Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Where import duty was paid through duty credit scrips, any drawback under section 74 or refund under section 27 of the Customs Act, 1962 is to be granted by re-credit, not in cash. For RoDTEP/RoSCTL scrips, the amount is to be re-credited to the IEC holder's electronic credit ledger and may be used for generation of e-scrips under the prescribed scheme. For legacy scrips such as MEIS or SEIS, where direct re-credit is not feasible, Customs must issue a re-credit certificate containing the utilised scrip details, import date and debited amount. The circular also notes that CBIC will issue further system guidance after module development.
Where import duty was paid through duty credit scrips, any drawback under section 74 or refund under section 27 of the Customs Act, 1962 is to be granted by re-credit, not in cash. For RoDTEP/RoSCTL scrips, the amount is to be re-credited to the IEC holder's electronic credit ledger and may be used for generation of e-scrips under the prescribed scheme. For legacy scrips such as MEIS or SEIS, where direct re-credit is not feasible, Customs must issue a re-credit certificate containing the utilised scrip details, import date and debited amount. The circular also notes that CBIC will issue further system guidance after module development.
Note: It is a system-generated summary and is for quick reference only.
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