"21 February 2020" Archive

Is Aadhaar Becoming A Conclusive Proof For Income Tax Department Apart From PAN?

There are discrepancies, in many cases, in respect of spellings, date of birth, phone number, address, etc. in the data of PAN and Aadhaar, it becomes practically not possible to link Aadhaar with Income tax e-return filing site in such cases....

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Posted Under: Income Tax |

House Property Remained Vacant – Check Out How to Calculate Your Income Tax Liability

Income Tax Act, 1961 allows only 1 house property to be declared as Self occupied while all others are compulsorily required to be declared as rented out. In case of Property which is let out there exists a concept of Deemed Annual Value...

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Posted Under: Income Tax | ,

Transportation of goods to and from India through a foreign Territory

Circular No. 14/2020-Customs (21/02/2020)

The transportation of goods from one part of India to another through a foreign territory was hitherto covered by the Transportation of Goods (Through Foreign Territory) Regulations, 1965. Such movements were however uncommon and the regulations were not effectively used due to absence of bilateral arrangements with neighbouring countries...

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Public Provident Fund (PPF) – Tax benefit and Returns

Eligibility - Individuals who are residents of India are eligible to open an account under the Public Provident Fund scheme. A PPF account may be opened under the name of a minor by his/her legal guardian. However, each person is eligible for only one account under his/her name....

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Posted Under: Income Tax |

Now is the time to attack! Start firing bullets at your taxes

Act before March-end, so that you don’t have to regret in July! So many clients put their palms on their head, when it is the time to pay taxes and file return, in July. Taxes have already fired at them, they have done nothing to save themselves against the tax shots....

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Posted Under: Income Tax |

Constitution of 22nd Law Commission of India

F. No. A-45012/1/2018-Admn. III (LA) (21/02/2020)

The sanction of the President is hereby accorded to the constitution of the Twenty-second Law Commission of India for a period of three years from the date of publication of this Order in the Official Gazette consisting of:...

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Can a settlement come in record if NCLT bench have passed CIRP order?

The Insolvency and Bankruptcy Code, 2016 (Code) is a Codification of Sections of various previous Acts to deal with corporate insolvency and bankruptcy. Hailed as a comprehensive economic reform, IBC was hailed as the fastest and most effective tool to recover bad debt....

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Posted Under: Income Tax |

Summary of Discussion paper on proposed changes to SEBI Takeover Regulations

Securities and Exchange Board of India (SEBI) on 3rd February, 2020 released a Discussion paper proposing the changes in SEBI (Substantial acquisition of shares & Takeover) Regulation, 2011 for availing various mode of acquisitions of the target company and proposing other changes for making the procedure more transparent and simpler for ...

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Posted Under: Income Tax |

Important GST Amendments at a Glance

In this presentation, you will find latest amendments in the GST Law. 7th February 2020 The due date to submit TRAN-01 for carrying forward the transitional credit is extended to 31st March 2020 for those taxpayers who could not file earlier due to technical glitches. 3rd February 2020 The filing of return in GSTR-3B for […]...

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Posted Under: Income Tax |

GAAR Applicability

This article is all about General Anti Avoidance rules (GAAR). These rules come into effect when any transactions are undertaken by being within the provisions of the Income tax Act but the sole purpose of such transaction is to avoid tax. So in order to develop the better understanding about our current topic, let us […]...

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Posted Under: Income Tax |