Daily Updates

Judicial Corner: 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.(05.04.2024)

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. (27.03.2024)

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 : Various Notifications (27.03.2024)

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 ...

DGFT: Various Notifications (27.03.2024)

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 ...

Customs : Various Notifications (27.03.2024)

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, ...

SEBI: Various Notifications (09.03.2024)

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 ...

RBI: Various Notifications (09.03.2024)

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 ...

Income Tax: Various Notifications (09.03.2024)

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 ...

DGFT: Various Notifications (09.03.2024)

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 ...

Customs: Various Notifications (09.03.2024)

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 ...

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)

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 ...

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)

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 ...

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).(06.03.2024)

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).(06.03.2024)

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.(06.03.2024)

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.(02.03.2024)

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 (02.03.2024)

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 ...

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 (02.03.2024)

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 ...

RBI: Revised regulations w.r.t RBI (Bharat Bill Payment System) Directions, 2024 have been introduced.(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, Except for CITES and SCOMET Goods.(01.03.2023)

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 ...