"31 March 2020" Archive

Residential Status as per Finance Act 2020

Modification of residency provisions In order to bring prevent tax abuse the Finance Act, 2020  modified the Residency Provision. According to the un-amended Section 6, an individual is said to be resident in India in any previous year, if he— (a) is in India in that year for a period or periods amounting in all […]...

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Posted Under: Income Tax |

FM Releases Ordinance on relaxation Provided on 24th March 2020

(Release ID: 1609734) (31/03/2020)

Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of CO...

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Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020

No. 2 OF 2020 (31/03/2020)

Govt notified Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on 31st March 2020 to give effect to Various Direct/Indirect Tax and Statutory Compliance relaxation announced on  announced on 24th March 2020. Also Read- FM Press Release Dated 24.03.2020 FM Press Release Dated 26.03.2020 FM Press Release Dated 31....

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Extension of Foreign Trade Policy 2015-2020 till 31.03.2021

Notification No. 57/2015-2020-DGFT (31/03/2020)

Government Foreign Trade Policy 2015-2020 till 31.03.2021 vide Notification No. 57/2015-2020-DGFT Dated: 31st March, 2020. The existing Foreign Trade Policy 2015-2020 which is valid upto 31.3.2020 is extended upto 31.03.2021. Various other changes are also made extending the date of exemptions by one year and extending validity of DFIA an...

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Govt extends FTP 2015-2020 for one year with other relief measures

Release ID: 1609704 (31/03/2020)

Foreign Trade Policy 2015-2020 extended for one year; Other immediate relief measures also announced The Union Commerce and Industry Ministry today announced changes in the Foreign Trade Policy (FTP) of Government of India. The present Policy which came into force on 1st April, 2015, is for 5 years and has validity upto 31st March, 2020. ...

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Finance Act 2020 Analysis of International Taxation related amendments

Article mainly explains Amendments vide Finance Act, 2020 relating to Residential Status, Amendment Removing Dividend Distribution Tax and Impact thereof, Incorporation of MLI and Introduction of Equalization Levy on E-Com Operators....

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Posted Under: Income Tax |

GST on Real Estate – A Handy notes for Professionals

Article explains Classification of Transactions under Real Estate for GST, Whether it is Supply of goods, Whether it is Supply of Service, Transitional Transaction under Real Estate, Rate of Tax on Transactions under Real Estate – Up to 31.03.2019, Rate of Tax after 01.04.2019 on Transactions under Real Estate, Input Tax Credit prior to...

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Posted Under: Income Tax |

Extension of Hand Book of Procedures 2015-2020 till 31.03.2021

Public Notice No. 67/2015-2020-DGFT (31/03/2020)

Validity of the existing Hand Book of Procedures, 2015-20 is extended upto 31st March, 2021. Various other amendments are also made providing extension in the export obligation period in case of Advance and EPCG Authorisations, extension in validity period of status certificates, extension in the dates of filing various applications and r...

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No additions in absence of incriminating material during section 153A search

Rajat Minerals Pvt. Ltd. Vs DCIT (ITAT Ranchi)

Rajat Minerals Pvt. Ltd. Vs DCIT (ITAT Ranchi) Conclusion: Various additions/disallowances made by AO were clearly beyond the scope of authority vested under s.153A owing to absence of any incriminating material or evidence deduced as a result of search in so far as completed assessments were concerned and the same was not permissible in ...

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DGFT extends validity of RCMC till 30th September 2020

Trade Notice No. 60/2019-2020 (31/03/2020)

Regional Authorities (RAs) of DGFT will not insist on valid Registration cum Membership Certificate (RCMC) (in cases where the same has expired on or before 31 March, 2020) from the applicants for any incentive/authorizations till 30 September, 2020. Government of India Ministry of Commerce and Industry Department of Commerce Directorate ...

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