Providing relief to custodians of Inland Container Depots (ICDs) and Container Freight Stations (CFSs) across the country, the CBIC has streamlined the procedure of closure of these facilities in a maximum of four months only. No timeline was specified earlier.…
The Central Government has amended Foreign Trade Policy 2015-20 (FTP) for introducing a Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP). The scheme for zero-rating of exports will boost India’s exports & competitiveness in the global markets. A…
An Advisory has been issued by the Goods and Services Tax Network (GSTN) on filing of annual returns by composition taxpayers in the case of negative liability in GSTR-4. The advisory has been issued because there are Instances where taxpayers are…
CBDT (Central Board of Direct Taxes) has extended submission of the Forms 15CA & 15CB in manual format to the (AD) authorised dealers till 15th August, 2021. Earlier the taxpayers could submit Forms 15CA/15CB in manual format to the authorized…
The Reserve Bank of India (RBI), has issued a notification on the Roadmap for LIBOR (London Interbank Offered Rate). The RBI had, in August 2020, requested banks to frame a Board-approved plan, outlining an assessment of exposures linked to the…
The Reserve Bank of India (RBI) issued an advisory to banks and other RBI-regulated entities emphasizing the need for preparedness for the transition away from London Interbank Offered Rate (LIBOR). The Financial Conduct Authority (FCA), UK, in a press statement…
CBIC (Central Board of Indirect Taxes & Customs) has recently reviewed the implementation of Faceless Assessment and discussed the further measures required for expediting the pace of assessment and Customs clearance of imported goods. Accordingly, the Board via “Circular No.14…
The CBDT (Central Board of Direct Taxes) has passed order under section 119 of the Income-tax Act, 1961 with regards to “Processing of returns with refund claims under section 143(1) of the Income-tax Act, 1961 beyond the prescribed time limits…
CBDT (Central Board of Direct Taxes) has extended submission of the Forms 15CA & 15CB in manual format to the (AD) authorised dealers till 15th July, 2021. Earlier the taxpayers could submit Forms 15CA/15CB in manual format to the authorized…
The Statement of TDS (TDS Return) for quarter four of the Financial Year 2020-21, required to be furnished on or before 30th June 2021 may be furnished on or before 15th July 2021. The CBDT, through Notifications nos. 74/2021 & 75/2021 dated 25th June…
