Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
The customs authority issues a standing order implementing CBIC Circular No. 54/2016-Cus to rationalise and simplify the procedure for fixation of Brand Rate of duty drawback. Original duty-paid documents are no longer routinely required for endorsement or defacement; instead, up to 5% of originals of self-attested copies will be randomly selected for post-facto verification based on dynamic risk parameters set by the Commissioner. Current risk parameters target Bills of Entry for core inputs of export goods, high-value inputs, and inputs attracting higher customs duty. These parameters must be updated with technological or input changes, and exporters must submit all required documents and comply fully with the circular's conditions.
The customs authority issues a standing order implementing CBIC Circular No. 54/2016-Cus to rationalise and simplify the procedure for fixation of Brand Rate of duty drawback. Original duty-paid documents are no longer routinely required for endorsement or defacement; instead, up to 5% of originals of self-attested copies will be randomly selected for post-facto verification based on dynamic risk parameters set by the Commissioner. Current risk parameters target Bills of Entry for core inputs of export goods, high-value inputs, and inputs attracting higher customs duty. These parameters must be updated with technological or input changes, and exporters must submit all required documents and comply fully with the circular's conditions.
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