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In exercise of the powers u/s 119(2)(b) of the Income-tax Act, 1961 (“the Act”), the Central Board of Direct Taxes (CBDT) issued Circular No. 9/2015 (“the Circular”) dated June 9, 2015 under which an assessee can apply to the appropriate authority for the condonation of delay in filing the returns to claim the following reliefs in case of genuine reasons for the delay
One of the most radical reforms of recent times had been the enactment of Insolvency and Bankruptcy Code,2016, (The Code or IBC). Though the Code had been in the making for many years; the actual enactment was triggered by huge pile-up of NPAs of PSU banks and need to clean up the balance sheet of banks.
Non-Banking Financial Companies (NBFCs) have been making important contributions to India’s economy. However, the Reserve Bank of India (RBI) still controls the working of all NBFCs under the framework of RBI Act, 1934 and directions issued by it from time to time.
Details of Tax Officials now available in search module on GST Portal Taxpayer has been provided with a search facility to search details of tax officials. (Dash board > Services > User Services > Contact)
Ministry of Railways has included Cost Accountants to certify work sheet of tax liability before GST and after GST to be submitted by contractors. Earlier only chartered accountants were allowed.
The Institute of Cost Accountants of India has submitted its Feedback on the Models suggested by GST Council for simplification of GST Returns which includes suggestion on Continuous facility to add invoice by Seller and Continuous viewing of invoices by Recipient, GST Return design, Input tax credit, A semi-automatic process of ITC reversal through administrative […]
Clarification on Import of EOUs/EHTP/STP /BTP without payment of duty following Rule 5 of Customs (Import of Goods at concessional rate of Duty) 2018
An impeachment motion was intended to be filed in the rarest of rare cases. These cases would include those where a gross misconduct has been indulged in by a delinquent judge during his tenure as a judge.
Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introduced a new section 112A in the Act, to provide that long term capital gains arising from transfer of a long-term capital asset being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust shall be taxed at 10 per cent of such capital gains exceeding one lakh rupees.
Penalty under section 271(1)(c) could be levied where AO was not sure about the charge on which penalty was to be levied since he had initiated penalty proceedings for both the charges, i.e., furnishing of inaccurate particulars of income as well as concealment of particulars of income, and also levied the penalty on both the charges vide his penalty order.
