CBDT Notifies Amendments in Income-tax Rules for Ease in Claiming Credit for TCS Collected/TDS Deducted for Salaried Employees and Enabling claiming TCS Credit of Minors in the Hands of Parents
CBDT Notification dated 15.10.2024 has amended the Income-tax Rules, 1962 introducing Form No. 12BAA as the prescribed statement of particulars. Employees must provide these particulars to their employers, who are responsible for making payments. The employer, in turn, shall deduct TDS on salary after taking into account the furnished particulars.
New ESIC Circular: Online Submission of Cash Benefit and Maternity Claims Through IP Portal
The new circular aimed at streamlining the submission process for cash benefit claims (such as Sickness Benefits and others) and Maternity Benefit Claims by Insured Persons (IPs)
Release Time for Consumer Price Index & Index of Industrial Production Revised
MoSPI has decided that CPI and IIP data will be released at 4:00 PM on the 12th of each month. If the 12th falls on a holiday, the release will be on the next working day for CPI and the previous working day for IIP. The new release time aligns with the closing hours of major financial markets in India. This ensures that the dissemination of CPI data does not disrupt active trading activity.
CBDT notifies Tolerance Range for Transfer Pricing for A.Y 2024-25
The Central Board of Direct Taxes (CBDT) has issued a notification dated October 18, 2024 notifying the tolerance range for AY 2024-25. The notification of tolerance range shall provide certainty to taxpayers and reduce the risk perception associated with pricing of a transaction in transfer pricing.
CBDT has extended the due date of furnishing of Return of Income for the Assessment Year 2024-25
Considering the request for extension, the due date is extended till 15th November 2024.
New Process to Claim SGST Reimbursement Under Assam Industrial Schemes
Govt of Assam launched new set of guidelines for businesses looking to claim SGST reimbursement under the Assam Industrial Scheme, 2017 and 2021
MoF Issued Recent Amendments to the Credit Guarantee Fund for Micro Units (CGFMU)
Ministry of Finance in India announced significant amendments to the Scheme of Credit Guarantee Fund for Micro Units (CGFMU).
CBIC revises rate of import tariff for oil, gold & silver
This notification shall come into force with effect from the 24th day of October, 2024.
New Tax Guidelines: What Businesses Need to Know About Arm’s Length Pricing
The Ministry of Finance issued an important notification that will impact how businesses determine the arm’s length price for international and specified domestic transactions for the assessment year 2024-2025.
Important Update: Amendments to Cough Syrup Export Policy
The Ministry of Commerce and Industry in on October 18, 2024 announced significant changes to the export policy for cough syrups under Chapter 30 of the ITC (HS) 2022.
