Statutory updates

Exemption from IBC Section 14(1) for Oilfields Act Contracts

The Central Government directs that the provisions of sub-section (1) of section 14 of the Insolvency and Bankruptcy Code, 2016 do not apply to specific oil and gas contracts…

Customs BCD Reduction on Refined Soya Bean and Sunflower Oil

The Central Government reduces the basic customs duty to 12.5 percent for specified goods.

Accessing NPS Statement of Transactions through DigiLocker

The Pension Fund Regulatory and Development Authority (PFRDA) has enabled National Pension System (NPS) subscribers to access and download their Tier I and Tier II account…

Jurisdiction of Income-tax Authorities for e-Appeals Scheme

The Central Board of Direct Taxes directs specified income-tax authorities to exercise powers and perform functions for the e-Appeals Scheme, 2023.

CBDT Income-tax Authority Subordination Amendments

The Central Board of Direct Taxes amends the rules on the subordination of income-tax authorities under section 118 of the Income-tax Act, 1961.

Repealing of Redundant Circulars, Guidelines, and Clarifications

The Insurance Regulatory and Development Authority of India (IRDAI) has repealed various redundant circulars, guidelines, and clarifications to rationalize and streamline the…

Reporting of Cyber Security Incidents by Regulated Entities

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a directive to all regulated entities regarding the mandatory reporting of cyber security incidents.

Customs Exchange Rate Notification No. 42/2023 Amendment

The Central Board of Indirect Taxes and Customs amends Notification No.39/2023-CUSTOMS (N.T.) to revise the foreign exchange rate for South African Rand.

Income-tax (Ninth Amendment) Rules, 2023

The Central Board of Direct Taxes amends the Income-tax Rules, 1962 to update the procedure for advance ruling applications.

e-Advance Rulings Amendment Scheme 2023

The Central Government issues the e-advance rulings (Amendment) Scheme, 2023 to amend the e-advance rulings Scheme, 2022.

Cost Inflation Index for Financial Year 2023-24

The Central Board of Direct Taxes specifies the Cost Inflation Index value of 348 for the financial year 2023-24.

41/2023-Customs (NT) : Exchange Rate Notification No. 41/2023 - Reg.

Creation of facility to capture ABHA number of proposers

The Insurance Regulatory and Development Authority of India (IRDAI) has directed all insurers, excluding ECGC and AIC, to integrate the Ayushman Bharat Health Account (ABHA)…

Testing and Adoption of Health Claims Exchange Specifications and E-Claim Standards

The Insurance Regulatory and Development Authority of India (IRDAI) has advised all insurers and Third Party Administrators (TPAs) to test and adopt the National Health Claims…

15/2023 : Mandatory additional qualifiers in import/export declarations in respect of certain products wef 1.7.2023 -reg

Implementation of Supreme Court Judgment on Pre-Import Condition for Advance Authorization

Importers who did not meet the pre-import condition for Advance Authorization imports must pay integrated tax and compensation cess with interest.

40/2023-Customs (NT) : Exchange Rate Notification No. 40/2023 (Amended)- Reg.

Specify Pension Fund as Specified Person under Section 10(23FE)

The Central Government specifies the pension fund 2743298 Ontario Limited as the specified person under section 10 of the Income-tax Act, 1961.