Month: February 2020
Only about 2200 professionals disclosed income of more than Rs. 1 crore – CBDT clarification The other day, from TIMESNOW platform, PM Narendra Modi said that when so many people do not pay taxes or devise ways to circumvent tax, it burdens those who pay their taxes with …
ICAI Guide and FAQ on Indian Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance Educational Material on Indian Accounting Standards 20 The Ministry of Corporate Affairs (MCA) vide its notification dated 16th February, 2015 notified Ind AS 20, Accounting for Government Grants and Disclosure …
Banning of Unregulated Deposit Schemes Rules 2020. Property of deposit taker can be attached on complaint by non depositor MINISTRY OF FINANCE(Department of Financial Services) NOTIFICATION New Delhi, the 12th February, 2020 S.O. 663 (E).— In exercise of the powers conferred by section 37 of the Banning of …
Finance Ministry notified Qualifications for appointment of ITAT, CESTAT & Other Tribunals President/Members. Composition of Search-cum Selection Committee In Nov 2019, a Constitution Bench of the Hon’ble Supreme Court had struck down the Tribunal, Appellate Tribunal and other Authorities (Qualification, Experience and other Conditions of Service of Members) …
FASTag to be available free of charge for 15 days In order to further increase digital collection of user fee via FASTag at NH fee plazas, National Highways Authority of India (NHAI) has decided to waive off the FASTag cost of Rs.100/- for NHAI FASTag between 15th and 29th …
Concealment penalty deleted as assessee was not habitual defaulter, made surrender only to buy peace and did not contest the issue further in quantum proceedings ABCAUS Case Law Citation:ABCAUS 3254 (2020) (02) ITAT In the instant case, the appeal was filed by the appellant assessee against the order …
ICAI elects President and Vice President for the term 2020-21 CA. Atul Kumar Gupta has been elected as President of The Institute of Chartered Accountants of India for the term 2020-21 on 12th February 2020. he joined the Central Council of ICAI in 2013 wherein he remained a …
Appeal allowed as assessee was illiterate, did not get good legal advice. Even proper and appropriate grounds could not be raised before CIT(A) ABCAUS Case Law Citation:ABCAUS 3253 (2020) (02) ITAT In the instant case, appeal was filed by the assessee against the order of the CIT(A) in …
Penalty u/s 271(1)(c) for inadvertent error of accountant deleted as assessee revised belated return and his conduct was not contumacious ABCAUS Case Law Citation:ABCAUS 3252 (2020) (02) ITAT Important case law relied upon by the parties:CIT vs Fortune Hotels and Estates (P.) Ltd., 52 taxmann.com 330 (Bombay)Price Waterhouse …
CBI arrested GST Official and middleman asking bribe and monthly payment. Read Conversation secretly recorded The Central Bureau of Investigation (CBI) has arrested a private person, resident of Delhi and a Goods & Services Tax Officer (Gopal Krishna Madhav) in Trade & Taxes Department, Government of NCT Delhi …