Month: June 2020

No bar in claiming deduction u/s 54F in reopening proceedings u/s 147. ITAT direct Assessing Officer to decide exemption afresh   ABCAUS Case Law Citation:ABCAUS 3324 (2020) (06) ITAT In the instant case, the appeal of the assessee was directed against the ex parte order passed by the …

Govt. notifies Floating Rate Savings Bonds 2020 (Taxable) – FRSB 2020 (T) MINISTRY OF FINANCE(Department of Economic Affairs) NOTIFICATION New Delhi, the 26th June, 2020 Floating Rate Savings Bonds,2020 (Taxable) –FRSB 2020 (T) S.O. 2123(E).—The Government of India, hereby notifies the issue of Floating Rate Savings Bonds, 2020 …

Extension of time limit for GST compliance, completion of action falling in period 20.03.2020 to 30.08.2020 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 55/2020–Central Tax New Delhi, the 27th June, 2020 G.S.R.416(E).—In exercise of the powers conferred by section 168A of the …

Further extension of time limit for issue of order for refund of unutilised input ITC MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 56/2020–Central Tax New Delhi, the 27th June, 2020 G.S.R.417(E).—In exercise of the powers conferred by section 168A of the Central …

ICAI further extends exam opt out window to 30.06.2020 ICAI further extends exam opt out window  ICAI in view of feedback from the students who have already submitted online examination application for May 2020 Examination further extended exam opt out window to 30.06.2020 upto 11.59 PM According to …

Criteria for classifying enterprises as MSMEs. Registration Procedure, Registration of existing enterprises, calculation of investment & turnover etc. Government has notified Criteria for classifying enterprises as MSMEs, forms and procedure for Registration MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES   NOTIFICATION   New Delhi, the 26th June, 2020 …

Allowances and Perquisites allowable to assessee who exercises option u/s 115BAC under New Tax Regime MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 38/2020 New Delhi, the 26th June, 2020 INCOME-TAX G.S.R.  415(E).—In exercise  of  the  powers  conferred  by  sub-section  (2)  of  section  115BAC  read  …

SEBI further extends time for submission of Annual Secretarial Compliance Report by listed entities due to CoVID-19 pandemic Securities and Exchange Board of India CIRCULARSEBI/HO/CFD/CMD1/CIR/P/2020/109 June 25, 2020 ToAll listed entities that have listed specified securitiesAll Recognized Stock Exchanges Madam / Sir, Sub: Further extension of time for …

Meaning of genuineness of trust activities – they should not be bogus, artificial or camouflaged and whether in accordance with objects – ITAT ABCAUS Case Law Citation:ABCAUS 3323 (2020) (06) ITAT Important case law relied upon by the parties:Baburam Education Society (2018) 96 taxmann.com 606  Meaning of Genuineness …

Extension of period to apply revocation of GST Registration cancellation order passed up to 12.06.2020  MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Order No. 01/2020-Central Tax New Delhi, the 25th June, 2020 S.O. 2064(E).––WHEREAS,  sub-section  (2)  of  section  29  of  the  Central  Goods  and  …