853 Legal Updates in Finance & Taxation

Income-tax (7th Amendment) Rules, 2019

Sep 17, 2019

The Central Board of Direct Taxes (CBDT) on September 16, 2019, has published the Income-tax (7th Amendment) Rules, 2019 to further amend the Income-tax Rules, 1962. The amendment in the Income-tax Rules, 1962 is as under: Under Rule 2F(5) which specifies the Guidelines for setting up an Infrastructure Debt Fund for the purpose of exemption under

Read More Bookmark

DGFT allows export of onions subject to Minimum Export Price

Sep 16, 2019

The Directorate General of Foreign Trade (DGFT) on September 13, 2019, has made amendment in Para-2 of Notification No. 48/2015-2020 dated February 02, 2018 relating to export of onion. The amended para 2 is as under: ‘Export of onion for the item description at Serial Number 51 and 52 of Chapter 7 of Schedule 2 of ITC (HS) classification o

Read More Bookmark

DGFT will not grant any extension for import of Pulses for the fiscal year 2019-2020

Sep 13, 2019

The Directorate General of Foreign Trade (DGFT) on September 11, 2019, has clarified that no relaxation will be granted for import of pulses beyond October 31, 2019. DGFT vide Trade Notice No. 24/2019-20 dated July 05, 2019 had invited application for additional import quota of Pigeon Peas/ Toor Da for the fiscal year 2019-20 and therein it was me

Read More Bookmark

E-assessment Scheme, 2019

Sep 13, 2019

The Central Board of Direct Taxes (CBDT) on September 12, 2019, has issued a Scheme called ‘E-assessment Scheme, 2019’. The assessment under this Scheme shall be made in respect of such territorial area, or persons or class of persons, or incomes or class of incomes, or cases or class of cases, as may be specified by the CBDT. Ø

Read More Bookmark

CBDT clarifies on applicability of Tax Deduction at Source on cash withdrawals

Sep 09, 2019

The Central Board of Direct Taxes on August 30, 2019, has clarified on applicability of Tax Deduction at Source (TDS) on cash withdrawals. However, a new section 194N has been inserted in the Income-tax Act, 1961, to provide for levy of TDS @2% on cash payments in excess of one crore rupees in aggregate made during the year, by a banking company o

Read More Bookmark

Income-tax (Sixth Amendment) Rules, 2019

Sep 09, 2019

The Central Board of Direct Taxes (CBDT) on September 05, 2019, has published the Income-tax (Sixth Amendment) Rules, 2019 to further amend the Income-tax Rules, 1962. The following amendments in the Income-tax Rules, 1962, are as under: Ø  Rules 2C and 2CA has been substituted, namely: Application for the purpose of grant of approva

Read More Bookmark

DGFT amends the Appendix 3B, Table 2 of the Merchandise Exports from India Scheme

Sep 09, 2019

The Directorate General of Foreign Trade (DGFT) on September 06, 2019, has made correction in the Appendix 3B, Table 2 to align/ harmonize it with the ITC HS 2017/ Customs Tariff Schedule and the item entry is removed from the list of items, for which description matching is required to be done by Regional Authority (Ras) while processing the Merch

Read More Bookmark

DGFT amends the import policy of Iron and Steel and incorporates the new policy condition in certain chapters

Sep 06, 2019

The Directorate General of Foreign Trade (DGFT) on September 05, 2019, has amended the import policy from ‘free’ to ‘free subject to compulsory registration under Steel Import Monitoring System (SIMS)’ for certain items under Chapter 72 which specifies Base metals and articles of base metals, 73 which specifies the articles

Read More Bookmark

DGFT revises the import policy of chlorotrifluoroethene

Sep 06, 2019

The Directorate General of Foreign Trade on September 05, 2019, has revised import policy of chlorotrifluoroethene (CTFE) under HS Code 29037790 of Chapter 29 of ITC (HS), 2017 – Schedule – I (Import Policy) which specifies Organic Chemicals from ‘Restricted’ to ‘Free’ and reference to Policy Condition 1 is also

Read More Bookmark