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CA, CS, CMA - Direct & Indirect Taxes Updates- June 2020 DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♣ Extension of due dates w.r.t. ITR filing for FY2018-19, TDS/ TCS returns due dates for Q4- FY 19-20. Details given below- Particulars Earlier due date Updated due date ITR filing for FY 18-19 30th June 2020 3...
Read MoreCA, CS, CMA - Section 26 of the Customs Act, 1962 prescribes provision for refund of export duty, Section 26A of the Customs Act, 1962 deals with refund of import duty in certain cases and Section 27 of the Customs Act, 1962 prescribes claim for refund of duty in case of excess payment duty on importation. The relevant provisions […]...
Read MoreCA, CS, CMA - DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT notifies new form for 26AS which shall also include information relating to assessee’s specified financial transaction (Information of property and share transactions etc.), payment of taxes, demand/ refund and pending / completed proceedings (Noti...
Read MoreCA, CS, CMA - Duty Drawback scheme was introduced by the Ministry of Finance as a rebate for duty chargeable on any imported materials or excisable materials used in manufacture or processing of goods, manufactured in India and exported. The exported products are revenue natural. The Central Government is empowered to grant Duty Drawback under section ...
Read MoreCA, CS, CMA - DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ Government issues clarification regarding short deduction of TDS / TCS due to increase in rates of Surcharge by Finance Act 2019. (Circular no. 8/2020 dated 13th April 2020)Recent circulars/ notifications/ rules/ clarifications/News ♦ Government issues ...
Read MoreCA, CS, CMA - The written Customs Brokers Examination, 2020 was conducted on 06.03.2020 at designated centers across India. In terms of Regulation 6(2) of CBLR, 2018 the list of candidates who have passed the written examination is as follows:...
Read MoreCA, CS, CMA - Article contains Explanatory Memoranda to Notification Nos. 01/2020-Customs to 12/2020-Customs, dated 2nd February, 2020, Explanatory Memoranda to Notification Nos. 09/2020-Customs (N.T.) to 10/2020 and Explanatory Memorandum to Notification No. 01/2020-Customs (SG), dated 2nd February, 2020. Explanatory Memoranda to Notification Nos. 01/...
Read MoreCA, CS, CMA - Government has removed 5% Basic Custom Duty (BCD) on open cell (15.6 and above) for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV Panels vide Notification No. 30/2019-Customs dated 17.09.2019, till September 2020....
Read MoreCA, CS, CMA - Customs Brokers’ Examination GUIDELINES FOR THE CANDIDATES (Please refer Regulation 6 of Customs Brokers Licensing Regulations, 2018) A. Admit Card and Mock Test: A dummy Question paper for the purpose of awareness of candidates will be made available on the CBIC and NACIN websites under the icon/tab <GSTP/CBLR Exam>. A link to do...
Read MoreCA, CS, CMA - Customs and Postal Department hold First ever Joint Conference to deliberate on streamlining imports and exports by post; To cater to the SMEs and to boost the Make in India program, Customs Department proposes new simplified procedures for exports through India Post. Customs Department proposes new simplified procedures for exports throu...
Read MoreLutron GL Sales & Services Pvt. Ltd. Vs Commissioner of Customs (CESTAT Delhi) - Lutron GL Sales & Services Pvt. Ltd. Vs Commissioner of Customs (CESTAT Delhi) The issue under consideration is whether the percentage of enhancement to the transaction value ordered by the Deputy Commissioner of Customs is justified in law? In the present case, the appellant M/s Lutron GL Sales...
Read MoreGuru Rajendra Metalloys India Pvt Ltd Vs C.C. (CESTAT Ahmedabad) - CESTAT are of the clear view that merely based on DGOV circular also, value cannot be enhanced which is without authority of law. It is clearly held that DGOV circular cannot override the provisions of Valuation Rules. ...
Read MoreSunland Alloys Vs C.C. (CESTAT Ahmedabad) - Sunland Alloys Vs C.C. (CESTAT Ahmedabad) The issue under consideration is whether the DGOV guidelines are over and above Customs Valuation Rules? In the present case, the appellant imported Aluminium Scrap under various Bill of Entries and the price declared in the Bill of Entry is as per the invoi...
Read MoreShri Vishnu Processors Vs Union of India and others (Punjab and Haryana High Court) - The issue under consideration is whether the Search and resultant seizure of documents and record by Director of Revenue Intelligence is justified under Customs Act, 1962?...
Read MoreKanak Exports Through Its Proprietor Mr. Satish Bansal Vs Union Of India (Delhi High Court) - The issue under consideration is whether the imposition of cost of one lakh rupees on an exporter for the blatant violation of the Duty-Free Credit Entitlement Scheme (DFCE) is justified in law?...
Read MorePublic Notices No. 78/2020-JNCH - (04/07/2020) - With the objective of further facilitating trade and streamlining procedures, particularly to overcome the scourge of Covid-19, following initiatives are being implemented in System w.e.f 6th July 2020:...
Read MoreNotification No. D.O.No.21/CH(IC)/2020 - (29/06/2020) - The end-date for completion of statutory compliances under Central Excise Act, 1944, Customs Act, 1962, Customs traiff Act, 1975 or Chapter V of the Finance Act, 1994 has been extended till 30th day of September, 2020....
Read MoreNotification No. 55/2020 - Customs (N.T.) - (02/07/2020) - CBIC notifies Rate of Exchange of Foreign Currencies against India Rupees wef 03.07.2020 vide Notification No. 55/2020-Customs (N.T.), Dated: 2nd July, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 55/2020 –...
Read MoreNotification No. 54/2020-Customs (N.T.) [S.O. 2154(E)] - (30/06/2020) - Tariff Notification No. 54/2020-Customs (N.T.), Dated: 30.06.2020 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification ...
Read MoreCircular No. 31/2020-Customs - (30/06/2020) - CBIC extended validity of all AEO certificates expired/expiring between 01.03.2020 and 30.09.2020 to 30.09.2020 except for those entities against which a negative report is received during this period vide Circular No. 31/2020-Customs dated June 30, 2020. Circular No. 31/2020-Customs F.No. D-20/DIC/...
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Public Notices No. 78/2020-JNCH - (04/07/2020) -
Notification No. D.O.No.21/CH(IC)/2020 - (29/06/2020) -
Notification No. 55/2020 - Customs (N.T.) - (02/07/2020) -
Notification No. 54/2020-Customs (N.T.) [S.O. 2154(E)] - (30/06/2020) -
Circular No. 31/2020-Customs - (30/06/2020) -
Notification No. G.S.R. 418(E) - (27/06/2020) -
Public Notice No. 76/2020-JNCH - (26/06/2020) -
Notification No. 28/2020-Customs [G.S.R. 398(E)] - (23/06/2020) -
