Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
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...
The Policy Circular No. 01/2024 issued by the Directorate General of Foreign Trade provides clarification on the discharge of export obligations of Advance Authorisation (AA) under specific Customs Notifications. Advance Authorisation holders have the option to fulfill export obligations through physical exports or domestic supplies as per FTP 2015-2020 guidelines. The circular harmonizes Para 4.14 of FTP 2015-2020 with Customs Notification No. 01/2019-Customs, allowing AA holders issued after 10.01.2019 to choose various options for fulfilling export obligations, including supplies to specific entities and capital goods supply against EPCG authorization. Holders of Advance Authorisation for deemed exports under Customs Notification No. 21/2015-Customs can also fulfill obligations through specified supplies or physical exports. The circular is approved by the DGFT and provides clarity on compliance options for AA holders.
The Policy Circular No. 01/2024 issued by the Directorate General of Foreign Trade provides clarification on the discharge of export obligations of Advance Authorisation (AA) under specific Customs Notifications. Advance Authorisation holders have the option to fulfill export obligations through physical exports or domestic supplies as per FTP 2015-2020 guidelines. The circular harmonizes Para 4.14 of FTP 2015-2020 with Customs Notification No. 01/2019-Customs, allowing AA holders issued after 10.01.2019 to choose various options for fulfilling export obligations, including supplies to specific entities and capital goods supply against EPCG authorization. Holders of Advance Authorisation for deemed exports under Customs Notification No. 21/2015-Customs can also fulfill obligations through specified supplies or physical exports. The circular is approved by the DGFT and provides clarity on compliance options for AA holders.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4794
Join Channel
TaxTMI 
