Latest update 11.10.2024

A. Amendment

Office Order no.179/2024-Customs dt 10.10.24

Central Board of Indirect Taxes and Customs (CBIC) issued Office Order no. 179/2024 – Customs dated 10.10.2024.

With the approval of Competent Authority, the following transfer and postings in the grade of Pr. Chief Commissioner/ Chief Commissioner/ Director General of Customs and Indirect Taxes are hereby ordered with immediate effect and until further orders.

DGFT Notif. 35/2024-25 dt 01.10.2024

DGFT issued Notification no. 35/2024-25 on 01.10.2024 to make amendment in Export Policy condition of Cough Syrup under Chapter 30 of Schedule-II (Export Policy) of ITC (HS) 2022.

Income tax

A classes of taxpayers must file their income tax return on or before 31 October, 2024

Centre launches process to revamp income-tax regime

The Union government on Monday formally launched the process to revamp the existing income-tax regime with four key objectives in mind – simplification of language, reduction of litigations, ease of compliance, and scrapping of obsolete provisions.

More than 34.84 lakh audit reports filed on e-filing portal of Income Tax Dept. up to 07.10.2024

More than 34.84 lakh audit reports, including about 34.09 lakh Tax Audit Reports (TARs), have been filed for AY 2024-25 on the e-filing portal till the end of the due date. There is an increase in the filing of Tax Audit Reports (TARs) for the AY 2024-25 by around 4.8% compared to the filings of TARs on the due date for AY 2023-24.

B. Article

Supreme Court reaffirms royalty is not in the nature of tax as review petition filed dismissed

by CA Bimal Jain

Tax liability can be paid in monthly installments

by CA Bimal Jain

C. Tax in Media

New GST rules force tenants to bear 18% tax burden

The GST department has introduced new rules, effective from 10th Oct, that will impact tenants of leased commercial properties. Under these rules, if the property owner is not registered under GST but the tenant is, the tenant will be required to pay 18% GST under the reverse charge mechanism (RCM).

GST relief for foreign airlines, academic institutions

Foreign airlines operating in India will not be liable to goods and services tax (GST) on services provided by the head office to a branch office, according to a government notification.

Customs authority imposes Rs 92.04 cr penalty, Rs 10 cr fine on Vedanta

Over 3.5 mn I-T audit reports filed on e-filing portal up to Oct 7: FinMin

The finance ministry on Wednesday said more than 34.84 lakh audit reports, including about 34.09 lakh Tax Audit Reports (TARs), have been filed for assessment year 2024-25 on the e-filing portal till October 7.

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