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Latest Updates on Income Tax, GST, Customs, Corporate Laws & more

Highlights Highlights, Income Tax, GST, Import Eport and Corporate Laws


























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Articles Articles, Tax Laws, GST

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Customs:

Navigating Trade Restrictions: India's Stance on North Korea Exports and Imports

IBC:

Deadline Adherence in Insolvency Claims: The Supreme Court on Enforcing Arbitration Awards Amidst Insolvency

IBC:

Resolution Plan Approvals: The Supreme Court's Clarification on NCLT and NCLAT's Jurisdiction in Insolvency Resolution.

Income Tax:

Navigating Tax Exemptions u/s 80P: The Supreme Court's Verdict on Cooperative Societies vs. Banks

Customs:

Supreme Court Verdict on Pre-Import Condition and IGST Exemptions: A Legal Analysis

Indian Laws:

Understanding Beneficial Ownership: A Landmark Admiralty Case in India

Customs:

Beneficial Ownership, Beyond Baggage in Customs Law: Seizure of foreign currency

SEZ:

Expanding Trade Horizons: The 2023 Amendment to SEZ Rules for Gem and Jewellery Units

GST:

The Significance of Signature: A Landmark Decision on GST Assessment Orders

Income Tax:

Principles of Natural Justice in Tax Litigation: Unraveling the Significance of Cross-Examination Rights in Tax Cases

Income Tax:

Deadline Extension for Processing E-Filed Tax Returns: Refund Claims on Income Tax Returns

DGFT:

Deadline Extended for Pharmaceutical Track and Trace System Implementation

Corporate Law:

MCA Announces Establishment of Central Processing Centre at IMT Manesar

Customs:

Export Obligation Compliance: Detailed SOPs for EPCG and Advance Authorization Holders

IBC:

IBBI Circular Update: Key Takeaways for Insolvency Professionals and Stakeholders

Income Tax:

Modes of filing of ITR: Amendments to Rule 12 of the Income Tax Rules 1962

GST:

Finance Bill, 2024 Insights: The Expansion of Input Service Distributor's (ISD) Role in GST

Indian Laws:

Understanding Burden of Proof in Cheque Bounce Cases: Insights from a Landmark Judgment

Indian Laws:

Analysis of Vicarious Liability under Section 141 of the NI Act in Partnership Firms: Liability in Cheque Bounce Cases

Income Tax:

Navigating Legal Timelines: The Impact of Incomplete ITBA Orders on Appeal Limitations.

Income Tax:

Navigating the Thin Line Between Charity and Commerce: Amendment of Trust Deed and Compliance with Section 13(1)(c)

Income Tax:

Changing Objectives of Registered Societies: Exemption u/s 11 and survival of the Registration u/s 12A r.w.s 12AA

Income Tax:

Judicial Scrutiny of Residential Status and Jurisdictional Shift in Income Tax Cases

Income Tax:

Scrutinizing the Genuineness of Gifts in Income Tax Law: Taxability of Gift u/s 68

Income Tax:

Interpreting TDS Liability u/s 194-I against Lease Payments: A Legal Analysis of Security Deposit vs. Rent for Tax Purposes

More Notes

Notifications Notifications

FTP

- Amendment in Para 2.39 of the Foreign Trade Policy, 2023

PMLA

- Reporting Entities notified for Aadhaar authentication service of the Unique Identification Authority of India u/s 11A of the Prevention of Money-laundering Act, 2002

ADD

- Seeks to amend notification No. 14/2019-Customs(ADD) dated 25.03.2019, in order to change the name of the producer from 'M/s Mitsui Phenols Singapore Pte. Ltd' to 'M/s INEOS Phenol Singapore Pte. Ltd' pursuant to DGTR recommendation

IT

- Panjab University, Chandigarh under the category of ‘University, college or other institution’ for ‘Scientific Research’ for the purposes of clause (ii) of sub-section (1) of section 35

Indian Law

- Seeks to bring in force provisions of Bharatiya Nyaya Sanhita, 2023 , except the provision of sub-section (2) of section 106

Indian Law

- Seeks to bring in force provisions of Bharatiya Sakshya Adhiniyam, 2023

Indian Law

- Seeks to bring in force provisions of the Bharatiya Nagarik Suraksha Sanhita, 2023

SEZ

- Central Government de-notifies an area of 4.4723 hectares at Village Gwal Pahari, Gurugram in the State of Haryana

CST

- Designated Indian Carrier - M/s SNV Aviation Private Limited (Akasa Air).

FTP

- Extension in Import Period for Yellow Peas under ITC (HS) Code 07131010 of Chapter 07 of ITC (HS), 2022, Schedule -l (Import Policy)

SEZ

- Central Government de-notifies area at Kuvakolli Village, Vardaiah Palem Mandal, Chittoor District, in the State of Andhra Pradesh.

CGST

- Seeks to notify “Public Tech Platform for Frictionless Credit” as the system with which information may be shared by the common portal based on consent under sub-section (2) of Section 158A of the Central Goods and Services Tax Act, 2017.

IT

- Corrigendum - Notification No. 19/2024 dated 31st January, 2024

Cus (NT)

- Appointment of Common Adjudicating Authority for the purpose of adjudication of finalization of Provisional Assessment in SVB case w.r.t. M/s Royal Canin India Pvt. Ltd

Cus

- Seeks to amend notification 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.

More Notifications

Circulars/ Public Notices Circulars/ Public Notices

DGFT

- Amendments in Standard Input Output Norms (SION) C-831 for export of Stainless Steel Seamless Tubes/ Pipes (Cold Finished)

Customs

- Vide Public Notice No. 87/2023-24 dated 05.10.2023, under the provision of Section 10 & 8(b) of the Customs Act, 1962, the additional Liquid Cargo Jetty LB03/04 of M/s. JNPA, consisting of unloading platform of size 108m x 50m, mooring dolphins 04 Nos. & pump house 49m x 20m located at Jawaharlal Nehru Port, Village Nhava Sheva, Taluka Uran, Dist. Raigad, Maharashtra has been notified as Customs Area for unloading of Liquid Cargo.

Customs

- Invitation of applications for empanelment of Chartered Engineers for examination/valuation of Second / Old & Used machinery/goods etc. in the jurisdiction of Jawaharlal Nehru Custom House, Mumbai Customs Zone - II- Regarding.

Customs

- Declaration of Additional area as Customs Area under Section 8 (b) of Customs Act , 1962 for M/s Triway Container Freight Station Pvt. Ltd. – Regarding.

DGFT

- Relief in Average Export Obligation in terms of the para 5.17(a) of Hand Book of Procedures (HBP) of FTP, 2023

Insolvency and Bankruptcy

- Enhancing Transparency and Stakeholder Engagement in Liquidation Process

Insolvency and Bankruptcy

- Deposit and withdrawal of unclaimed dividends and / or undistributed proceeds in accordance with regulation 46 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Regulations)

DGFT

- Suspension of inoperative SIONs w.e.f. 1st April, 2024

Customs

- Order under Rule 5 of the Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023 for the Linear Alkyl Benzene (LAB) – reg.

SEBI

- Centralization of certifications under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) at KYC Registration Agencies (KRAs)

Customs

- Bonds - To furnish KYC details of the company / individual like PAN, GSTN details, contact numbers of authorized person, bank account details of the company and Aadhar details of the proprietor/managing partner/director for the various bonds executed by importers under Custom Law- Reg.

Central Excise

- Rescind Instruction dated 30.08.2023 issued vide F. No. 275/06/2022-CX.8A. (Pt.I)

Customs

- Compliance of imported consignments of Boric Acid (Technical Grade) with notified Bureau of India Standards (Standards for Boric Acid) Order, 2019

Companies Law

- Deployment and usage of Change Request Form (CRF) on MCA-21

DGFT

- Clarification regarding Notification No. 60 dated 13.02.2024.

More Circulars

News News, PIB

Union Finance Minister Smt. Nirmala Sitharaman launches Electronic Data Interchange (EDI) at remote Land Customs Stations in North Eastern States


Monthly Review of Accounts of Government of India upto January, 2024 for the Financial Year 2023-24


Finance Secretary Dr. T.V. Somanathan to preside over as Chief Guest for the 48th Civil Accounts Day celebrations in New Delhi tomorrow


Credible Communication – Perspective and Thoughts (Padma Bhushan Professor Emeritus Dr. M.V. Pylee Memorial Lecture - delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India on Monday, February 26, 2024, at the School of Management Studies; Cochin University of Science and Technology, Kochi)


India stresses need for policy space for digital industrialization at ongoing WTO Ministerial Conference-13 in Abu Dhabi


Instances of Delay in registration reported by some Taxpayers despite successful Aadhar Authentication in accordance with Rule 8 and 9 CGST, Rules, 2017


India calls for restoration of Appellate Body and Dispute Settlement Reforms at ongoing WTO Ministerial Conference-13 in Abu Dhabi


Union Finance Minister Smt. Nirmala Sitharaman to inaugurate EDI enablement at Land Customs Stations of North East and also preside over handing over ceremony of seized antiquities by Customs to ASI tomorrow


RBI invites comments on the “Draft Disclosure framework on Climate-related Financial Risks, 2024”


Triple track of strong macroeconomic fundamentals, infrastructure push and social welfare powering India’s growth: Sh. Goyal


WTO negotiation session on Fisheries Subsidies held at ongoing Abu Dhabi Ministerial Conference-13


WTO negotiation session on Agriculture held at ongoing Abu Dhabi Ministerial Conference-13


Domestic Regulations on Services: A Big Win for Multilateralism


Infrastructure Finance Secretariat (IFS), Department of Economic Affairs (DEA), holds workshop on ‘Public Private Partnership (PPP) Project Structuring Toolkit for Water and Sanitation Sector’ in New Delhi


PFRDA notifies amendments to Retirement Adviser (RA) regulations for Good Governance and ease of compliance


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