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CBIC issues clarification on Insurance amount and Bond Value for Custom Cargo Service Providers CCSPs and validity of Bond for AEO-LO Circular No. 22 /2024-Customs File No. 520/32/2022-Cus-VIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes and CustomsCustoms Policy Wing Room No. 252A, North Block, …
ICAI issues revised Criteria for classification of Non-company entities for applicability of Accounting Standards issued by it. The Council of the ICAI at in August 2024, considered the revised criteria for classification of Non-company entities for applicability of Accounting Standards issued by The Institute of Chartered Accountants of …
Government reduces turnover limit from Rs. 500 crores to Rs. 250 crores for applicability of Trade Receivables Discounting System platform Companies with turnover more than Rs. 250 crore to comply with Trade Receivables Discounting System platform. This will enable MSME to access credit from banks based on their …
Addition confirmed by High Court as assessee failed to rebut presumption drawn u/s 68 rws 69A In a recent judgment, Hon’ble Chhattisgarh High Court confirmed the addition for cash deposit in bank account as AO, CIT(A) and ITAT gave concurrent finding that the assessee did not produce any …
DRI officers are “proper officers” and are competent to issue show cause notice u/s 28 the Customs Act, 1962 for custom duty recovery – Supreme Court In a recent judgment, Hon’ble Supreme Court has held that officers of Directorate of Revenue Intelligence, Commissionerates of Customs (Preventive), Directorate General …
Pooja Expenses incurred allowable business expenditure under section 37 of the Income Tax Act, 1961 – ITAT In a recent judgment, ITAT Nagpur has held that Pooja Expenses incurred were allowable business expenditure under section 37 of the Income Tax Act, 1961. ABCAUS Case Law Citation:4311 (2024) (11) …
SEBI directs Mutual Funds to disclose expenses, half yearly returns, yield and risk-o-meter of schemes Under the current regulatory framework for Mutual Funds, various disclosure requirements have been mandated, which include disclosures by Mutual Funds with respect to expenses and risks pertaining to schemes. Based on the recommendation …
Corrigendum to issued to rectify mistake in original assessment order was a valid assessment order – ITAT In a recent judgment, ITAT Chennai has held that corrigendum to assessment order issued by the Assessing Officer (AO) to rectify mistake in original assessment order was a valid assessment order. …
Guidelines for Customs field formations in maintaining ease of doing business while engaging in investigation into tax evasion cases in import or export Instruction No.27/2024-Customs F. No. 394/39(14)/2018-Commr.(lnv.-Cus.)Government of IndiaMinistry of Finance,Department of RevenueCentral Board of Indirect Taxes and Customs(Investigation-Customs) New Delhi, 01 November, 2024 ToAll Principal Chief …
CBDT issues guidelines and monetary limits of the income-tax authorities for reduction or waiver of interest paid or payable u/s 220(2) Circular No. 15/2024 F. No. 400/08/2024-IT(B)Government of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes******** New Delhi, 4th November, 2024 Subject: Order under section …
