News Update

I-T - Bonafide claim of deduction by assessee which was accepted in first round of proceedings does not tantamount to furnishing of inaccurate particulars, simply because it was disallowed later: ITATIndia-bound oil tanker struck by Houthi’s missiles in Red SeaSCO Defence Ministers' Meeting endorses 'One Earth, One Family, One Future'RBI issues draft rules on digital lendingI-T - In order to invoke revisionary jurisdiction u/s 263, twin conditions of error in order and also prejudice to interest of Revenue must be established independently: ITATCRPF senior official served notice of dismissal on charges of sexual harassmentIndian Air Force ushers in Digital Transformation with DigiLocker IntegrationColumbia faculty blames leadership for police action against protestersCX - When process undertaken by assessee does not amount to manufacture, even then CENVAT credit is admissible if such inputs are cleared on payment of duty which would amount to reversal of credit availed: CESTATGoogle to inject USD 3 bn investment in data centre in IndianaCus - The equipments are teaching accessories which enable students in a class to respond to queries and these equipments are used along with ADP machine, same merits classification under CTH 8471 60 29: CESTATUN says clearing Gaza mounds of rubble to take 14 yrsST - When issue is of interpretation, appellant should not be fastened with demand for extended period, the demand confirmed for extended period is set aside: CESTATBlinken says China trying to interfere US Presidential pollsWorld Energy Congress 2024: IREDA CMD highlights need for Innovative Financing Solutions
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WHAT'S NEW

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FREQUENTLY UPDATED
EXCISE & CUSTOMS : Import of Caustic soda - Midterm review initiated + Draft circular and notification for seeking comments on FSD Registration and Return
INCOME TAX : Draft Rules for prescribing the manner of determination of amount received by the company in respect of share - section 115QA of the Income-tax Act, 1961-reg + Manner of determination of FMV & reporting requirement for Indian concern - Indirect transfer provisions - Draft Rules
SERVICE TAX : Codes + TRU Letter + Refunds - Unjust Enrichment - CBEC Issues Draft Circular

REST IN ALPHABETICAL ORDER
CBEC: CBEC notifies Presidential Award for 40 officers & others this year + Review of Accredited Client Programme (ACP) and Authorized Economic Operator (AEO) programme -Revised AEO Guidelines + Draft Manifest (Vessels) And Conditions Of Transshipment, Transportation Of Goods Through Foreign Territory Regulations, 2016

CBDT : Section 9A - Constitution of Investment Fund - Rule 10VA - CBDT sets up Committee for approval of fund + Request for suggestions for legislative changes in direct tax laws - reg + Audited Accounts - CBDT extends due date for filing returns to October 17 as it clashes with due date for filing declarations under IDS, 2016

CVC : Circular + Observance of Vigilance Awareness Week - 2012 + Govt looking for a new CVC
DoPT : Letter + Office Memorandum + Ad-hoc Appointment/Promotion - Review of +Office Memorandum
MSME : Govt amends Rules for SMEs to furnish information
MoC : MoC sets up RoC offices in Seven State Capitals
MoF : Setting up of SPV to be called GST Network (GSTN SPV) + Resolution + Office Memorandum
MCA: Notice Inviting Comments On The Draft Companies (Accounting Standards) Amendment Rules 2016
NARCOTICS CONTROL : Notification No 1 + Notification No 2 + Notification + Notification Nos. 01/2011 + 02/2011-Narcotics Control-I
PASSENGER BAGGAGE : FAQ on Customs rules + cnt12_037
PPF : Payment of interest in respect of PPF (HUF) accounts + PPF can be prematurely withdrawn for higher education or medical treatment: MoF
SAVINGS SCHEME : Notification of Senior Citizens Welfare Fund Rules 2016 + MoF notifies 8% interest rate for Savings (Taxable) Bonds, 2003
SEZ :Draft Policy on Units in SEZs carrying on recycling of plastic scrap

TIOL Tube Latest

Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.


Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.