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Dear Reader,
Greetings for the day!!!
We are pleased to share the recent Tax notification and circulars.
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Direct Tax
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CBDT recognizes “Ramakrishna Mission Vidyamandira (PAN: AAAAR1077P)” as ‘scientific research’ u/s 45(3)(a)(i) of ITA,25 from TY 2026-27 to TY 2030-31, subject to conditions.
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CBDT recognizes “Regional Centre for Biotechnology (PAN: AAAAR9016J)” as ‘scientific research’ u/s 45(3)(a)(i) of ITA,25 from TY 2026-27 to TY 2030-31, subject to conditions.
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CBDT recognizes “S. Nijalingappa Sugar Institute (PAN: AAATK6236C)” as ‘scientific research’ u/s 45(3)(a)(i) of ITA,25 from TY 2026-27 to TY 2030-31, subject to conditions.
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CBDT recognizes “National Institute of Advanced Studies (PAN: AAATN2269A)” as ‘scientific research’ u/s 45(3)(a)(i) of ITA,25 from TY 2026-27 to TY 2030-31, subject to conditions.
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CBDT notifies infrastructure sub-sectors under the Updated Harmonised Master List as eligible business under Schedule V of ITA,25 effective 1st June 2026.
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Income-tax (Amendment) Ordinance, 2026 grants retrospective tax exemptions (w.e.f. 1st April 2026) on interest & capital gains from Govt. securities to Foreign Institutional Investors (FIIs) & Bank for International Settlements, subject to reporting requirements.
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Goods And Services Tax
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CBIC Streamlines Procedure for Seeking DGFT Clarifications on FTP Interpretation
CBIC has issued Instruction No. 07/2026-Customs dated 2 June 2026 to streamline the process for seeking clarifications on the interpretation of Foreign Trade Policy (FTP) provisions from DGFT. The instruction directs Customs field formations not to approach DGFT Headquarters or Regional Authorities directly for policy interpretations. Instead, such issues must be examined at the Commissionerate or Zonal level and referred to the Board through the appropriate channel, with commodity-specific matters requiring prior scrutiny by the concerned National Assessment Centre (NAC). The instruction also prescribes a standardized format for references seeking clarification and emphasizes that consignments should not be held up solely due to interpretational issues. Wherever legally permissible, provisional assessment and other facilitative measures should be adopted to ensure smooth trade operations and uniform implementation of FTP provisions across Customs formations.
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