Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
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Instruction No. 15/2024-Customs, issued by the Central Board of Indirect Taxes and Customs, mandates the transition of Duty Drawback payment process to the Public Finance Management System (PFMS) from 5th June, 2024. The new procedure eliminates printing of Drawback scrolls and issuing cheques, streamlining the process. Customs officers will process Duty Drawback scrolls, which will be automatically transmitted to the Central Nodal eDDO and then to the nodal ePAO for approval. Subsequently, Duty Drawback amounts will be credited directly into exporters' bank accounts linked with PFMS. Prior to the implementation date, all pending Drawback scrolls must be processed, and cheques issued. Jurisdictional authorities must inform the PAO and banks about the last cheque issued and return unused cheque books. A Trade Notice should be issued for awareness, and any implementation challenges should be reported to the Board.
Instruction No. 15/2024-Customs, issued by the Central Board of Indirect Taxes and Customs, mandates the transition of Duty Drawback payment process to the Public Finance Management System (PFMS) from 5th June, 2024. The new procedure eliminates printing of Drawback scrolls and issuing cheques, streamlining the process. Customs officers will process Duty Drawback scrolls, which will be automatically transmitted to the Central Nodal eDDO and then to the nodal ePAO for approval. Subsequently, Duty Drawback amounts will be credited directly into exporters' bank accounts linked with PFMS. Prior to the implementation date, all pending Drawback scrolls must be processed, and cheques issued. Jurisdictional authorities must inform the PAO and banks about the last cheque issued and return unused cheque books. A Trade Notice should be issued for awareness, and any implementation challenges should be reported to the Board.
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