for ITR-1, ITR-2, and ITR-4 for Assessment Year 2024-25 can be found under the ‘Downloads’ section of the e-filing portal.
DGFT: Export of essential commodities under Prohibited/restricted category to the Republic of Maldives during 2024-25 shall be permitted only through the following 4 Customs Stations: – Mundra Sea Port Tuticorin Sea Port Nhava Sheva Sea Port (JNPT) ICD Tughlakabad [Notification No.6/2023 dated 15th April 2024]
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 …
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. …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
webinar on “Impact of Decisions of the 57th GST Council Meeting” on 14th October 2026 at 4:00 PM to 6:00 PM
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