Daily Updates

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RBI: According to the notification, RBI after having review of its issued circulars, has withdrawn total 34 circulars, which were issued between 1966 to 2016, with immediate effect.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]

RBI: Revised regulations w.r.t RBI (Bharat Bill Payment System) Directions, 2024 have been introduced. [RBI/DPSS/2023-24/111 dtd 29th February 2024]

DGFT: DGFT allows merchanting trade in Foreign Country when the goods are picked and supplied in the same country, except for CITES and SCOMET Goods. Earlier it was covering transactions from one country to another. [Notification no 62/2023 dtd 29th February 2024]

RBI: RBI issued guidelines w.r.t Appointment/re-appointment of Director, Managing Director or Chief Executive Officer in Asset Reconstruction Companies. [RBI/2023-24/127 dtd 27th February 2024]

Income Tax: An on-screen functionality has been made available in the Compliance portal of the e-filing website for mismatches between the information received from third parties on interest and dividend income and the Income Tax Return (ITR) filed by taxpayers for Financial Years 2021-22 and 2022-23. [Press Release dtd 26th February 2024]

Income Tax: CBDT approves Panjab University for Scientific Research Deduction U/s. 35(1)(ii) [Notification no 23/2024 dtd 26th February 2024]

RBI: RBI Allows PPIs (Prepaid Payment Instruments) for Public Transport Payments [RBI/2023-24/126 dtd 23rd February 2024]

DGFT: Import of Yellow Peas under ITC(HS) Code 07131010 is “Free’ without the MIP condition and without Port Restriction, subject to registration under the Import Monitoring system, with immediate effect for all Import Consignments where Bill of Lading (Shipped on Board) is issued on or before 30th April 2024 [Notification No. 61/2023-DGFT Dtd – 23rd …

DGFT: Import of Yellow Peas under ITC(HS) Code 07131010 is “Free’ without the MIP condition and without Port Restriction, subject to registration under the Import Monitoring system, with immediate effect for all Import Consignments where Bill of Lading (Shipped on Board) is issued on or before 30th April 2024 (26.02.2024) Read More »

RBI: RBI Extends Interest Equalization Scheme for Export Credit [RBI/2023-24/124 dtd 22nd February 2024]

RBI: RBI has included Clearing Corporation of India Limited as a Financial Information Provider under the Account Aggregator Framework. [RBI/2023-24/125 dtd 22nd February 2024]

Income Tax: Corrigendum has been issued w.r.t ITR-2 and ITR-3 (80DD), ITR-3 (80U) and ITR-5 (CG schedule) [[Notification No. 22/2024 dtd 21st February 2024]  

DGFT: DGFT Suspends Inoperative SIONs from April 1, 2024 [Public Notice 44/2023 dtd 22nd February 2024]

DGFT: DGFT has issued relief in Average Export Obligation in certain declining sectors in terms of the para 5.17(a) of Hand Book of Procedures (HBP) of FTP, 2023 [Policy Circular No. 10/2023-2024 dtd 22nd February 2024]

Customs: CBIC amends notifications No. 55/2022 – Customs, dated 31.10.2022 and notification No. 64/2023 – Customs, dated 07.12.2023, in order to remove end date on export duty on Parboiled Rice and to prescribe specified condition on imports of Yellow Peas. [Notification No. 12/2024-Customs dtd 21st February 2024]’