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Indian Legal Updates: February

Direct Tax Updates

Separate Filing for Income from property by Charitable Trust

As per the notification the income derived from property held under trust wholly for charitable or religious purpose shall be reported under form 9A before the expiry of time as prescribed under section 139(time period for filing return of income) and the income which is not applied or deemed to have applied for charitable and religious purposes in India during previous year (as referred in Sub section 2 of section 11) shall be reported under form 10 and shall be furnished to the assessing officer. The opinion under form 9A and statement under form 10 shall be furnished electronically under digital signature.

Amendment in Article 27 of Double taxation avoidance agreement of Belarus and India

There has been a change in the agreement, article I has been deleted and replaced by article 27 of double taxation avoidance agreement.

Addition in E-verification modes

In order to verify the income tax return online, CBDT has notified two additional modes to e-verify the ITR form to make the process more easy and paperless. The two modes added are (i) through bank account details by providing bank account number, IFSC, email ID and mobile number, and (ii) Through DEMAT details registered with CDSL/NSDL by providing demat account number, email ID and mobile number. The generated EVC will be sent by e-filling portal to email ID/ mobile number verified by bank or CDSL/NSDL, so the tax payer would not be sending the receipt of ITR for physical verification.

Indirect Tax updates

Rules related to carrying Livestock and livestock products

Carrying of livestock and live stock products shall be allowed only after referral to quarantine authorities in respect of diplomatic cargo and baggage, in addition to the present requirements of Self certification along with custom duty exemption certificate in the form 7A (recently uploaded on the website of Ministry of External Affairs under the Useful Links/Protocol Division). However priority may be given to consignments of diplomatic missions.

24×7 custom clearance availability

As per the notification, CBEC has decided to provide 24×7 Custom Clearance for import of specified goods (viz. factory stuffed containers and goods exported under free shipping bills. These goods will be made available at Krishnapatnam sea port, Nellore, Andhra Pradesh, which would be the 19th sea port in the county where 27×7 facility would be in operation. Earlier, there were 18 sea ports and 17 Air cargo complexes where 24×7 facility was made available.

Introduction of E-payment facility for processing of Refund

CBEC has introduced E-payment of refund through authorized banks, to provide ease of business and avoid unnecessary delay in processing of refund. Presently e-payment of refund is already in operation in certain Excise Zone such as Mumbai-II, Hyderabad, Chandigarh and Chennai. The details required for the e-payment of refund are provided in the annexure A, B and C.

Click here to download the full report: Indian Legal Updates

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