Category: Income Tax
CBDT amends Safe Harbour Rules. Rule 10TD shall apply for AY 2020-21 Safe Harbour Rules amended MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 25/2020 New Delhi, the 20th May, 2020 INCOME-TAX G.S.R.304(E).—In exercise of the powers conferred by section 295 read with …
Surplus due to foreign exchange rate fluctuation part of export turnover u/s 80HHC in the year of receipt if brought to India within prescribed time ABCAUS Case Law Citation:ABCAUS 3312 (2020) (05) HC Important case law relied upon by the parties:RaghunathExport (P) Ltd. v. Commissioner of Income-TaxCommissioner ofIncome-Tax …
Prosecution u/s 276C of Official Liquidator of company. High Court dismissed the application of Income Tax Department ABCAUS Case Law Citation:ABCAUS 3311 (2020) (05) HC Prosecution u/s 276C against Official Liquidator of company In the instant case, the Principal Commissioner of Income Tax (PCIT) had made an application …
ALP determined in good faith and with due diligence by assessee was not liable to penalty u/s 271(1)(c) ABCAUS Case Law Citation:ABCAUS 3310 (2020) (05) ITAT Important case law relied upon by the parties:Dharmendra Textile Processors 295 ITR 244Zoom Communication Pvt. Ltd. 327 ITRÂ 510MAK Data Pvt. Ltd. …
Chart of reduced TDS / TCS rates for FY 2020-21 from 14.05.2020 to 31.03.2021 Government of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes New Delhi, 13th May. 2020 Press Release Reduction in rate of TDS deduction at Source (TDS) & Tax Collection at Source …
Income Tax Returns (ITRs ) due date for FY 2019-20 Extension and other reliefs announced by the Finance Minister as part of 20 Lakhs crores package Today, the Finance Minister, in her Press Conference has announced the broad details of the 20 Lakhs Crores relief package called Atmanirbhar …
No adverse Income Tax notice to be issued to taxpayers during April-June 2020 – CBDT issues its Interim Central Action Plan 2020-21Â Amidst the nation-wide lockdown, CBDT has issued its Central Action Plan (CAP) for the first quarter (April 2020 to June 2020) for the Financial Year 2020-21. …
CBDT gives relief on residency provisions due to lockdown & suspension of international flights Govt has granted relief on residency status to NRIs/foreign visitors whose stay in India got prolonged due to lockdown. Further, as per tweet by CBDT, Circular for determining the residential status in such cases …
CBDT defers requirement of fresh registration of trusts under section 12AB to 01.10.2020 due to Covid-19 Situation The Finance Act 2020 had made changes in the procedure for approval/registration process of trusts, institutions, funds, university, hospital etc and approval in the case of association, university, college, institution or …
Show Cause Notice, Order and Penalty passed during lockdown period quashed as assessee had no opportunity to explain the case. ABCAUS Case Law Citation:ABCAUS 3307 (2020) (05) HC In this case, a Petition was been filed by the assessee praying for quashing the order passed by the Income …
