ITC on bikes and scooters is blocked if used for passenger transport under Section 17(5)(a) of GST. Credit is allowed only in limited cases such as passenger transport, resale, or driving training.
Tax authorities initiated scrutiny and proposed addition solely because share acquisition details were not properly disclosed in the ITR. The case reinforces that for directors, the ITR functions as a detailed disclosure document, not just a salary return.
The government has limited RoDTEP benefits to 50% of existing rates and value caps with immediate effect. The notification amends Appendix 4R and 4RE under the Foreign Trade Policy 2023.
RBI amended FEMA regulations to require a Currency Declaration Form when foreign exchange carried by passengers exceeds prescribed limits. The rule improves transparency in cross-border currency movement.
Apply now! Bank of Maharashtra seeks Chartered Accountants’ firms for FY 2025-26 Concurrent/Revenue Auditors. Apply online by 01.03.2025 (5.00 PM).
