Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The tax authority amended a prior instruction so prosecution under the Black Money Act (sections 49/50) will not be initiated where penalty under sections 42/43 is not imposed or imposable for undisclosed foreign assets (other than immovable property) whose aggregate value did not exceed Rs.20 lakh at any time in the relevant previous year. The amendment aligns the instruction with the Finance (No.2) Act, 2024 change raising the threshold from the earlier lower amount, and took effect when the statutory amendment became operative.
The tax authority amended a prior instruction so prosecution under the Black Money Act (sections 49/50) will not be initiated where penalty under sections 42/43 is not imposed or imposable for undisclosed foreign assets (other than immovable property) whose aggregate value did not exceed Rs.20 lakh at any time in the relevant previous year. The amendment aligns the instruction with the Finance (No.2) Act, 2024 change raising the threshold from the earlier lower amount, and took effect when the statutory amendment became operative.
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