Month: August 2020
“Transparent Taxation – Honoring the Honest” Platform to be launched on 13th August 2020. Transparent Taxation – Honoring the Honest Platform Prime Minister declares Taxpayer Charter PM asks those who are not in tax net but able to pay tax, to come forward and pay taxes voluntarily. Nothing …
Income Tax Investigation Wing and Central charges to resume sending notices to assessees electronically F. No. 414/ 29 /2020 -IT (lnv. I)Government of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes******** Room No. 269, North Block,New Delhi, the 11th August, 2020. ToAll the Directors General …
Income Tax Department conducts search on premises of Chinese entities As per a Press Release issued by Finance Ministry, the Income Tax Department, based on the credible information that few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through series of shell …
Daughters have coparcenary rights from birth even if father not alive on commencement of Hindu Hindu Succession (Amendment) Act 2005 i.e. 9.9.2005 ABACUS Case Law CitationABCAUS 3361 (2020) (08) SC Important case law relied upon by the parties:Prakash & Ors. v. Phulavati & Ors., (2016) 2 SCC 36Danamma …
Section 139A not to apply to non-resident (except company) who makes investment in a specified fund subject to few conditions – Rule 114AAB. MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 58/2020 New Delhi, the 10th August, 2020 INCOME-TAX G.S.R. 499(E).—In exercise …
Govt. designates three Special Courts in Maharashtra for trial of offences punishable under the Income-tax Act, 1961 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)(INVESTIGATION DIVISION-V) Notification No. 59/2020 New Delhi, the 10th August, 2020 S.O.2682(E).—In exercise of the powers conferred by sub-section (1) of section 280A …
Trustees of Mutual Funds to appoint dedicated officer to give administrative assistance in monitoring various activities of the AMCs Securities and Exchange Board of India CIRCULAR SEBI/HO/IMD/DF4/CIR/P/2020/0000000151 August 10, 2020 All Mutual Funds (MFs)/Asset Management Companies (AMCs)/Trustee Companies/ Board of Trustees of Mutual Funds/Association of Mutual Funds in …
No Penalty u/s 271AAB unless undisclosed income found from seized material. Disclosure made in statement u/s 132(4) not sufficient to levy penalty ABACUS Case Law CitationABCAUS 3360 (2020) (08) ITAT Important case law relied upon by the parties:Ravi Mathur vs. DCITDinesh Kumar Agarwal vs. ACITRaja Ram Maheshwari vs. …
Penalty u/s 271(1)(c) upheld despite notice without striking off the not applicable charge as in penalty order AO specified the applicable limb ABACUS Case Law CitationABCAUS 3359 (2020) (08) ITAT Important case law relied upon by the parties:Shweta Construction Company Pvt. Ltd. vs. ITO,B. D. Mundra & Sons, …
Education cess & Secondary and Higher Education Cess are allowable deduction while computing income chargeable under the head of profits and gains of business or profession ABACUS Case Law CitationABCAUS 3358 (2020) (08) ITAT Important case law relied upon by the parties:Sesa Goa Ltd. vs. JCIT 117 taxmann.com …