Finance Ministry Announces Retrospective Duty-Free Import for Simply Sawn Diamonds [Read Notification]
The Central Board of Indirect Taxes and Customs ( CBIC ) under the Ministry of Finance has issued Notification No. 70/2024-Customs (N.T.) dated...
"You are Treating the Judicial Staff as if they are Your Subordinates”: SC rebukes Finance Ministry for Asking DRTs to Collect Data [Read Judgement]
In a recent hearing of Superwhizz Professionals Private Limited, the Supreme Court expressed strong disapproval of the Finance Ministry's directive to collect data by the Debts Recovery Tribunals (...
Central Government Sets Arm's Length Price Thresholds for Wholesale and Other Transactions under Income Tax Act [Read Notification]
The Central Government, vide notification no. S.O. 4571(E) dated 18th October 2024 has issued a notification under the Income-tax Act, 1961, setting specific thresholds for determining arm’s length...
![Central Government Sets Arms Length Price Thresholds for Wholesale and Other Transactions under Income Tax Act [Read Notification]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-Income-Tax-Act-Central-Government-Income-tax-Act-1961-Arms-Length-Price-Thresholds-TAXSCAN.jpg "Central Government Sets Arms Length Price Thresholds for Wholesale and Other Transactions under Income Tax Act [Read Notification]")
CBDT exempts Payments from RBI from Income Tax TCS Requirement under Section 206C [Read Notification]
On October 16, 2024, the Central Board of Direct Taxes (CBDT), through a notification issued under the Ministry of Finance, clarified that any payments received from the Reserve Bank of India (RBI)...
Restrictive Interpretation Adopted to Application of Limit Prescribed on PPF Scheme on Yearly Deposits by Clubbing Accounts is Incorrect: Kerala HC [Read Order]
The Kerala High Court in a recent case ruled that the restrictive interpretation adopted to the application of the limit prescribed with reference to yearly deposits by clubbing Public Provident Fund...
Relief to Jindal Saw: ITAT Rules Excise Duty Demand not Chargeable to Tax being Capital Receipt in Nature [Read Order]
In a relief to Jindal Saw Ltd, the Income Tax Appellate Tribunal ( ITAT ) of Delhi ruled that the excise duty refund received by the company is not chargeable to tax, classifying it as a capital...
![Relief to Jindal Saw: ITAT Rules Excise Duty Demand not Chargeable to Tax being Capital Receipt in Nature [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/TAT-ITAT-Rules-Excise-Duty-Relief-to-Jindal-Saw-Income-Tax-Appellate-Tribunal-Not-Chargeable-to-Tax-Capital-Receipt-in-Nature-Gujarats-Kutch-District-taxscan.jpg "Relief to Jindal Saw: ITAT Rules Excise Duty Demand not Chargeable to Tax being Capital Receipt in Nature [Read Order]")
Govt Lifts Ban on Non-Basmati White Rice Export, Now 'Free' Subject to MEP of $490/Tonne [Read Notification]
The government has lifted the ban on export of Non-Basmati White Rice ( ITC (HS) Code 1006 30 90). The prohibition has shifted to ‘Free’ subject to MEP ( Minimum Export Price ) of $490/Tonne The...
