New BH-Series Vehicle Registration Rules: What You Need to Know
The tax rules for BH-Series vehicles have been updated. Previously, payment of vehicle tax was for a period of 2 years at a time. With the new rule, when the vehicle is registered under the BH-Series, payment of tax covers 14 years in total. This is done in a single payment or in two-year increments
New Liquor Duties in Chhattisgarh
Chhattisgarh has updated its excise duties on liquor under the Chhattisgarh Excise Act, 1915:
Country Liquor: 50% duty based on the ex-factory price.
Foreign Liquor:
Spirits: 50% duty on the landing price.
Malt: 40% duty on the landing price.
Govt. of Rajasthan issues Clarity on Taxability of Loans Between Overseas Affiliates and Indian Affiliates
On July 9, 2024, the Government of Rajasthan clarified that providing loans by an overseas affiliate to an Indian affiliate, or by a person to a related person, is not considered a taxable supply under GST if the only consideration is interest or discount. Services related to granting loans or credit are fully exempt from GST when no additional fees or charges are involved.
Mathura Vrindavan Development Authority shall enjoy income tax exemption provided to non-profit entities
This notification shall be effective from the assessment year 2024-25, subject to the condition that the assessee continues to be an authority constituted under the Uttar Pradesh Urban Planning Development Act, 1973.
Central government has extended the income tax exemption available to non-profit entities to ‘Tamil Nadu Water Supply and Drainage Board, Chennai’
This notification shall be applicable for assessment years 2024-2025, 2025-2026, 2026-2027, 2027-2028 and 2028-2029 relevant for the financial years 2023-2024, 2024-2025, 2025-2026, 2026-2027 and 2027-2028 respectively.
CBIC has mandated importers of base oil/ Lubrication oil/ Used oil to meet EPR obligation under Hazardous and Other Waste (Management and Transboundary Movement) Rules
The producers and importers shall obtain EPR Registration certificate under said rules within 30 days from the date of launch of the EPR portal for registration by CPCB.
CBDT releases new functionality in AIS for taxpayers to display status of information confirmation process in real-time
The Central Board of Direct Taxes (CBDT) has now rolled out a new functionality in AIS to display the status of information confirmation process. This will display, whether the feedback of the taxpayer has been acted upon by the Source, by either, partially or fully accepting or rejecting the same. In case of partial or full acceptance, the information is required to be corrected by filing a correction statement by the Source.
CBDT signs record number of 125 Advance Pricing Agreements (APAs) in FY 2023-24
The APA Scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the arm’s length price of international transactions in advance for a maximum of five future years. Further, the taxpayer has the option to rollback the APA for four preceding years, as a result of which, tax certainty is provided for nine years. The signing of bilateral APAs additionally provides the taxpayers with protection from any anticipated or actual double taxation.
‘Amul Research and Development Association, shall enjoy the income tax exemption provided for Scientific Research
This Notification shall be deemed to have been applied from Assessment Years (AYs) 2008-09 to 2021-22.
ITR functionalities enabled on the e-filing portal
The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards.
