https://www.pdicai.org/Docs/Notification-No-117-2024_21102024144452724.pdf
Read More →The CBIC on Friday said it has reduced compliance burden for customs cargo service providers (CCSPs) by reducing number of days for insurance of stored goods and removing licence renewal process for AEO-compliant entities. In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said these measures aim to reduce operational costs and compliance burdens for CCSPs, that play a crucial role in handling of imported and exported goods. It would also improve efficiency of EXIM operations and facilitate global trade. The CBIC has notified reduction in the number of days for insurance of stored goods by amending the Customs Areas Regulations, 2009, which require CCSPs to insure goods stored in Customs areas for a period of 10 days in terms of Handling of Cargo. It has been notified to reduce it to 5 days as a trade facilitation measure. "This will enhance the cash flow for the entities by reducing the cost," the statement said.
Read More →An amnesty scheme for customs, reduction in tax rates for individuals and Limited Liability Partnership firms, easier tax compliance, fast tracking of faceless appeals and a dedicated dispute resolution mechanism top India Inc's wishlist for the next Budget submitted to the government. Representatives from all four key industry bodies, CII, FICCI, ASSOCHAM and PHDCCI, have put forth detailed recommendations with regard to the Budget, to be presented on February 1, 2025, in separate meetings held with top Finance Ministry officials. Industry body FICCI sought the introduction of an "Amnesty Scheme under Customs" as a one-time settlement scheme to clear past dues, arguing that it will help the industry to reduce the baggage of litigation. Similarly, Assocham has also pitched for the introduction of a comprehensive Tax Amnesty Scheme under Customs. "A one-time settlement scheme to clear past litigations can be considered by the Government, on the lines similar to Sabka Vishwas Legacy Dispute Resolution Scheme, 2019 for pre-GST era indirect taxes and Vivad Se Vishwas for Income tax," Assocham stated.
Read More →From April 1, 2025 onwards, businesses with Aggregate Annual Turnover (AATO) greater than Rs 10 crore will not be allowed to report e-invoices older than 30 days on the date of reporting under the goods and services tax (GST). The reform will ensure on-time tax payment and will regulate the delays in reporting of tax invoices, streamlining the GST ecosystem as a whole. Earlier this time limit restriction was applicable for taxpayers with AATO greater than or equal to 100 crores. "From 1st April 2025, taxpayers with an AATO of 10 crores and above would not be allowed to report e-Invoices older than 30 days from the date of reporting on IRP portals," said an advisory issued late Tuesday, by the GST e-invoice systems. The e-Invoice System is for GST-registered people for uploading all the business-to-business (B2B) invoices to the Invoice Registration Portal (IRP). The IRP generates and returns a unique Invoice Reference Number (IRN), digitally signed e-invoice and QR code to the user.
Read More →The income tax department on Saturday extended the deadline for filing income tax returns by corporates by 15 days till November 15 for assessment year 2024-25. In a circular, the Central Board of Direct Taxes (CBDT) said the deadline will be extended from the earlier target date of October 31. The new deadline for Assessment Year 2024-25 (for furnishing tax returns for fiscal 2023-24) is November 15. Nangia Andersen LLP Tax Partner Sandeep Jhunjhunwala said this extension would not apply to the Tax Audit Report, transfer pricing certification in Form 3CEB and other income tax forms like Form 10DA, for which the deadline would remain October 31, 2024. AMRG & Associates Senior Partner Rajat Mohan said the CBDT's decision to extend the deadline for filing income tax returns for AY 2024-25, though not accompanied by an official explanation, seems aligned with the upcoming festive season. "By extending the deadline to November 15, 2024, taxpayers and professionals alike can prioritise accuracy and compliance without the stress of last-minute filings amidst celebrations," Mohan said.
Read More →The central board of direct taxes (CBDT) has set monetary limitations for waiver or Reduction of Interest on Tax Payments with riders. According to the circular issued late night Monday, principal chief commissioners of Income Tax can waive up to Rs. 50 lakhs, chief commissioners or director generals of Income Tax can waive between Rs. 50 lakhs and Rs. 1.5 crores, and principal chief commissioners of Income Tax can waive interest above Rs. 1.5 crores. The notification will be effective Tuesday. The interest waiver or reduction will be considered if payment of the amount would cause genuine hardship to the taxpayer, or if default was due to circumstances beyond their control, the circular said. Taxpayers must also co-operate in assessment or recovery proceedings, the circular added.
Read More →The Central Board of Direct Taxes (CBDT), under the Department of Revenue, Ministry of Finance, has recently released updated regulations outlining the process for granting condonation of delays in submitting income tax returns (ITRs) that include claims for refunds or carrying forward losses. These latest directives effectively override any prior guidelines or instructions that were in place. Here are the top points: 1. The authority to approve or deny claims based on amounts are allocated as follows: • Claims up to Rs 1 crore will be decided by Principal Commissioners of Income Tax (Pr. CsIT). • Claims falling between Rs 1 crore and Rs 3 crore are within the jurisdiction of Chief Commissioners (CCsIT). • Claims exceeding Rs 3 crore will be handled by Principal Chief Commissioners (Pr. CCsIT). 2. Time limits for submission of condonation applications: Taxpayers are required to submit condonation applications within five years from the conclusion of the assessment year for refunds or losses claims. This regulation is applicable to applications submitted post October 1, 2024. Authorities must aim to process these applications within six months. 3. Approval Criteria In order to be approved, the taxpayer must show a legitimate justification for the delay and prove that they experienced difficulties in meeting the deadline for filing. If necessary, the authorities may assign a local tax officer to look into the matter. 4. Special Cases: In instances where a refund is issued due to a court order, the five-year limit for refund claims does not include the time the case was under court consideration. Taxpayers are allowed six months from the date of the court order to request condonation. Additional refund claims, known as supplementary refund claims, may be reviewed according to these guidelines. 5. Late refund claims: No interest will be paid on late refund claims; taxpayers filing for delayed refunds should take note of this policy.
Read More →The deadline for submitting income tax audit reports using Form 10B/10BB has been extended for certain taxpayers. The new deadline for this category of taxpayers to submit their tax audit reports is November 10, 2024. This extension was announced by the Ministry of Finance through the Central Board of Direct Taxes (CBDT) in an order dated October 7, 2024. Which taxpayers will enjoy the extended deadline to submit tax audit report According to the order by the Ministry of Finance, these taxpayers will benefit from this extended deadline: Trusts, institutions, funds, and Others who are liable to file a tax audit report using Form 10B/10BB. Individuals with business or professional income who are subject to a tax audit under section 44AB need to submit their audit report using Form 3CD, 3CA, and 3CB. The extended deadline for these taxpayers was October 7, 2024. It has been brought to the notice of the CBDT that in some cases, such trusts/institutions/funds, could not file the audit report in the correct prescribed form The CBDT in exercise of the powers conferred under section 119 of the Act, hereby further allows such trusts / institutions/ funds to furnish such audit report in the applicable Form No. 1OB / 10BB on or before 10 November, 2024," said CBDT in the said order under section 119.
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