Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
TRACE, launched prospectively from 20 February 2026 under the Export Promotion Mission, provides MSMEs involved in international value chains partial reimbursement for eligible conformity-assessment costs (testing, inspection, certification, audits, traceability systems) necessary for market access. Eligibility requires an active IEC and valid MSME Udyam registration and excludes denied entities, deemed exports and SEZ shipments. Assistance is uniform across MSME categories, subject to a per-IEC annual cap of Rs. 25 lakh; reimbursement rates vary by list (standard and priority) and are payable after certification outcomes. A two-stage online Intent-to-Claim and Reimbursement Claim process, post-disbursement verification, dynamic positive lists, pilot operationalisation and a Governance Sub-Committee are prescribed.
TRACE, launched prospectively from 20 February 2026 under the Export Promotion Mission, provides MSMEs involved in international value chains partial reimbursement for eligible conformity-assessment costs (testing, inspection, certification, audits, traceability systems) necessary for market access. Eligibility requires an active IEC and valid MSME Udyam registration and excludes denied entities, deemed exports and SEZ shipments. Assistance is uniform across MSME categories, subject to a per-IEC annual cap of Rs. 25 lakh; reimbursement rates vary by list (standard and priority) and are payable after certification outcomes. A two-stage online Intent-to-Claim and Reimbursement Claim process, post-disbursement verification, dynamic positive lists, pilot operationalisation and a Governance Sub-Committee are prescribed.
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