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Only DG Investigation and Commissionerates TDS authorised to have power to order income tax survey u/s 133A with effect from 13th August, 2020. F. No. 187/3/2020-ITA-IGovernment of IndiaMinistry of Finance Department of Revenue (Central Board of Direct Taxes)***** North Block, New Delhi – 110001. Dated the 13th August, …
Do role of CA CS CMA as authorised representative going to end as per Taxpayers Charter? Under the provisions of section 288 of the Income Tax Act, 1961 an assessee/taxpayer may be represented by an authorised representative before an Income Tax Authority or ITAT. Sub section (2) provides …
New Taxpayers’ Charter issued. Know Rights & Obligations of taxpayers Ministry of Finance has issued detailed Taxpayers’ Charter in line with announcement by Prime Minister of India Indian Taxpayers’ Charter – Rights and Obligations of Taxpayers This Taxpayer Charter spells out the various commitments made by the Income …
All Assessment to be Faceless and orders to be passed by National e-Assessment Centre from 13.08.2020 F. No. 187/3/2020-ITA-IGovernment of IndiaMinistry of Finance Department of Revenue (Central Board of Direct Taxes)***** North Block, New Delhi – 110001.Dated the 13th August, 2020 ORDER Subject: Order under section 119 of …
Market value of stock instead of cost no basis to determine undisclosed income. Penalty u/s 271AAB not mandatory ABACUS Case Law CitationABCAUS 3363 (2020) (08) ITAT Important case law relied upon by the parties:M/s Sumangal Gems vs. DCIT In the instant case, the assessee had challenged the order …
Expenditure on ERP Software allowed as Revenue in nature despite being treated as deferred revenue expenditure in the books of accounts ABACUS Case Law CitationABCAUS 3362 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs Associated Cement Companies Ltd: 172 ITR 257 (SC)Alembic Chemical Works …
Government appoints Shri Keshav Chandra, IAS as Director in the Serious Fraud Investigation Office (SFIO) under Ministry of Corporate Affairs MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 11th August, 2020 S.O. 2709(E).—In exercise of the powers conferred under sub-section (3) of Section 211 of the Companies Act, …
“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 …