Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
CBIC modified requirements for Lab Grown Diamonds (LGD) export declarations through customs notification. While maintaining mandatory additional qualifiers for most synthetic/reconstructed diamonds as per earlier Circular 21/2024-Customs, the Board introduced a significant relaxation. For LGDs (HPHT/CVD) weighing less than one carat, declaration of additional qualifiers is now voluntary rather than mandatory. This modification addresses industry concerns about increased dwell time during export processing of smaller synthetic diamonds. The change aims to facilitate smoother trade operations while maintaining necessary oversight for larger synthetic diamond exports. All other provisions from the previous circular remain in effect.
CBIC modified requirements for Lab Grown Diamonds (LGD) export declarations through customs notification. While maintaining mandatory additional qualifiers for most synthetic/reconstructed diamonds as per earlier Circular 21/2024-Customs, the Board introduced a significant relaxation. For LGDs (HPHT/CVD) weighing less than one carat, declaration of additional qualifiers is now voluntary rather than mandatory. This modification addresses industry concerns about increased dwell time during export processing of smaller synthetic diamonds. The change aims to facilitate smoother trade operations while maintaining necessary oversight for larger synthetic diamond exports. All other provisions from the previous circular remain in effect.
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TaxTMI 
TaxTMI 
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