1. CBDT notified ITR 1 and ITR 4 for Assessment Year (AY) 2024-25 / Financial Year (FY) 2023-24 vide Notification No. 105/2023-Income Tax Dated: 22nd December, 2023.
2. Delhi High Court Rules Income Tax Section 69A Not Applicable When Books of Account Are Not Required in the case of CIT v. Hersh W Chadha, it was held that Income Tax Section 69A would not be applicable if books of account are not required to be maintained. This means that the Income Tax department cannot use section 69A to make an addition of income when books of account are not required to be maintained, providing relief to taxpayers.
3. Patna High Court allows benefit of GST Appeal amnesty notification to order passed after 31.3.2023. Case Name : Prince Sanitation Gandhi Path Vs State of Bihar.
4. SEBI has issued a consultation paper proposing to implement same-day settlement (T+0) and instant settlement on an optional basis in the Indian stock market in two phases. While inviting public comments on the issue, the capital market regulator has said that the shorter settlement cycles will be in addition to the current T+1 cycle.
5. India will allow the import of edible oils at lower import tax rates until March 2025. The lower import duty structure on crude palm oil, crude sunflower oil and crude soy oil was originally set to expire in March 2024. However, as per the order, refiners can now continue to import at lower duties until March 2025.
By CA Raj Chawla
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