New Corporate & Professional Update: KEY PRACTICAL TAKEAWAYS: Income Tax: CBDT has issued Circular No. 12/2020 dated 20.05.2020 in order to exempt B2B suppliers with 95% or more receipts through non-cash mode to not maintain prescribed payment modes as per Section 269SU such as POS, UPI, UPI-QR, etc. Note-These assesses can disable these facilities if …
Important Relevant updates on the reduction of compliance obligation under the Atmanirbhar Scheme: TODAY ‘S FIFTH AND LAST TRANCH OF ANNOUNCEMENTS FOCUS ON 8 SECTORS: 1. MGNREGA Scheme Total budget was Rs 61,000 crores The extra Rs 40,000 crores allotted 2. HEALTH’s Setting up the public system Block all districts to avoid infectious diseases Public …
Direct Tax – Income Tax Update: The Income Tax Department has set deadlines of 30.06.2020 for investment in tax savings schemes for the financial year 2019-20. Taking advantage of the expanded due date and make savings accordingly. Income Tax Department has notified that outstanding income tax refunds of INR 5,204 crores have been paid to …
Direct Tax Updates: ITAT dismisses Revenue’s appeal, upholds CIT(A)’s order directing AO/TPO to re-compute TP-adjustment only with regard to international transactions for AY 2008-09; Relies on co-ordinate bench ruling in assessee’s own case for AYs 2004-05 and 2006-07 wherein assessee’s contention that TP-adjustment should be restricted only to international transactions was accepted. Also notes that …
Direct Tax Updates: CBDT member Akilesh Ranjan, is arguing for a new tax regime for individuals. It has proposed dramatic changes to the Income Tax Act, which dates back 58 years. People earning between Rs 5 lakh and Rs 10 lakh per year may have to pay 10% income tax. Central Board of Direct Taxes …
Direct Tax Updates: CBDT issues Clarification in respect of filling-up of the ITR wrt Directors, Foreign assets and NRIs. Indirect Tax Updates: CBIC extends the officer interface facility to resolve GST invoice mismatches for shipping bills filed up to July 31, 2019. RBI Updates: The slowdown in the Indian economy could be cyclical, with deep …
Direct Tax Updates: LTCG from penny stocks cannot be treated as bogus if documentation is in order and no fault found by Assessing Officer. Chandra Prakash Jhunjhunwala Vs DCIT (ITAT Kolkata). The task force to overhaul the nearly 60-year-old Income Tax Act has recommended retaining the long-term capital gains (LTCG) tax and the securities transaction …
LTCG from penny stocks cannot be treated as bogus if documentation is in order and no fault found by Assessing Officer. Chandra Prakash Jhunjhunwala Vs DCIT (ITAT Kolkata) Indirect Tax Updates: The last date for filing annual GST returns has been extended by three months to November 30 to help taxpayers facing technical problems …
Direct Tax Updates: CBDT has clarified that small start-ups with turnover up to Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961, which provides deduction for 100 per cent of income of an eligible start-up for 3 years out of 7 years …
Direct Tax Updates: CBDT releases draft New FORM No. 10B and rule 17B: Amendment of Form No 10B of the Income-tax Rules, 1962– Draft notification for inputs from stakeholders and the general public. Income-tax authorities do not want to let go the revenue dues owed by shell companies that have been deregistered by the MCA. …