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Archive: 05 June 2020

Posts in 05 June 2020

Jurisdiction of Commissioner (Appeals) to assessment orders passed by Faceless Assessment Groups

June 5, 2020 1197 Views 0 comment Print

Notification No. 51/2020-Customs (N.T.) – Notification to amend Notification No.92/2017-Customs (NT), dated 28.09.2017 to specify the jurisdiction of Commissioner (Appeals) to assessment orders passed by Faceless Assessment Groups- Reg. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 51/2020-Customs (N.T.) New Delhi, the 5th June, 2020 […]

ITR-4 | Key Insertions | Available for E-Filing for FY 2019-20

June 5, 2020 15879 Views 14 comments Print

ITR-4 | Key Insertions in the Income Tax Return form Now Available for E-Filing at Income Tax Portal for Assessment Year (AY) 2020-21 / Financial Year (FY) 2019-20 Recently, the government (CBDT) notified the revised Income Tax Return Forms (ITR) for the financial year 2019-20 (AY 2020-21) including ITR-4. Today i.e. on the 5th of […]

Transitional Credit if not claimed in Tran-1, lost forever!!

June 5, 2020 2397 Views 0 comment Print

1. Upon introduction of the new tax regime of Goods &Service Tax [GST] w.e.f 01.07.2017, all the suppliers/service providers/ manufacturers/dealers etc., were migrated from erstwhile regime of indirect taxation to the new regime i.e. GST. Under the GST regime, every registered person was required to file electronically FORM GST TRAN-1 concerning availment of unutilised input […]

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020

June 5, 2020 1728 Views 0 comment Print

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 5th June, 2020/Jyaishtha 15, 1942 (Saka) THE INSOLVENCY AND BANKRUPTCY CODE (AMENDMENT) ORDINANCE, 2020 NO. 9 OF 2020 Promulgated by the President in the Seventy-first Year of the Republic of India. An Ordinance further to amend the insolvency and Bankruptcy Code, 2016. WHEREAS the entire […]

1st phase of All India roll-out of Faceless Assessment by CBIC

June 5, 2020 2535 Views 0 comment Print

In order to introduce Phase 1 of Faceless Assessment at Bengaluru and Chennai from 8th June 2020 for imports primarily made under Chapters 84 and 85 of the Customs Tariff Act, 1975 at these Customs stations, Board has issued two notifications, as follows:

Taxation of Unexplained Incomes

June 5, 2020 77820 Views 0 comment Print

Background To begin with, the unexplained income simply means any income for which assessee do not have valid explanation about the nature and / or source or the assessing officer is not satisfied with the explanation provided by the assessee. Under the provisions of Income-tax Act, 1961 (the Act) broadly, the term ‘unexplained income’ is […]

High rate Depreciation Not allowed on vehicles used for Advertisement

June 5, 2020 798 Views 0 comment Print

Whether the higher rate of depreciation can be granted to the vehicles used for the display of advertisement under the provisions of the Income Tax Act, 1961.

Insights into Prohibition of Benami Property Transaction Act, 1988

June 5, 2020 3696 Views 0 comment Print

Generally,due to following reasons, people enter into benami transactions: a) To invest unaccounted money. b) To invest money earned from illegal means, that is, through corruption, etc. c) To hide the ownership of the property from banks or creditors.

Trade Mark Registration Process

June 5, 2020 5169 Views 1 comment Print

Trade Mark Registration Process Step 1: ♣ Click on the following link to start the registration procedure https://ipindiaonline.gov.in/trademarkefiling/user/frmLoginNew.aspx ♣ Then register yourself by clicking on “New User? Sign Up” ♣ Then proceed for Registration, if you fulfil the following two requirements: ♣ Class II or III digital Signature from any of the Indian Certifying Authorities […]

Board Meeting through video conferencing or audio-visual means

June 5, 2020 4995 Views 0 comment Print

BOARD MEETING THROUGH VIDEO CONFERENCING OR OTHER AUDIO VIDEO MEANS Companies (Meetings of Board and its Powers) Rules, 2014 issued various procedure for convening and conducting the Board meetings through video conferencing or other audio-visual means. Some of the procedures are as follows: – Necessary arrangements to be made to avoid failure of video or […]

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