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Direct Tax Vivad se Vishwas Bill, 2020- A Judicial Review
In the statement of objects and reasons in introducing the Direct Tax Vivad se Vishwas Act, 2020, [THE ACT in short] the FM said that over the years, the pendency of appeals filed by taxpayers as well...
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Sabka Vishwas Legacy Dispute Resolution Scheme- 49,534 settlements done
Sabka Vishwas – Legacy Dispute Resolution Scheme The details of total amount of funds that are locked up in cases at various quasi-judicial, appellate and judicial forums under Service Tax and Central...
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Procedure of PAN allotment through Common Application Form
F.No. Pr. DGIT(S)/ADG(S)-1/FPI/04/2019-20/PartGovernment of IndiaMinistry of FinanceCentral Board of Direct TaxesDirectorate of Income-tax (Systems) Notification 11 of 2020New Delhi, 7th of February,...
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Budget 2020- ICAI Analysis of key direct tax proposals
The significant direct tax proposals are detailed here under:Tax RatesConcessional slab rates for individuals and HUFs New section 115BAC to be inserted to provide an option to an individual or HUF to...
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CBI Arrests a Private Person & a GST Officer in a Bribery Case
Press ReleaseNew Delhi, 07.02.2020The Central Bureau of Investigation has arrested a private person, resident of Delhi and a Goods & Services Tax Officer in Trade & Taxes Department, Government of NCT...
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CBIC Introduces Machine based automated clearance of imported goods
India has been improving consistently in the World Bank’s EoDB rankings over the past 5 years and one of the key drivers has been the initiatives under Trading across Borders (TAB), where India jumped...
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Companies (Incorporation) Amendment Rules, 2020
MCA amends Companies Incorporation Rules, SPICe+ (INC 32)/ INC 35 (AGILE PRO) notified, w.e.f. 15th February, 2020. MCA notifies the Companies (Incorporation) Amendment Rules, 2020, whereby e-Forms SP...
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MCA proposes amendments to enhance Audit Independence & Accountability
GOVERNMENT OF INDIAMinistry of Corporate AffairsNOTICE INVITING COMMENTS ON THE CONSULTATION PAPER TO EXAMINE THE EXISTING PROVISIONS OF LAW AND MAKE SUITABLE AMENDMENTS THEREIN TO ENHANCE AUDIT INDEP...
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Competition Commission of India (General) Amendment Regulations, 2020
THE COMPETITION COMMISSION OF INDIANOTIFICATIONNew Delhi, the 6th February, 2020The Competition Commission of India (General) Amendment Regulations, 2020No. L-3(2)/Regln-Gen.(Amdt.)/2020/CCI.- In exer...
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Income Tax search on prominent persons in Film Industry in Tamil Nadu
Income Tax Department conducts search on prominent persons in Film Industry in Tamil NaduThe Income Tax Department conducted a search in the case of 4 major players in the Film Industry including a Pr...
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Budget 2020- TDS on E Commerce Transactions
Section 194O1. Scope of TDS on E Commerce Transactions under Section 194OMotive behind insertion of new section is to bring the e-commerce participant within the tax net i.e. there will be transparenc...
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Budget 2020- Conversion of 26AS into an AIS
Budget 2020- Conversion of 26AS into an AISBudget 2020 omitted Section 203AA of the Income-tax Act with effect from the 1st day of June, 2020. and, Introduction of section 285BB of the Income-tax Act...
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Budget 2020- Dividend
I. Proposed amendment related to tax on dividendsThe government proposes to take the bold step of obliterating DDT and shifting the burden of tax on dividends from the domestic companies to the recipi...
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Direct Tax Vivad Se Vishwas Bill, 2020
Applicability:Person in whose case an appeal is filed by him or by income tax department or by both against an assessment/reassessment order or in respect of TDS/TCS which is pending before Supreme Co...
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DIRECT TAX VIVAD SE VISHWAS BILL, 2020
The scheme proposed under the Bill is:S.No.Nature of Tax ArrearAmount payable within 31/03/2020Amount payable between 01/04/2020 to 30/06/20201.Total disputed tax and interest / penalty thereonOnly di...
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DIRECT TAX VIVAD SE VISHWAS ACT, 2020- Vivad se Vishwas (No Dispute but Trust) Scheme
Key ProvisionsCases outstanding or appeals pending as 0n 31.01.2020 are eligible cases under this scheme.Tax Arrears means: (i) aggregate amount of disputed tax including interest and penalty on such...
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Vivad se Vishwas Bill, 2020- Tax dispute settlement scheme
To whom scheme is applicable?As per the bill, the scheme is applicable to: the appeals filed by taxpayers or the Government, which are pending with the Commissioner (Appeals), Income tax Appellate Tri...
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Direct Tax Vivad Se Vishwas Scheme, 2020
Brief about the Scheme:The provisions of the Bill shall be applicable to appeals filed by taxpayers or the Government, which are pending with the Commissioner (Appeals), Income tax Appellate Tribunal,...
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New Section 12AB | Finance Bill 2020 | Charitable Trusts | Amendment in Section 12AA/ 80G/ 80GGA
Budget 2020- Amendment in Section 12AA/ 80G/ 80GGA (Charitable Trust) The following amendments classified the charitable / religious trusts institutions etc. into four Categories which are: –A. Charit...
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Budget 2020- Summary
Key Direct Tax ProposalsChanges in Personal income tax slab rates for individuals and HUFs on forgoing certain deductions, allowances and exemptions under Income Tax Act including certain Chapter- VI-...