Month: January 2020
Levy and Collection of Social Welfare Surcharge (SWS) on imports under various schemes such as MEIS, SEIS etc. Circular No. 02/2020-Customs F.No.605/06/2019-DBKGovernment of IndiaMinistry of Finance , Department of Revenue Central Board of Indirect Taxes and Customs (Drawback Division) 4th Floor , Jeevan Deep Building ,Parliament Street, New …
RBI permits Video based Customer Identification Process (V-CIP) – List of documents required Government has notified amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. Accordingly, the Reserve Bank has permitted Video based Customer Identification Process (V-CIP) as a consent based alternate method of establishing the …
CBDT grants relaxation in eligibility conditions for filing of Income-tax Return Form-1 (Sahaj) and Form-4 (Sugam) for Assessment Year 2020-21 Ministry of Finance Press Release In order to ensure that the e-filing utility for filing of return for assessment year (A.Y) 2020-21 is available as on 1st April, …
Under mercantile system of accounting interest payable is equal to paid. ITAT deleted disallowance on the ground that interest was not paid during the year ABCAUS Case Law Citation:ABCAUS 3218 (2019) (01) ITAT Important case law relied upon by the parties:Taparia Tools Ltd. vs. JCIT Nasik In the …
Genuine expenses wrongly claimed as deduction not attract penalty u/s 271(1)(c) for furnishing the inaccurate particular of income ABCAUS Case Law Citation:ABCAUS 3217 (2019) (01) ITAT Important case law relied upon by the parties:CIT V/s Zoom Communications Limited 327ITR 510CIT Vs. Reliance Petro Products Ltd reported in 322 …
No Penalty u/s 271B where assessee under bona-fide belief failed to get accounts audited u/s 44AB despite turnover exceeding threshold for sale/purchase of shares ABCAUS Case Law Citation:ABCAUS 3216 (2020) (01) ITAT In the instant case, the appeal had been filed at the instance of the Assessee against …
Invitation for submission of Applications for National IP Awards-2020. Last date 07.02.2020 National Intellectual Property (IP) Awards are conferred every year to recognize and reward the top achievers, comprising individuals, institutions, organisations and enterprises, for their IP creations and commercialization. National IP Awards are intended to encourage innovation …
Maintenance and furnishing of information & document by certain person u/s 92D. CBDT Notification MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 03/2020 New Delhi, the 6th January, 2020 INCOME-TAX G.S.R. 14(E).—In exercise of the powers conferred by sub-section (1) and sub-section (4) of section …
IBBI (Liquidation Process) (Amendment) Regulations 2020 The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 on 6th January 2020. The amendment clarifies that a person, who is not eligible under the Code to submit a resolution …
Notice for initiation of complete scrutiny assessment proceeding prior to receipt of approval by Pr. CIT i.e. in anticipation of approval is invalid ABCAUS Case Law Citation:ABCAUS 3214 (2019) (01) ITAT Important case law relied upon by the parties:M/s. CBS International Projects Pvt. Ltd vs CIT In the …
