A. Amendment
Instruction No.21/2024-Customs dated 16.10.2024
CBIC issued Instruction no. 21/2024-Customs dated 16.10.2024 on retrospective issuance of certificates of origin under India-UAE CEPA.
Instruction No.22/2024-Customs dated 16.10.2024
CBIC issued Instruction no. 22/2024 customs dated 16.10.2024 on ‘Implementation of “Agreement” signed between FSSAI, Ministry of Health and Family Welfare, Government of India and Bhutan Food and Drug Authority (BFDA).
B. Article
Assessee permitted to file a rectification petition in case where credit was availed under wrong head
by CA Bimal Jain
The Hon’ble Madras High Court in the case of Tvl. Thendral Electricals directed the Assessee to file the petition for rectification and make representation before the Department in case where the tax was availed under the wrong head i.e. credit of IGST availed in CGST and SGST due to clerical error.
C. Tax in Media
Vivad Se Vishwas Scheme 2024 FAQs released by income tax dept
The Ministry of Finance has published certain clarifications and frequently asked questions (FAQs) about Direct Tax Vivad Se Vishwas Scheme 2024. This was announced in Budget 2024. The scheme aims to provide a dispute resolution opportunity to taxpayers for pending income tax litigations by forgiving all pending penalties and interest amount. However, this waiver of penalty and interest is conditional. To get the relief you must submit the appropriate form and also deposit the disputed tax demand amount by the specified date.
New Form 12BAA to reduce TDS from salary:
To implement the Budget 2024 announcement regarding the adjustment of TDS and TCS from other sources against salary TDS, the Central Board of Direct Taxes (CBDT) has issued a new form called Form 12BAA.
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