"05 June 2020" Archive

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

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 [&helli...

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Posted Under: Income Tax | ,

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

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...

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Posted Under: Income Tax |

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020

No. 9 of 2020 (05/06/2020)

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. W...

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

Circular No. 28/2020-Customs (05/06/2020)

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:...

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Taxation of Unexplained Incomes

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...

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Posted Under: Income Tax |

Insights into Prohibition of Benami Property Transaction Act, 1988

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....

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Posted Under: Income Tax |

Trade Mark Registration Process

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 I...

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Posted Under: Income Tax |

Board Meeting through video conferencing or audio-visual means

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 av...

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Posted Under: Income Tax |

Declaration & Payment of Dividend to Non- Resident Shareholder

PROCEDURE FOR DECLARATION OF FINAL DIVIDEND: Board Meeting: Dividend shall be declared only on the recommendation of the Board, made at a meeting of the Board. Where a company has an Audit Committee, this Committee shall consider the annual financial statements before submission to the Board. Dividend shall be recommended by the Board aft...

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Posted Under: Income Tax |

Guidelines on settlement of Life Insurance Claims of Cyclone Nisarga victims

Ref. No: IRDA/LIFE/GDL/MISC/140/06/2020 (05/06/2020)

As a result of Cyclone 'Nisarga’, there are reports of loss of human lives and loss of belongings in the affected Districts of primarily the states of Maharashtra and Gujarat. In order to extend every possible facilitation in quick and timely settlement of life insurance claims, you are advised to take the following actions immediately ...

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