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 central bank directed authorised dealer Category-I banks to allow reconciliation and closure of export/import EDPMS/IDPMS entries of up to Rs.10 lakh per bill based on a declaration by the exporter/importer that payment was realized/paid, permitting declared or invoice value reductions and quarterly consolidated declarations for bulk closing; banks must review and align handling charges with services rendered and must not levy penal charges for regulatory-related delays. The instructions take immediate effect, will be reflected in updated master directions, and are issued under FEMA, without prejudice to other legal permissions.
The central bank directed authorised dealer Category-I banks to allow reconciliation and closure of export/import EDPMS/IDPMS entries of up to Rs.10 lakh per bill based on a declaration by the exporter/importer that payment was realized/paid, permitting declared or invoice value reductions and quarterly consolidated declarations for bulk closing; banks must review and align handling charges with services rendered and must not levy penal charges for regulatory-related delays. The instructions take immediate effect, will be reflected in updated master directions, and are issued under FEMA, without prejudice to other legal permissions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
