Foreign Exchange Management Act (FEMA/ Act), 1999 provides for compounding of contraventions done under the Act. Any contravention of the Act, any rules, regulations, notification, orders, directions, circulars issued thereunder can be compounded. Compounding is the voluntarily admitting the contravention, pleading guilty and seeking redressal. The Reserve Bank has the power to compound any contravention […]
Notification No. 3/2020-Customs (N.T./CAA/DRI)- Appointment of common adjudicating authority by Director General, Revenue Intelligence. Ministry Of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) (Directorate Of Revenue Intelligence) Notification No. 3/2020-Customs (N.T./CAA/DRI) New Delhi, the 6th January, 2020 S.O. 123(E).—In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated […]
Notification No. 2/2020-Customs (N.T./CAA/DRI)- Appointment of common adjudicating authority by Director General, Revenue Intelligence. Ministry Of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) (Directorate Of Revenue Intelligence) Notification No. 2/2020-Customs (N.T./CAA/DRI) New Delhi, the 6th January, 2020 S.O. 122(E).—In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated […]
Basis recommendation by the GST council in its 37th meeting held on 20 September 2019, Central Board of Indirect Taxes and Customs (CBIC), had issued a notification to place supply of renting of motor vehicles under the gamut of reverse charge mechanism. The recommendation was specifically intended to cover only those supplies made by non-body […]
The countdown to Union budget 2020 has already begun. Considering the state of the Indian economy, finance minister is expected to unfold measures which give boost to the economy Following are ten propositions for the Budget : 1) Income Tax Slab Income upto Rs. 5 lakh should be made exempt from tax. Peak rate of […]
Analysis of CBDT Notification 01/2020 Revised format of ITR-1 and ITR-4 for FY 19-20 notified!! ITR Forms which usually are issued somewhere around in the first week of April of the relevant Assessment Year, this time have been issued on 3rd January itself!! [Only ITR-1(Sahaj) & ITR-4(Sugam)] The very reason for the same is the […]
Section 50 of CGST Act, 2017 articulates that every person who is liable to pay tax in accordance with the provisions of GST shall remit tax on or before scheduled dates, but fails to pay tax or any part thereof to the Government shall pay on his own interest at such rate not exceeding 18 […]
Amendment of rule 10DA and rule 10DB regarding furnishing of information and maintenance of documents by Constituent Entity of an international group – Notification No. 03/2020-Income Tax Dated: 6th January, 2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 03/2020-Income Tax New Delhi, the 6th January, 2020 G.S.R. 14(E).—In exercise […]
