Month: September 2020
Income Tax Department carries out searches in Srinagar and Kupwara Income Tax raids Srinagar Kupwara The Income Tax Department has carried out simultaneous search and seizure operations on 2nd September, 2020 in the case of three prominent businessmen in Srinagar and Kupwara. These operations have, prima facie, led …
CBDT provides ITR Filing Compliance Check Functionality for Scheduled Commercial Banks Now banks can check whether assessee has filed ITR or not Central Board of Direct Taxes in exercise of powers conferred under section 138(1)(a) of Income Tax Act, 1961, has issued Order in F.No. 225/136/2020/ITA.II dated 31.08.2020, …
When quantum additions deleted, penalty u/s 271(1)(b) not leviable for failure to comply with notices u/s 142(1). At best it could be technical & venial default on part of assessee ABACUS Case Law CitationABCAUS 3383 (2020) (09) ITAT Important case law relied upon by the parties:CIT vs. Kabul …
Extension of time limit for compliance of action under GST anti-profiteering provisions to 30.11.2020 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 65/2020–Central Tax New Delhi, the 1st September, 2020 G.S.R. 542(E).—In exercise of the powers conferred by section 168A of the Central …
Use of Caveats, Limitations and Disclaimers by the Registered Valuers in Valuation Reports – IBBI Guidelines The IBBI has issued Guidelines called the Insolvency and Bankruptcy Board of India (Use of Caveats, Limitations, and Disclaimers in Valuation Reports) Guidelines, 2020. The Guidelines are issued in exercise of the …
GSTN new functionalities-Multiple amendments enabled in Table-4 of GSTR-8 and TCS facility extended for Composition taxpayers New functionalities made available for TCS and Composition taxpayers 1. Provision to make amendment, multiple times, in Table 4 of Form GSTR-8 (a) Earlier, if no action was taken on TCS details, …
Addition for bogus purchases as unexplained cash credits whether u/s 68 or u/s 41(1) as cessation of liability? No additions on opening balances ABACUS Case Law CitationABCAUS 3382 (2020) (09) ITAT In this case appeal was preferred by the Revenue against the order of Commissioner of Income Tax …
Bank passbook / statements not books of account of assessee and hence no addition can be made u/s 68 of the Income Tax Act, 1961 ABACUS Case Law CitationABCAUS 3381 (2020) (09) ITAT Important case law relied upon by the parties:Baladin Ram v. CIT 71 ITR 427CIT vs. …
Income Tax to share information with Scheduled Commercial Banks MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 71/ 2020 New Delhi, the 31st August, 2020 S.O. 2947(E).—In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act, 1961, …
Last date for filing GSTR-4 for FY 2019-20 extended to 31st October 2020 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 64/2020–Central Tax New Delhi, the 31st August, 2020 G.S.R. 539(E).—In exercise of the powers conferred by section 148 of the Central Goods …