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    TMI Tax Updates e-Newsletter
    Mar 04,2025

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    34 Highlights / Catch Notes Toggle
    10 Articles Toggle
    By: DR.MARIAPPAN GOVINDARAJAN
    Summary : Section 69A of the Income Tax Act, 1961, allows authorities to deem unexplained assets as income if the owner cannot satisfactorily explain their acquisition. In a case involving a search of an individual's premises and locker, the authorities found jewellery deemed partially unexplained, leading to an addition to the individual's income. The High Court later overturned this, recognizing cultural norms of accumulating jewellery over a long marriage. In another case, jewellery found in a jointly-operated locker was attributed to the mother rather than the daughter, despite affidavits to the contrary. The ITAT reversed this, acknowledging the daughter's ownership claim and deleting the addition.
    By: Pradeep Reddy
    Summary : The article discusses the importance of correctly charging Goods and Services Tax (GST) for logistics businesses, particularly those using multiple modes of transport such as road, rail, or air. It highlights a specific GST rate of 12% introduced in 2018 to simplify taxation for logistics involving multiple transport modes. The article also notes potential disputes with GST authorities, who may argue for an 18% rate, but clarifies that the 12% rate applies based on existing guidelines. Accurate GST classification is crucial for startups to avoid financial penalties and maintain their valuation during funding rounds.
    By: YAGAY andSUN
    Summary : "Forever chemicals" refer to PFAS, synthetic substances known for their persistence in the environment and human body. Used in products like non-stick cookware and firefighting foams, PFAS pose significant health and environmental risks. Internationally, treaties and regulations aim to control these chemicals, with the EU, U.S., and Canada taking active measures. In India, awareness is growing, but regulatory frameworks are underdeveloped. Suggested actions include creating specific legislation, enhancing public awareness, and promoting research into alternatives. A coordinated effort is needed to manage PFAS, focusing on phasing out harmful variants and adopting safer industrial practices.
    By: DEVKUMAR KOTHARI
    Summary : The proposed amendment to Section 9A of the Income-tax Act aims to refine conditions under which certain activities do not constitute a business connection in India. Key changes include setting cut-off dates on April 1 and October 1 for assessing the aggregate participation or investment by Indian residents, which must not exceed 5% of the fund's corpus. If exceeded, compliance must be restored within four months. The amendment also extends the deadline for fund operations commencement from March 31, 2024, to March 31, 2030. These changes aim to provide clarity and facilitate long-term policy stability for eligible investment funds.
    By: Ishita Ramani
    Summary : Annual return filing is a crucial compliance requirement for private limited companies in India under the Companies Act, 2013. It involves submitting financial and business information annually to the Ministry of Corporate Affairs. Key reasons for its importance include legal compliance to avoid penalties, ensuring financial transparency and accountability, maintaining active company status, building trust with investors and financial institutions, and complying with tax authorities. Essential documents for filing include Form MGT-7, Form AOC-4, the Director's Report, and financial statements. Regular filing supports smooth business operations and enhances company credibility.
    By: Bimal jain
    Summary : The Andhra Pradesh High Court ruled that any Goods and Services Tax (GST) order issued without a Document Identification Number (DIN) is invalid, as per the Central Board of Indirect Taxes and Customs (CBIC) Circular from December 23, 2019. This decision was made in the case involving a private company, where an assessment order lacked a DIN. The court referenced previous rulings, including those by the Supreme Court, affirming that non-compliance with the DIN requirement renders such orders non-est. The court instructed a fresh assessment with a valid DIN and excluded certain periods from the limitation calculation for passing the assessment order.
    By: YAGAY andSUN
    Summary : The article discusses the urgent need for corporates to transition to green supply chains due to climate change and environmental degradation. A green supply chain integrates environmental considerations into supply chain management, focusing on sustainable sourcing, efficient resource use, and minimizing carbon footprints. In India, this transition is driven by consumer demand, regulatory pressures, and the country's ambition to lead in clean energy. Challenges include high initial investments and infrastructure gaps. Corporates can overcome these by collaborating with industry bodies, investing in technology, adopting renewable energy, and educating their workforce, ensuring both environmental protection and business viability.
    By: YAGAY andSUN
    Summary : The Controlled Delivery (Customs) Regulations, 2022, established through Notification No. 59/2022-Cus. (N.T.) on 12th July 2022, provide a legal framework for controlled delivery operations within Indian customs. These regulations enable authorities to track and manage goods under investigation for illegal activities like smuggling and narcotics trafficking. Key aspects include the definition of controlled delivery, roles of customs authorities, procedural steps, and international cooperation. The regulations mandate documentation, training, and penalties for non-compliance, empowering customs to collaborate with law enforcement to dismantle criminal networks, aligning with international standards to combat transnational crime.
    By: YAGAY andSUN
    Summary : International best practices in international trade are guidelines that ensure smooth, efficient, and fair global trade by promoting transparency, compliance, and sustainability. Key practices include adherence to international trade agreements like WTO, transparency in trade policies, and efficient customs procedures. Intellectual property protection, sustainability, and ethical trade are emphasized, alongside effective dispute resolution mechanisms. Digitalization and electronic trade processes enhance efficiency, while trade finance and risk management practices safeguard financial transactions. Monitoring global trade data helps in informed decision-making. Anti-dumping and anti-subsidy measures prevent unfair competition, aiming to create a level playing field and promote global economic stability.
    By: YAGAY andSUN
    Summary : The World Integrated Trade Solution (WITS) by the World Bank is a platform offering access to extensive international trade data, trade policies, and economic analysis tools. It provides data from sources like UN Comtrade and WTO, covering commodities, services, and trade flows. WITS includes detailed trade policy and tariff information, trade analysis tools, and simulation models for policy impact assessment. It aids policymakers, researchers, businesses, and international organizations in understanding trade dynamics, facilitating trade policy dialogues, and promoting economic development. Its user-friendly interface and comprehensive data support informed decision-making and trade facilitation globally.
    15 News Toggle
    Summary : Shares of One97 Communications, the owner of Paytm, rebounded to close nearly 2% higher after initially dropping 4% following reports of a notice from the Enforcement Directorate (ED) for alleged violations of FEMA rules. These allegations relate to investment transactions involving Paytm and its subsidiaries, Little Internet and Nearbuy, before their acquisition by Paytm in 2017. The notice involves transactions totaling over Rs 611 crore. Paytm stated that the matter is being addressed legally and does not impact its services. The company is seeking legal advice to resolve the issue.
    Summary : Retired Justice Michael Wilson and Professor Vesselin Popovski praised India's PM Gati Shakti initiative, led by Prime Minister Narendra Modi, as a groundbreaking solution to global transportation challenges. During their visit to the PM Gati Shakti Experiential Centre in New Delhi, they highlighted the initiative's focus on innovation, sustainability, and cultural heritage. Justice Wilson emphasized its potential to address environmental and transportation issues, while Professor Popovski noted its role in transforming India's economy through the One District One Product (ODOP) scheme. The initiative aims for integrated infrastructure planning, enhancing connectivity and efficiency across various transport modes.
    Summary : The GST Network (GSTN) has introduced a new facility allowing certain business Promoters/Directors to complete Biometric Authentication at any GST Suvidha Kendra (GSK) in their Home State, enhancing the registration process. This option is available for Public, Private, Unlimited, and Foreign Companies. Eligible individuals will receive an intimation email to select a GSK within their Home State, a one-time choice that cannot be altered. This facility is currently available in 33 States/UTs and will soon include Uttar Pradesh, Assam, and Sikkim. The process is optional, and the existing jurisdictional GSK option remains available.
    Summary : ASICS India has launched a limited-edition merchandise collection for the TCS World 10K Bengaluru 2025, inspired by the Nandi Hills' scenic beauty. The collection includes race day apparel and the Novablast 5 Limited-Edition Running Shoes, featuring advanced cushioning technology for enhanced performance. The merchandise, available online and in stores, reflects the spirit of endurance and the vibrant running culture of Bengaluru. ASICS aims to provide a comprehensive race-day experience, combining style and functionality. The launch underscores ASICS' commitment to innovation and enhancing the running experience for participants.
    Summary : India and Belgium are exploring maritime security cooperation in the Indo-Pacific and seeking to enhance defence industrial ties. Discussions took place between Belgium's Princess Astrid and India's Defence Minister, focusing on establishing an institutionalised defence cooperation mechanism. Belgian Defence Minister was part of the delegation. The meeting highlighted potential Belgian investments in India's defence sector, aiming to integrate Indian vendors into Belgian supply chains. The bilateral relationship, traditionally centered on trade and investment, has expanded, with India being a significant trade partner for Belgium, especially in the diamond sector. In 2021, bilateral trade reached Euro 12.22 billion.
    Summary : The Enforcement Directorate (ED) has identified assets worth thousands of crores following raids on two realty firms, WTC Group and Bhutani Group, in Delhi-NCR. The searches, conducted under the Prevention of Money Laundering Act, stem from multiple FIRs filed by the Economic Offences Wing alleging fraud and cheating against homebuyers. The WTC Group is accused of not delivering plots and siphoning off funds, while Bhutani Group is alleged to have acquired WTC and re-launched projects misleading investors. The ED seized incriminating documents, froze fixed deposits, and discovered significant overseas fund transfers.
    Summary : The relationship between India and Belgium is poised for growth, focusing on semiconductors, clean energy, and artificial intelligence, as highlighted by India's External Affairs Minister during a meeting with Belgium's Deputy Prime Minister. This meeting coincides with a high-level economic mission led by Belgium's Princess Astrid, aimed at enhancing bilateral cooperation. Discussions included global challenges like the Ukraine conflict. The mission, involving 360 businesses, seeks to explore opportunities in climate, renewable energy, health, and defense, with plans to finalize several projects in Delhi and Mumbai. India is a significant trade partner for Belgium, with trade primarily centered on diamonds.
    Summary : The Enforcement Directorate issued a Rs 611 crore notice to the parent company of Paytm, its managing director, and related entities for violating the Foreign Exchange Management Act (FEMA). The notice follows an investigation revealing that the company did not comply with RBI guidelines on foreign investments and reporting. Paytm's subsidiaries, Little Internet Pvt Ltd and Nearbuy India Pvt Ltd, also failed to follow RBI's pricing and reporting guidelines for foreign direct investments. Paytm stated the alleged violations occurred before acquiring the subsidiaries in 2017 and is working to resolve the issue. The company's shares dropped over 4% after the announcement.
    Summary : Prime Minister Narendra Modi visited Gir Wildlife Sanctuary in Gujarat for a lion safari and chaired the National Wildlife Board meeting, announcing a lion census in May. The Bombay High Court delayed action against former SEBI officials regarding alleged fraud. Chhattisgarh presented a Rs 1.65 lakh crore budget focusing on welfare and agriculture. In Maharashtra, the government proposed supplementary demands of Rs 6,486 crore, and decisions are pending regarding Agriculture Minister Kokate's conviction. Police officers were injured in Pune during a robbery suspect arrest, and MP Supriya Sule criticized the state government for rising crimes against women.
    Summary : The chairman of Tata Sons emphasized that steel demand will persist despite global geopolitical challenges. Speaking at an event honoring Tata Steel's founder, he stressed the importance of efficiency, cost management, and productivity to meet this demand. He highlighted the need for government support and technology adoption, while expressing confidence in continued investment, particularly in Jamshedpur. Addressing tariff debates, he urged a focus on productivity over pricing. Additionally, he noted the strategic importance of the semiconductor industry, announcing Tata Group's investments in Assam and Gujarat for semiconductor plants to bolster self-sufficiency in critical sectors.
    Summary : US President Donald Trump's tariff threats and China's economic slowdown are expected to dominate the upcoming session of China's parliament. Over 5,000 delegates from the National People's Congress and the Chinese People's Political Consultative Conference will convene to discuss policies and legislations. The session will address issues such as the US-China tariff conflict, which threatens China's foreign trade-dependent economy, and potential increases in China's defense budget. Additionally, strategic competition with the US and economic inequality within China will be key topics. President Xi Jinping has urged corporate leaders to boost business confidence amid these challenges.
    Summary : The Enforcement Directorate has issued a Rs 611 crore show cause notice to the parent company of Paytm, One 97 Communication Limited, and its subsidiaries for alleged violations of the Foreign Exchange Management Act (FEMA). The notice pertains to foreign investments made in Singapore and foreign direct investments received without adhering to Reserve Bank of India (RBI) guidelines. The subsidiaries, Little Internet Pvt Ltd and Nearbuy India Pvt Ltd, are accused of not following RBI's pricing guidelines and failing to report FDI within the prescribed timeframe. Paytm stated the alleged breaches occurred before it acquired the subsidiaries in 2017.
    Summary : The BSE Sensex fell by 112 points, closing at 73,085.94, and the NSE Nifty declined for the ninth consecutive session, settling at 22,119.30, driven by selling in major stocks like HDFC Bank and Reliance Industries. Despite a recovery in the second half due to positive Asian markets, the indices ended lower. Reliance Industries saw a significant drop, hitting a 52-week low. Gains were noted in stocks like UltraTech Cement and Bharti Airtel. Market sentiment was affected by global uncertainties and foreign fund outflows, though there was potential for a rebound due to improving economic indicators.
    Summary : China's annual political event, the National People's Congress, is underway, gathering top leaders to endorse decisions by the Chinese Communist Party. The Congress will signal government priorities, focusing on innovation and domestic consumption to boost the economy. Premier Li Qiang is expected to announce a 5% economic growth target amid challenges like a sluggish real estate sector and US-China trade tensions. The event will also address foreign policy, particularly US-China relations and the Ukraine conflict. The Congress, while largely ceremonial, provides insights into China's future policy directions. Concurrently, the Chinese People's Political Consultative Conference will meet.
    Summary : The Enforcement Directorate (ED) conducted searches related to a Rs 4,500 crore investment fraud involving a Mumbai-based company, Pancard Clubs Limited, and its former directors. The case involves a collective investment scheme that allegedly duped over 50 lakh investors, violating the SEBI Act. The Mumbai Police's economic offences wing initially filed a case under the Maharashtra Protection of Interest of Depositors Act, which the ED pursued under the Prevention of Money Laundering Act. During the raids, incriminating documents and evidence of attempts to dispose of assets, considered proceeds of crime, were seized.
    6 Notifications Toggle

    FEMA

    1.
    FEMA 10(R)/(4)/2024-RB - dated - 28-2-2025 - FEMA
    Corrigendum - Notification No. FEMA 10 (R)/(4)/2024-RB dated 19th November 2024
    Summary : The Reserve Bank of India issued a corrigendum to the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Fourth Amendment) Regulations, 2024, originally published on 19th November 2024. The correction pertains to the sequence of serial numbers in the notification, where SL No. 4, 5, and 6 should be read as SL No. 1, 2, and 3. This amendment is documented under Notification No. FEMA 10(R)/(4)/2024-RB and was released on 28th February 2025.

    GST - States

    2.
    08/2025-Puducherry GST (Rate) - dated - 4-2-2025 - Puducherry SGST
    Amendment in Notification 17/2017- Puducherry GST (Rate), dated 29th June, 2017
    Summary : The Government of Puducherry has issued an amendment to Notification 17/2017-Puducherry GST (Rate) under the Puducherry Goods and Services Tax Act, 2017. This amendment, effective from April 1, 2025, modifies the definition of "specified premises" in the original notification by aligning it with the definition provided in clause (xxxvi) of paragraph 4 of Notification 11/2017-Puducherry GST (Rate). The amendment was made following the recommendations of the GST Council and is authorized by the Lieutenant-Governor of Puducherry.
    3.
    07/2025-Puducherry GST (Rate) - dated - 4-2-2025 - Puducherry SGST
    Amendment in Notification No. 13/2017-Puducherry GST (Rate), dated 29th June, 2017
    Summary : The Government of Puducherry has issued an amendment to Notification No. 13/2017-Puducherry GST (Rate) dated 29th June 2017, under Notification No. 07/2025-Puducherry GST (Rate) effective from 16th January 2025. The amendment, approved by the Lieutenant-Governor on the Council's recommendation, modifies the original notification by adding specific exclusions. For serial number 4, the term "other than a body corporate" is added, and for serial number 5AB, the phrase "other than a person who has opted to pay tax under composition levy" is included.
    4.
    06/2025-Puducherry GST (Rate) - dated - 4-2-2025 - Puducherry SGST
    Amendment in Notification No. 12/2017- Puducherry GST (Rate), dated 29th June, 2017
    Summary : The Government of Puducherry has amended Notification No. 12/2017 regarding the Puducherry GST (Rate) through Notification No. 06/2025, effective from January 16, 2025. Changes include substituting "transmission or distribution" for "transmission and distribution" in serial number 25A, adding a new entry for services provided by the Motor Vehicle Accident Fund under serial number 36B, and including training partners approved by the National Skill Development Corporation under serial number 69. Additionally, item (w) is omitted, and a new definition for "insurer" is added.
    5.
    05/2025-Puducherry GST (Rate) - dated - 4-2-2025 - Puducherry SGST
    Amendment in Notification No. 11/2017-Puducherry GST (Rate), dated 29th June, 2017
    Summary : The Government of Puducherry has amended Notification No. 11/2017-Puducherry GST (Rate) through Notification No. 05/2025, effective from April 1, 2025. The amendment revises the definition of "Specified premises" for hotel accommodation services, requiring declarations for premises with accommodation valued above 7,500 rupees per unit per day. New annexures introduce opt-in and opt-out declaration formats for registered persons and applicants, specifying deadlines for filing these declarations. These changes aim to streamline the process of declaring premises as specified or not, impacting the GST obligations of hotel accommodation providers.

    Law of Competition

    6.
    F. No. CCI/Reg.-R.R./2024-25 - dated - 25-2-2025 - Competition Law
    Competition Commission of India (Manner of Recovery of Monetary Penalty) Regulations, 2025
    Summary : The Competition Commission of India (CCI) has issued the 2025 regulations detailing the process for recovering monetary penalties under the Competition Act, 2002. These regulations outline the issuance of demand notices, procedures for extensions or installment payments, and the imposition of interest on unpaid penalties. If penalties remain unpaid, the CCI can issue recovery certificates and authorize recovery officers to enforce payment through various means, including property attachment and sale. The regulations also allow for cooperation with Income-tax authorities for penalty recovery as tax dues. The 2025 regulations replace the 2011 version, ensuring continuity of actions taken under the previous regulations.
    2 Circulars / Instructions / Orders Toggle

    DGFT

    1.
    49/2024-25 - dated 3-3-2025
    Fixation of one new Standard Input Output Norms (SIONs) at SION A-3684 under 'Chemical and Allied Product' (Product Code 'A').
    Summary : The Directorate General of Foreign Trade has issued Public Notice No. 49/2024-25, dated March 3, 2025, announcing the fixation of a new Standard Input Output Norm (SION) with Serial Number A-3684 under the 'Chemical and Allied Product' category. This SION specifies the input-output norms for Metronidazole Gel USP 1% in 55 gm and 60 gm packs, detailing the quantity of Metronidazole Micronized USP allowed per pack. This development is in accordance with the Foreign Trade Policy 2023 and aims to regulate the export of the specified chemical product.

    Customs

    2.
    PUBLIC NOTICE NO. 16 / 2025 - dated 7-2-2025
    Procedure to be followed to check the status of container for scanning – reg.
    Summary : The Container Scanning Division (CSD) has introduced a new online portal at csd.jnpa.in for stakeholders to check the status of containers selected for scanning. Stakeholders, including customs brokers, importers, exporters, shipping lines, and port terminals, can determine if a container is selected for scanning and if it has been scanned and examined. To access this information, users must enter the container number, IGM number, and IGM date in the "Check Container Status" section of the portal. All stakeholders are encouraged to use this procedure to verify container scanning status.
    48 Case Laws Toggle
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