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...
Procedures for bank guarantees and customs bonds under Indian customs law, detailing obligations for importers/exporters (obligors) and banks. Key provisions include: The bank guarantee framework requires banks to undertake payment to the government up to a specified amount in case of breach by obligors. Banks must provide unconditional guarantees without demur upon government demand, with liability restricted to the guaranteed amount. The guarantee remains effective until obligations are fulfilled and certified by relevant authorities. Banks cannot revoke guarantees during currency without prior government consent. Electronic transmission through SFMS (Structured Financial Messaging System) is mandatory for operationalizing paper bank guarantees, with specific message formats and field requirements. Non-compliance with SFMS procedures may prevent guarantee confirmation and subsequent processing.
Procedures for bank guarantees and customs bonds under Indian customs law, detailing obligations for importers/exporters (obligors) and banks. Key provisions include: The bank guarantee framework requires banks to undertake payment to the government up to a specified amount in case of breach by obligors. Banks must provide unconditional guarantees without demur upon government demand, with liability restricted to the guaranteed amount. The guarantee remains effective until obligations are fulfilled and certified by relevant authorities. Banks cannot revoke guarantees during currency without prior government consent. Electronic transmission through SFMS (Structured Financial Messaging System) is mandatory for operationalizing paper bank guarantees, with specific message formats and field requirements. Non-compliance with SFMS procedures may prevent guarantee confirmation and subsequent processing.
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TaxTMI 
TaxTMI 
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