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DIRECT TAX: SPOTLIGHT
1. Clarification regarding CBDT's Circular No. 5/2025 dated 28.03.2025 for waiver on levy of interest under section 201(1A)(ii) / 206C(7) of the Income-tax Act, 1961 - Circular No. 8/2025 dated 1 July 2025
As prescribed in circular No. 5, the CCIT, DGIT or PrCCIT has power to reduce or waive interest charged under section 201(1A)(ii) / 206C(7) of the Act. The following clarifications are issued:
a) CCIT/ DGIT/ Pr.CCIT is empowered to pass order for waiver after the date of issue of Circular No. 5/2025 i.e. 28 March 2025
b) Applications for the waiver of interest can be entertained within one year from the end of the financial year for which the interest is charged.
c) Waiver applications can be entertained for interest under section 201(1A)(ii) / 206C(7) of the Act charged even before the issuance of the said Circular, subject to (b) above.
2. Cost Inflation Index for F.Y. 2025-26 is 376 - Notification No. 70/2025 dated 1 July 2025
FEMA
1. RBI allows advance remittance up to USD 50M for vessel imports without BG or unconditional, irrevocable SBLC
