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...
Section 18A permits voluntary post-clearance revision of customs entries under newly notified regulations, enabling importers/exporters to file an electronic revision (or revision-cum-refund) at the port of original clearance, obtain an ARN, pay any additional duty with interest (no penalty), and receive a Revised Entry Reference. Revisions follow a self-assessment route, may be verified or re-assessed by designated proper officers, and refunds are processed via the revised entry. Revisions are ineligible where audits, searches, seizures, investigations have been initiated or where reassessments under sections 17, 18 or 84 have occurred. A Rs.1,000 filing fee applies and an electronic eligibility declaration is required.
Section 18A permits voluntary post-clearance revision of customs entries under newly notified regulations, enabling importers/exporters to file an electronic revision (or revision-cum-refund) at the port of original clearance, obtain an ARN, pay any additional duty with interest (no penalty), and receive a Revised Entry Reference. Revisions follow a self-assessment route, may be verified or re-assessed by designated proper officers, and refunds are processed via the revised entry. Revisions are ineligible where audits, searches, seizures, investigations have been initiated or where reassessments under sections 17, 18 or 84 have occurred. A Rs.1,000 filing fee applies and an electronic eligibility declaration is required.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
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