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Budget 2024 Updates

Pax plane crashes with 23 onboard at Kathmandu airportINDIA bloc boycotts Parliament; says Budget is discriminatoryI-T- Re-assessment - additions quashed as assessee given fresh opportunity to adduce evidence; nevertheless, assessee failed to participate in hearing despite multiple notices - costs of Rs 40000/- imposed on assessee: HCCX - Final product is copper cathodes and not sulphuric acid, which is a by-product - Oxygen gas captively consumed in manufacture of sulphuric acid is entitled to exemption in terms of notification 67/95-CE: HCGST - Same input and output supplies though attracting different tax rates at different points of time - Since para 3.2 of Circular 135 has been struck down as ultra vires, refund to be extended: HCGST - Demand confirmed since petitioner failed to file a reply - Petitioner can be given one opportunity to explain subject to they depositing 25% of disputed tax from its Electronic Cash register: HCGST - Petitioner's assertion that the ITC available in GSTR-2A exceeds that availed of in GSTR-3B was not considered - Matter remanded; bank attachment lifted: HCGST - Legitimate trade and commerce by every supplier should be allowed to be carried on subject to payment of tax and statutory compliance - Registration to be revived: HCGST - Petitioner unaware of SCNs and the orders passed - Subject to petitioner depositing 25% of disputed tax, matter remanded: HCTaxonomy is not about taxesBudget for Vikasit BharatI-T- Re-assessment invalidated where AO fails to record reasons for re-opening assessment & omits to apply mind before issing notice: ITATWill the Old Tax Regime be Consigned to A Margadarshak Role?I-T - Merely because there were rates differential amongst purchases from different vendors, it cannot be sole reason to infer over-invoicing / inflation of purchases: ITATGSTAT to deal with Anti-Profiteering casesI-T- Proceeds from sale of unsold lottery tickets lying with assessee who is engaged as dealer of lottery tickets, is to be construed as business income : ITATDepartment of Posts releases beta version of DIGIPIN for public commentsI-T-Business loss incurred by the assessee after exclusion of price money from net profit is eligible for set off against winning from lotteries under section 71 of the Act: ITATGovt issues Guidelines for 'Incentives to DISCOMs'I-T- Provisions of Section 44AE cannot be applied to an assessee whose contractor engaged in leasing vehicles owns less than 10 vehicles: ITATGovt has taken initiatives to promote exploration and processing of critical mineralsCX - Since goods have been imported and received at factory of appellant, photocopies of Bills of Entry are supported by certificate for loss of original as well as certificate issued by customs authorities for payment of duty, appellant is eligible for credit: CESTATMajor steps taken for Water Conservation and Rainwater HarvestingST - As per CBEC Circular No. 555/51/2000-CX.1 dated 19.10.2000, where amended provision u/s 11A is invoked to demand duty, it will have retrospective operation: CESTATJuly 21 (Sunday) was hottest day on earth since Ice Age: ScientistsRajasthan gets new industrial park in Union BudgetKamala Harris narrowly beats Trump in latest Presidential SurveyOver 200 killed in landslides in EthiopiaMacron to retain caretaker govt till OlympicsRepublicans at pain as Harris takes over Biden’s campaign fundsTN Chief Minister to boycott NITI Aayog Saturday meeting as TN gets nothing from BudgetBudget 2024 promotes New income tax regime; offers new tax slabs as sopBudget bonanza for MSMEs - Easier access to credit; boosting export capacityThe GST Summons: A relative can appear!Conditions for revocation of cancellation of registration - May be, maybe not!FM offers fiscal sops if land reforms are done within next 3 yrsAngel tax dumped for all classes of investorsDeduction hiked on non-govt employers' contribution to pension schemeBudget 2024: Gold, Cellphones, Cancer medicine now cheaperBenami Act: Immunity can now be withdrawn on IO reportBenami Act: 90 days time limit proposed to reply to noticeTPO gets powers to deal with domestic transactionsOne more Vivad Se Vishwas Scheme; Date to be notifiedNo deduction u/s 37 for settlement amount if paid for violation of any lawFM proposes to lessen tedium of TDS; reduces rates in many casesFM overhauls capital gains regime; to come into play from todayFM hikes exemption limit for long-term capital gain to Rs 1.25 lakh + hikes tax rate to 12.5% on specified financial assetsTourism: Temple corridors to be developed in BiharCGST - Finance Bill proposes to amend Sec 9 to take ENA out of purview of GST + inserts Sec 11A to regularise non-levy of tax on general practice in tradeCGST - Sub-sections to be inserted in Act to relax time-limit to avail ITC u/s 16(4) + New Sec 74A proposed to provide for common time limit for demand notices in fraud cases3.4% of GDP allocated as Capital expenditure to support infra sectorCGST - Proviso to be inserted in Sec 30(2) to provide for enabling conditions for revocation of registration + Amendment in Sec 39 to mandate return filing by TDS deductors even if there is no deduction in a particular monthIGST - Amendment proposed to prohibit refund of unutilised ITC on zero-rated supplyIncome tax - Finance bill revamps re-assessment regime againCustoms - Finance Bill proposes to amend Sec 28DA for acceptance of different types of proof of origin under FTAsFM hikes standard deduction to Rs 75K for new ITR regime + revises tax rates for all income slabs + Rs 7000 Cr revenue foregoneIncome tax - Search & Seizure cases - Block assessment is backBudget withdraws 2% equalisation levyFM reduces corporate tax rate for foreign companies to 35%FM proposes vivad se vishwas scheme + hikes monetary limits for filing appealsFM proposes 20% capital gains tax on short-term assets + listed financial assets held for more than one year to be classified as long-termGovt scraps TDS on Mutual Funds + decriminalises delay in depositing TDS + rationalisation of compounding of offences + revamps reassessment periodFM reduces customs duty on gold and silver to 6% + Nil BCD on nickel cathodeBudget proposes to reduce BCD on mobile phone and chargers to 15% + exempts 25 minerals from customs dutyFM proposes Rs 48 lakh expenditure outlay; 4.9% fiscal deficitIBC - More Benches of NCLT to be set up to speed up recovery

MESSAGE BOARD

   

Pre-import condition in advance authorization - Cure is worse than disease


Exemption of goods imported against advanced authorisation

Sir, good article indeed. There is another articles on the same subject published today providing different interpretation on the subject matter . please see https://taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=33407 . Kindly offer your views for the sake of readers

mallikarjun reddy c 07/05/2018

 

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