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...
The notification amends the existing Customs notification No. 50/2017 to implement various Basic Customs Duty (BCD) rate changes effective February 2, 2025. Key modifications include: - New entries for frozen fish paste (5% BCD) and fish hydrolysate (5% BCD) for specific manufacturing purposes - Restructuring of duty rates for drugs/medicines in List 3 (5%) and List 4 (Nil) - Zero duty on wet blue leather and certain metal waste/scrap - Reduced BCD on motor cycles based on engine capacity and assembly condition (ranging from 10-40%) - Extended concessional rates until March 31, 2035 for certain items - Addition of several new life-saving drugs to List 4 for nil duty benefit - New condition for export obligation within 12 months for certain imported goods - Removal/modification of various provisos and conditions across multiple tariff entries The changes aim to rationalize duty structure, support domestic manufacturing, and reduce costs for essential items including pharmaceuticals and raw materials.
The notification amends the existing Customs notification No. 50/2017 to implement various Basic Customs Duty (BCD) rate changes effective February 2, 2025. Key modifications include: - New entries for frozen fish paste (5% BCD) and fish hydrolysate (5% BCD) for specific manufacturing purposes - Restructuring of duty rates for drugs/medicines in List 3 (5%) and List 4 (Nil) - Zero duty on wet blue leather and certain metal waste/scrap - Reduced BCD on motor cycles based on engine capacity and assembly condition (ranging from 10-40%) - Extended concessional rates until March 31, 2035 for certain items - Addition of several new life-saving drugs to List 4 for nil duty benefit - New condition for export obligation within 12 months for certain imported goods - Removal/modification of various provisos and conditions across multiple tariff entries The changes aim to rationalize duty structure, support domestic manufacturing, and reduce costs for essential items including pharmaceuticals and raw materials.
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